New York taxpayers have lived for years under Democrat Governor Andrew Cuomo’s liberal tax-and-spend policies. Now, even fellow Democrats are warning about the deficit created under his tenure.
Democrat New York Comptroller Thomas DiNapoli issued a warning in the Post Star that New York is now facing financial trouble because of a looming budget deficit.
Specifically, DiNapoli highlights “projected budget gaps” and “weaker than expected personal income tax collections” as causes of a projected $4 billion budget deficit.
Cuomo’s budgetary problems come as a record number of people are fleeing high-tax New York, shrinking the tax base.
Just this year, US Census records found that “more than 1 million people moved out of the New York area to other parts of the country since 2010, a rate of 4.4 percent — the highest negative net migration rate among the nation’s large population centers.”