An Exodus Worthy Of Moses

New York politicians are desperately planning to spin the fact their state is hemorrhaging citizens at an alarming rate. Millionaires, especially, are fleeing New York, thanks to the continually rising taxes.

New York elected officials are scrambling to spin their disastrous population losses as something that can easily be reversed with just a few tweaks to the business environment, more federal aid and more spending from Albany and City Hall.

Sorry, the municipal-bond market appears to disagree.

It took a while, but New York’s millionaires have finally had enough, and they’re headed south for a more pleasing economic climate.

Despite constant bashing from class-warfare-obsessed progressives, those much-maligned millionaires and billionaires generate most of the city’s and state’s tax revenues. Rich people were willing to pay high taxes and subsidize this largesse because the Big Apple was still the cultural center of the world, and because under Mayors Rudy Giuliani and Mike Bloomberg the streets remained safe.

If history is any guide (see the 1970s fiscal crisis) it won’t end well. Once the federal COVID-relief money dries up, Hochul and Adams will be looking at a shrinking tax base, much higher debt-service costs and big budget problems — just what the markets are foreshadowing. Politicians may spin, but municipal-bond prices don’t lie.

This is a good news, bad news situation. On the one hand, people are fleeing New York, which will cripple the tax base. On the other hand, these New Yorkers will bring their leftist policies with them, and ruin some southern states with their politics.

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16 thoughts on “An Exodus Worthy Of Moses

  1. The latest Subway Shooter will not help NYC at all. Condolences to the victims and their families.

    I bet the Over/Under on the number of open criminal charges the shooter is currently out on bail for will be 3.

    Liked by 1 person

  2. RD – Definitely someone with a record, and likely violent offenses. But it’s okay, because NYC’s District Attorney doesn’t charge people of color. So there’s that.

    Liked by 1 person

  3. I have a suggestion for all the Noo Yawkers heading to Texas: When you pack your bags, leave your liberal voting habits in the dumpster.

    Like

  4. Sunday a.m. trip to the grocery store with son-in-law in tow, in the Publix parking lot with maybe 20 cars there, we saw two NY plates, on NJ, and one PA…and on the way home one CA plate…Hope Tennessee can handle this influx…

    Like

  5. Mike AKA Proof – They likely burned their governor in effigy.

    Doc – I think the PA residents who are leaving are mostly conservatives. The leftists here really love the fascism.

    Liked by 1 person

  6. Last year I kept getting email notices from the DMV they didn’t have my vison test results. So I called the DMV in Albany (waited forever for someone to answer), and spoke with an actual person. He was very nice and said my record/file showed they DID have my vision test and it was fine. So we got to talking and I mentioned that Grandson #1 had moved to Florida. Mr. DMV said most of the calls he gets are from people asking how to change their license. ‘They’re leaving NY for Florida in droves.’ My daughter & her husband are seriously leaving, and my son & his wife left last year. None of us can tolerate the state anymore, and we live in upstate, not the city.

    Liked by 1 person

      1. When we went to Yankees games, my oldest two boys thought the best part was the subway. They hadn’t been on one before, and they thought it was great. My friend from the Bronx was like, “Are they serious?”

        Liked by 2 people

        1. The best subway/mass transit in the world is in Singapore. Very clean, well maintained, and used by the politest society on the planet. If they only had a Second Amendment I’d be living there.

          I think the main reason the society is polite is that the laws are strict and strictly enforced. Commit a murder or rape in Singapore and expect a fair trial, followed by a prompt hanging.

          Liked by 1 person

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