$tate$tate
of
the
$tate$tate
In hopes of solving the problem of the city
and state’s finances, we elicited the
sage advice of business and economic experts with
unique perspectives on our hometown
For the first time in our history, the state’s main bank account ended the year in the red. With a troublingly high negative balance in its general fund, a stack of unpaid bills already mounting and a dangerously low short-term investment pool, New York is facing some serious money problems. In a Dec. 31 New York Times article, Blackstone Group Chairman and C.E.O. Stephen Schwarzman suggested that to save New
York from bankruptcy, it create a “tax-free zone” for foreign residents. In our view,
his idea was not only inspiring, but groundbreaking, and perhaps even life-saving.
So, we decided to reach out to other great fiscal minds in search of more ideas that
might bring us back from the edge of this precipice. From reducing taxes to
increasing tourism to supporting local banking, here are their reflections on the
crisis and their thoughts on how to solve it.
