by Mish Shedlock, The Maven:
The political opposition that prompted Amazon to walk away from building a corporate headquarters in New York City featured a touchstone of the progressives’ economic agenda: ending tax policies that unfairly reward and pamper the wealthy.
The clash has consequences far beyond New York, going to the heart of a national debate that is likely to dominate the 2020 presidential race: What is the best way to spread prosperity?
As Gov. Andrew M. Cuomo fumed that some of his fellow Democrats put “the state’s economic future” at risk, others inside and outside the party saw the scuttled project as evidence that the left doesn’t understand how to generate growth. In a tweet, Lloyd Blankfein, senior chairman of Goldman Sachs, lashed out at progressive Democrats, labeling them as both “anti-progress” and “anti-Democratic.”
Vs. Lloyd Blankfein
It’s important to not let personalities get in the way of sound economics. I do not care at all for Blankfein or the handouts banks got in the Great Recession. But that is no excuse to embrace piss poor policy.
Andrew Cuomo New York Governor
Democrats Tear Themselves Apart
While the battle still rages and analysts study the entrails of Amazon’s decision-making, here’s a thought: What if both sides of the Dem battle are wrong?
The migration of jobs and families out of high-tax, high-cost states has been going on for years, but is becoming a stampede because of the new federal tax law and because of how Democrats are reacting to it.
Throw in the fact that some Democrat-controlled states, especially Illinois and New Jersey, already face huge problems with their civil- service pension funds and it’s obvious that the blue-state model is undergoing a major stress test.
Incredibly, the leaders of most are responding in self-defeating ways.
Cuomo and de Blasio forgot that Rep. Alexandria Ocasio-Cortez and her socialist ilk tend to see capitalism in any form as evil. Her side didn’t want Amazon to get taxpayer help and demanded instead that it be forced to contribute millions to schools and subways.
Cities from Seattle to New York are raising taxes, or trying to, imposing minimum wages of $15 an hour and requiring even small businesses to give workers expensive health and vacation benefits.
Simultaneously, many of those same cities are driving up their education and health costs by declaring themselves sanctuary cities for illegal immigrants — in direct reaction to Trump’s push for secure borders.
‘Green Deal’ Space Cadets
New York Post reader David Rabinovitz calls for caution. He says AOC’s New Green Deal has chances.