Group looks at New York's fiscal responsibility


October 22, 2018

Watch the original segment here.

Progressive, first, best are all terms have been used to describe New York’s economy. One non-partisan watchdog group took a look at how responsible the state has been with its money since Andrew Cuomo took office eight years ago.

"See what has actually changed in New York under Governor Cuomo's leadership," David Friedfel, Director of State Studies for the Citizens Budget Commission, said.

The Citizen's Budget Commission released a report detailing trends in the state for the past eight years.

Since 2010, New York's population has grown at half the rate compared to the national average. The number of people who have left the state has doubled since 2010.

"It's hard to keep the economy going when there are fewer jobs," Friedfel said.

The Capital Region and New York City were the only regions to experience population, employment, and income growth. It's still far below the rest of the nation. Some places like the Hudson Valley saw its poverty rates increased.

Friedel says economically, upstate has faltered, despite $28 billion being poured into economic development projects.

"Clearly it's not having its desired effects. The attempts at one shot attempts to really revitalize an area like the Buffalo Billion, things like that, aren't proving fruitful."

New York is leading the way when it comes to education. New York's spending per pupil is almost twice the national average. Graduation rates still lag behind the rest of the country.

"Our achievement rates are about middle of the road, which is really disconcerting. You would expect if you're spending that much more you would have a much higher return on investment."

Friedfel says the state needs to start focusing on saving and building up the state's reserves. He says that their group found that state is spending far above the two percent that is being claimed.

"We've done some analysis showing that in recent years the spending has been closer to four percent annual increases which is a cause for concern and for transparency issues."

The report says New York’s energy is cleaner than the rest of the country and road conditions have improved over the past eight years.