New York has arguably the most bloated state budget in America, and with the exception of California, the highest tax burden to pay for it all. So the wizards in Albany just enacted a new taxpayer-funded handout – this one to…the media.

The program is similar to a national proposal in the first iteration of “Build Back Better” to subsidize journalists but was removed after a public backlash.

The program offers refundable tax credits to cover 50% of salaries up to $50,000 per employee, plus an extra $5,000 for each new hire.

Here is the official justification for the program:

“It is hereby found and declared that New York state needs, as a matter of public policy, to provide financial support and incentives for businesses which operate as newspaper and broadcast media, to sustain a productive and effective industry.”

Our view is a) this is an egregious waste of money, and b) if New York wants a “productive and effective news industry,“ try telling the truth. Start with the nation’s fountain of misinformation: The New York Times.

We expect this idea to spread rapidly in other blue states, many of which have already tinkered with smaller grant programs. What could go wrong?