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Strong economies compete on the basis of high value, not low cost. New York can compete effectively even with its higher tax burden because a New York location remains an excellent value. Maintaining New York’s high value requires a high level of public investment in those things that matter most in both the traditional and the developing “new economy.” At the top of the list: education at all levels. It also requires a reinvention of government to be, as the Progressive Policy Institute urges in its New Economy Index, “fast, responsive, and flexible.” Taxes, of course, must be kept at reasonable levels. But a single-minded focus on tax burdens can distract us from the true mission of making New York even more competitive.
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