Posts filed under “Wages & Income”
A report prepared by the Regional Plan Association confirms that local house prices on Long Island are increasingly elevated relative to incomes. And, residents are nervous about what this means for them:
Long Islanders are ever more anxious about how they can maintain their lifestyle, the report found. An affordable home — defined as costing no more than $254,500, or two and a half times the 2009 median income for the region — “has become a rare commodity.” Average pay is at a 10-year low, down 3 percent from 2000, while average wages across the nation have grown 4 percent.
• Over the last decade, private sector jobs have declined by 27,000 as job losses between 2007 and 2010 negated all of the gains from earlier in the decade.
• Average pay per employee is at a 10-year low, down 3% from 2000. Over the same period, average wages in the United States have grown by 4%.
• In 2009, there were 15% fewer 25-to-34-year-olds than there were in 2000, a larger decline than in any other part of the New York metropolitan region and in contrast to a 5% gain for the nation.
• Households paying more than 35% of their income for housing rose from 27% of all households in 2000 to 38% in 2009.
• From 2000 to 2009, Long Island issued new permits for only 15 housing units per year for each 1,000 residents, compared to 25 for other suburban areas of the New York region.
Getting It Done
Aligning Long Island’s Development Processes with Sustainable Economic Growth
Regional Plan Association, January 2011
Addressing the Issue of Home Affordability
MARCELLE S. FISCHLER
NYT, January 27, 2011
A pair of fascinating NYT/Census/Google map mash ups from the NYT this morning. Using US Census data, they look at a variety of data points: Race & Ethnicity, Income, Housing and Families, Education. Click the link, then select View More Maps, choose topic: click for full interactive versions > Median Household Income Change in Median…Read More
Have a quick look at yesterday’s post: Wedbush: Cheap as a Fox. There was a robust discussion in comments — and the general take that resonated with me was summed up thusly: Being judicious about expenses is one thing, but being ultra cheap can be counter-productive and myopic when you figure in the opportunity costs….Read More
Back in October, a friend at Merrill told me about an arbitration award that could rock Bank of America. It was circulating via email from desk to desk, and was causing some consternation amongst the troops. It seemed that two former Merrill Lynch brokers had bolted for Morgan Stanley after the Bank of America acquisition…Read More
Want to pull down the big bucks? Floyd Norris advises you to get a job on the street of dreams: “Wall Street incomes are surging back. The government reported this week that the real wage and salary income of finance industry employees based in Manhattan rose nearly 20 percent in the first quarter of this…Read More
Category: Wages & Income
We interrupt the George Bush reputation rehabilitation tour for this brief reminder: “For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different. The past decade was the worst for the U.S. economy…Read More
Interesting chart that Macro Market Musings calls “The Revenge of the Balance Sheets.” Each of our double peak in assets — dot com stocks and housing — sent the ratio to unsustainable levels and back again. You may recall at each of these peaks, some idiot was invariably trotted out to discuss how the debt…Read More
Floyd Norris digs up the dirt on US income, via the SOI Tax Stats of the IRS: – In 2008, Americans reported $8.4 trillion in total income, down 4.6% 2007. – Inflation adjusted, that is down 8.4% — the sharpest decline in total income since 1990. – Biggest source of decline: Falls in Investment Income…Read More
> Last weekend, we discussed issues of Wall Street compensation and liability in placing a natural limit to excessive risk-taking: Delay Pay? Try Partnership Liability. This week, Floyd Norris received an email from a retired investment banker regarding what Wall Street compensation used to look like, and why that curtailed excessive behavior, and private gains,…Read More
In the Sunday NYT, Yale Professor Robert Shiller discusses one of the recommendations of the Squam Lake Report — holding back some executive compensation to align their risk with taxpayers (Help Prevent a Sequel. Delay Some Pay.) Here is their recommendation: “The Squam Lake group recommends that companies be encouraged to withhold a good part…Read More