From The Economic Times:
The recession
put a 3.1 per cent dent in the personal incomes of New York state
residents, who endured their first full-year decline in more than 70
years, according to a report released on Tuesday. Paychecks or net
earnings tumbled 5.4 per cent, while dividends, interest and rent slid
8.4 per cent, to a grand total of nearly $908 billion, the state
comptroller's report said.
Not only
did New Yorkers' personal incomes fall "almost twice" as much as they
did in the nation as a whole, but they have yet to recover to
pre-recession levels, Comptroller Thomas DiNapoli
said. The drop occurred even though the job-destroying recession was
milder in New York than in the rest of the country. One reason for the
hit to New Yorker's pocketbooks is Wall Street's dominance among the
state's employers; pay and job security are often highly volatile in the
securities industry.
My personal income has definitely taken a hit. I was reading something somewhere about a kid who moved to NYC after college because that was "the thing you do".
ReplyDeleteI wonder how everyone else would feel if their home field advantage was as completely nullified as a native New Yorkers by the droves of mothereffers who came to their hometowns from cities, states and countries afar to cut their teeth.
Go <3 your own city.
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