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Agreed, it's insane and LI is circling the drain. Can't you all see it?
No businesses are interested in staying or location on LI sans a handout. If I were opening a store or whatever I'd be looking for a tax kickback.
If the NYC jobs market goes south LI r.e. will be toast. The bagels and pizza won't be enough.
Oooh I see it! LOL. Unfortunately, up in Maine (where I want to move) my wife would take a tremendous pay cut as an RN. Yes, cost of living is cheaper. However, not 30% of her income. I can transfer, but would take a 20% hit in pay. Everyone’s situation is different.
Yet, the population, housing, rent, COL keeps going up on L.I. & NYC
ONE leaves, two more move in. Again, I never saw so much traffic, apartment complexes, condos, ect....
Oooh I see it! LOL. Unfortunately, up in Maine (where I want to move) my wife would take a tremendous pay cut as an RN. Yes, cost of living is cheaper. However, not 30% of her income. I can transfer, but would take a 20% hit in pay. Everyone’s situation is different.
Yet, the population, housing, rent, COL keeps going up on L.I. & NYC
ONE leaves, two more move in. Again, I never saw so much traffic, apartment complexes, condos, ect....
The problem is what was the income of the person who left vs the two that moved in?
If you lose engineers, HQ executives, etc. but gain 2 home healthcare workers earning $12 an hour each every and level of government faces a net loss. The only winner is Walmart.
The problem is what was the income of the person who left vs the two that moved in?
If you lose engineers, HQ executives, etc. but gain 2 home healthcare workers earning $12 an hour each every and level of government faces a net loss. The only winner is Walmart.
Agree. However, someone is moving into these $2,500 ++++ 1 BR apartments. $3,000 +++++ for a 2 br.
These are not Walmart employees or $12 healthcare workers. Again, these complexes are going up everywhere!
The problem is what was the income of the person who left vs the two that moved in?
If you lose engineers, HQ executives, etc. but gain 2 home healthcare workers earning $12 an hour each every and level of government faces a net loss. The only winner is Walmart.
IMHO, as long as the white collar job market in NYC remains as healthy as it's always been, there will always be a white collar influx onto Long Island. Even if the newly arrived exec, engineer, etc is a single early-thirtysomething, the odds are that when that changes their spouse/partner will start pushing to "get out of the city" ... especially if the new lifestyle includes kids. And not everyone is enamored of living in Queens, Brooklyn, or Staten Island.
Think for example of jobs in the financial sector: What other U.S. city is as big a draw for that as Manhattan? I see zero reason to think that the overall job market in NYC will drop in any meaningful way. Why should it?
Or the healthcare industry. Even leaving NY City aside, we have THIRTY full service hospitals (not counting the VA hospital in Northport) in Nassau and Suffolk counties. That's also not counting any urgent-care clinic locations, or satellite locations of those 30 hospitals, or testing labs like Quest etc, or individual doctor and dentist offices. Yes, those employ lower wage workers but also medical professionals -- doctors, nurses, lab techs. I've said for years that Long Island's two "home" industries are retail (including food service) and health care and I don't see either of those declining anytime soon although I do think that the brick and mortar end of retail will change via consolidation. The financial industry on LI is an outgrowth of what's in NYC which, again, I don't see declining unless we have an even Greater Recession -- and in that case we're ALL screwed no matter where we live or what we do for a living, LOL
No businesses are interested in staying or location on LI sans a handout. If I were opening a store or whatever I'd be looking for a tax kickback.
This is a national issue, not exclusive to Long Island. As usual, the real "job creators" are local taxpayers, not corporations. Why trickle down is a failure and the greatest prosperity boom came under middle class stimulus and high taxes on the wealthy.
“Other nonmanufacturing facilities on Long Island will be consolidated into Grumman's headquarters in Bethpage, N.Y. Grumman insists that it will remain in Bethpage.”
Until later that year when it merged with Northrop and moved its HQ...another LI tradition in manufacturing.
Quote:
Originally Posted by monstermagnet
This is a national issue, not exclusive to Long Island. As usual, the real "job creators" are local taxpayers, not corporations. Why trickle down is a failure and the greatest prosperity boom came under middle class stimulus and high taxes on the wealthy.
Agree it's a national issue & def not exclusive to LI.
Big picture view: Most Countries, State & local communities, etc. tend to try to develop/implement economic policies to address the following areas:
•Growth - Increasing production of product & services to improve living standards.
•Employment - Opportunities available or created for the people.
•Economic efficiency - Improve productivity by utilizing resources, allowing manufacturers to sell their products & services at lower prices.
•Price level stability
•Equitable distribution of income
•Economic security
•Balance of trade
The various & historical economic scenarios of LI are as a 'microcosm' to national conditions. As the nation's first 'suburb', when LI, during the heydays of 'Grumman' et al, & then after, experiencing the decrease in manufacturing along with the promises that an increase in financialization would solve all problems.
As time would eventually tell, Not. Bloody. Likely.
On the national level here in US, the time period between 1947 & 2009 showed a continuing decrease in Manufacturing along with a marked increase in the FIRE Sector (Financial, Insurance, Real Estate sector). The sharpest decline in manufacturing occurred in the 1980s & continues right up to present day. While the sharpest incline in the FIRE sector occurred during the same time period (& continues). In round terms for that time period, Manufacturing decreased by 50% while the FIRE sector increased by 50%. It does not seem reasonable to expect these changes would not have lasting effects on the US economy.
It’s also worth considering the number of people employed in both sectors. It also doesn’t seem reasonable to expect the decrease (by half) in one sector would be replaced by the increase (by half) in the other without having an appreciable effect on the nation’s employment. It seems the 1980s ushered in the coming of a second (or third, depending how you're counting it) Gilded Age.
Very few seemed to question how feasible it was to consider replacing the role of manufacturing in the US with its increasing financialization, even up to present day.
This is a national issue, not exclusive to Long Island. As usual, the real "job creators" are local taxpayers, not corporations. Why trickle down is a failure and the greatest prosperity boom came under middle class stimulus and high taxes on the wealthy.
I think you are simplifying two different situations.
The post WWII boom was largely due to the fact that Europe and Asia were in tatters and the US was largely unaffected. There was no globalization, so everything was still Made in America. The US was helping rebuild devastated countries, which helped our exports.
If high taxes on the wealthy were so effective, why the implementation of the AMT in the late 60’s? Answer - very, very few wealthy paid any significant amount of taxes close to their marginal rate. There were many more shelters and deductions back then.
Trickle down came under Reagan who reduced rates, but also closed a lot of loopholes and removed deductions.
I think you are simplifying two different situations.
The post WWII boom was largely due to the fact that Europe and Asia were in tatters and the US was largely unaffected. There was no globalization, so everything was still Made in America. The US was helping rebuild devastated countries, which helped our exports.
We still do all of that now. Massive foreign and developing nation investment. The difference is they are now our sweatshops and we do not manufacture and that is directly related to pro-corporate policies that allowed ridiculous incentives to do just that. Bi-partisan all the way. Even the current ding dong in chief promised to correct it...and isn't.
Quote:
Originally Posted by markjames68
If high taxes on the wealthy were so effective, why the implementation of the AMT in the late 60’s? Answer - very, very few wealthy paid any significant amount of taxes close to their marginal rate. There were many more shelters and deductions back then.
The AMT in 1969 was to avoid that tax dodging, just as you said. It doesn't mean very paid. It meant many found loopholes. Over the last 40 years those loopholes have become systemic (institutionalized) and has resulted in the greatest wealth disparity of all time.
Quote:
Originally Posted by markjames68
Trickle down came under Reagan who reduced rates, but also closed a lot of loopholes and removed deductions.
Trickle down is a sham that has decimated the middle class and is straight up class warfare.
I'm equally puzzled. My DIL had over 100K in student loans and has been working as a teacher for the past 10 years, with a starting salary of $60K right out of the gate. She now makes $108K as of the 2016-17 published salary lists. You would THINK that student loan would have been paid off by now, but nope.
Luckily my son exited college with zero student loans, thanks to being the beneficiary of a life insurance policy the year before he graduated from high school. Did not go to grad school though. He really did not know what he wanted to end up doing so if he had gone he'd have gotten an MBA. It turned out that a summer internship turned into a job in banking and he just stayed in the financial industry with his BA from a business oriented university. He's happy where he is, though he hates the commute to NYC he also knows he would not be making the same salary at any job here on LI. His only debt is the interest on his mortgage which is now exactly 50% paid off already with 10 years to go. Forty percent equity in the house outside of the one mortgage, so if he is smart and takes on no further debt they will own the house free and clear by the time their child enters junior high.
$100k salary isn’t much living in NY as a “homeowner”.
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