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My lifespan has several decades remaining, and this is not a guarantee.
You could die tonight. Or next week. Don't be so sure.
And yes, it will. NYC has more wealth than it's ever had, and NYC just passed London as the world's financial capital. Barring some catastrophic event that wipes it off of the map, it will be the wealth center for the foreseeable future.
The disparity gets higher when you get to masters and doctoral degree holders, to the point that German PhDs want to immigrate to the US. Why should I be concerned about auto jobs? As a college and masters degree holder, I can make much more money in America, which rewards advanced degree holders more than Germany.
Who is paying high salaries nowadays but companies like Google, Facebook, Apple and the companies that do business with them like banks and consulting firms? And they are found in greater number in America.
So I am alright jack, screw everybody else. Oh cmon..
Yes professionals and business owners like you or I may get to live in Manhattan but what about everybody else? While I like the fact thay New York is getting wealthier, NYC should remain a city for people from all socioeconomic strata dont you think?
My point was that the working class has a better deal in Germany than in the US..
Also compared to the industrial giants of old, companies like Google employ far fewer people. Heck Instagram was only comprised of a dozen people when it got bought..
You could die tonight. Or next week. Don't be so sure.
And yes, it will. NYC has more wealth than it's ever had, and NYC just passed London as the world's financial capital. Barring some catastrophic event that wipes it off of the map, it will be the wealth center for the foreseeable future.
So I am alright jack, screw everybody else. Oh cmon..
Yes professionals and business owners like you or I may get to live in Manhattan but what about everybody else? While I like the fact thay New York is getting wealthier, NYC should remain a city for people from all socioeconomic strata dont you think?
My point was that the working class has a better deal in Germany than in the US..
Also compared to the industrial giants of old, companies like Google employ far fewer people. Heck Instagram was only comprised of a dozen people when it got bought..
Every major city has wealthy areas and less wealthy areas.
People from all socioeconomic strata do live in NYC. If you make less money, you are going to have to live in Staten Island, Eastern Brooklyn, Eastern Queens, or the Bronx.
Real estate is a business. Has anyone heard of any business where they lower prices because some people cannot afford it?
Proof that all these Blacks moving to Northern cities were working in manufacturing?
They moved Northward at a time when technology made them redundant in the South. Tractors and other equipment replaced a lot of farmer laborers, mind you. In those days rural Black families were huge, so when agricultural work dried up many of them were desperate.
My family was a part of that migration and they did domestic work in those days.
Proof that the income gap between Blacks and Whites was closing in the 1960s and 1970s? If things were truly equaling out, then the assets of Blacks and whites would have equaled out as well. They didn't.
Also, knowing that my uncle got hearing damage and cancer from working in a glue factory, I can't imagine conditions were that well for the minority of Blacks who worked in factories in those days. Somehow I don't think the life expectancy was that high, particularly before the EPA and other government agencies began to enforce certain standards in terms of pollution and safety.
By the way, Northern cities have never held the majority of Blacks. The majority have always lived in the South.
Re minority and white wage convergence in the 70s , here my good man
Since the 1960s the difference in black and white incomes grew from about $19,000 in 1967 to roughly $27,000 in 2011.
Waters, Mary C.; Eschbach, Karl (1995)."Immigration and Ethnic and Racial Inequality in the United States".*Annual Review of Sociology*21*(1): 419–46
Also some figures on wages from the 1970s versus those now
In 1978, the typical male US worker was making $48,000 a year (adjusted for inflation). Meanwhile the average person in the top 1% was making $390, 000. By 2010, the median wage had plummeted to $33,000, but at the top it had nearly trebled, to $1,100,000.
Source Robert Reich the University of California.
Why? In short Ronald Reagan and the BS chicago school of neo-classical economics. The belief that markets should be left alone and unfettered, clearing effectively along with resolving to optimal balanced outcome all on their own. We all know how well that worked out come 2007...
Some of the above fully accounts for what we are seeing in NYC today.
Every major city has wealthy areas and less wealthy areas.
People from all socioeconomic strata do live in NYC. If you make less money, you are going to have to live in Staten Island, Eastern Brooklyn, Eastern Queens, or the Bronx.
Real estate is a business. Has anyone heard of any business where they lower prices because some people cannot afford it?
People from all socioeconomic strata live in parts of NYC for now. But economic geographical segregation is increasing and that doesn't bode well for the future..
Look it isn't about lowering prices, it is about managing the real estate market to make sure that house price increases are reasonable while ensuring that the market overall is kept healthy. I alluded to this already with regards to steps Sweden and Germany had taken to cool down their respective housing markets.
Waters, Mary C.; Eschbach, Karl (1995)."Immigration and Ethnic and Racial Inequality in the United States".*Annual Review of Sociology*21*(1): 419–46
Also some figures on wages from the 1970s versus those now
In 1978, the typical male US worker was making $48,000 a year (adjusted for inflation). Meanwhile the average person in the top 1% was making $390, 000. By 2010, the median wage had plummeted to $33,000, but at the top it had nearly trebled, to $1,100,000.
Source Robert Reich the University of California.
Why? In short Ronald Reagan and the BS chicago school of neo-classical economics. The belief that markets should be left alone and unfettered, clearing effectively along with resolving to optimal balanced outcome all on their own. We all know how well that worked out come 2007...
Some of the above fully accounts for what we are seeing in NYC today.
Exactly.
Why people act like middle-class decline is an NYC phenomenon confuses me. True middle-class in the United States is vanishing right before our eyes.
New York has the same middle-class population as any other large city. The difference is, NYers pay more for housing and other goods (along with those in Honolulu, San Francisco, Stamford, etc.).
Also, NYC's wealth disparity looks alarmingly severe because NYC has the richest wealthy-class in the nation and that heavily alters statistics. If you removed NYC's super-rich from the stats, it wouldn't be noticeably different from any other city.
You could die tonight. Or next week. Don't be so sure.
And yes, it will. NYC has more wealth than it's ever had, and NYC just passed London as the world's financial capital. Barring some catastrophic event that wipes it off of the map, it will be the wealth center for the foreseeable future.
You could die tonight. Or next week. Don't be so sure.
And yes, it will. NYC has more wealth than it's ever had, and NYC just passed London as the world's financial capital. Barring some catastrophic event that wipes it off of the map, it will be the wealth center for the foreseeable future.
I'll go by statistics/actuarial tables rather than folk-wisdom admonitions.
In 1900, the sun never set on the British Empire. In two decades, that empire was nearly bankrupt. In another three, it was dismantling itself.
In 1970, China was hopelessly backwards. Within three to four decades, its growth came to shake the world.
In 1985, Japan was 'supposed' to buy the world. We're now on two 'lost' decades.
Wildcards of geopolitics and geopolitical economy keep things 'interesting'.
People from all socioeconomic strata live in parts of NYC for now. But economic geographical segregation is increasing and that doesn't bode well for the future..
Look it isn't about lowering prices, it is about managing the real estate market to make sure that house price increases are reasonable while ensuring that the market overall is kept healthy. I alluded to this already with regards to steps Sweden and Germany had taken to cool down their respective housing markets.
NYC is not Sweden and it is not Germany.
It's a city within a nation, and not a nation.
Housing that was kept artificially low in NYC ended horribly. Rent stabilized buildings with low rates were almost never upgraded, and housing projects are terribly in disrepair with 18 billion dollars worth of backlogged repairs. The city is now privatizing projects as a result.
The steps NYC took in the past did not work to well, which is why they are letting the market determine prices.
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