Greedy progressives’ “squeeze the rich” taxes and over-the-top business mandates are dangerously eroding the state’s most vital economic pillar: its finance and insurance sector.
“While other places are growing, New York has seen stagnation or loss . . . with both businesses and residents relocating,” warns EL’s Ted Abernathy. In particular, finance and insurance-industry job growth in other states has left New York in the dust: While the nation saw a 4% jump in these jobs from 2019 to 2022 — with North Carolina enjoying an 18% spike, Idaho 15% and Florida 13% — Empire State growth was virtually nonexistent.The finance and insurance sector’s decline, vs.
The Business Council’s Heather Mulligan echoes that: “Bad fiscal and business practices in New York state equate to losing people and jobs,” she says. “To reverse this trend, New York needs meaningful change now or we risk further jeopardizing the prosperity of the driving force of New York’s GDP.