The New York economic situation is much worse than 2002, an didn’t the far from the rest of the country. The state and local government now gets like 30-40% of revenue from financial services.
If you compare the economy of 1967 to 2017, it’s more telling for NYC. Upstate is even more dramatic. The economy in central/western NY imploded.
The trickery is around the massive debt and the use of the dollar as a reserve currency. 100 dollar bills represent 80% of currency in circulation are like the equivalent of beaver bonds overseas.
If you compare the economy of 1967 to 2017, it’s more telling for NYC. Upstate is even more dramatic. The economy in central/western NY imploded.
The trickery is around the massive debt and the use of the dollar as a reserve currency. 100 dollar bills represent 80% of currency in circulation are like the equivalent of beaver bonds overseas.