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November 20, 2023
High Taxes and Over Regulation: New York Ranked Least Free State In America... Again
It is not a coincidence that the free market increases prosperity and that more economic freedom promotes more wealth. It is well documented by now that capitalism has brought more people out of poverty and into freedom than any other system in history.
In fact, economic freedom is essential for economic growth. This is why more regulations from the government typically lead to stagnation, to say the least.
This is why it is no surprise that New York has once again been labeled “the least free state” in America, according to a report issued by The Cato Institute.
The report showed that the State ranked last place among all states for policies that impacted economic and personal freedoms. By comparison, Florida ranked 2nd after New Hampshire as the most free state.
New Hampshire has no income tax and recently cut business taxes to encourage investment. If New York intends to boost economic freedom, it should follow that lead. But I think it is say to say there is no way officials will be cutting taxes in the Empire State.
“New York’s terrible economic freedom score is going to continue to drag the state down—and harm its ability to realize its full economic potential,” the Cato report authored by William Ruger and Jason Sorens said. according to The New York Post. “Combined, state and local taxes are crushing. Debt is down from years past but is still the highest in the country at 26.1 percent of income.”
“It is little wonder that New Yorkers are fleeing the state in droves. New Yorkers have been voting with their feet for years, leaving a state with such a glorious past and a great magnet supercity in part because of its stifling policies that restrict freedom and opportunity. New York outpaced all other states by far in terms of net out-migration to other states,” co-author Ruger told The Post.
New York has ranked last in every Cato study since it started reviewing data in 2000. New Jersey ranks at 47th. California ranked 48th and Hawaii, 49th. Obviously, it is no surprise those are all Democratic strongholds.
“One of the worst problems for New York state as a whole is how New York City and Albany drive policy for the rest of the state,” he continued. “This allows left-wing ideologies and powerful concentrated interests to combine to run the state for their benefit while regular New Yorkers suffer. We especially see this in the regulatory area with policies like rent-control, eminent domain, renewable portfolio standards, minimum wage laws, and certificate of need laws.”
If New York cared about increasing wealth, it would focus on deregulation since too much of that also decreases economic freedom. No surprise, California and New York are two of the most regulated states in the country. Regulation makes our system less democratic and subsequently less responsive to its citizens.
That said, it is no surprise that the least free places in regard to prosperity are all run by Democrats.