Fiscal Impacts
The Trump Administration has unleashed a wide variety of threats on New York City’s economic and fiscal wellbeing. The City receives over $100 billion annual to support both the government, our nonprofit sector, and directly to individuals. This funding is threatened by direct cuts, illegal takebacks, administrative staffing cuts and upcoming Congressional action. In addition, the economic outlook of New York City, which had been favorable prior to January, is now facing great uncertainty, primarily due to the Trump administrations tariff policies. A downturn appears more likely and would impact on New York City employment and the City’s tax revenues.
The work of the Office of the Comptroller here shows the importance of federal funding to New Yorkers and the impacts of policy changes.