New York's economy last year was put on ice in order to stem the tide of COVID-19 cases. Now, a year later, businesses, schools and public gathering areas are slowly returning to some semblance of normal.
The state's coffers, meanwhile, have been supercharged by aid from Congress, as well as tax revenue from the state's wealthiest residents, bolstering New York's finances for several years to come.
But there are pitfalls: the economy could still sour in the long run as the state relies more heavily on the liquidity of a handful of very wealthy people. And in the short term, the distortions created by the pandemic with housing, building materials and the hospitality industry could take years to recover.
Pat Orecki of the non-partisan Citizens Budget Commission joins Capital Tonight to discuss the impact of the COVID economy and where things head from here.