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For those of you who think NYC is still the place to go to make the big bucks, things have changed markedly. Yes, Wall Street is no longer the world's financial capital figuratively and literally.
We have people here who depend on our tax dollars to fund their lifestyle and blame Wall Street for everything that's gone wrong. They begin every tirade against the financial sector with "When Wall Street..."
They justify their lavish pay and benefits by comparing themselves to CEOs, complaining that "CEOs make..." not really noticing that many CEOs work for small private sector companies and make modest salaries.
We're on the hook for billions in pay, pensions and other benefits for these people. What's to happen to our millionaire cops getting six-figure pensions and the rest of them if LI goes under? They have contracts that compel payments for life, so I'm wondering what it will look like if and when there's a major correction. Care to speculate, ex?
if it is not the case anymore then the cost of living should fall along with housing prices . that remains to be seen , so far that is not the case .
No, the case is that other places are growing and gaining higher paying jobs, catching up to LI. There are plenty of areas where the average wage is the same or higher than it is on LI, which have a lower cost of living. The result is those places will have caught up and passed LI in regards to disposable income.
No, the case is that other places are growing and gaining higher paying jobs, catching up to LI. There are plenty of areas where the average wage is the same or higher than it is on LI, which have a lower cost of living. The result is those places will have caught up and passed LI in regards to disposable income.
Exactly what I've been say and a correction is inevitable. Our tax obligations won't end because of the union contracts, special taxing districts and state mandates, et al, grabbing at the money. In fact, they'll probably raise taxes as fewer people are willing/able to pay them. This is similar to LIPA raising rates as people conserve on energy. Taxes went up after house values crashed, so why would they go down now?
My guess is, LI counties will be begging the federal government for a bailout eventually.
The tax money goes to public sector salaries, not services. Or barely to services.
It's like paying $2.25 a gallon for gas but you're only receiving a 1/4 gallon.
Exactly what I've been say and a correction is inevitable. Our tax obligations won't end because of the union contracts, special taxing districts and state mandates, et al, grabbing at the money. In fact, they'll probably raise taxes as fewer people are willing/able to pay them. This is similar to LIPA raising rates as people conserve on energy. Taxes went up after house values crashed, so why would they go down now?
My guess is, LI counties will be begging the federal government for a bailout eventually.
And now with "free" college tuition the burden on taxpayers will increase further.
The problem continues to be the government and those elected to represent it have not learned how to live within their means. But with that said how many people (based on opinions posted on CD) would be willing to accept a lesser level of service? Just mention reducing police force sizes or lowered public service benefits and there are a plethora of post denouncing how "these hard working people deserve...." etc, etc etc... Time after time people post how "education of this quality" costs money and is worth it, so with all this said the residents probably need to change their perspective before their representatives will change theirs.
Those core Wall St. jobs have been pared down to much smaller teams. Much of the fashion world has been outsourced to cheap labor outlets in 3rd world nations, so the garmento district has also shrunken. Theater is more tourism related, I guess if you're an actor or build stage sets, that's good. Silicon Alley is hiring in very small numbers, access to capital is drying up and frankly, despite NYCs financial complex, capital never flowed here like it does in other startup meccas (Bay area, Boston, Boulder, Austin). There is a large techie labor pool, though, and that'll mean lower comp for techies in NY. Of course, 2017 is a new year and NYC is resilient if anything.
The friends/acquaintances/peers that I know in NYC are a bit older than millenial age and are doing just fine. For as many examples as you've provided about long hours and dwindling salaries, I can name as many who have not been affected by either. Many are IT and you also have dentists, architects, engineers, etc. all commanding good salaries and an abundance of clients. Annual bonuses of $50k for a non-exec in the financial industry (not necessarily finance work) is not uncommon, still. Many are able to get home in time to take their kid to our 6pm practices too. Apparently it is still feasible, and worth it for them to make the trek. It may not be as prosperous as it once was (we never knew different ourselves), but I don't know anyone who is negatively affected by its "downturn" nor would I expect to in my lifetime.
No, the case is that other places are growing and gaining higher paying jobs, catching up to LI. There are plenty of areas where the average wage is the same or higher than it is on LI, which have a lower cost of living. The result is those places will have caught up and passed LI in regards to disposable income.
I didn't say other places are not catching up . i said we don't see long island falling like a detroit . things are still holding up very well here
The problem continues to be the government and those elected to represent it have not learned how to live within their means. But with that said how many people (based on opinions posted on CD) would be willing to accept a lesser level of service? Just mention reducing police force sizes or lowered public service benefits and there are a plethora of post denouncing how "these hard working people deserve...." etc, etc etc... Time after time people post how "education of this quality" costs money and is worth it, so with all this said the residents probably need to change their perspective before their representatives will change theirs.
Education - I for one don't believe in our education quality strictly being a product of the teachers' abilities as classroom instructors (a huge source of our $ expenditure). Kids do well based on many influences, especially starting at home. We have a lot of folks on the island who stress this and they/we buy into better towns so our kids can attend schools with the best support system in place. "For as much as we pay, you better keep your grades up". We care more about their education and supplement it with tutoring and attention. In poorer performing districts, you can't even get a parent to show up to P/T conferences when they're failing. Their friends aren't doing homework or showing up to class so why should they? "Good teachers" there can't even get kids to show up. It all matters.
Hard-working people - I don't think anyone honestly believes there are "hard-working" public servants. The system they've built for themselves allows for climbing up the ladder with simply time served. What they get as benefits were "negotiated" as a group rather than earned individually through blood, sweat, and tears from their own efforts to show their worth. How anyone thought this was a good idea and let it pass is beyond me. The only people who support & defend this are the ones who stand to benefit from it. There are many who choose to stay quiet on the express train - but they are equally ripping us off.
When people defend the island with certain points about education, safety, activities, job prospects just westward, they should not be considering cost because it does not directly correlate. Our higher costs are a result of crooks and has little to do with what we get in return. Paying more doesn't mean we get more - fooled us twice.
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