Cuomo asks for federal aid to New York in $ 59 billion: where should the money go
'01.09.2020'
Vita Popova
New York needs $59 billion in federal assistance to get out of the economic crisis caused by the pandemic. The publication writes about it AMNY.
In a recent letter to a New York congressional delegation, Gov. Andrew Cuomo put his signature next to leaders such as Transport Workers Union President John Samuelsen, calling for immediate federal support. Although such appeals have been made since April, they have gone unheeded.
Therefore, the governor was forced to once again call on the government to provide much-needed assistance. New York State needs $30 billion while New York City runs a $9 billion deficit.
Thus, the Transportation Authority needs $12 billion to continue functioning in the next few years, and the Port Authority of New York and New Jersey needs $3 billion.
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It is help from the federal authorities that will help the states cope with this financial crisis. “Even if state and local governments cut spending, increase taxes and cut services, the revenue shortfall will still be in the billions of dollars,” the letter said. “Moreover, forcing state and local governments to do so will only prolong the time period for economic recovery.”
Virtually all economists agree that forcing state and local governments to lay off employees and cut services will negatively impact the country's recovery. “We saw this during the last financial crisis of 2007-2009 and we know it will happen again,” the letter says.
The request includes funds for the construction of East Side Access and Penn Station - for reconstruction or expansion. Cuomo expects "thousands" of workers rebuilding the city's two airports to be made redundant if PANYNJ is not helped. "We must not lose these jobs and these projects - they are essential to strengthening New York's economic future," the letter said.
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The Governor also believes that the government "should reverse the disruptive and offensive tax reform (The state and local tax, or SALT - Ed.), which costs New Yorkers an additional $ 15 billion annually.
Ordinary Americans, too, still haven't received a dime from the government since the CARES Act was signed. As part of this legislation, passed in late March to address the effects of the COVID-19 pandemic, Congress introduced weekly payments of $600 from the Federal Unemployment Compensation Program.
Since he took office, Cuomo has not raised the tax for New Yorkers, Cuomo said. But many advocate a wealth tax to raise funds from New York's billionaires to fund transit and other projects.
