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Old 01-12-2012, 07:26 PM
 
Location: Austin, Texas, USA
1,309 posts, read 2,352,572 times
Reputation: 1196

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Quote:
Originally Posted by cry_havoc View Post
Funny I just moved to DC and got offered a starting salary, out of college of, over 50k+, health benefits, and a month of vacation.

The reason the area is expensive is because people with skills make a lot of money.
No, what's funny is that you're bragging about the rich parts of DC (which still 20% poverty- whoops!) yet you're making $50k. You're really looking down your nose based on that salary and health benefits?! Most of DC's upper crust would probably chuckle at that.

There are people with skills making good money in many, many cities. However DC is and has been a robust economy primarily because of heavy government spending of the hard-earned money of those skilled workers in the rest of the country.
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Old 01-12-2012, 07:45 PM
 
6,349 posts, read 8,388,719 times
Reputation: 1768
Quote:
Originally Posted by wag more bark less View Post
No, what's funny is that you're bragging about the rich parts of DC (which still 20% poverty- whoops!) yet you're making $50k. You're really looking down your nose based on that salary and health benefits?! Most of DC's upper crust would probably chuckle at that.

There are people with skills making good money in many, many cities. However DC is and has been a robust economy primarily because of heavy government spending of the hard-earned money of those skilled workers in the rest of the country.
Im not bragging. I actually sympathize with these people. However, I am stating the truth. The situation in the south is not good.

I also realize I am far from rich, but that salary and benefits is really good for a college grad in this economy. Give me 20 years of growth. Finally, I make more than 50k, but less than 60k. I dont feel comfortable giving my exact salary. I was raised to view it as impolite.

You are also right about DC in the regards it is wealthy from the federal government. It is similar to how state capitals are also rich from state governments. However, DC has a real economic foundation, the federal government, and it sure beats relying on tourism, retirees, construction bubbles, debt fueled services, and bare minimum wage jobs with little or no benefits.
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Old 01-12-2012, 09:32 PM
 
Location: Austin, Texas, USA
1,309 posts, read 2,352,572 times
Reputation: 1196
Quote:
Originally Posted by cry_havoc View Post
Im not bragging. I actually sympathize with these people. However, I am stating the truth. The situation in the south is not good.

I also realize I am far from rich, but that salary and benefits is really good for a college grad in this economy. Give me 20 years of growth. Finally, I make more than 50k, but less than 60k. I dont feel comfortable giving my exact salary. I was raised to view it as impolite.

You are also right about DC in the regards it is wealthy from the federal government. It is similar to how state capitals are also rich from state governments. However, DC has a real economic foundation, the federal government, and it sure beats relying on tourism, retirees, construction bubbles, debt fueled services, and bare minimum wage jobs with little or no benefits.
Not even close to the same, state gov'ts don't have nearly the same resources to work with and don't have the ability to spend nearly the amount of money (well, maybe California does). One state has a percentage of tax revenues from that state alone to spend; the federal gov't has resources from all 50.

WOW that you think unbridled federal gov't spending is a real economic foundation!

What places are you talking about specifically? That's quite a blanket statement for a vast region like the Sunbelt.
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Old 01-18-2012, 04:31 PM
 
Location: Cleveland, OH
3,844 posts, read 8,026,683 times
Reputation: 1607
Interesting article about Las Vegas's woes:

Cities ranking higher included Detroit, Cincinnati, Cleveland and Buffalo, N.Y.

To understand how Rust Belt cities posting decades-long declines could outpace Las Vegas for economic growth in the last year, consider their busts. Their downturns trace to a slump in manufacturing, while Southern Nevada's tough times related to a construction depression. Today, manufacturing is rebounding, as businesses worldwide replenish inventories and people in emerging markets begin buying cars and other consumer goods, Berube said.

Meanwhile, construction languishes, particularly here. And it will for a while, thanks to excess inventories of homes and office parks, said Stephen Miller, an economics professor and department chairman in the Lee Business School at the University of Nevada, Las Vegas.

Las Vegas economy inching up from bottom rankings - Business - ReviewJournal.com
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Old 01-19-2012, 08:09 AM
 
2,755 posts, read 11,760,764 times
Reputation: 1464
The Sunbelt has crashed because the largest industries in many parts of the sunbelt were construction and tourism. This was certainly true in Arizona, Florida, and Southern Nevada, but also true to a lesser extent in parts of Southern California and the southeastern states. Construction was fueled by an unsustainable housing bubble that has since popped, and tourism is way down because of the economy. The housing bubble secondarily led to lots of people borrowing against their homes in the form of HELOCs, and now those same people are constrained in their ability to spend, burdened by that debt. This affects their ability to spend and hurts the local economy, leading to more unemployment.

The main exception to the sunbelt decline this are energy-rich Texas, Louisiana, and Oklahoma. This part of the country has never been much of a tourism magnet (New Orleans the exception, of course, but NOLA has its own set of issues), and the housing boom mostly missed this region of the country. So, the collapse in tourism and the construction bust and housing bust didn't affect this area much. The recent energy boom has more than made up for all of the other economic headwinds, so these areas are doing ok.

Similarly, the rust belt has no tourism industry and no need for much residential construction given the negative population growth there. So, it also wasn't as affected by the crash in those areas compared to the southeastern and southwestern sunbelts.
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