It's a bit of a shame the most recent Nobel laureate would like nothing more than to see New York Governor David Patterson not run for reelection in 2010. Admittedly the big guy did win the award for peace and not economics, but it's not like he doesn't have access to some serious economic brainpower. So exactly what sort of off-the-wall, backwards thinking has Patterson been spewing that 's led to this stand off? New York is clearly an economically important state. Maybe there is a problem with his stance there.
"You heard the mantra, 'Tax the rich, tax the rich,'" Paterson opines. "We've done that. We've probably lost jobs and driven people out of the state."
The state legislature passed a budget for this year with $6.1 billion in projected new taxes and fees. The budget deal was sealed with steeper rates for folks earning more than $200,000 a year, but curiously called a "millionaire's tax."
Queried as to whether the budget was wise during the downturn, Paterson said: "None of this makes sense."
Yes indeed. Time to get this guy out in case he does something really drastic. Assuming Patterson does go and is replaced with somebody with a different take on taxing high income earners, there is definitely a risk people will continue to be driven out of the state. At which point BO may have to put his newly recognized skills to work, and make peace with himself.