By the LI Life & Politics Editorial Team
Something is seriously wrong with the governing in New York State when almost four out of ten New Yorkers claimed that they were planning an exodus from the Empire State.
And, not surprisingly, the top reason cited for the desire to leave is the high level of taxation in New York. Thirty-seven percent of the people cited taxes as the number one reason for leaving which comes on top of an additional 15% who claim that there are better economic opportunities elsewhere. In essence, both classes are essentially saying the same thing. It’s too expensive to live or own a business in New York, with not enough opportunity for advancement.
And yet, the state legislature in New York continues to spend with reckless abandon. You would think that, with the onslaught of federal funds flowing into state coffers, state leaders would be looking to pay down our debt and lower our tax rate. Instead, they continue spending at record levels, having increased the state budget from $180 billion just a few years ago to now over $216 billion.
If we want to stop the continued exodus of New York’s middle class, we need to impose a cap on state spending and institute needed reforms to the pension and salary/benefits structure within the public sector in the state.
Will we? Or will it be too late?