New York-- Perhaps instead of a “‘New’ New York,” the tagline should be the “Two New Yorks,” one that holds promise for the very wealthy and well-connected, and the other that breaks promises to the rest of us – promises of more transparency in government, lower taxes and a government “rising” for everyone.
Unfortunately, New York does not seem to be alone it its willingness to widen the growing income inequality gap by giving our tax dollars away to corporations.
A New York Times editorial titled “Race to the Bottom” from last December points out that their investigation into corporate welfare found that state and local governments gave out $80 billion a year in tax breaks and other subsidies “in a foolhardy, shortsighted race to attract companies.”
“That money could go a long way to improving education, transportation and other public services that would have a far better shot at promoting real economic growth. Instead, with these giveaways, politicians and officials are trying to pick winners and losers, almost exclusively to the benefit of big corporations (aided by highly paid lobbyists) at the expense of small businesses. Though they promise that the subsidies are smart investments, far too often the jobs either don’t materialize or are short-lived, leaving the communities no better off.”