Answered Essay: Why is New York state the largest net contributor and Virginia the largest net recipient?

Why is New York state the largest net contributor and Virginia the largest net recipient? Explain. Does this explanation help students understand the situation in their own home state (for those not residing in New York or Virginia)? Explain.

Expert Answer

Ans:

The demographical and economic factors of both states contribute to the difference. New York state is the hub of economic activity, with its gross state product in 2015 was recorded as $1.44 trillion. It is a leading financial hub of the world. It houses the Wall Street, home to NYSE and NASDAQ and hub of financial activity. It is also the hub of technological innovation and academic excellence, contributing hugely to the economy. New York is also an export hub and a booming trade centre.

Virgina state is Agriculture, farming and service industry based economy. The Gross Domestic Product of Virginia was $452 billion in 2013. 32% land of the state is used in agricultural activities. The subsidies given to the farmers and the agro based industries comes out of state revenue. The state has highest per capita defense spending among all states.

It is easy to see that the state of Virginia receives maximum net, while NY contributes highest owing to its huge economic ecosystem.

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