Economist warns NYC’s socialist mayor will trigger a mass exodus of wealth

New York City voters have done what experts across the country have warned will be their doom and elected a Democratic Socialist. Former Trump economic adviser Stephen Moore is among those who sounded the alarm, and he now warns there will be a mass migration out of New York in retaliation.

On Moore’s website, which champions “voting with your feet,” visitors can track “where the moving vans are going to and from and also how much money they’re taking with them.”

“New York has lost two and a half million people. … Half of those people came from New York City,” Moore tells Blaze Media co-founder Glenn Beck on “The Glenn Beck Program.” “So if they elect a socialist and they raise the taxes again … the rich, they’re not going to be there any longer.”

“One million is probably a long shot, but I think you’re going to see a lot of wealth move out of New York,” he says.

“If they raise these taxes again, you’d pay 17% income tax in New York City. Who’s going to do that? By the way, that’s on top of the, you know, 40% federal tax. So people will move,” he adds.

Moore uses the example of Ken Griffin, the billionaire behind Citadel.

“He was the single biggest charitable giving in the city of Chicago. He gave to the Art Institute, he gave to the homeless shelters, he gave to the food kitchens and the museums and so on. I mean, he was by far the biggest donor to all of the charities,” Moore explains.

“Well, finally they kept raising taxes in Chicago. And as you probably know, he moved out of Chicago and he moved to Palm Beach, Florida. And so then the interesting part of the story is it put a $50 million hole in the Illinois budget. One person,” he continues.

“And so my point is, you chase the ‘evil’ rich out of your city and your state, and you pay a high price for that in terms of the employ,” Moore tells Glenn. “By the way, he took several thousand jobs with him.”

“The rich aren’t rich because they’re stupid,” he adds.

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