Andrew Cuomo on Budget & Economy
2015 Opportunity Agenda: cut $1.7B taxes; add $1.5B programs
Governor Andrew Cuomo presented his "2015 Opportunity Agenda," designed to restore economic opportunity, improve and reform our education system, and restore the public's confidence and trust in our justice system.
This plan is a bold and comprehensive package of legislative reforms, state actions, and public investments that will increase opportunity for all New Yorkers and keep the State moving forward.
Source: State of the State address to 2015 New York Legislature
, Jan 21, 2015
Proposal #1: Cut small business taxes from 6.5 percent to 2.5 percent
- Proposals #2 & 3: Pass $1.7 billion in property tax relief for homeowners and renters
- Proposal #14: Launch a $1.5 billion Upstate New York Economic Revitalization Competition
Proposal #24: Create a $35 million Global NY Export-Import Development Program
- Proposal #25: Expand the Unemployment Strike Force to the top ten highest areas of unemployment
- Proposal #66: Provide assistance to our homeless
Economic Blueprint: growth via development projects
Today, I am laying out a three-part plan:
Our economic blueprint:
How does government spur job creation in a down economy while limiting spending and maintaining fiscal discipline? The answer: Creative public/private partnerships that leverage state resources to generate billions of dollars in economic growth.
- The next phase in our economic blueprint for growth
- A reimagined government that can make our plans a reality
- And a New York vision for a progressive future
Source: 2012 New York State of the State Address
, Jan 4, 2012
We Will Build the Largest Convention Center in the Nation
- We Will Master Plan the Javits Convention Center Site
- $1 Billion Economic Development Package for Buffalo
- A macro strategy with New York Open for Business
- A micro strategy with the
Regional Economic Development Councils
- Comprehensive Approach to Casino Gaming
- The NY Works Fund and Task Force
- MTA Investment (Metropolitan Transportation Authority)
1990s HUD: Sued banks to make more mortgage loans
The federal government sued banks to force them to make risky mortgage loans. Andrew Cuomo, then secretary of Housing & Urban Development, bragged at a 1998 press conference about reaching a settlement with a major lender worth billions of dollars. Cuomo
even admitted he knew some of these loans would not be paid back. Nice thing to do with other people's money.
Some of the blame belongs to consumers, who borrowed money they knew they couldn't repay. They traded up & borrowed more than they could handl
because, well, we all deserve a big house, don't we? Owning a home is part of the American Dream. But getting it through an interest-only adjustable rate mortgage is more like a nightmare.
Predictably, after the meltdown the liberals called on the
government to adopt strict new regulations to ensure it will not happen again. (Good luck with that.) But more regulations can't solve what is largely an ethical problem within the culture. Unchecked avarice at every level has taken a toll on our economy
Source: Leadership and Crisis, by Bobby Jindal, p.266
, Nov 15, 2010
OpEd: 2001 HUD Fannie/Freddie policy led to mortgage crisis
Many of the policies that led to the current mortgage crisis were actually implemented at HUD under Cuomo. As the Wall Street Journal noted:
"A HUD website archive, 'Highlights of HUD Accomplishments 1997-1999,' chronicles that Secretary Cuomo
established new Affordable Housing goals requiring Fannie Mae and Freddie Mac--two government-sponsored enterprises--to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low-and-moderate-
income families. The historic action [changed the rules for] mortgage loans for low- and moderate-income families from the current 42% of their total purchases to a new high of 50%--a 19% increase--in the year 2001."
The "Village Voice" accuses Cuomo
of making a series of decisions that "gave birth to the mortgage crisis" and resulted in 3 to 4 million people facing foreclosure. And many commentators believe that the subprime mortgage crisis fueled the global financial crisis that began in late 2008.
Source: Take Back America, by Dick Morris, p.193
, Apr 13, 2010
Upstate economy will be a priority, not “caboose”
Cuomo delivered energetic speeches in which he lambasted Pataki for failing to improve the upstate economy. The governor has “taken the Empire State and made it the caboose on the economic train,” said Cuomo,
who promised, if elected, to make 2003 the year “the Empire State strikes back.”
Source: Elizabeth Benjamin, The Times Union
, Mar 24, 2002
Page last updated: Jun 13, 2018