This Is Why New York Will Ultimately Collapse: Steve Forbes

New York still calls itself the Empire State but the name can't disguise its Decline and coming fall [Music] hello I'm Steve Forbes this is what's ahead will you get the insights you need to better navigate these turbulent times New York was once the mightiest most populous state in the Union not anymore while still possessing real assets such as Wall Street the slew of tech startups and some impressive restaurants in the Big Apple New York is becoming proportionally a shadow of its former self people are fleeing to more hospitable climes most notably Florida no wonder the State's new budget and Regulatory actions show a political class becoming increasingly locked in a fantasy world that could send the state into bankruptcy the next time we have a serious economic downturn New York's not going to be in good shape to weather it amazingly with a population smaller than Florida's the Empire State spending is twice that of the outlays of the Sunshine State for the next fiscal year New York is slated to spend 229 billion dollars Florida 117 billion dollars like the federal government Albany spending is burgeoning up 32 percent in the past four years the new budget uses unrepeatable One-Shots like unspent covered relief cash outlays for schools go up almost three billion dollars despite miserable performance results the enormous demand for far greater numbers of charter schools by parents wanting their kids to get a real education is ignored future Revenue shortfalls are projected to run into the tens of billions of dollars in future years the budget approved by the hapless Governor Kathy hokel sharply boosts subsidies for the film and TV industry despite being a high tax state the new budget raises levies on beleaguered businesses to help fund New York City's and neppally manage public transportation system which is being battered by bloated pensions a ridership while neighboring Pennsylvania has raked in billions of dollars of revenue from fracking New York keeps a ban on that activity to appease extreme environmentalists the Empire State's environmental Foolery doesn't stop there ignoring real world science the new budget is Banning gas stoves and heating in all new buildings by 2029. 70 percent of the state's electricity must come from Renewables by 2030. today only six percent comes from wind and solar by 2035 all new cars must be electric the fact that most motorists don't want EVS is brushed aside where will all that extra electricity come from for these fact-free mandates don't ask performing the state's bail system that routinely lets violent criminals back on the streets shortly after their arrest was hardly changed of course New York's Holiday from reality is not unique California for instance routinely suffers water shortages yet flushes about half of its annual rainfall into the Pacific Ocean what's destructively going on in New York and other blue States makes the 2024 election critical which way will the nation go out of New York or vibrant low tax safely run States like Florida and Texas I'm Steve Forbes thanks for listening do send in your comments and suggestions I look forward to being with you soon again

Channel: Forbes Breaking News

Views: 791,419

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Id: 9jzyUGmAPB4

Length: 3min 54sec (234 seconds)

Published: Mon May 15 2023