According to a new report, what was once the financial capital of the world, now economically ranks the worst out of the entire US.
The new annual Rich States, Poor States list which ranks US states for their economic outlook on 15 factors, including wages, legal system, and taxes puts NY right at the bottom of the country. Even behind states like Georgia, Illinois, and Alaska.
Crashing The Economy
There are certainly some who have seen their income and wealth soar since COVID lockdowns. Yet, by many other measures, the data and sentiment out there suggests the economy is being nose dived into the ground.
Still the Fed is hiking rates, and according to Bloomberg is under pressure to continue to fight back against outsized ‘wage gains’.
This is at a time when Amazon had to give up on warehouses due to not being able to employ people, despite huge tax breaks, at the expense of the rest of the community. Few have probably seen income triple in line with candy and soda prices. Yet, property taxes are up, and many are up in arms over the NY rent control board’s proposed historic rent hike of nearly 17%.
So, we have mass unemployment, with a 500% increase in top earners filing jobless claims, and far higher living costs. All with ongoing efforts to cool the economy, job market, and incomes.
Thriving Amongst The Onslaught
Many certainly feel bombarded by this onslaught on their personal finances, and the ability to retain their homes. NY is certainly a unique and special place. That isn’t going to change in the long term.
The question is how do you get through this trend, and phase of the economy, keep your home, and then become a part of helping the local economy rebound?
It’s hard to do that if you just flee the state like many others. Many of whom have just taken the same issues with them.
You can support the local economy with how and where you spend your dollars as a consumer. You can refuse to be over-taxed, and grieve your property taxes with the help of Property Tax Adjusters Ltd., and stay and be a positive force in the local community. We can fight for lower taxes and fair taxes, that will attract and retain the best talent in the world to come here, and to create more jobs. Then, together we can be the economic leader of our nation again.