Tuesday, October 11, 2011

The Impact of lost Wall Street Jobs

The folks protesting Wall Street probably have no idea what kind of impact losing these high paying jobs is going to have  on the overall economy.  Keep in mind these are private sector job, not government jobs.  Wall Street alone accounts for 1 in 8 jobs in New York City, and 14% of the States revenue.  The average salary in the Securities Industry is five time larger than anywhere else in the city, it's above $350,000.00.  Some early speculation suggests that we could lose 16% of these jobs before the end of the year if things don't improve.  Keep in mind that these jobs all fall in the "evil rich" percentile, who also pay a third of all the income taxes, so this hit could amount to a Billion dollars in lost revenue to the Federal Government.

These are the people who the "Occupy" protesters want to hurt right?  But who is going to make up the difference?  Especially if Obama get's his wish, spending an additional $450 Billion.  Evey dime the government spends must first be taken from someone by force.  I sure hope we have enough rich people left when the bill comes due.



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1 comment:

  1. The Occupy Protesters are just communists pretending to be independents.