- Jul 19, 2012
- Reaction score
- Political Leaning
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. Link
Socialism is great until you run out of other people's money ... and other people to tax.
"Progressive" reforms like the minimum wage and onerous occupational regulations only serve to make it harder to get work and spur the development of technology to replace workers.
Taxes and regulations in the blue states have been increased far beyond the point of diminishing returns. The few people with government jobs are happy with fat pensions while other workers struggle and have no retirement. Excessive regulations bind everything down and make it hard to afford everything from housing to plumbing repair.
The only thing normal people can do is escape.