Cuomonomics: New York Lags Rest of Country Economically as Residents Flee
The number of citizens leaving New York is at its highest rate since NYC’s pre-Giuliani crime wave. From 2010 to 2017, New York lost 1,022,071 residents, a negative 5.27% change in internal migration. Total population grew only 0.4% from 2010-2019, a time when the national population grew 16%. That has only been accelerated in the pandemic (and now post-pandemic) era – with the New York Metro Area losing about 108,000 residents in 2020, or about 0.5% of its population.
Faced with high taxes, an aggressive regulatory system, failing infrastructure, a poor education system, and the breakdown of law and order, the state (and New York City specifically) isn’t giving residents much reason to stay.
While once the nation’s economic powerhouse, New York is now lagging the rest of us.
According to Just The News:
Jobs data shows New York gained private-sector jobs in May but not at the same rate as the rest of the country. The New York State Department of Labor said the number of jobs grew by 17,500, or 0.2%, last month. Nationally, the number of private-sector jobs grew at a 0.4% clip.
New York’s unemployment rate went from 8.2% in April to 7.8% last month. That’s still significantly higher than the U.S. average of 5.8%.
In addition, while the state’s unemployment rate went down, so too did its labor participation rate, which accounts for the percentage of working-age individuals – people 16 or older – who are either working or actively seeking a job. It went from 61.4% in April to 60.9% last month.
New York City continues to be the main drag on the statewide numbers. According to the DOL, the city’s unemployment rate was 10.9% for the month. That’s down from 11.4% in April, but outside of the nation’s largest city, the rest of the state reported a 5.5% unemployment rate for May.
This isn’t just a New York phenomenon either, it’s a red state vs. blue state phenomenon.
States run by Republican governors and legislatures ushered in he new year with unemployment rates of 4.9% – 40% lower than the 7.5% unemployment rate in states with Democrat governors and Democrat control of state legislature. The divergence between red and blue state unemployment peaked in October of last year, with the unemployment rate in blue states 59% higher than their red state counterparts.
According to the most recent data, of the top 20 states that recovered the fastest from the pandemic (measured in terms of the percentage of jobs recovered that were lost), 17 have Republican governors. Idaho and Utah lead the pack, having recovered more jobs than they lost from the pandemic. They recovered 114.4% and 113.2% of their respective job losses. Measured by unemployment rate, 15 of the top 18 states with the lowest unemployment rate are run by Republicans. New Hampshire, Nebraska, South Dakota, and Utah are all tied with 2.8% unemployment. Kansas, Wisconsin, and Minnesota are the only states with Democrat governors that make the list.
Are you noticing a pattern?
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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