Home > Browse by Title > Current Issues in Economics and Finance

Title

The Recession's Impact on the State Budgets of New York and New Jersey : Podcast, Second District Highlights: Volume 16, Issue 6

PREVIOUS / NEXT

The Recession's Impact on the State Budgets of New York and New Jersey : Podcast, Second District Highlights: Volume 16, Issue 6

DATE: June 2010

View The Recession's Impact on the State Budgets of New York and New Jersey

Watch Author Interview [Video]

Listen Podcast

PART OF: AUTHORS:

ABSTRACT:

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.

Download (mp3)

Share this page:


Collections within FRASER contain historical language, content, and descriptions that reflect the time period within which they were created and the views of their creators. Certain collections contain objectionable content—for example, discriminatory or biased language used to refer to racial, ethnic, and cultural groups.
Save & Share

Federal Reserve Bank of New York. Research and Statistics Group. "The Recession's Impact on the State Budgets of New York and New Jersey : Podcast, Second District Highlights: Volume 16, Issue 6," Current Issues in Economics and Finance (June 2010). https://fraser.stlouisfed.org/title/6879/item/628029/content/mp3/ci16-6_appendix2, accessed on March 15, 2026.

More Information

NOTE:

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.

DIGITAL COPY SOURCE: Federal Reserve Bank of New York

SUBJECTS: THEMES:
Metadata (XML)
Metadata (JSON)