NY ranked last in economic outlook study

[Socio]

http://www.nypost.co...nsBcHI9oeO9r4lK

New York’s the pits — especially when it comes to economic development, according to a new study.

The Empire State ranked dead last when it comes to its economic outlook based on Albany’s tax policy.

The report, authored by economists Arthur Laffer, Jonathan Williams and Stephen Moore, gives New York state, along with New Jersey (45) and California (46), low marks because of excessive tax and spending policies that hurt businesses and individuals.

“We hate to keep picking on California, New Jersey and New York, but they continue to be models of how not to govern a state,” the report warned. “These three states,” the report continued, “impose tax rates at or near the highest in the nation and about twice the national average.”

“You cannot balance the budget on the backs of the 1 percent of the most productive citizens of a state. They will leave, and as the 2010 census points out, they are leaving,” the report says

This is what happens when you have excessive taxes, smothering regulations, union strangulation, out of control government spending and then expect the scant minority affluent to pay for it all.

What New York, California, and New Jersey all have in common, aside of the aforementioned, is they are all parasite friendly. At some point the parasites will overwhelm the host and they have done so in these States thanks to the red carpet rolled out for them by the Democrats. These parasites are in the driver’s seat with their hands out the window grabbing up everything they can get them on. I am afraid the only thing that will save these States is some real strong worm medicine.

The scariest thing about this scenario is that it is the blueprint for America the Obama Administration is desperately trying to bring to fruition.

What has me completely befuddled is how so many Liberals in this Country cannot see just how just how wrong this is, that nothing good ever has nor ever will come from this philosophy, only the slow agonizing death of the whole.

Edited April 30, 2012 by Socio

[preacherman76]

Ive lived in NY my whole life. About 1 hour outside of NYC. Once the housing crisis dropped, this place has changed dramaticaly. Rich folks (and there were pleanty of them) are leaving like crazy. These people were paying unreal taxes before all this started. Now they are being raped to the point that they have to go, and I dont blame them. The loss of revenue is stagering though. Im one of a lucky few whos house value hasnt dropped below what I owe. Its dropped far enough that Im stuck here though.

[Rafterman]

As a New Yorker myself - the really sad thing is that NY, CA, and NJ should be DRIVING the US economy (hell, maybe even the World economy). Look at all of the advantages these three states have, but yet it is squandered by tax and spend politicians.

Very sad.

Edited April 30, 2012 by Rafterman

[Startraveler]

The BEA's state-level GDP growth numbers for 2010-11 will be released on June 1.

Does this "study" mean I should expect that New York won't show the second largest percentage growth in GDP (as it did from 2009 to 2010, when it doubled the national average)? Because if it led the nation in economic growth--again--Laffer, Williams and Moore are going to look even dumber than usual.

Edited April 30, 2012 by Startraveler

[conspiracybeliever]

http://www.nypost.co...nsBcHI9oeO9r4lK

This is what happens when you have excessive taxes, smothering regulations, union strangulation, out of control government spending and then expect the scant minority affluent to pay for it all.

What New York, California, and New Jersey all have in common, aside of the aforementioned, is they are all parasite friendly. At some point the parasites will overwhelm the host and they have done so in these States thanks to the red carpet rolled out for them by the Democrats. These parasites are in the driver’s seat with their hands out the window grabbing up everything they can get them on. I am afraid the only thing that will save these States is some real strong worm medicine.

The scariest thing about this scenario is that it is the blueprint for America the Obama Administration is desperately trying to bring to fruition.

What has me completely befuddled is how so many Liberals in this Country cannot see just how just how wrong this is, that nothing good ever has nor ever will come from this philosophy, only the slow agonizing death of the whole.

Um... that 1% owns our judicial system and social services. I wouldn't worry about them. I think the baby business we have going on will pretty much support the welfare recipients at the top just as it does the welfare recipients at the bottom. They'll all survive.

[Merc14]

That chart has absolutely nothing to do with the OP, it is a year to year comparison of the state's increase in GDP and not a predictor of future growth which is what the OP was discussing. If you think NY's future is bright then you are delusional. They are heading, quickly, towards bankruptcy and after nnext January they will be allowed to fail, along with CA.

[preacherman76]

That chart has absolutely nothing to do with the OP, it is a year to year comparison of the state's increase in GDP and not a predictor of future growth which is what the OP was discussing. If you think NY's future is bright then you are delusional. They are heading, quickly, towards bankruptcy and after nnext January they will be allowed to fail, along with CA.

So true. NY is in really bad shape. Our welfare state is horrible. Every construction project costs millions more then it should cause of unions. I see first hand people shoveling dirt and getting paid like they are doctors. Unemployment is through the roof, and many peoples unemployment has run out, and they have given up even looking for a job. Use to be that youd look in the paper, and there would be pages full of jobs. Not anymore. Now you have litteraly hundreds of people applying for very few positions. And to top it off, the very few options we have for healthcare, are all jacking up the prices big time. Im to the point where I may have to cancel my health insurance just to be able to pay my bills. Then once 0bama care kicks in Im going to get taxed for not being able to afford insurance. Thinking about it, I should just take the hit and get the hell outta here.

[Merc14]

So true. NY is in really bad shape. Our welfare state is horrible. Every construction project costs millions more then it should cause of unions. I see first hand people shoveling dirt and getting paid like they are doctors. Unemployment is through the roof, and many peoples unemployment has run out, and they have given up even looking for a job. Use to be that youd look in the paper, and there would be pages full of jobs. Not anymore. Now you have litteraly hundreds of people applying for very few positions. And to top it off, the very few options we have for healthcare, are all jacking up the prices big time. Im to the point where I may have to cancel my health insurance just to be able to pay my bills. Then once 0bama care kicks in Im going to get taxed for not being able to afford insurance. Thinking about it, I should just take the hit and get the hell outta here.

I grew up and went to college in Buffalo. It was sad back in the late 70's and a real mess now. I have lived in Virginia for the last 30 years and would love to move back some day but that is impossible. I have no idea why they continue to vote in destructive democrats but only complete collapse will change things. People like startravelerr, whose religion is progressivism, are the cause of the failure and you can't change a zealots mind so even complete collapse will not root out the disease.

Edited May 2, 2012 by Merc14

[+DieChecker]

http://www.nypost.co...nsBcHI9oeO9r4lK

“You cannot balance the budget on the backs of the 1 percent of the most productive citizens of a state. They will leave, and as the 2010 census points out, they are leaving,” the report says

I think this is exactly right. The same thing happened when the timber industry began cutting back here in Oregon in the 1970s and 80s. Affluence dropped, and those who could moved out. Leaveing behind the poorest and elderly, who could not support the local tax requirements, and thus schools were shut down, health care outlets were shut down. Parks. librarys and other local government services were shut down.

The same will happen in NY, NJ and CA. They will not cut back their spending until driven to, and will instead keep increasing taxes on those who are leaving. It is a death spiral.

Kind of like smokers. The tax on cigarettes keeps being raised, and confronted by the cost, more and more quit. But to maintain the same tax income, then the tax must again be raised, and then more people quit. And the tax is raised again. Till you have only 100 people still smoking in the whole nation and they pay 1000 dollars a pack for their cigarettes.