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Many people are very poor even though they are working. The majority of Los Angeles County families living in extreme poverty (60 percent) include adults who have worked part or full time during the year.
I'm not getting into this argument, but I just wanted to clarify that this doesn't mean that 60% of LA County families are in extreme poverty, it just means that out of the one's living in poverty, 60% of them include "adults who have worked part or full time during the year."
One of the chief causes of Los Angeles’ woes is an economy that produces too many low-wage
jobs. Indeed, the Census data bear out that many of the very poor are working people. Los Angeles County has shed 170,000 manufacturing jobs in the past decade—jobs that were more likely to provide a decent standard of living for working people—and replaced them with service sector jobs, many of them paying meager wages.
This is a good example of how much of a fraud you are and continue to be in presenting informaton in a biased way and deliberately leaving out comparative data regarding Chicago's loss of manufactuing jobs which is slightly more than those LA has lost. At least LA is replacing those jobs, even if they are lower paying jobs. Chicago, on the other hand, has had zero job growth which is not only contributing to its decline economically but also to its decline in population. Here is what's been said about Chicago's job losses which you fail to point out in your objectivity. LOL
The last several decades, Illinois has been a sub-standard performer in jobs and population growth. In December 2007, Crain’s Chicago Business described the Illinois job situation:
“Financial pressures on Illinois residents are deepening, as the state continues to lose economic ground compared to the nation and its own past.
That's the gloomy bottom line on a comprehensive study of the state's economy being released this morning by the Chicago-based Center for Tax and Budget Accountability and the two research units of Northern Illinois University at DeKalb.
The study finds that, though the rate of decline has somewhat slowed, Illinois continues to lose good-paying manufacturing jobs to service-industry posts that tend to pay less.
As a result, most Illinois workers actually earned less in 2007 than they did in 2000, adjusted for inflation, with median household income dropping from $54,900 in 1999-2000 to $49,328 today."
An important part of the erosion of jobs-based earnings in the state is due to the loss of manufacturing jobs. Howard Wial and Alec Friedhoff did a study for the Brookings Institute in 2005 on manufacturing jobs lost in the Great Lakes Region from 1995-2005. The greater Chicago area was one of the leaders in manufacturing jobs lost. Wial and Friedhoff report:
“Total employment in metropolitan Chicago grew moderately before the 2001 recession, declined from 2000 through 2003 and rose again in 2004 and 2005. The region gained 346,000 jobs (an 8.2 percent increase) from 1995 through 2000. Despite recent gains, total employment fell by 109,900 (2.4 percent) from 2000 through 2005. Over the entire period 1995-2005,the region gained 236,100 jobs (5.6 percent), well below the national growth rate.
Manufacturing employment declined almost continuously since 1995,with the largest annual losses occurring in 2001 and 2002. The region lost 35,700 manufacturing jobs (a decline of percent) from 1995 through 2000 and another 141,300 (22.2 percent) from 2000 through 2005. The result was a loss of 177,000 manufacturing jobs (a 26.3 percent decline) over the entire decade, the largest total loss of all regions in this analysis.”
The argument "which city is more important" is determined by GDP?. What an idiotic statement ! This shows you have zero knowledge in economics. Read
"
For sovereign nations, it's easy to find measures of almost every variable imaginable--gross domestic product (GDP), inflation,money flows and other metrics. After all, the United Nations, the World Bank and the International Monetary Fund all deal with governments at the national level. But for corporations, cities and their economies matter most, since picking the right city will be the key to prosperity in the future.
Growth and quality are as important as size in our rankings, so smaller but briskly growing economies like Seoul, South Korea, and Hong Kong also make the list. North America, with relatively lower growth areas, still boasts a number of cities in the current power list, including New York, Chicago, Los Angeles and Toronto, the latter of which squeezes past Madrid, Spain; Philadelphia and Mexico City, Mexico. To see the entire list of the top 10 economically powerful cities, click here.
"Pinning down the data to compare cities isn't as easy as it sounds, but luckily, several corporations have done detailed studies of the economies of global cities.
The auditing giant PricewaterhouseCoopers has compiled estimates of the GDP (as measured by purchasing power parity) of the largest urban economies and how fast those economies are growing from 2005 to 2020.
MasterCard has created an annual "centers of commerce" index, which ranks cities on a host of factors, including legal and political framework, economic stability, the ease of doing business, the financial flow, convenience as a business center, information flow and livability."
New York and Chicago maintain regional primacy. The only two North American cities in the top 10 globally, both New York and Chicago benefit from leading financial markets and a strong U.S. business climate.
Los Angeles drops from top ten. The fall of Los Angeles to #17 in 2008, compared to #10 in 2007, is, in part, due to factors around its role in the global financial services network, as well as the rise of European cities in the area of knowledge creation. However, the city ranks #4 in the North American region behind New York, Chicago and Toronto.
Poverty, Jobs and the Los Angeles
Economy - An Analysis by LAANE based on U.S Census data
Indeed, L.A.'s status as one of the nation's capitals of economic deprivation remains unchanged, with nearly 40 percent of the county's residents unable to meet their basic needs, close to one
third of full-time workers earning less than $25,000 a year and more than 20 percent of children living in extreme poverty. This picture is aggravated further by low rates of health insurance and the rising cost of living.
One of the chief causes of Los Angeles’ woes is an economy that produces too many low-wage jobs. Indeed, the Census data bear out that many of the very poor are working people.
Precisley. And according to the city of Chicago, the U.S. Government, IMF, and World Bank that is determined by GDP and you still have not presented any evidence to the contrary
Call me a moron? Looks like you're acting like a maniac after someone presented an evidence that shows you're a fraud and a shameless liar . hey theFkAngelion, when you learn how to count and get some basic economics concepts, kindly let me know, ok? LOL
Quote:
Originally Posted by TheRealAngelion
TheRealAngelion
Fortune 500 - where a company is headquartered means little. Economic output does. LA wins! However since you brought it up, although the city of Chicago has more Fortune 500 companies, the LA metro area has approximately 40 and the state of CA has the most overall with at least 110.
Fortune 500-either you can't count or are unfamiliar with Metro LA, but there are approximately 40 in LA metro, thereby superseding Chicago metro.
Fortune 500-here's the source. FORTUNE 500 2006: States
What an ignorant individual...!!!
Quote:
Originally Posted by TheRealAngelion
The only fraud and liar is YOU as is duly reflected in your rep score. Everyone knows that you are a moron who spends his time posting studies and surveys and whatever else you can find on the Internet to convince the world that Chicago is the most important city on earth. You are a complete laughing stock and clown. .
downtown1, where is your evidence that the U.S. government, IMF, World Bank and the city of Chicago itself use a meaure other than GDP to rank metro economies? I am still waiting....
Also address why you failed to compare Chicago's manufacturing job losses in your reference to LA's job losses, YOU FRAUD.
^^^ Downtowny! Shame on you, little boy! Now, we've been over this before many times. I got on here to see opinions on the most important cities for America and of course, found L. A. bashing. We must be doing something right! Treated as indicators of wealth and import, cities are often measured in terms of metropolitan areas, and the GMP, or Gross Metropolitan Product of Los Angeles, exceeds Chicago's and places Los Angeles third behind Tokyo and directly behind new york! And, with new york on a failing spree, Los Angeles looks to be fairly stable. Banks in California like U.S. Bank and Wells Fargo haven't suffered like the institutions of new york, which were supposed to be stalwarts of maturity and discipline! What a joke! Now that they've been bailed out again, I wouldn't go tooting any new york horns. Chicago should probably shut its trap as well, seeing as how the country is learning all about politics the Chicago way, and finding much to be sickened with. Speaking of Chicago's position as the hub of activity in the lower 48, those goods wouldn't be arriving in Chicago if they weren't arriving in Los Angeles first! Our port complex dwarfing anything Chicago or new york has to offer. Coupled with the fantastic manufacturing base and entertainment to get the nation through the crisis of greed in new york and political socialism in Chicago, I'm McLovin' L. A! Now, stick your head in a toilet
Are you improving with your counting ability? LOL...The GDP rankings does not save your ignorance. Get it? I have posted the link to the Forbes study, as well as the research by the world's leading economists and experts in finance & urban studies, which ranked Chicago the fifth most economically powerful city in the world, and one of the top 10 worldwide centers of commerce.
"America's second city faces stern competition from Los Angeles, which now has a larger population and a bigger economy. But Chicago still outranks Los Angeles on MasterCard's Commerce Index. The Chicago Mercantile Exchange and Chicago Board of Trade give Chicago a role in the global financial markets that Los Angeles (who still remembers the Pacific Exchange?) lacks"
Btw, the shameless fraud should remember that Chicago growth rate is at 2.3% vs. 2.2% for LA's.
downtown1, where is your evidence that the U.S. government, IMF, World Bank and the city of Chicago itself use a meaure other than GDP to rank metro economies? I am still waiting....
Are you improving with your counting ability? LOL...The GDP rankings does not save your ignorance. Get it? I have posted the link to the Forbes study, as well as the research by the world's leading economists and experts in finance & urban studies, which ranked Chicago the fifth most economically powerful city in the world, and one of the top 10 worldwide centers of commerce.
And the Forbes and Mastercard studies don't save your ignorance of the facts. I am not interested in the opinions of a magazine and credit card company. I want facts. Produce evidence that the U.S. government, IMF, World Bank and the city of Chicago use a measure other than GDP to rank metro economies. I am waiting................
Also, you stated the following about LA's loss of manufacturing jobs...
Quote:
Originally Posted by downtown1
Los Angeles County has shed 170,000 manufacturing jobs in the past decade—jobs that were more likely to provide a decent standard of living for working people—and replaced them with service sector jobs, many of them paying meager wages.
However, you failed to mention that Chicago lost 177,000 manfacturing jobs approximately during the same time period.
Guys its obvious LA has a bigger economy so theres no point in fighting
However it is also obvious that chicago has the third strongest economy. The chicago metro area has one city while the Baltimore-DC-Virgina one has many. LOS Angeles has a way bigger port than chicago (is there even a port in chicago?) but chicago is a bigger transportation hub (with planes). LA has a big entertainment industry while Chicago is a financial city. I would assume that internationnaly, more people visit chicago for commerce than for LA. But LA has more tourism.
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. hey theFkAngelion, when you learn how to count and get some basic economics concepts, kindly let me know, ok? LOL