creator Deitz, Richard 18831 creator Haughwout, Andrew F. 18846 creator Steindel, Charles 3004 <p>Video and podcast versions of an interview with the authors of "The Recession's Impact on the State Budgets of New York and New Jersey" are included. The authors provide additional insights into the genesis of the states' current fiscal difficulties, compare budget strains in New York and New Jersey with those in other states, and assess the outlook for state finances in the period ahead.</p> article <p>In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes—particularly from high-wage earners in the finance sector—has exacerbated revenue shortfalls. To close their budget gaps, New York and New Jersey have had to make difficult choices about tax increases and service cuts. In the future, the states might take steps to avert such budget quandaries by establishing "rainy day" funds or restructuring taxes to make them less sensitive to the business cycle.</p> Second District Highlights: Volume 16, Issue 6 periodical 2010-06-01 June 2010 628029 2026-02-10 09:31:59 2022-12-29 12:26:48 item text

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3 files born digital application/pdf video/mp4 audio/mpeg https://fraser.stlouisfed.org/title/current-issues-economics-finance-6879/recessions-impact-state-budgets-new-york-new-jersey-628029 https://iiif.slf.digirati.io/presentation/item/628029 https://fraser.stlouisfed.org/api/item/628029 https://fraser.stlouisfed.org/docs/publications/frbny_ci/ci16-6.pdf https://fraser.stlouisfed.org/docs/publications/frbny_ci/ci16-6_appendix.mp4 https://fraser.stlouisfed.org/docs/publications/frbny_ci/ci16-6_appendix2.mp3 https://fraser.stlouisfed.org/files/text/publications/frbny_ci/ci16-6.txt https://fraser.stlouisfed.org/files/text/publications/frbny_ci/ci16-6_appendix.mp4 https://fraser.stlouisfed.org/files/text/publications/frbny_ci/ci16-6_appendix2.mp3 6879 Second District Highlights creator Federal Reserve Bank of New York. Research and Statistics Group 1018 For more information on rights relating to this item, please see: https://fraser.stlouisfed.org/title/current-issues-economics-finance-6879/recessions-impact-state-budgets-new-york-new-jersey-628029