But, just yesterday I read an AP article praising NY state for broadly raising taxes, especially on high earners, resulting in a $3.5B increase in tax revenues. Now I am being told that economic conditions in NY state are dismal or worse.
How is it possible that such joy and misery can coexist?!? /s
Actually, despite its length, the George Mason Univ report on economic freedom is an informative read. It ranks NYS dead last by a clear margin.
From my own perspective CPI numbers are BS since they exclude food and fuel. Food and fuel are two of the most reliable consumables as everyone uses them.
I track the cost of items I buy at the grocery and my groceries have increased by 40% in the past year.
CPI citing things like computer equipment, cellphones and housing is far less reliable since they are cyclical purchases. They also pick many economy of scale manufacturing items which skew the numbers downward as the same model is used all year long. A given model of CPU, cellphone, etc. will easily drop 20% a year.
Looks like we’re headed for another ‘Summer Of Recovery.” Eh? (Can’t you see the ‘green shoots’ everywhere?)