New York City Comptroller Scott Stringer is calling on the federal government to deliver more relief to the city as it claws its way back from the coronavirus crisis.
He warned the pandemic will leave the city financially exposed as tax revenues fall by over $8 billion and one in five New Yorkers lose their job.
“We’re facing the deepest recession since the Great Depression, marked by historic and rapid job losses,” said Stringer. “In a crisis this severe, the federal government must step up and deliver relief to New York – the economic engine for the nation.”
According to the comptroller, New York was short-changed in the federal Coronavirus Relief Fund, part of the CARES Act. At over 170,000 cases of the deadly virus, the city received $8,500 per COVID case. However, states such as Montana, with 457 cases, got $2.7 million per case.
“This pandemic has laid bare the deep disparities that permeate our society. We’re learning the value of a dollar, and why our taxpayer money must be accounted for and directed toward fighting the systemic inequality that is contributing to worse health and economic outcomes for vulnerable communities,” said New York City Comptroller Scott M. Stringer.
The call came as Stringer release his analysis of the City’s Fiscal Year 2021 Executive Budget and outlined the state of play for the City’s finances.
The new analysis of the Executive Budget spotlights the City’s overreliance on reserves and one-time savings, and Comptroller Stringer federal need-based budget relief and more recurring savings and efficiencies were needed to close the city’s budget gap, protect the social safety net, and support city workers.
“Our analysis pulls back the curtain on our City’s budget and presents the reality of our economic outlook. We’re facing the deepest recession since the Great Depression, marked by historic and rapid job losses,” said Stringer.
“ Every year New York taxpayers put more into the federal coffers than New York receives in federal dollars, and it is unacceptable for Congress to be passing the buck– instead of passing robust local aid. And as a City, we need to comb through our budget for savings, because every penny counts, and every effort must be made to protect our most vulnerable. When we look back at this time, it must be said that government stood up for our city, marshaled all our resources, and did everything we could to save lives and get our economy back on track.”
The Comptroller’s analysis of the Executive Budget accounts for recent developments driving the current, dire economic outlook.
The national economy is facing the steepest recession of modern times– likely twice as deep as the Great Recession of 2008.
The Comptroller’s office projects that more than 900,000 New Yorkers will lose their jobs by the end of the second quarter in June – one in five working New Yorkers.