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June 15, 2012

About that Chamber report…

E.J. McMahon

The study

Governor Andrew Cuomo understandably is touting a U.S. Chamber of Commerce study that ranks New York in tenth place for growth, productivity and livability among the 50 states.  The governor said the Empire State had moved up 11 places from its position in last year’s “Enterprising States” study.

But there’s one cloud behind that silver lining.

The Chamber study attributes the improvement in New York’s ranking to “rapid GDP expansion and per-capita personal income growth” — both of which are backward-looking measures.  “Much of this growth,” the study adds, “has been driven by the rebound in various high-value finance sectors.”

Unfortunately, that rebound — a product of federal bailouts and zero interest rates — is now over, and the financial sector’s employment and profitability outlook is not rosy.

On other measures, New York ranks high in college-educated population, advanced-student achievement, and output of college degrees. And Cuomo’s property tax cap gets a special nod from the Chamber study as a “notable reform” that “protects businesses and other property owners from major tax fluctuations.”

Filed under: Economy, Uncategorized

1 Comment »

  1. Property Tax Cap? It did not protect me here in the City of Albany where a 2/3 majority to raise taxes is just another bump in the road. I know it helped in other areas of NY, but we are only getting half measures from the Governor. I’ve got to hand it to him, is a very artful Pol, but I don’t believe he will make it to the Oval Office. NY is still a basket-case and will be so, unless bolder reforms such as Finger Printing of Food Stamp recipients are enacted.

    Comment by Leo Frisino — June 16, 2012 @ 7:14 am

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