Government budgets send important signals in several ways. They set priorities and aspirations. They reflect the current state of politics, the economy, and the zeitgeist of the times. They are an indication of what seems possible.
New York State put together a budget in late May. You can find the Department of the Budget’s descriptions of what’s in it here along with other info on budget issues. The Hudson Valley Post put together a slightly more accessible listing of key elements in it of particular interest. I’m going to riff off those highlights – consider it a summary of a summary.
New York State currently has a Democratic governor – Kathy Hochul – and the Democrats control both houses of the legislature. I expect people may find it of interest how a major blue state is setting a course for the 2026-2027 fiscal year. This is some of what the state is planning to do with $268 billion.
Child Care: the state is looking to make it more affordable and more available. This includes Pre-K for every single four-year old. There will be $15 weekly cap on the Child Care Assistance Program. The child tax credit is changing. For kids under four, the credit is jumping from $330 all the way up to $1,000. For kids ages 4 to 16, it’s now $500 per child. The First Three program will see the state partner with counties to offer affordable child care for children 0-3 without regard to how much money families make.
Car Insurance Rates: The state average is $4,000 annually, about $1,500 above the national average. The state intends to bring them down by limiting payouts to people committing crimes, DUI, driving without a license. Insurance companies will not be allowed to set rates based on your job, your education level, or your zip code. Rate increases will have to be approved by the state, and massive payouts to a driver largely at fault will no longer be permitted.
Controlling Utility Bills: There will be a one-time billion dollar energy rebate for families struggling with utility bills. Executive compensation at utilities will be linked to how effective they are at controlling costs for their customers. Hidden costs for lobbying, political donations, or luxury executive travel will no longer be passed on to customers. The EmPower+ program will see more money for low to moderate income customers to make energy upgrades, with estimated savings of up to $600 annually.
Other Items of Interest: Limiting local police cooperation with ICE, backpedaling a bit on state climate regulations – and the tax on multi-million dollar second homes in New York City. (Does that include Trump Tower?)
These are of course just a small portion of all the things that go into the state budget. That being said, they do say something about what the leaders of the state see as what voters want, what they need, and what they think they can deliver. Governor Hochul had the following statement:
“Every proposal included in this Budget was a fight for New Yorkers and their future. Working with my partners in the Legislature, we delivered an ambitious agenda that will lower costs for hardworking families, keep New Yorkers safe and create opportunity for all,” Hochul stated. “While Washington continues to make life more difficult for New Yorkers, I’m doing everything in my power to make real, tangible progress on the issues New Yorkers are facing, and I will always fight for the people who call this great state home.”
Read More: Massive Changes Coming to New York With New Budget | https://hudsonvalleypost.com/new-york-state-budget-changes/?utm_source=tsmclip&utm_medium=referral
I’m not saying New York State is a paragon of democratic budgetary ambitions, but it’s nice to see some attention to other things than knee-jerk tax cutting for billionaires and shortchanging everyone else. I expect there’s quite a bit more that could stand some scrutiny, but these items look mostly like good news.
The idea that government can address public needs and act effectively is something we need to defend. This is one more battlefront in the ongoing assault by the Epstein class on the common good.
What do you think?
We’ll get straight to the point: The financial hardships that Daily Kos is facing this year are tough.
We continue to be paywall-free. We continue to be supported by our readers, not billionaires or corporations. But we need to bring in more revenue. We are leaning on our community more than ever to help make ends meet.
Power matters.