Posted on 04/30/2014 10:39:49 AM PDT by Olog-hai
New York City’s share of poor people appears to have plateaued since the recession, at 21.4 percent, with more people working in 2012 than the year before, but at lower wages, according to a new city study. Contributing to the city’s economic problems were increases in the number of Asian-Americans, immigrants and residents of Queens slipping into poverty.
But under a broader definition of poverty that the city applies, the picture remains grim for a far larger number of New Yorkers.
As in 2011, 46 percent, or nearly half of New Yorkers, were making less than 150 percent of the poverty threshold, a figure that describes people who are struggling to get by.
Even with fewer people unemployed, the poverty rate for working-age adults working full time reached 8 percent, by the city’s measure. Fully 17 percent of families with a full-time worker lived in poverty, and even among families with two full-time workers, the rate was 5.2 percent. …
(Excerpt) Read more at nytimes.com ...
Sadly, many of them will think the answer is more taxes and spending.
Well gee whiz golly!...I guess they should just raise taxes again!
It will only get worse with DeLousy-o in office. And if Cuomo’s re-elected, he’ll make matters worse too.
Dump Andrew!
Raise the NYC minimum wage to $30 per hour, that will fix it.
Yes! Raise taxes on he 54%, line a few political pockets, then hand out the remainder to the 46%. That will solve all this!
The taxing part not to fall on them of course, just the government spending.
NY was once a great state, destroyed by Progressivism.
Politics of the entire state are run by downstate leftists. They have chased away productive businesses and have turned Upstate into Appalachia.
NY City itself exists on an ever-narrower tax base, supported by the crony-capitalist Federal Reserve funneling money to its Wall Street member banks.
A bear market of any duration will set up an economic and political crisis in New York like they have never seen. Its probably part of the reason the Federal Reserve will never end QE or meaningfully raise interest rates.
NYers vote for the leadership that keeps them wherever they are and have forced businesses out of that state because there are many generations have never held a job, have "retired" union government employees that have received pensions longer than they ever worked, etc.!!!
Good! Continuing to vote Democrat SHOULD hurt!
Remember the movie “Escape from New York”.
It was a prediction, not a story.
Always remember that a liberal fan fu...er...Obama up a wet dream.
For a town that really believes in socialism, this seems extremely unfair and like the worst type of inequality-which the Pope just said is evil. Why don’t all the rich people that I KNOW live in Manhattan give their money to those 46%.
Simple. C’mon sophisticated New Yorkers,show us hicks how it’s done. We’re waiting and watching. The Pope might tweet that you’re not EVIL!!
Aaah, Yes, the timing of this article. What a coincidence - on same day as vote in Senate on raising minimum wage is defeated by the “terrible” Republicans. Can’t tell me it is NOT coordinated. The big push is on — gonna be a hot summer methinks.
What, no nuclear option for that one?
And they destroyed the rest of the state doing it. The Adirondacks now look like the poorest parts of West Virginia.
Of course, the fact that many upstaters continue to send Dems to Albany sure helped that along.
Normie
Former upstater.
Besides the politics, I think there’s something fundamental going on. New York City produces very little tangible product. NYC has profited, historically, as the primary world intermediary, taking their slice from many flows of commerce. Now that intermediaries are being cut out of the loop, and producers and consumers are dealing more directly with each other, NYC faces decline.
Although NYC still serves as the financial intermediary of the world, that could change on a moment’s notice, when stupid tax policies push Wall Street to another state, or offshore. At that point, NYC will be on the fast track to ruin.
No, no nuclear option on the minimum wage vote ‘cause it came out JUST AS THEY WANTED IT TO. (but then you knew that didn’t you).
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