Eighteen months ago, New York state's economy was seemingly at a precipice. The COVID-19 pandemic was leading to state officials to shutter businesses, who in turn shed millions of jobs.
But the frozen economy has started its summertime thaw. And New York has $2.1 billion in additional revenue that's projected each year for the next four years.
This money comes after the federal government sent billions of dollars in aid to state governments. It also comes after state lawmakers this year boosted taxes on upper income earners.
So what's this mean for the bottom line for most New Yorkers? It's a potentially thriving economic outlook for the state, even if it's a sign the tax hikes many not have been completely necessary, according to Patrick Orecki of the Citizens Budget Commission.
Orecki, in a Capital Tonight interview on Thursday, laid out what the budget news means for the average New Yorker, whether the state's spending is sustainable and whether the tax increases are forcing the rich to move out of the state.