This bill enacts The Twenty-First Century Antitrust Act which will chill New York’s economy and efforts to spur economic development, and drive businesses and jobs from New York. Adoption of this bill will lead to fewer jobs, less tax revenue, and reduced vital services for New Yorkers, less innovation and investment, higher costs for businesses, and higher costs for consumers.
One economic impact study concluded, that if enacted, statewide the bill would create:
- An immediate $24 billion decrease in GDP in the first year alone, rising to $318 billion by 2035.
- Investment decline by $6 billion initially, rising to $79 billion by 2035.
- Household consumption (affordability, what consumers purchase) immediately reduced by $5 billion, increasing to $74 billion by 2035.
- Approximately 61,000 jobs lost in the first year, reaching 615,000 lost jobs by 2035.
- Wage compensation losses totaling $7 billion initially, escalating to $96 billion by 2035.
- Average annual wage reduction of approximately $692 per worker in the first year (double that for two income earner household)
