New York was once a great industrial state. But for the past quarter of a century, with occasional bear-market interruptions, the state's dependence on Wall Street has grown as manufacturing has shriveled. Last year, nearly 18% of private wages in New York State came from the securities industry. That was up from 3% in 1980. Nationally, only 2% of private wages are earned in the securities industry. The average Wall Street salary and bonus last year was $379,000 -- more than six times the average for all private-sector jobs in the state. As securities jobs dry up, the economy in the rest of New York is not nearly robust enough to make up for the income and other tax revenue that will be lost.The struggles of "progressive" taxation.What are the parasites supposed to do when the there's less hosts?
Sunday, October 05, 2008
The Wall Street Journal reports:
Posted by Steve Bartin at 12:28 PM