{"id":7127,"date":"2008-10-27T16:40:00","date_gmt":"2008-10-27T16:40:00","guid":{"rendered":"http:\/\/68.169.38.31\/?p=7127"},"modified":"2008-10-27T16:40:00","modified_gmt":"2008-10-27T16:40:00","slug":"obamas-tax-model-in-practice","status":"publish","type":"post","link":"https:\/\/gormogons.com\/index.php\/2008\/10\/obamas-tax-model-in-practice\/","title":{"rendered":"Obama’s Tax Model In Practice"},"content":{"rendered":"

E. J. McMahon is the Manhattan Institute\u2019s senior fellow for tax and budgetary studies and director of the Empire Center for New York State Policy<\/a>. In this article<\/a> in The City Journal, Mr. McMahon lays out the case against New York that ‘Puter has struggled to make as eloquently. Read the entire thing, and be aghast.<\/p>\n

In a nutshell, the perfect storm of a Wall Street crash in a state that was increasingly reliant on that sector of its economy, coupled with overly-generous welfare and public employee benefits has led to an unsustainable state budget paradigm. The only way out now seems to be to rethink the entire budgetary model, scale back benefits and cut spending drastically. Or municipal and state bankruptcy. Either one works for ‘Puter.<\/p>\n

For all you pundits out there wondering what Obamanomics in practice is going to look like, look no further than New York. Sen. Obama’s proposed taxation and redistribution model (to the “poor” and to the public employee middle class (and its union masters)) is an example of Obamanomics in action. For years, New York (essentially a one party state) has taken greater and greater shares from the rich Wall Streeters and given to the public unions and their members through pensions and benefits, as well as high salaries. New York also created the most generous Medicaid and welfare system of just about any state, and has accordingly become a mecca for government benefit seekers from around the country. New York’s confiscatory tax levels have over the same period driven out many private employers who created non-governmental middle class jobs. Thus, New York’s economy today is reliant on the rich Wall Streeters, with the government “spreading the wealth” to public employee unions and welfare recipients. Having driven many private employers out of the state, there remain few private entities left to tax in order to maintain current spending levels. Therefore, in response to the current financial crisis, New York has no one’s wealth left to “spread around,” yet the benefit recipients are still clamoring for their unearned handouts. <\/p>\n

Don’t say ‘Puter didn’t warn you when the United States looks like New York in 4 to 8 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

E. J. McMahon is the Manhattan Institute\u2019s senior fellow for tax and budgetary studies and director of the Empire Center for New York State Policy. In this article in The City Journal, Mr. McMahon lays out the case against New …<\/span> Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,2039,404,272],"tags":[],"coauthors":[],"class_list":["post-7127","post","type-post","status-publish","format-standard","hentry","category-barack-obama","category-david-paterson","category-economic-policy","category-new-york"],"yoast_head":"\nObama's Tax Model In Practice - The Gormogons<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gormogons.com\/index.php\/2008\/10\/obamas-tax-model-in-practice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Obama's Tax Model In Practice - The Gormogons\" \/>\n<meta property=\"og:description\" content=\"E. J. McMahon is the Manhattan Institute\u2019s senior fellow for tax and budgetary studies and director of the Empire Center for New York State Policy. 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