New York Has Worst Economic Outlook in the Country
This will come as no surprises, especially to anyone who lives or has lived in New York. The state has the worst economic outlook in the county.
For the 6th straight year, New York comes in dead last on the American Legislative Exchange Council's annual “Rich States, Poor States” ranking. The Economic Outlook Ranking is based on a state’s current standing in 15 state policy variables. Each of these factors is influenced directly by state lawmakers through the legislative process.
Generally speaking, states that spend less — especially on income transfer programs — and states that tax less — particularly on productive activities such as working or investing — experience higher growth rates than states that tax and spend more.
New York is the worst for income tax burden, estate and inheritance taxes, worker's compensation costs and right to work state.
Property taxes, sales tax and minimum wage didn't get much better.
New York has come in last since 2014. The year before the state was ranked 49th.
It's no wonder people are moving out of New York at alarming rates, more than any other state.
In 2019, over 180,000 more people moved out of the state than moved in, according to the Empire Center for Public Policy, making it the fourth straight year New York lost residents and the second year in a row, the Empire State lost more people than any other state.
Since 2010, nearly 1.4 million people moved out of New York, the largest of any state.
“The cost of living in New York — the high taxes, regulations and housing costs — are making it untenable to live the American dream here,” Staten Island Republican Councilman Joe Borelli told the New York Post.