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Cuomo Continues to Bank on Stimulus for NY, which he says Might not Recover until 2025

Cuomo Continues to Bank on Stimulus for NY, which he says Might not Recover until 2025

New York’s economy may not fully recover from the coronavirus pandemic until 2025, Gov. Andrew Cuomo warned while presenting his executive budget for the 2022 fiscal year.

     “New York State employment is not expected to reach its pre-pandemic peak until 2025,” Gov. Cuomo said as he outlined his $192.9 billion budget for the coming year.

    Jobs, for instance, are coming back in a trickle.  

    New York City has recovered only 39.4% of the jobs lost during the pandemic, while nearby Long Island and the Westchester-Rockland-Orange counties recovered nearly 60% of their jobs, the governor said.

   In addition, employment in New York City has dropped to 12.2% below its pre-pandemic level. The job losses are felt most heavily for lower-income residents, many of whom work in hospitality, restaurants, and tourism.

   Job growth in New York is expected to grow by 5.4% in 2021, which does not compensate for the sharp 9.9% drop in jobs that employees saw in 2020.

    Tax credits, the governor suggested, could aid the small companies and restaurants that continue to struggle as the pandemic drags on and the virus continues to mutate.

    Noting that New York already has some of the highest tax rates in the country, the governor has resisted raising taxes on the state’s wealthiest residents. 

     Instead, Cuomo and New York City Mayor Bill de Blasio have urged President Joe Biden and the Democrat-controlled Senate to pass more stimulus bills that would send billions in aid to struggling states.

 (Mike Groll/Office of Governor Andrew M. Cuomo)


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