Todd J. Tranum
President and CEO of the Chautauqua County Chamber of Commerce & Executive Director of the Manufacturers Association of the
The Governor’s Executive Budget outlined this past week offers a stark and sobering look at the year ahead for New York State. There are essentially two scenarios: one bad and one worse.
In the wake of the COVID-19 response over the past ten months, New York state faces a $15 billion deficit this year. Tax revenue is down dramatically statewide due to business shutdowns and job losses. At the same time, expenses rose as the state scrambled to respond to the pandemic with providing personal protective equipment, reopening protocols and communication, testing, and now vaccine distribution. Over the next four years the Governor projects the state will have a $39 billion revenue shortfall.
TODD J. TRANUM
Our national and local economies are struggling to recover through a crippling pandemic, and the federal government only recently approved a new relief bill to help businesses that have been crippled by closures and illness. Now, in the wake of a siege on the US Capitol, we have even greater concerns about our economic future.
Both the National Association of Manufacturers and the US Chamber of Commerce issued statements on Wednesday condemning the attack, which occurred during a joint session of Congress. The fact is that business cares a great deal about the strength of our vital democratic institutions and the peaceful transition of power. The entire world is watching, and our businesses in the United States are intrinsically economically connected to business around the world.