04/19/2017

I’m One Of The Million People Who’s Left New York Since 2010 — And I Couldn’t Be Happier

Kerry Lutz, Financial Survival Network

A recent article in the New York Post showed that people are fleeing the New York State at an alarming rate. “More than 1 million people moved out of the New York area to other parts of the country since 2010, a rate of 4.4 percent — the highest negative net migration rate among the nation’s large population centers, US Census records show.” I am proud to be one of those people. I moved down to Florida in 2012 and haven’t looked back. Leaving New York was one of the happiest moments of my life. The Post continues, “Americans have been increasingly relocating from the eastern US and the Rust Belt to cities in Florida, Texas and the Northwest.”

But this only tells half the story. New York State’s top personal income tax rate is a whopping 8.82%. If you’re unfortunate enough to live in New York City, you could be forking over another 4% of your income, just for the privilege. And what do you get in return, rotten roads – among the country’s worst, one of the most generous welfare systems of almost any state, a medicaid system that’s out of control and systemic corruption to the core.

Florida is by no means a panacea. While it has among the best weather and highways in the nation, its schools are abysmal, corruption is rampant and governmental incompetence is staggering. The difference is that New York has a $153 billion annual budget versus Florida’s $83.5 billion. As humor writer Dave Barry says, “We’re only paying half for the same incompetence and corruption.” What a bargain.

Thanks to half a century’s unbridled socialism, New York is on the brink of insolvency. It’s pension funds are seriously underfunded. It’s union pandering ways means that everything costs twice as much than elsewhere in the nation. It’s pandering politicians are never at a loss to create new money draining programs that will help further sink the state’s finances. It’s in complete denial over this sorry state of affairs. Governor Andrew Cuomo is trying to outdo his father Mario’s socialist legacy. He’s going to out Bernie, Bernie Sanders.

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

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ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

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