Is New York entering into a doom spiral? The recent election of the democratic socialist Zohran Mamdani may well accelerate a trend that has been vexing New York and neighboring New Jersey for at least a decade now. The productive people, the "wealthy" Mamdani and other socialists complain about, are leaving, and taking the economic activity they generate with them.
A new report suggests things may be worse than previously thought.
A new analysis finds that the states of New York and New Jersey have lost billions of dollars from their tax base amid an exodus of residents in recent years.
Unleash Prosperity released a report on Tuesday that found New York lost $517.5 billion in resident incomes from 2013 to 2022, while New Jersey lost $170.1 billion in that period, according to data from the Census Bureau and IRS.
The report covers cumulative gains and losses in each state's resident income, as a mover takes their income to another state for subsequent years – not just the first year after their move. The report was first covered by the New York Post.
In other words, this study seeks to estimate the loss of future revenues and the economic activity these people would have generated had they stayed. And those numbers are, frankly, shocking.
"New York and New Jersey combined have lost two-thirds of a trillion dollars in net income and purchasing power over the last decade due to moving vans departing these states," Steve Moore, economist and co-founder of Unleash Prosperity, told FOX Business.
"This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low tax states in the South," Moore added.
Two-thirds of a trillion dollars, lost, mostly due to stupid progressive - socialist policies, high taxes, high costs of living, and deteriorating services. That's "trillion," remember, with a "T" followed by a "rillion." And, yes, Zohran Mamdani's stated goals and ambitions for the Big Apple will make this worse; possibly a lot worse.
Read More: The Supposed Great Victory of Zohran Mamdani Stinks to High Heaven
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To put it bluntly, New York and New Jersey may already be in a doom spiral that it may be too late to pull out of. While this new report looks at New York and New Jersey, similar things can be seen in other blue states, like California and Illinois; the people who have the means to leave are leaving. What's left are increasingly idlers and a few wealthy urban elites. The balance, as this process goes on, only tips things further to the left. The dependency class votes for the left because they want the flow of free Schiff to continue. The urban elites vote for the left because they are largely sheltered from leftist policies by their wealth - and if things get too bad, they, too, can leave.
It's what we call a self-reinforcing feedback loop, and it's wrecking some of our formerly most-prosperous cities.
There is always, however, one compelling, concerning question, a question that people in those southern states should consider: How many of the people fleeing New York and New Jersey will be bringing their old voting habits with them? The very voting habits that have gotten New York and New Jersey to this point?
Editor’s Note: After more than 40 days of screwing Americans, a few Dems have finally caved. The Schumer Shutdown was never about principle—just inflicting pain for political points.
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