New York: Greece minus the riots

New York is one of the PIGS, along with California and Illinois, according to a new study.

New York’s economic outlook, a measurement of factors such as tax burdens, debt service and number of public employees, ranked 49th out of the 50 states, with California dead last, according to the latest edition of “Rich States, Poor States,” the American Legislative Exchange Council’s (ALEC) annual survey (Download aqui)

“The future is happening in the low-tax South and Great Plains, while high-tax California, New York and Illinois are increasingly looking like the Greece of North America,” the study said.
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What happened in the last recession, Laffer contends, is that some states resorted to raising tax rates as receipts declined along with the economy.

“And raising taxes, especially during trying economic conditions, will only make matters worse. An economy simply cannot tax itself into prosperity,” Laffer says.

New York Post