New York Leads U.S. Cities In Population Growth

[edsg25]

Originally Posted by twist07

But through this recession and with other places losing population by some strange phenomena NYC continues to grow through an inflow of both domestic migrants (young professionals)

Problem is, this recession appears to be far more than a recession and could easily turn into (or may already be) a depression. I contend that what is happening now with the economy is no speed bump, but a major resturcturing of the US economy. It is broke, in many ways as broken a system as was the very communism that made the Soviet Union collapse.

American style hypercapitalism is dead and those just waiting for a turnaround and a return to second half of the 20th century conditions won't see one. Problem is that a super star capitalist economy always turns to finance during its decent, no longer "making things" but merely "shifting money around." It definitely was the model that Britain was following at the turn of the 19th century into the 20th when the empire was in decline.

Finance, I believe, once occupied about 5% of GNP back when the US economy was humming after WWII. Today, I believe, it is around 35% and the money we make is on paper.

The result? High powered US cities like (and none nearly so much as ) New York are far too dependent on finance and on the profits to shareholders on Wall Street. US survival depends on finance becoming a rightfully smaller part of the economic mix and that Wall Street's casino like business revert to a time when buying stock meant buying a part of a stable company that would receive investment and nurturing, not some sort of cash cow to be milked for all its assets and then discarded.

New York likes to see its position as A-1, king of the hill, top of the heap and in so doing, it often looks down to the lower depths of the pecking order to see how it differs from a city like Detroit. What New York doesn't realize that with all its glamour, power, and wealth, it is the Detroits of the world that is doing it in. In its hey day, New York reaped incredible benefits from Detroit that kept its automotive business humming and shelled out big bucks to its employees to be spent and recirculated into the economy. GM, Ford, and Chrysler success were not only Detroit successes; New York very much shared in the benefits.

But not today.

And there are so many elements of the sorry state of the United States that will have a crippling effect on New York (as they will on LA, Chicago, Boston, SF, and other such great American cities.....even DC which will find in a shrinking economy, the open faucet of government spending and removal from the real world will become a thing of the past).

[twist07]

I'd have to agree, I believe that a hyper anything, be it capitalism or socialism, is not sustainable for long and is bound to have major downturns like this one. Once a whole system becomes dependent on one thing, socialism the state and capitalism the market, it won't hold up for long. I've also read from different sources that people in nyc of all social classes do not get their fare share; as in what they pay in taxes, returned to them. So, I'd have to agree that if the US is in decline it would have a major strain on those important cities, even if the local dynamics were strong.