Buffalo Pundit beat me to writing about Sunday’s New York Times’ article on the stagnating New York economy. His article was followed up by several good comments about the Kearney report, on which the Times’ article was based (some might argue loosely).
AT Kearney was tasked with identifying and prioritizing the reasons why the New York State economy has basically sucked for the past 30 years. The reasons they cited:
- Too much taxation and regulation. New York could shed $35 billion in taxes and fees – $1,800 for every person in the state – and would end up only at the national average.
- No cohesive, statewide plan for economic development.
- New York government profits from, not with, businesses.
- A growing dichotomy between Downstate (the “haves”) and Upstate (the “have-nots”).
- Ineffective political leadership.
- Poorly-planned and miserably failing economic initiatives. Empire Zones were singled out for extra special derision, although the newly-formed Centers of Excellence were not immune from serious criticism, either.
- An Empire State Development Commission that is so non-credible that the State legislature does not generally trust it to control the management of economic development programs.
We have a lot of work to do. Re-electing the same politicians year after year is not the way to start.