New York state leads the nation in income inequality, and this extreme inequality has become a moral and economic crisis.
Bonuses, pay and profits are up at the Wall Street banks. At the same time, we've got all-time record high homelessness and long lines at the food banks.
We have unprecedented levels of child poverty — over 50 percent, according to the census — in many upstate cities. Cities and counties are on the brink of financial collapse, and schools are suffering after years of austerity budgets.
Our economy is only growing low-wage jobs, and last year's minimum wage increase wasn't enough to lift full-time workers and their families out of poverty.
In the last 30 years, the income of the top 1 percent in New York has gone up 300 percent, while the income of the bottom 50 percent has actually gone down 13 percent, according to federal and state statistics.
Voters are angry at Albany, not only because of the scandals and corruption, but because so many government policies only work for the wealthy and well-connected, not for all of us.
Bottom-up economic growth is the only answer to New York's economic stagnation, and fighting inequality is the only answer to our moral challenge.
How do we turn it around?
The first step is to reject billions in tax cuts for the wealthy and well-connected in Gov. Andrew Cuomo's executive budget — a $750 million-per-year reduction in the estate tax, which is paid only by millionaires and billionaires, and $350 million a year in new corporate tax breaks, with several hundred million dollars a year for Wall Street from the elimination of our dedicated bank tax.
Our current tax laws aren't hurting big banks and millionaires — they're doing just fine. New York has actually gained more millionaires and increased our share of the national total of millionaires over the past decade.
So there's really no need to cut the inheritance tax or eliminate the bank tax — unless you believe in trickle-down economics, which Pope Francis has called "a crude and naive trust in the goodness of those wielding economic power."
And New York can do far better than the wildly complex new set of tax and policy mandates Cuomo has labeled a "property tax freeze." It slams local governments, costs a billion dollars a year and provides bigger benefits to those with bigger and more expensive houses.
A budget is proof of who and what you stand for. Lawmakers should replace Cuomo's tax cuts for the rich with bottom-up growth strategies to fight inequality, boost wages and create new middle-class jobs.
Last week at the Capitol, community groups, labor unions, student and faith leaders joined with members of the Black, Puerto Rican, Hispanic & Asian Legislative Caucus at a public forum to develop real alternatives to the ineffective and unfair trickle-down policies that have been holding back New York's economy.
We could fund new investments in schools, the safety net, infrastructure, clean energy and affordable housing by trimming tax cuts for the rich and corporate welfare. We could give cities and counties the power to boost the paychecks of low-wage workers with local wage authorization. We could fund full-day universal pre-kindergarten statewide, with New York City millionaires paying for New York City kids.
And we could pass public financing of state elections, to reduce the influence of wealthy campaign donors and help make Albany more responsive to the needs of everyday New Yorkers.
These alternatives would work to broaden prosperity and make New York's economy work better for everyone.
Pope Francis, President Barack Obama and New York City Mayor Bill de Blasio are tackling the inequality crisis. It's time for Cuomo and the Legislature to jump in, too.
Michael Kink is the executive director of the Strong Economy For All Coalition. http://facebook.com/nyinequality.