For some parts of New York, Christmas arrived early. It came in the form of Gov. Cuomo doling out a $715.9 million package of grants from his Regional Economic Development Council initiative.
There were some lumps of coal as well. These were reserved for the city, which came in dead last in the awarding of these economic-development funds.
It’s not the first time the city has felt slighted by Cuomo Claus. Only days before, a tax commission appointed by the governor issued recommendations that also seem to favor upstaters over city dwellers. And it comes only months after he unveiled his Tax-Free Initiative that again reserves its tax breaks for those upstate.
These policies are all misplaced. But they aren’t misplaced because New York City didn’t get its cut of the pie. They’re misplaced because they all assume that politicians know better than the free market where money and investment should go.
Let’s be fair: Gov. Cuomo is far from alone in this practice. Mayor Bloomberg has done some incredible things for this city, but he too plays business favorites with taxpayer money. Just one example: The city is investing $10 million in a fund designed to invest in life-science companies. What gives us any reason to believe politicians know how to direct this money better than the people who have earned it?
Mayor-elect Bill de Blasio too has his favorites. Throughout the campaign, he pursued a divisive policy by suggesting the way to help the poor is to go after the rich.
We have a different idea. How about our state and city politicians stop pursing economic policies that only divide us — pitting rich versus poor, upstate versus downstate, left-handed dry cleaners against right-handed filmmakers? Instead, let’s concentrate on bringing down rates, cutting red tape and keeping politicians from subsidizing preferred businesses.
It’s called equal treatment for all — and it’s as sound economically as it is morally.