New York state, and the city, are having a rough time of it — if we’re talking about the real people. Sure, the very wealthy are buying up all the shit they bought up before. But, workers are struggling.- No state is more polarized than New York, and no large city is more polarized than New York City.
The folks at the Fiscal Policy Institute found this (I meant to post this a bit ago when it came out):
– While the income share of the top one percent of taxpayers has receded a little from its 2007 high point, tax data indicate that New York’s income polarization increased in 2010 and has likely moved higher since then.
-Median family income, adjusted for inflation, declined each year from 2008 to 2011. In New York State, median income fell by nearly 6%, and in New York City, by 8%.
– If productivity gains had been shared evenly among all workers over the past three decades, average household income for those in the middle would have been $75,000 to $80,000 by the mid-2000s rather than the actual figure of $63,000.
The full report is here.