Medicaid and education. Out of a $136B budget NY’s Medicaid costs account for roughly $54B, over 40%. Our health care costs are astronomical, and because we require insurers to cover everything under the sun it skyrockets the cost of doing business which pushes jobs out of state which then requires the income lost from those taxes to be regained elsewhere. It’s a vicious cycle. In addition we spend more on a per-pupil basis than any other state, due to the high costs associated with public employee pensions and benefits.
I agree that NY is a beautiful state that does offer you a lot to enjoy, but so does Connecticut. You can live in Conn. and have at your fingertips everything that was mentioned (seasons, major cities, etc.) in just as easy a commute as if you lived across the border in NY. Why do you think so many investors and hedge fund’s are moving across the border?