Tag Archives: NYC economy

Don’t Worry, Be Happy!

The Recession is over!

So says the Fed, as reported by the New York Times.

Now, doesn’t that make you feel better?

Have a great weekend!

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What’s Happening to NYC’s Middle Class?

A 2008 Brookings Institution analysis of America’s shrinking middle class showed that between 1970 and 2005, New York lost its middle income group 44% faster than the rest of the nation. Probing this, the NYC-based Center for an Urban Future published a study in February, 2009, which implicated New York’s “sky-high cost of living,” a job mix that had “shifted away from positions that provide middle-income wages and benefits,” the “inferior quality” of the city’s public schools, “long commuting times on public transportation,” and residential development that “seems disturbingly out of scale with existing neighborhoods.”

Do you know a middle class family that has left New York? Was it for any of the reasons CUF mentioned? Do those reasons fully explain why New York’s middle class is vanishing, or are other things driving the middle class out? Write us a comment and share your opinion with our readers.