Economist cautions that NYC’s socialist mayor could lead to a significant departure of wealth.

New York City Elects Democratic Socialist

In a surprising turn, voters in New York City have opted for a democratic socialist candidate, a choice that has drawn warnings from experts nationwide about potential repercussions. Among the concerned voices is Stephen Moore, a former economic adviser to Trump, who has cautioned about a possible mass exodus from the city as a consequence.

Moore’s initiative, “Vote with Your Feet,” tracks the migration patterns of those leaving the city. He highlighted a grim statistic: “2.5 million people died in New York. Half of them were from New York City,” he mentioned in a discussion with Blaze Media co-founders. He expressed apprehension that electing a socialist could lead to increased taxes driving wealthy residents away.

Moore suggested that an extreme tax scenario could see New Yorkers paying a staggering 17% in city income taxes, which, when combined with federal taxes, would be quite burdensome. “People will move,” he stated, reflecting on the heavy tax implications.

He referenced billionaire Ken Griffin, who was Chicago’s top charitable contributor before relocating to Palm Beach, Florida, due to oppressive taxation in Chicago, leaving a significant void in that city’s budget. “By leaving, we’re essentially pushing out the ‘evil’ rich and paying the cost in lost jobs,” he pointed out, asserting that affluent individuals bring many employment opportunities with them.