From the Nassau County Comptroller (New York, Elmont: best neighborhood, 2015, apartment)
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Newsday editorialists are pumping the benefits of having $155,000 a year detectives under the justification that there are 300 current detectives against 360 potential positions at a time when crime is at a statistical low. The justification is that by increasing salaries 140000 yr officers would have the financial incentive to jump up the ranks to detective thus filling 60 empty chairs
Which will reduce overtime.
The comptroller is telling us that most new jobs on Long Island are now under $30,000 a year not 155,000 plus npv 2-3 million dollar pensions. Turns out the 1% are civil servants who are milking the 99% through a giant tax graft scheme that's been going on for decades.
The answer is simple move from Long Island and let the greater fool fund this kind of nonsense.
Math doesn't lie oh, and the Nassau County controller is not lying to you. The map is telling me to expect a 25 to 50% correction in the price of Long Island Real Estate. My suggestion is sell sell sell
Evidently mcjobs it's not just an ass a County phenomena so says the market ticker
a huge percentage of those "created" jobs do not support people in their lives. Those are not really jobs, in the sense that they do not provide people with a meaningful option to welfare nor any means of advancement. There is not only no value in those positions for the employee there is no advancement out of them either.
The common chestnut is that these "McJobs", that is, low-wage positions -- are "starter" jobs that people get while in High School and they rapidly advance out of them. That view is pervasive among both politicians and the financial media.
It is a lie, the media and politicians know it is a lie and the BLS data that comes out every month documents this. I have been pointing this out for over a decade now in my monthly jobs report, in that ever since the "Great Recession" the shift has been relentless; the jobs being created are real but crap.
Let's put some numbers to this -- since nobody ever wants to believe what I report the first Friday of every month maybe you'll believe Brookings: 44% of those people between the age of 18-64 -- that is, adults of working age -- have a median hourly wage of $10.22 and median annual earnings of right about $18,000.
That is nearly half of all working adults of less than retirement age.
Not everyone is cut out to be a brain surgeon.
Or an accountant.
The world still needs flippers and diggers.
Not everyone has the mental capacity to advance beyond flipping a burger or digging a ditch, doesn't mean they are stupid, it's just how it is.
So I've always been a firm believer of any job is better than no job at all. Any income is better than nothing. There is an entitlement issue though. People will sit home pennyless because they can't find the right job that pays them *what they think* they are worth. Maybe you are a moron or a jerk and you are NOT worth what YOU think you are. So yeah, sit home broke, letting the bills pile up because you can't have your dream job. It's just plain stupid. Take anything. Have money coming in.
You eat a little poop while waiting for the right opportunity to arise.
I have much respect for anyone working.
The nasty, obnoxious and bitter cashier at the supermarket who probably aint worth the minimum wage she is paid? Yeah, respect. You have a job, you are productive and contribute to society no matter how menial it may seem.
Newsday editorialists are pumping the benefits of having $155,000 a year detectives under the justification that there are 300 current detectives against 360 potential positions at a time when crime is at a statistical low. The justification is that by increasing salaries 140000 yr officers would have the financial incentive to jump up the ranks to detective thus filling 60 empty chairs
Which will reduce overtime.
The comptroller is telling us that most new jobs on Long Island are now under $30,000 a year not 155,000 plus npv 2-3 million dollar pensions. Turns out the 1% are civil servants who are milking the 99% through a giant tax graft scheme that's been going on for decades.
The answer is simple move from Long Island and let the greater fool fund this kind of nonsense.
Math doesn't lie oh, and the Nassau County controller is not lying to you. The map is telling me to expect a 25 to 50% correction in the price of Long Island Real Estate. My suggestion is sell sell sell
As far as detectives go that 155k is only the base salary not counting longevity, allowances etc. The pay for the newly formed detective first grade will avg around 195k.
There were some givebacks though they gave up a bunch of days off, lowered the cap on the amount of sick and vacation they can bank and payout at retirement and are actually going to pay into their healthcare for the first time. The PBA is furious because they will most likely be expected to do the same
The Nassau County controller organized census data which then formed a picture about the health of Long Island's economy. I never Quantified the data on my own but qualitatively I did see this freight train coming right at my finances. So as a retiree I voted with my money and assets. I sold my Long Island Real Estate and I moved to Florida.In Florida I have a great quality of life, a great house a great location and it comes to me at a fraction of the cost.
Our current American economy is split between people that have and the Have Nots. There's no middle class it's becoming a 3rd World economy. Ross Perot saw this coming in 1991. The controller paints a picture where the Have Nots will be a supermajority on Long Island.
In many of these third world countries the best job you can get resides in Civil Service. $195,000 $150,000 sure beats $30,000. Even a $60,000 job with health insurance Beats the average job on Long Island going forward.
The graphics and the math the controller put forward does not lie.
I made the absolute right choice to get the hell out of Long Island. If you want to pay for all these civil service jobs that's your choice. If you want to pay top dollar for over inflated real estate that's your choice. If you're buying Long Island Real Estate you're failing to see the math that the Nassau County controller put forward.
Qualitatively to me this math means you going to take the 25 to 50% haircut on your real estate in the not-so-distant future. My thinking is that Long Island Real Estate will simply become unsellable at any price.
Qualitatively to me this math means you going to take the 25 to 50% haircut on your real estate in the not-so-distant future. My thinking is that Long Island Real Estate will simply become unsellable at any price.
Which is it? Do sellers have to take a 25 to 50% haircut to sell, or can they not sell at any price? I'm pretty sure if I listed my house (in Nassau) at 50% off, even in a recession I'd find plenty of buyers. Of course I wouldn't be very happy about it, but the house would certainly be sellable.
I think what you're leaving out of the report are the ethnic demographic changes. Can a house be sold at its "market" value without a 25 to 50% haircut? I think yes. Might it have to be sold to someone who doesn't look like the current owner? I say no more.
Which is it? Do sellers have to take a 25 to 50% haircut to sell, or can they not sell at any price? I'm pretty sure if I listed my house (in Nassau) at 50% off, even in a recession I'd find plenty of buyers. Of course I wouldn't be very happy about it, but the house would certainly be sellable.
I think what you're leaving out of the report are the ethnic demographic changes. Can a house be sold at its "market" value without a 25 to 50% haircut? I think yes. Might it have to be sold to someone who doesn't look like the current owner? I say no more.
I think he's referring (in his rambling, LSD soaked way) to the huge drops in housing prices during the last two recessions. NY still digging out from the foreclosures. People have their heads in the cloud about this super debt fueled mega bubble economy we're in (currently fueled by a the Feds endless dumping of freshly printed cash into Wall St buybacks). They can't wrap their heads around their house dropping 30% in value...even though it just happened in 2008. Those who fail to learn from history are doomed to repeat it. LI will always be a wonderful bedroom community of the great NYC, an atrocious value but good place to raise a family...but market and housing corrections happen. Sooner or later. Always.
Last edited by monstermagnet; 01-06-2020 at 09:53 AM..
Qualitatively to me this math means you going to take the 25 to 50% haircut on your real estate in the not-so-distant future. My thinking is that Long Island Real Estate will simply become unsellable at any price.
I’ve been hearing that decade after decade.
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