New York state has been ranked the WORST in the country for economic outlook as businesses begin to flee
According to a ranking by a conservative think tank, New York is the worst state in the United States for its economic outlook.
The American Legislative Exchange Council (ALEC) published their 13th annual Rich states, poor states ranking on Wednesday.
They looked at things like taxes and the economic competitiveness of the state.
Utah topped the rankings for the 13th year in a row.
The state has no income tax and fewer rules and taxes that restrict growth, the authors said. It also has high economic growth and new residents entering the state.
New York, on the other hand, scored the worst – the sixth year in a row that the state has been convicted for its policies.
New York is ranked as the lowest-ranked state due to its economic outlook
The state was badly hit by COVID-19 and protests (pictured), and the economy is suffering
Stores already struggling because of the pandemic closed due to protests
Seven years ago, in 2013, ALEC was ranked 49th.
The reasons for the lowest rating range from high taxes to high migration from the state, the report’s authors said.
“One of the ultimate measures to determine whether a state is successful or not is for people to vote with their feet in the direction of or away from that state,” said Jonathan Williams, one of the authors of the report.
Of course, over the years we’ve seen some major trend lines through federal policy changes, such as the restriction to state and local taxes or SALT deductions, which have put pressure on high-tax states and driven migration out of states like New York.
‘We have recently seen these trends accelerate.’
Another, economist Stephen Moore, added: “You see a migration of people from these high-tax states.
“It really puts a strain on budgets in states like New York, Connecticut, New Jersey and Rhode Island.”
New York is also suffering from a lack of tourism, as cultural institutions are closed
On May 31, a wrecked sofa is seen in the Greenwich Village area of Manhattan
The other states in the bottom five were Vermont, New Jersey, Illinois, and California.
Vermont’s Phil Scott is the only Republican governor of the five.
Phil Murphy from New Jersey; JB Pritzker of Illinois; Gavin Newsom from California and Andrew Cuomo from New York are all Democrats.
At the higher end of the scale, the governors of Utah, Wyoming, Idaho, and Indiana are all Republicans.
Only the governor of the fifth-best North Carolina, Roy Cooper, is a Democrat.
Cuomo acknowledged on August 3 that the state, and New York City in particular, was in trouble.
Between March 1 and May 1, about five percent of New Yorkers fled the city. Crime is booming in the city, with 1,000 people already shot this year and homicides up 50 percent.
Homeless camps have sprung up in various parts of Manhattan, much to the chagrin and annoyance of residents.
Homeless people have moved to some of the streets of Chelsea in Manhattan
Residents of Upper West Side complain about homeless people, pictured Aug 7
The Guardian Angels are conducting a night patrol in the Upper West Side on August 10
Homeless people on the Upper West Side were spotted drinking and urinating in public
Cuomo said he was begging people to return to New York City from their second home retreats so they can pay taxes to make up for the state’s growing income deficit due to the state’s coronavirus.
‘I literally spend all day talking to people who are now in their Hamptons home who also lived here, or their Hudson Valley home, or their weekend home in Connecticut, and I say,’ You have to come back! We’re going for dinner! I’ll buy you a drink! Come by, I’ll cook! “
‘They’re not coming back now.
And do you know what else they think? “If I stay there, I’ll pay a lower income tax,” because they don’t pay the New York City surcharge. ‘
He noted that the richest percent of New York’s population takes on about 50 percent of the state’s tax burden.
The plea comes amid diminishing hopes that the federal government’s next COVID-19 aid package will include additional help for struggling state and local governments.
If additional dollars aren’t coming to New York on top of diminishing revenue streams, Cuomo and other government officials have said the hit translates into 20 percent cuts in health care, education and local governments’ annual budgets.
Donald Trump’s Executive Order on COVID emergency relief, supplementing unemployment benefits with an additional $ 400 a week, of which states pay $ 100, has been greeted with anger by struggling governors.
States, unlike federal entities, must balance their budgets.