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More Signs of Blue State Dysphoria: New York Is Bleeding Money Again

Last week New York’s Democratic Comptroller Tom DiNapoli reported the state’s personal income tax receipts continue to decline – with a shocking 50% decline in income tax collections last month from a year ago. This reduction is in part fueled by the flight of the state’s people and capital to red states.

Even worse, this spring the state legislature went on a spending spree. New York now spends more money on public education than any other state and is 85 percent above the national average. Overall, state spending has gone up a staggering 25 percent since the 2019 to 2020 fiscal year, thanks to “free” federal money.

DiNapoli’s report warns “that much of the increased spending is recurring and may present a growing fiscal challenge to the state, particularly as temporary federal aid wanes and if a more pronounced or extended economic downturn occurs.”

Here is our prediction: NY’s hapless Governor Kathy Hochul is going to come running to Washington for a budget bailout. We hope congressional Republicans will respond: Drop Dead!

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