The recession's impact on the state budgets of New York and New Jersey
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. Subseries: Second District Highlights
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Volume (Year): 16 (2010)
Issue (Month): Jun/Jul ()
Pages:
| Handle: | RePEc:fip:fednci:y:2010:i:jun/jul:n:v.16no.6 |
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References listed on IDEAS
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- Jesse Edgerton & Andrew F. Haughwout & Rae Rosen, 2004. "Revenue implications of New York City's tax system," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(Apr).
- Jaison R. Abel & Richard Deitz, 2010. "Bypassing the bust: the stability of upstate New York's housing markets during the recession," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Mar).
- Stavros Peristiani, 2007. "Evaluating the relative strength of the U.S. capital markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 13(Jul).
- Jason Bram & James Orr & Robert Rich & Rae Rosen & Joseph Song, 2009. "Is the worst over? Economic indexes and the course of the recession in New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Sep).
- Donald Bruce & William F. Fox & M.H. Tuttle, 2006. "Tax Base Elasticities: A Multi-State Analysis of Long-Run and Short-Run Dynamics," Southern Economic Journal, Southern Economic Association, vol. 73(2), pages 315–341, October.
- James Orr & Giorgio Topa, 2006. "Challenges facing the New York metropolitan area economy," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 12(Jan).
- Sobel, R.S. & Holcombe, R.G., 1992. "Cyclical Variability in State Government Revenues," Working Papers 1992_06_7, Department of Economics, Florida State University.
- Andrew F. Haughwout, 2001. "Fiscal policy in New York and New Jersey: 1977-97," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 7(Jul).
- Jason Bram & Michael Anderson, 2001. "Declining manufacturing employment in the New York-New Jersey region: 1969-99," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 7(Jan).
- Jeremy Gerst & Daniel Wilson, 2010. "Fiscal crises of the states: causes and consequences," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun28.
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