What middle class?

From the New York Post:

New York City’s endangered middle class in exodus, analysts say

New York City’s shrinking middle class is now in full retreat, as masses of our most endangered population depart the city in numbers not seen since the Depression, according to analysts.

After decades of sharp income erosion in the face of relentless taxes, escalating living costs and wage reductions through technological changes, the full extent of this shocking exodus is laid bare in the latest US Census data.

That shows the city is losing 100 residents each day — with departures exceeding new arrivals.

New York City’s middle class comprises 48 percent of city residents, with median annual incomes between $30,000 and $60,000.

Thirty-one percent make lower incomes, and the ranks of the rich account for 21 percent of New York City residents.

By contrast, in the early 1970s, about 61 percent of New Yorkers were ensconced in the middle class; today, fewer than half are.

For example, of the estimated 175,000 net new private-sector jobs that have been created in New York City since 2017, fewer than 20 percent are paying middle- class salaries, Earle notes.

This entry was posted in Demographics, Economics, Employment, NYC. Bookmark the permalink.

24 Responses to What middle class?

  1. Dentss says:

    First

  2. The Original NJ ExPat says:

    Less than 48 hours until Boxing Day!

  3. ExEssex says:

    In Mnuchin’s statement, which was posted while he was vacationing in Mexico for the holidays, the treasury chief said the chief executives told him they “have ample liquidity available for lending to consumer, business markets, and all other market operations,” according to the Treasury statement. Mnuchin said the CEOs added “that they have not experienced any clearance or margin issues and that the markets continue to function properly.”

    The banks did not independently verify Mnuchin’s characterizations of the discussion.

    The message came after a week in which many U.S. the stock market sectors were down 20 percent from their peak. The market decline has raised concerns about whether the economy is slowing faster than widely appreciated, and Trump has put enormous pressure on Mnuchin to try to stop the slide, people briefed on the discussions said, speaking on the condition of anonymity due to the topic’s sensitivity.

  4. The Great Pumpkin says:

    How do you survive on this in the city?

    Yo called this nyc population drop correctly. Nice job.

    “New York City’s middle class comprises 48 percent of city residents, with median annual incomes between $30,000 and $60,000.”

  5. The Original NJ ExPat says:

    2396

    The Original NJ ExPat says:
    December 17, 2018 at 10:51 am
    2586 right now. Just sayin’

    The Original NJ ExPat says:
    December 14, 2018 at 11:11 am

    If you’re looking for a last chance bail out signal, I’d say somewhere around SPX 2590.

  6. The Original NJ ExPat says:

    1. Five adults with jobs per apartment.
    2. Avoid bad investments like highway houses and pancake in a can.

    How do you survive on this in the city?

  7. grim says:

    Middle income isn’t middle class.

  8. grim says:

    If you look at income by quartiles.

    Wealthy is the top quartile, middle class is the next quartile, and poor are the remaining 2 quartiles.

    No way middle class is any more than 25% of the population in NYC.

  9. The Original NJ ExPat says:

    Grim – your Clifton public school early education is showing, unless you are misspelling quintiles;-)

    Anyway…the shit really hits the fan when the fourth quintile realizes that the bottom quintile has more disposable income and an overall better life.

    If you look at income by quartiles.

    Wealthy is the top quartile, middle class is the next quartile, and poor are the remaining 2 quartiles.

  10. xolepa says:

    re: 11:59

    Смокчи мою сраку

  11. 3b says:

    This sell off is way overdone.

  12. grim says:

    Grim – your Clifton public school early education is showing, unless you are misspelling quintiles;-)

    What the hell are you taking about now?

  13. Danzud says:

    I think Pat’s saying you only talk about four of the five quintiles……..

  14. The Original NJ ExPat says:

    No, he talks about 5, but he calls them quartiles, not quintiles. I thought my comment was at least 20-25% funny;-)

  15. The Original NJ ExPat says:

    Polacks have a thin skin when it comes to jokes about education. I’m only one quartile Polish, so 75% of my skin is regular thickness;-)

  16. The Original NJ ExPat says:

    Grim – Did you edit both our comments? I could have sworn you said the “remaining 3”. If not, I’ll take up and wear the dumb ass mantle and wear it for the rest of the day month. I thought I saw you refer to household income which I know mostly as quintiles, and I thought you referred to it similarly, just slipped on the wrong word.

  17. Grim says:

    Of course I did

  18. Grim says:

    Was busy baking cookies all day.

    I meant quintiles.

  19. The Original NJ ExPat says:

    A lot of people said the same thing when looking at the chart 11 years ago, beginning in October 2007 and into January 2008, well in advance of the real drop.

    This sell off is way overdone.

  20. The Original NJ ExPat says:

    Just like lots of people mis-remember the consequence of Bill Buckner’s error (the Red Sox would not have won the World Series on that play had he fielded it), people seem to also mis-remember that the last stock market top prior to the Fall 2008 financial crisis occurred one year prior, in the Fall of 2007.

  21. The Great Pumpkin says:

    Did the ancestory.com and the results were not what I expected. Just received my results yesterday. You should give it a try instead of believing what your parents or grandparents told you. Science is awesome.

    The Original NJ ExPat says:
    December 24, 2018 at 2:31 pm
    Polacks have a thin skin when it comes to jokes about education. I’m only one quartile Polish, so 75% of my skin is regular thickness;-)

  22. The Great Pumpkin says:

    Exactly, no idea where they came up with their numbers to make that claim in the article. You are poor if you make 60,000 and live in the city. Might be middle income, but not middle class.

    grim says:
    December 24, 2018 at 10:34 am
    If you look at income by quartiles.

    Wealthy is the top quartile, middle class is the next quartile, and poor are the remaining 2 quartiles.

    No way middle class is any more than 25% of the population in NYC.

  23. The Great Pumpkin says:

    Fantastic call. You def are on point when it comes to stocks.

    The Original NJ ExPat says:
    December 24, 2018 at 9:41 am
    2396

    The Original NJ ExPat says:
    December 17, 2018 at 10:51 am
    2586 right now. Just sayin’

    The Original NJ ExPat says:
    December 14, 2018 at 11:11 am
    If you’re looking for a last chance bail out signal, I’d say somewhere around SPX 2590.

Comments are closed.