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Old 10-31-2009, 12:17 PM
 
4,222 posts, read 6,699,943 times
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It appears that many readers associate the current unemployment status with the changes in banking coupled with the recession. These are key players but just a small part of it. The biggest factor that is often misunderstood is the fact that our unemployment rate would be very good compared to other cities if it weren't for the thousands of 'out of state' immigrants living here that are on unemployment from other states. If a person is getting unemployment from another state and lives in Charlotte, this person is counted in the Charlotte unemployment figures.

For example, literally hundreds of unemployed people from Buffalo, NY. moved to Charlotte. These figures add to the Charlotte unemployment stats. Bottom line. The economy in the area is not doing poorly. We seem to be since we are housing so many unemployed from other states. If a city of comparable size to Charlotte has a much lower unemployment rate, it is because they don't have the problem we have with out of state residents. I am not slamming out of state residents as I am one. I am just trying to make this clear to those that don't understand.

Only part of the people on unemployment in Charlotte actually lost their jobs in Charlotte, not all.
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Old 10-31-2009, 12:28 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,621,595 times
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Quote:
Originally Posted by vindaloo View Post
The biggest factor that is often misunderstood is the fact that our unemployment rate would be very good compared to other cities if it weren't for the thousands of 'out of state' immigrants living here that are on unemployment from other states.

.

Woulda, coulda, shoulda. Complaining about the transplants now? No one complained when the times were good and they brought $$ and jobs to the economy here.

It doesn't matter now. That ship has sailed. People were encouraged to come here by sunshiners and realtors and should've been discouraged a long time before all those Fortune bird cage liner articles were published.

We are all Charlotteans now. Lets deal w/the problems and how to attract diverse businesses like many have said.
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Old 10-31-2009, 12:58 PM
 
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The financial sector has collapsed and will keep collapsing, with a city in the finance industry are you telling me that our unemployment rate should be much lower? The unemployment rate is high in Charlotte because Charlotte is in an industry that has collapsed. I know its hard to admit it.
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Old 10-31-2009, 01:04 PM
 
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Also speaking of banking and financial stuff I am amazed at how people claim that the recession is over I think what they are leaving out is that The Great Depression is just beginning and in my opinion it will get much worse than the Great Depression. We have many things going on behind the scenes now that fail to hit the MSM like for instance just last night we had 9 banks fail. See for yourself at FDIC: Federal Deposit Insurance Corporation
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Old 10-31-2009, 01:16 PM
 
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I think it's funny that anyone would think that BofA and Wells Fargo are doing badly in terms of running a company. Combined they have directly rooked the United States Federal Government out of 75 billion dollars, and indirectly via payments through AIG have gotten $10s of billions more. If anything they are sitting at the top of the dung heap of the economic mess called the US economy. These banks are making it possible for Charlotte to stay where it is due to the bankers and their money. If it wasn't for all the social welfare that has been handed over to the finance community downtown Charlotte would look like a ghost town. This part of Charlotte is doing well.

The funny thing about this topic's claim is that it is so myopic there is simply no consideration the Charlotte area's economy IS highly diverse, but you have to be willing to see beyond I-277 to see it. Charlotte's economy has been highly dependant upon manufacturing since reconstruction as we are the administrative center for the entire Southern Piedmont and it's this manufacturing that has been sent into the toilet that is causing all the woes here. Some of the surrounding counties have unemployment rates exceeding 20% and there are no "transplants" moving into these places distorting the numbers.
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Old 10-31-2009, 01:25 PM
 
Location: Wouldn't you like to know?
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Well, just 3 yrs ago, 1 out of every 5 jobs in the Charlotte region were related to finance. This probably didn't include the shoe shiners and the flower sellers who has gone out of business because of the downturn in the financial industry here (they are not included obv in the unemployment #'s).

Regarding this topic, I was amazed by the arrogance and smugness of Mr McColl only 3 yrs ago in this article....

How Charlotte became a banking giant, outpacing Pittsburgh's banks

thoughts?
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Old 10-31-2009, 01:35 PM
 
4,222 posts, read 6,699,943 times
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[quote=CouponJack;11425579]



Woulda, coulda, shoulda. Complaining about the transplants now? We are all Charlotteans now.

You are missing my point. I am not complaining. I explained that I was one of the immigrants myself, just not on the unemployment rolls. I am simply pointing out that Charlotte is not an economic disaster as one might think judging by unemployment rates.

Lets deal w/the problems and how to attract diverse businesses like many have said.

I agree even though it has nothing to do with my posting.
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Old 10-31-2009, 01:44 PM
 
Location: Wouldn't you like to know?
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Those people are here and are not contributing, so they still are a drain. You said the economy is not doing poorly. I disagree 100%.

Let me ask you, what is the real unemployment rate in the charlotte region if you include people who lost a business and can't collect, along w/people who have given up looking?

Specifically the U-6 numbers?
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Old 10-31-2009, 01:47 PM
 
4,222 posts, read 6,699,943 times
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Quote:
Originally Posted by CharlotteCharlotte View Post
The unemployment rate is high in Charlotte because Charlotte is in an industry that has collapsed.

Brilliant! Makes perfectly good sense!


I know its hard to admit it.
Got me there. It is hard to admit.
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Old 10-31-2009, 01:47 PM
 
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Quote:
Originally Posted by CouponJack View Post
Well, just 3 yrs ago, 1 out of every 5 jobs in the Charlotte region were related to finance. ...
Indeed. It's the other 4 jobs out of 5 that are disappearing that is the cause of all the economic issues here. The best job in the world to have right now is to be a banker because the Federal government is guaranteeing that you won't go out of business no matter how badly you run things into the ground. It's the rest of us that is paying for it. However this has been good for Charlotte because the money being doled out has to end up some where, and that somewhere is NYC and Charlotte.
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