New York Gov. Kathy Hochul is making headlines with her latest move: $400 “inflation refund” checks are set to land in the mailboxes of 8.2 million eligible New York households this fall.

It’s a centerpiece of her budget deal that she claims will “put money back in your pockets.”

But for many, this feels like a band-aid on a bullet wound...

New York ranks dead last on the 2025 State Tax Competitiveness Index, plagued by high rates and a burdensome, convoluted tax structure.

The state’s sky-high taxes have already driven out businesses and families, and it’s hard not to see this sudden generosity as a calculated move.

With whispers about Hochul’s national ambitions growing louder, some speculate she’s testing the waters, gauging how her “giveback” plays with voters ahead of a potential presidential run.

And the race for 2028 is already taking shape…

Your Rundown for Friday, May 16, 2025...

Dems Can’t Get Out of Their Own Way

Next up is California’s Gavin Newsom, who’s making a hard pivot toward the center by urging cities to clear out homeless encampments.

His administration is rolling out a model ordinance and $3.3 billion in new funding, touting “urgency and dignity” in dealing with a crisis that has exploded under his watch.

California, in fact, now hosts a quarter of the nation’s homeless population, and despite more than $27 billion spent and countless promises, the problem has only grown.

Critics say Newsom’s latest crackdown is less about solving homelessness and more about optics — especially with the 2028 Olympics on the horizon and a presidential campaign in the air.

In Illinois, Governor J.B. Pritzker faces his own scandals. A recent audit revealed $1.6 billion in taxpayer money was spent on healthcare for illegal immigrants, far above what was budgeted, with widespread mismanagement and eligibility errors.

The report found thousands of ineligible people received benefits, and the administration failed to seek federal reimbursement, costing the state even more.

Illinois, already infamous for political corruption, remains the second-most corrupt state in the nation, according to Illinois Policy Institute — a reputation Pritzker hasn’t managed to shake.

His pattern of papering over budget holes with tax hikes and federal relief is catching up to him, as the state faces a multi billion-dollar deficit.

Maryland’s Governor Wes Moore rounds out the field, bringing his own brand of fiscal sleight of hand. Moore has faced criticism for tax maneuvers that shift burdens without real reform.

Just one example? Moore’s administration sharply increased Maryland’s vehicle registration fees — some by as much as 75% — with the stated goal of shoring up the state’s Transportation Trust Fund.

But the move blindsided many residents who now face some of the highest renewal costs in the region. Meanwhile, Moore’s “fee shuffle” is little more than a backdoor tax hike.

Most damning, though, is the recent downgrade of Maryland’s triple-A bond-rating status by Moody’s — the first such downgrade in 50 years — a stark warning about the state’s fiscal health under Moore’s leadership.

As a result, Maryland will now face higher borrowing costs for public projects, and taxpayers could end up footing a larger bill for infrastructure and other state investments.

From Hochul’s handouts… to Newsom’s encampment crackdowns… Pritzker’s budget smoke-and-mirrors… and Moore’s fiscal missteps…

Leading Democratic governors seem stuck in a cycle of short-term fixes and political posturing.

If these are the party’s best and brightest, it’s no surprise that many Democrat voters would be underwhelmed by the prospects for 2028.

Market Rundown for Friday, May 16, 2025

S&P 500 futures are up 0.40%, just under 6,000.

Oil is up 0.20% to $61.75 for a barrel of WTI.

Gold is down 1.55% to $3,176.70 per ounce.

And Bitcoin is up 0.60% to $103,700.