New Yorkers make it there with less

It's getting harder to make it anywhere, but especially in New York, New York.

Income there has dropped for the first time since the black and white movie days of the Bowery Boys.



Income Posts a Rare Drop
Decline Is the First in 70 Years; 'Recovery Is Fragile...Setbacks Can Be Expected'

New York state residents over the past year have seen their personal income slashed by 3.1%, the first decline in 70 years and a rate almost twice that of other Americans, according to a report released by the state comptroller. Take-home pay fell 5.4% and income from dividends, interest and rent declined 8.4%, the report showed.

And while the state economy has grown every quarter since the second quarter of 2009, pay remains below pre-recession levels, the report said. It largely blamed layoffs on Wall Street, New York City's most important economic engine.

As personal income dips, consumer confidence in New York has also fallen to its lowest level since the spring of 2009, according to the Comptroller's report.

The New York economy has been growing slowly since the second quarter of 2009 and job growth is expected to remain weak, the report said. Much of the job growth has been concentrated in New York City and its suburbs, which have added 90,000 jobs since December 2009. Other parts of the state, however, continue to lose jobs.

In 2007 and 2008, Wall Street lost a record $54 billion, the report said. Thanks to the federal bailout and low interest rates, the industry was able to turn things around in 2009 and reached $61.4 billion in profits. In 2010, Wall Street profits dropped to $3.9 billion in the second quarter.

If you can make it in New York, New York, thank the US taxpayers.

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