Another Cloudy Economic Forecast for New York
Assemblyman Robert Smullen (R,C,Ref-Meco) today pointed to the American Legislative Exchange Council's (ALEC) Rich States, Poor States report as further evidence of the need to control taxes and spending in New York. The report ranks New York's economic outlook dead last among the 50 states.
It was not so long ago that Gov. Cuomo correctly noted New York has no future as a high-tax state, but with another $1.2 billion in new taxes and fees in the recently-adopted budget, we are continuing down the wrong path, said Smullen The report shows New York has been hemorrhaging residents for years. To stop the bleeding, New York should work to emulate the good policies of the more competitive states in the Rich States, Poor States report.
ALEC's forecast is comprised of two categories - Economic Outlook and Economic Performance. Given the state's overall tax burden and hostile business climate, New York has finished last among all states in the Economic Outlook category for the past six years. Colonel Smullen will work to reverse this troubling trend by continuing to oppose new tax hikes and unnecessary business regulations.
The Economic Outlook forecast is based on each states current standing across 15 policy variables that are influenced by state legislation. New York ranks in the bottom fifth of states in 10 of the 15 variables. More fiscally-responsible states with lower taxes and spending experience stronger growth rates and rank higher in this category.
Economic Performance is based on a states track record over the past ten years on three variables that are influenced by state policy: State Gross Domestic Product, Absolute Domestic Migration and Non-Farm Payroll Employment.