Friday, July 25, 2008

NYC economy being drained by NJ & CT

New data show the New York metropolitan area is the largest contributor to America's gross domestic product, but its position at the top of the national ranking may be due more to the inclusion of neighboring economic powerhouses such as Greenwich and Stamford, Conn., than its own economic strength.

Report: N.Y. Area Is Powerhouse Economy of U.S.

New York City actually is responsible for less than half of all economic activity in its own metropolitan area, the data show. According to the city comptroller's office, its economic activity constitutes 43% of the region's total economy.

Put together by Comptroller William Thompson Jr., who used calculations from his office and from the U.S. Bureau of Economic Analysis, the figures are troubling to business leaders, who say this is further evidence that New York City's economy is being drained by the lower taxes and financial incentives in neighboring New Jersey and Connecticut.

3 comments:

KG2V said...

Gee - who would have thought that lower taxes encourage businesses to move to an area, and that encourages growth, and course that growth means there is more money to collect revenue on, so tax revenue CAN actually go UP (if other factors are played right). It's called "a rising tide floats all boats"

That's been the tradition Republican platform for decades, and the Democratic platform has been to raise taxes. Of course, today, our Republican Party spends money like they are the Democrats of old, and let's not even go where the Democrats are.

Sigh

Can we have REAL coice in Government, not "Bad and worse"?

Wade Nichols said...

Can we have REAL choice in Government, not "Bad and worse"?

There is a choice, his name is Ron Paul!

KG2V said...

Unfortunately Paul is NOT electable. I have voted 3rd party, and probably will again, based upon the polls in NY - if it's within say 7-10 points, I vote major party, if it's not, I vote 3rd party

That said, it's amazing how little actual power the President holds - we should worry bout about city and state Govt, plus the house and Senate