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NY Sings the Blues: $1 Trillion Loss to Freedom

Craig HueyEconomics, Free Markets and Socialism, Inflation, Politics, Taxation 1 Comment

Title: NY Sings the Blues: State Loses $1 Trillion As Businesses Flee From Collectivism to Freedom

It’s happening in Chicago…

It’s happening in California…

Now it’s happening in New York…

Thousands of people and businesses collectively move out of pro-socialist states every year.

The mass exodus from the pro-socialist states is staggering as people and businesses flee the high taxes, burdensome regulations, high cost of living, and out-of-control crime.

According to the U.S. Census Bureau, the top 5 states seeing the most people flee are all Democrat-controlled states.

California, Illinois, New Jersey, New York, and Michigan lost over 4 million residents in the last 10 years.

And with that mass exodus goes revenues to state coffers. These pro-socialist states are hemorrhaging tax revenues, causing their state deficits to skyrocket.

New York has suffered a tremendous loss in state revenue—the biggest of the pro-socialist states.

Since 2019, New York has lost over 160 Wall Street financial firms.

According to The Wall Street Journal, these financial firms took with them “over $1 trillion in assets under management and taking thousands of high-priced employees with them.”

One of the most recent Wall Street firms to leave was billionaire Carl Icahn’s Icahn Capital Management. The firm left Manhattan for Florida in 2020.

Alliance-Bernstein moved to Nashville in 2022, taking $685 billion in managed assets and over 1,000 jobs. According to the company, the move saved them over $80 million a year.

According to NY state tax data, Wall Street accounts for roughly 16% of all the economic activity in New York City and roughly 7.3% of economic activity statewide.

Altogether, financial firms paid $5.4 billion in New York state taxes, which is nearly a quarter of all personal income tax for the state.

New York isn’t the only major loser in this mass exodus from pro-socialist blue states. California has also lost nearly $1 trillion in financial assets under management to other lower-cost red states like Arizona, Florida, Tennessee, and Texas.

And it’s not just the financial industry that’s leaving… It’s every industry.

It’s Big Tech companies like Oracle. It’s fast-food chains like Carl’s Jr. It’s car manufacturers like Nisson, Toyota, and Hyundai.

I moved my ad agency from California to Tennessee— I started it 40 yrs. ago. I have no regrets about moving out of California… I’ve saved a lot of money, so much so that in one year I saved more than the relocation costs for the whole company.

Blue State socialist policies are destroying these states.

Unless they reverse course, they will continue to drive revenue out of their states.

They must lower taxes and regulations and make the cities and states safe again…

Until they do, the mass exodus will continue.

For more articles, read: Mass Exodus: 4 Top Reasons Why People and Businesses Are Fleeing Blue/Socialist States

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