Behind the Fiscal Curtain: Forgotten Lessons From 1970s NYC Fiscal Crisis

In the first panel in the Rockefeller Institute's Behind the Fiscal Curtain series, panelists discuss how the 1970s fiscal crisis arose, how the state adapted fiscal policy to address the challenges, and the legacy of the policy decisions made during the crisis.

Over the past several decades, New York State leaders have confronted numerous fiscal crises, including the 1970s fiscal crisis in New York City, the 1989 recession, fallout from September 11th, the 2008 Great Recession, and Superstorm Sandy. Each of these events challenged State leaders as they developed policies to support New Yorkers in need and ensure the long-term fiscal health of the state. In its Behind the Fiscal Curtain series, the Rockefeller Institute will present a series of conversations with the leaders who were part of New York’s response to these significant fiscal challenges in New York’s modern history. The goal of these panels is to explore the past, present, and future of fiscal policy in New York. Panelists will examine the immediate response to the crisis, the longer-term impacts of the decisions made at the time, and the characteristics effective leaders demonstrate when managing a crisis. Finally, they will be asked, given their experience, what advice they may have for the state's new governor in managing the ongoing COVID-19 crisis and associated economic fallout.

Panelists:
• Dall Forsythe
• Peter Goldmark
• Carol Kellerman
• Richard Ravitch
• Marc Shaw

Moderator:
• Robert Megna, president, Rockefeller Institute