Lenin Visits New York

"An old saying goes that the time to live in New York is when you're young and poor, or old and rich--otherwise, you're better off somewhere else. ... Between 2000 and 2008, the Empire State had a net domestic outflow of more than 1.5 million, the biggest exodus of any state, with most hailing from New York City. The departures also have perilous budget consequences, since they tend to include residents who are better off than those arriving. Statewide, departing families have income levels 13% higher than those moving in, while in New York County (home of Manhattan) the difference was even more severe. ... In 2006 alone, that swap meant the state lost $4.3 billion in taxpayer income. Add that up from 2001 through 2008, and it translates into annual net income losses somewhere near $30 billiion. ... That pattern is consistent with the annual migration patterns, showing that highly taxed and economically lackluster states were most likely to end up in residents' rear view mirrors. According to the annual study by United Van Lines, states like New York New Jersey, Michigan and Illinois have been big losers in recent years. ... Liberals continue to insist that they can raise taxes ever higher without any effect on behavior, but the New York study is one more piece of evidence that this is a destructive illusion", Editorial at the WSJ, 28 October 2009, link: http://online.wsj.com/article/SB10001424052748703574604574499772371161800.html.

Lenin gets around pretty well for a dead guy. After visiting California, my 10 July 2009 post, he is now making the rounds east of the Mississippi, link: http://skepticaltexascpa.blogspot.com/2009/07/lenin-comes-to-california.html.