Fleeing New York

The State of New York may be heading into a downward spiral from which it might not recover:

Taxed-out New Yorkers are voting with their feet, with a staggering 1.6 million residents fleeing the state over the last decade.

For the second consecutive decade, New York led the nation in the percentage of residents leaving for other states, according to the report by the Empire Center for State Policy.

The population loss is "the ultimate barometer of New York's attractiveness as a place to work, live and do business," the report's co-author, E.J. McMahon, said. "It's the ultimate indication that we've been doing things wrong."

Most analysts blamed New York's high taxes and skyrocketing cost of living for the mass exodus.

The Tax Foundation ranked New York highest in the nation in the combined state and local tax burden in 2008. And as small-business lobbyist Mike Durant noted, New York has also "consistently ranked worst or in the top three worst in business climate. You can't suck every penny out of people and expect them to remain in New York."

So, what do you think will happen as the wealthier New Yorkers flee for lower tax states? The tax revenue will decline which will spur Democrats to add even more taxes, thus escalating the population loss. It'll also eventually cause a collapse in NY property values as there will be fewer people willing to pay the high costs currently associated with living in that state. It'll be a vicious cycle.

And as New York loses population it loses representation in Congress. This year they'll lose two congressional seats to other states, making it harder for NY representatives to get more federal dollars for their state.  They're in for a major financial collapse.