New York state’s Progressive policies have killed the nation’s once leading job creation machine. Before the great recession, NYers were fleeing the state in droves. Decades of Leftist Democrats and Rockefeller Republicans killed NY’s economic competitiveness. The jobs created in NY now are mostly low wage, with a few high paying jobs. This has shut down upward mobility for young workers and is forcing them to flee.
For more than 15 years, New York state has led the country in domestic outmigration: For every American who comes here, roughly two depart for other states. This outmigration slowed briefly following the onset of the Great Recession. But a recent Marist poll suggests that the rate is likely to increase: 36 percent of New Yorkers under 30 plan to leave over the next five years. Why are all these people fleeing?
For one thing, according to a recent survey in Chief Executive, our state has the second-worst business climate in the country. (Only California ranks lower.) People go where the jobs are, so when a state repels businesses, it repels residents, too.
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There’s also more work in Gotham than in the state as a whole. The problem is that the kind of work available shows that the city accommodates new immigrants much better than it supports middle-class aspirations. A recent report from the Drum Major Institute has the data: “The two fastest-growing industries in New York are also the lowest-paid. More than half of the city’s employment growth over the past year has been in retail, hospitality and food services, all of which pay their workers less than half of the city’s average wage.”
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The implications of Gotham’s “hourglass economy” — with all the action on the top and the bottom and not much in the middle — are daunting.
America’s economy is rapidly resembling NY. Mostly low wage jobs created and just few high end with no middle wage jobs. This is an unsustainable model.
Tags: Hour glass economy, Jobs, new york, New York City
