The Daily Bulletin Archive

Bruce L. Fisher, visiting professor, Economics and Finance, and director, Center for Economic and Policy Studies, testified before the New York State Assembly Committee on Local Governments’ standing committee on industrial development agencies (IDAs). He addressed legal and economic questions raised by the failure of current IDA practices to meet cost-benefit criteria. His testimony also questioned the performance of multiple IDAs within metropolitan regions and noted that public subsidies delivered via IDAs within metros have the effect of undermining enterprise within older, densely settled municipalities. Fisher noted that claims of “job-creation” must be measured against federal and state data that show overall employment in upstate metros has fallen dramatically even while IDAs have delivered billions in taxpayer subsidies to favored enterprises.