Despite some budget successes this year and last, and the fact that we have taken a few steps in the right direction, the fact of the matter is that NYS is still a long way off from fiscal sanity !
We’re number 50 (again): Economic outlook = NY dead last
April 12, 2012 E.J. McMahon
New York’s economic performance over the past decade was mediocre — but its future looks worse, according to the 5th annual Rich States, Poor States report, just issued by the American Legislative Exchange Council (ALEC). The report — co-authored by the noted supply-side economist Arthur Laffer; Wall Street Journal editorial board member and economics writer Steve Moore; and Jonathan Williams, director of ALEC’s Center for State Fiscal Reform — ranks states on both a backward-looking index of Economic Performance for 2000-2010, and a forward-looking Economic Outlook index…
247wallst.com Posted: March 19, 2012 at 6:37 pm
4th. New York > Increase in personal income tax: more than 5% > Expenditure per capita (2008): $5,353 (12th highest) > 2009 budget shortfall: 13.2% (16th highest) > Home price decline from peak: 8.3% (16th smallest)
According to the Tax Foundation, New York has been spending approximately 144% more per person each year than it did in 1977, the first year with recorded data. In 2009, New York spent $18,126 per pupil, more than any other state. It also spent $9,056 per Medicare recipient, also more than any other state.
W hen creating the fiscal year 2012 budget, legislators confronted a $10 billion deficit, or 17.6% of the total available funds. For that budget, the state was forced to cut funding for the SUNY colleges by 7.6%. Yet, these cuts, and others like it, have not been enough to balance the budget. The state has raised tax revenues by at least 9% between 2009 and 2011, partially by increasing personal income and cigarettes taxes by 5% or more.
Posted: February 9, 2012 at 6:33 pm- 24/7 Wall St.
5th. New York > 2011 foreclosure rate: 4.6% > December, 2011 unemployment: 8% (23rd highest) > Home price change (2006Q3-2011Q3): -13.6% (23rd largest decline) > Processing period: 445 days
New York’s processing period for foreclosures is 445 days — by far the longest among all states. This could explain why the state has such a high foreclosure rate for mortgaged homes. And although New York’s housing prices didn’t decline as much as in other states, the 13.6% decline since the third quarter of 2006 is still quite large. Moreover, home prices are forecast to decrease among the most in the country over the next year and drop nearly 6% by the third quarter of 2012.
Published October 07, 2011 – 24/7 Wall St.
But the more telling story here is of the states with the highest gas prices and why (high state taxes).
Several factors affect gas prices depending on the state, but the main ones are gas taxes, the presence of nearby refineries, and what the people of the state can afford. The Tax Foundation reports that some states, including California and New York, have gas tax rates of nearly 50 cents per gallon.
Update as of 2012: Where California was higher the New York for 2011 by 1 cent, New York now has the highest State Tax on gas @ $.46/gallon.
Posted: March 15, 2012 at 6:36 am – 24/7 Wall St
2nd. New York > Elderly economic security gap: $9,244 > Median elder income: $17,000 (21st lowest) > Annual cost of comfortable living for an elder: $26,244 (6th highest) > Life expectancy in years: 80.4 (4th longest) > Housing costs per month: $1,057 (4th highest) > Health care costs per month: $370 (10th lowest)
A retired single New York resident makes $17,000 each year from pensions, social security, and other sources of income, according to WOW’s Economic Security Database. This income, which is below the national average for the elderly, does not come close to the estimated $26,244 required annually if New York seniors were to live comfortably and with economic security. For retirees, health care costs are actually relatively low in the state. Transportation costs are just $210 per month. But the average single elder spends $12,684 per year on rent. The good news for New York retirees is that Fiserv projects home prices will fall in the state by 5.9% by the third quarter of 2012. While home prices will increase nationwide after that for several years, they will increase at just 1.8% annually in New York, slower than all but one state.
For the second year in a row, MoneyRates.com has crunched data on income, cost of living, taxes and unemployment to make its lists of the Best and Worst States to Make a Living.
These rankings are determined by an adjusted average income figure for each state, a number that factors together the four variables above to determine each state’s relative standing for career-related conditions.
#1 (best). Virginia $43,677
#36. New York $34,074 (dropped from #30 the previous year)
50 (worst). Hawaii $22,394.