Former New York Governor George Pataki sits down with Cheryl Casone to examine the outflow of businesses from New York City, commenting on rising tax rates, increasing antisemitism, and the approaching 25th anniversary of the September 11 attacks.
New York is not only losing population but also the entrepreneurs and contributors who drive its economy.
With New York residents continuing to relocate to other states, former Governor George Pataki warns that entrepreneurs, financial leaders and major donors are increasingly leaving the state.
Pataki appeared on FOX Business’s “Mornings with Maria” with Cheryl Casone to discuss the state’s outmigration, its business climate, and the policies he believes are driving residents and job creators away.
Former New York Governor George Pataki discusses New York’s out‑migration and business climate. (Christopher Goodney/Bloomberg / Getty Images)
“It is truly tragic to witness the departure of not only individuals but also those who create jobs, contribute to hospitals and museums, and represent the finest of New York, the very people who have made the city a global hub for entrepreneurship and finance,” Pataki said.
Republican Representative Mike Lawler of New York highlights the state’s economic challenges, noting its status as the nation’s highest‑tax jurisdiction.
Pataki argued that New York risks diminishing its status as the nation’s financial center as companies relocate their workforces to lower‑tax states such as Texas.
“We worked hard to keep New York the world’s financial capital, and it remains so for now; however, continued tax‑and‑spend policies and soft‑on‑crime approaches will only make the situation worse,” he said.
Pataki warned that further tax hikes and rising debt could exacerbate the state’s challenges and accelerate out‑migration, yet he remains confident that New York can reverse course with the right policies.
A “Mornings with Maria” panel discussed New York City officials’ proposal to offer tax breaks and subsidies to help grocers manage the costs of taxpayer‑funded grocery stores.
Pataki warned that the state could face the highest taxes in the nation, unsustainable debt, and continued out‑migration, but emphasized New York’s resilience, its talented populace, and his optimism that appropriate policies will restore its strength.
