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New York has the worst economic outlook in the country, according to a new “Rich States, Poor States” report.
This marks the fourth year in a row where the Empire State was 50th in the report’s annual Economic Outlook Ranking. Since 2010, New York has only improved its ranking once to 49th in 2013.
Each year, the American Legislative Exchange Council produces an economic forecast for each state based on its current standing across 15 different policy variables. They also rank states from best to worst on their combined scores for these issues, including things like income and property tax levels.
When New Yorkers have the highest total tax burden in the country, it’s no wonder policy experts have predicted a poor outlook for the state.
Check out how New York ranks across some of the ALEC’s policy variables:
- Corporate Income Tax Rate: 50
- Personal Income Tax Rate: 49
- Property Tax Burden: 44
- State Minimum Wage: 42
- Sales Tax Burden: 32
It is clear from these figures that New York isn’t providing a secure for the future for its residents.
Along with an economic forecast, the report also includes a current Economic Performance Ranking, a measure based on a state’s gross domestic product, absolute domestic migration and non-farm payroll employment.
New York was ranked 24th for this measure, which means our current state economic policy is middle-of-the-road at best.
This ranking was especially brought down by New York’s 50th place finish for absolute domestic migration, meaning more people are leaving the state than are moving here.
Maybe it’s because New Yorkers don’t even need a report to tell them the Empire State can’t provide them with a brighter future than too many other states.
If you want to help fight the affordability crisis in the Empire State, join Reclaim New York today.
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