This chart, courtesy of Zero Hedge, should tell you all you need to know about the New York State fiscal conundrum. Both per capita tax revenue and spending are the highest in the nation.
But revenue is set to collapse, as so many jobs with insanely high salaries are vanishing into thin air. Unfortunately, our state’s spending needs don’t just disappear accordingly.
There’s only one way out: Insanely deep tax increases on all of us to make up for the lost revenue.