According to a new survey, New York is still one of the “PIGS” -acronym which comes from the four crisis-stricken European countries Portugal [P], Italy [I], Greece [ G] and Spain [S])- along with Illinois and California.
A general look at the finances of the- supposedly- shiny state of opportunity, ranks NY, in the 49th position among all the United States, with California last, according to the annual publication of the American Legislative Council, Rich States, Poor States.
“The South paves the way for the future, while California, New York and Illinois along with huge taxation begin to resemble more and more Greece of North America,” the research concluded, stressing that taxation in New York, New Jersey as well as in seven other states is extremely high and their public employees are way more than those needed.
Moreover, the minimum wage’s increase from $ 7.25 to $ 9 per hour by 2016, is also considered as a wrong call.
Finally according to experts, among the states with a very high tax rate, the birth rate also appears to be remarkably lower than anywhere else, characteristically stressing that “if the cap fits, wear it.”
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