Investment Strategy & Performance - Infrastructure asset class achieved double-digit returns this year [1] - A $5 billion secondary sale in the private equity portfolio recognized some losses but strengthens future returns [2] - Public equities have driven strong returns in the last three years, so a dramatic change isn't expected [5] - Over five, seven, or ten years, private markets have shown strong performance [6] Pension Fund Allocation - New York raised the limit for public pensions in alternatives from 25% to 35%, currently below 30% [3] - The city's pension and benefits account for as much as $21 billion of the budget [11] - 103% returns, beating the 7% benchmark, will save $22 billion that can be reinvested into the budget [11] New York City Budget & Efficiency - New York City's budget is around $115 billion with 327,000 employees [7] - The city paid out over $2 billion in claims last year [8] - Congestion pricing is ahead of schedule, delivering $15 billion for transit enhancements [12] Policy & Future Plans - There will be challenges with cuts coming from the federal budget [9] - Universal child care for every two and three-year-old will require raising revenue in Albany [20][21]

Fiscal Policy & Social Safety Net - The Trump administration's tax cuts, while benefiting some, are funded by reducing support for programs like Medicaid, impacting vulnerable populations [1] - These tax cuts represent the largest cutback in the U S social safety net in history relative to GDP, exceeding Reagan's 1981 cuts and Clinton's welfare reform [2] - An estimated 10 million to 12 million people could lose Medicaid benefits, affecting access to ancillary services like transportation to hospitals and rehab facilities [3] - Reduced government support may lead to increased healthcare costs for everyone, as people seek care later and in more critical conditions [5] - The bill shifts wealth from the poorest to the wealthiest, raising concerns about its macroeconomic impact and long-term growth [7] Economic Impact & Investment - Deficits resulting from the bill could damage the economy by cutting back on R&D, education, and infrastructure investments [8] - A proposed $1,000 savings account for newborns may be too small to significantly impact families' lives, with administrative costs potentially outweighing benefits [9][10] - The US invests a lower percentage of its GDP in early care and education compared to other developed countries [11] - Market forces alone cannot solve the childcare crisis, necessitating government intervention and public support [12][13] Generational & Societal Concerns - Younger families face greater economic strain due to debt, housing costs, and healthcare expenses that have outpaced inflation [14][15] - Borrowing to fund the bill poses risks to the economy that may outweigh the benefits of new programs, potentially harming future generations [17]

Workforce Trends - Young women are working at nearly record rates, exceeding previous generations in workforce participation [1][2] - Approximately 78% of women in their 20s and 30s are employed [2] - A growing share of prime-age men are taking on more caregiving responsibilities at home, indicating a generational shift [2][5] - Men ages 25 to 34 not working because they're caregivers has doubled since 2001 [13] Factors Influencing Participation - Teleworking and remote work options are helping women stay engaged in the workforce after having children [7][9] - Economic necessity is a significant driver for women entering the workforce, particularly for women of color, due to the rising cost of living and caregiving [9][10] Societal and Economic Impact - Equitable caregiving and increased workforce participation for both women and men can lead to wage parity and economic growth [14] - The current systems, including government policies and societal support, need to catch up with the changing values and the generational realignment in work and gender roles [15][16] Challenges and Future Considerations - The childcare system, already under strain, faces increased pressure with more parents in the workforce [12] - Policies like paid leave and childcare support are crucial to sustain the progress and prevent fragility in the workforce [14] - Further exploration is needed to understand how households are changing and how these changes impact the workforce [18]