How much should you get to be middle class in New York
According to analysts, the declining middle class of New York is now completely disappearing, because the masses of the most vulnerable people are leaving the city in quantities unheard of since the time of the depression.
After decades of steep declines in incomes in the face of continued taxation, escalation of living expenses and salary cuts as a result of technological changes. The full extent of this shocking outcome is revealed in the latest US census data.
According to the census, the city is losing 100 residents every day, given the difference with newcomers.
“The rich in New York are getting richer; the poor are actually getting richer, but not rich enough to be middle class,” said Peter Earl, an economist at the American Institute for Economic Research who has studied other data, noting the expansion of Social Security and entitlement programs.
Earl said there is reason to assume that middle-class incomes in New York are falling even faster than in other major US cities, due to high and rising housing costs and other living expenses.
The middle class in New York City is 48 percent of city residents with an average annual income of $ 30 000 to $ 60 000.
The 31 percentage has lower incomes, while the wealthy make up the 21 percentage of New Yorkers.
In contrast, in the early 1970s, about 61 percent of New Yorkers were classified as middle class, but today less than half are.
“The middle class is shrinking,” Earle concluded.
For example, from about 175 000 new jobs in the private sector, which were created in New York since 2017, less than 20 percent pay wages for the middle class, notes Earl.
Creating high-paying jobs Amazon in Long Island City is unlikely to somehow improve the situation, analysts say.
And, in any case, roughly 3 billion dollars in grants can burden taxpayers with huge long-term debt, they add.
The ongoing decline of the middle class across the country—and especially in cities like New York—can be clearly seen in closing stores, which reflects the growth of rental rates and a decrease in consumer demand.
According to the City Future Center, this year the number of stores in the national network in the city has decreased by 0,3 percent, to 7 849.
But one sector is still thriving: grocery stores. Even though the city's unemployment rate is 4%, grocery stores in New York City are reporting increased levels of demand, especially during the holidays.
According to recent studies, there are now more than 1 million New Yorkers worried that they will not have enough food for their families.
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