Assemblyman Ed Ra (R-Franklin Square), ranking Republican member on the Assembly Ways and Means Committee, joined state lawmakers, financial experts and representatives from the American Legislative Exchange Council (ALEC) at a press conference on April 8 to address New York’s alarming economic conditions ahead of Tax Day on April 15. The event, held in Albany, focused on the state’s dismal rankings in ALEC’s updated Rich States, Poor States competitiveness index.
New York ranks 50th in economic outlook, driven by factors such as high tax rates, significant property taxes and a substantial debt burden. The state has consistently remained in the 49th or 50th position since 2008.
“Our state’s poor standing is a direct result of failed policies from Albany,” said Ra. “The burdensome taxes and reckless spending are crippling New Yorkers and stifling growth. With budget season ongoing, it’s critical that we pass a budget that is sustainable and puts money back in the pockets of families. This is a crisis that demands action now, not when we’re past the point of recovery.”
Ra pointed to New York’s poor economic performance, ranking 31st overall, citing mounting migration losses fueled by the state’s uncompetitive tax structure and unfavorable business climate as contributing factors for the state’s poor outlook. He also pointed out that New York state ranks second in the nation for the most regulations, with more than 300,000 restrictions, according to the Mercatus Center at George Mason University.
“New York’s economy is collapsing under the weight of high taxes and debt,” Ra continued. “In just four years, we’ve lost nearly a million residents, and with New York being the second most indebted state behind California, our debt per capita has soared to $3,313. This is completely unsustainable. If we don’t change course now, we’ll continue driving people and businesses out of the state.”
“Most New Yorkers are unaware of these alarming statistics, and unfortunately, some state leaders are counting on that. But just because these issues aren’t widely known doesn’t mean they aren’t having a serious impact. Out of sight should not mean out of mind. We have a responsibility to make sure the public understands exactly what’s at stake.”