Can New York State Afford Mamdani’s Agenda? E.J. McMahon Explains

A booming balance sheet masks deep recurring deficits. McMahon walks through what the state can—and can’t—afford as Mamdani takes office.

Photo by Joshua Williams on Unsplash

In this week’s episode, we spoke with E.J. McMahon, New York’s leading budget expert and an adjunct fellow at the Manhattan Institute, to better understand what’s really happening with the city and state’s finances. 

We talked about why New York seems flush with cash, spending on schools and Medicaid, and whether mayor-elect Zohran Mamdani’s ideas—like free buses and universal childcare—are affordable.

Would higher taxes make some wealthy New Yorkers leave? Does it matter? We also discussed Dean Fuleihan’s new role at City Hall and considered whether the city has learned from its past financial crises.

E.J. has written extensively on all of the above, here are a few of the more recent pieces:

• Will Albany Let Zohran Mamdani Tax the Rich?

• Zohran Mamdani Will Need Allies in Albany

• The Fading Lessons of New York’s Fiscal Crisis

• And with Nicole - New York City’s Drop Dead Year.

Also don’t forget to subscribe to his podcast, Ever Upward.

We hope you enjoy the episode, and as always, let us know what you think, what you’d like to know more about, and whom we should interview next.