http://www.nydailynews.com/opinions/columnists/hammond/index.htmlI hate to break it to you, New Yorkers, but you're not as rich as you think.
Your median family income of $56,000 looks decent on paper - ranking 19th in the country. But you're burning through those paychecks to cover some of the highest taxes, housing costs, energy bills, health premiums and grocery prices in the country.
Factor in that sky-high cost of living, and New York's real income drops below $41,000. That's the lowest in the country, behind Mississippi at $45,000.
And real income in the five boroughs ranks lower than Detroit's.
That's right, New Yorkers. You're living in the poorest big city in America.
This startling and disturbing insight comes from Eamon Moynihan, a nephew of the late, great Sen. Daniel Moynihan who obviously inherited the gene for deep thinking. A former Pataki administration official, Moynihan argues that lowering New York's ruinously high cost of living must become a top priority in Albany and City Hall.
He's absolutely right. His analysis - available at thecostoflivingproject.org - is must reading for anyone who cares about reversing the Empire State's long decline.
Read more:
http://www.nydailynews.com/opinions/columnists/hammond/index.html#ixzz0l6x0olqz
