Sometimes I cannot believe how well off the City of New York is. Our budget expert Harry Lirtzman sent me the latest Independent Budget Office report analyzing Mayor Bill de Blasio's Executive Budget. IBO shows the city swimming in money. Read the first two paragraphs that describe the healthy state of the city's finances.
June 2019 marks the 10-year anniversary of the end of the Great Recession. Over the last 118 months the country has experienced a slow but steady recovery, a recovery that will soon stand as the longest economic expansionary period in U.S. history. New York City has seen record growth in economic activity during this period and as a result the city’s own finances have thrived. The city’s tax collections have increased by nearly 65 percent since the end of 2009, an average annual growth rate of 5.7 percent. Collections of property and personal income tax have grown annually by an average of 6.9 percent and 6.6 percent, respectively.
While certain economic indicators have recently signaled uncertainty ahead, for the most part the city’s economy continues to flourish. Still, policy decisions taken at the national and international level continue to pose potential threats to the city’s fiscal condition while pressure from Albany places millions of dollars of city funding at jeopardy. Yet, even with these risks acknowledged and at least partially accounted for, the city’s revenue forecast and expenditure plan continues to grow at a moderate pace while out-year budget gaps remain manageable.
So tax revenue is up 65% since the end of 2009. What rate have salaries for NYC teachers gone up since the end of 2009.
City tax revenue up 65% while UFT member salaries rose by 16% and part of that is paid for with healthcare givebacks (higher copays).
Michael Mulgrew bears plenty of responsibility here for negotiating subpar raises but so do the 75% and 86% of teachers who voted for the two contracts that contained these paltry increases.
Sadly, we will do even worse when some of you quit paying union dues to get even with the UFT.