4 ms·

I definitely agree with you and understand that. It just seems like everyone around me in my life is struggling more than they were four years ago, and are scar

by asow92 3y ago

I definitely agree with you and understand that. It just seems like everyone around me in my life is struggling more than they were four years ago, and are scared of being laid off whether they're in tech or not. I don't have numbers. Just anecdotes.

JumpCrisscross 3y ago
Where are you geographically?
- asow92 3y ago
  I work remote in tech and live in a rather economically depressed and forgotten area of the country. Given your background in finance, I am genuinely interested in your take on this region and how we could improve it. The area is the Southern Tier of the state of New York. Specifically, Elmira NY, born and raised, but moved to NYC for several years for work and back. The Elmira/Corning area had a booming industrial economy before the effects of neoliberalism and offshoring. Very few people in tech, but there are a handful remote workers in the area like myself. Typically, the area is more of a service and industrial economy with a small amount of tourism from the nearby Finger Lakes region. Nearby Corning Inc. is laying off thousands and talking about moving their headquarters down to NC, which would decimate the area even further. There is talk about NYS and Chuck Schumer wanting to inject millions to make this area a lithium ion and fab production hub, but many locals are skeptical that will materialize. While near-shoring and re-shoring trends sound promising, many feel as if this area does not have the same geographical advantage it had during the gilded age and into the early-mid 20th century.
  - linehedonist 3y ago
    The rust belt continues to contract and perish.
    - asow92 3y ago
      But what do we do? Getting into the information service economy seemed to be the answer for some time, but given our current trend of mass tech contraction that's starting to seem doubtful now.
      - linehedonist 3y ago
        No idea. I left, and given that my hometown is shrinking at the rate of about -0.75% a year I’m not the only one.
        asow92 3y ago
        I know exactly what you mean, and I know plenty of people from my hometown who've made the same choice. I completely empathize with your choice. And I ask: aren't people leaving further exacerbating this issue? My family has been here for over 150 years, and I feel like I have an intergenerational responsibility to be a small part of helping my home through this tough time. There's got to be something the rust belt can do to pull itself through its issues. Which area of the rest belt are you from?
  - JumpCrisscross 3y ago
    It seems your unemployment rate is low [1]. But people are dying [2] and incomes and GDP/capita stalling [3][3a] while home prices soar [4] despite a falling population [5]. So the quantitative supports your qualitative: something is misfiring. Your crime rate is down, so that wouldn’t seem the problem [6]. And the population doesn’t appear to be borrowing itself into ruin [7]. Is there a drug or industrial pollution problem? Are folks from the city buying up your housing stock? > many feel as if this area does not have the same geographical advantage it had during the gilded age and into the early-mid 20th century The Cheming River is a navigable waterway, correct? I wonder if your community is another victim of the Jones Act [8]. [1] https://fred.stlouisfed.org/series/ELMI336URN https://fred.stlouisfed.org/series/ELMI336URN [2] https://fred.stlouisfed.org/series/CDC20N2UAA036015 https://fred.stlouisfed.org/series/CDC20N2UAA036015 [3] https://fred.stlouisfed.org/series/PI36015 https://fred.stlouisfed.org/series/PI36015 [3a] https://fred.stlouisfed.org/series/PCRGMP21300 https://fred.stlouisfed.org/series/PCRGMP21300 [4] https://fred.stlouisfed.org/series/ATNHPIUS36015A https://fred.stlouisfed.org/series/ATNHPIUS36015A [5] https://fred.stlouisfed.org/series/ELMPOP https://fred.stlouisfed.org/series/ELMPOP [6] https://fred.stlouisfed.org/series/FBITC036015 https://fred.stlouisfed.org/series/FBITC036015 [7] https://fred.stlouisfed.org/series/EQFXSUBPRIME036015 https://fred.stlouisfed.org/series/EQFXSUBPRIME036015 [8] https://www.economist.com/the-economist-explains/2022/04/11/what-is-the-jones-act-the-century-old-law-pushing-up-prices-in-america https://www.economist.com/the-economist-explains/2022/04/11/... from The Economist
    - asow92 3y ago
      Thank you very much for those data. It does line up with my experience. > Is there a drug or industrial pollution problem? Are folks from the city buying up your housing stock? Yes, there are major substance abuse and lead contamination issues in our area. In fact, my mother works for the city administering a federal HUD lead abatement grant. There are many local and outside investors who buy up housing stock with the intent to rent it, so that could partially explain the rising prices despite the lowering population. [8], yes, although there was a major flood in 1972 resulting in much of the downtown being destroyed along with damming by the US army corps of engineers upstream, which lowered the river depth, so it's not quite navigable by a supertanker. Although, we are well connected to the Norfolk Southern rail line.

by asow92 3y ago

JumpCrisscross 3y ago

Where are you geographically?

asow92 3y ago
I work remote in tech and live in a rather economically depressed and forgotten area of the country. Given your background in finance, I am genuinely interested in your take on this region and how we could improve it. The area is the Southern Tier of the state of New York. Specifically, Elmira NY, born and raised, but moved to NYC for several years for work and back. The Elmira/Corning area had a booming industrial economy before the effects of neoliberalism and offshoring. Very few people in tech, but there are a handful remote workers in the area like myself. Typically, the area is more of a service and industrial economy with a small amount of tourism from the nearby Finger Lakes region. Nearby Corning Inc. is laying off thousands and talking about moving their headquarters down to NC, which would decimate the area even further. There is talk about NYS and Chuck Schumer wanting to inject millions to make this area a lithium ion and fab production hub, but many locals are skeptical that will materialize. While near-shoring and re-shoring trends sound promising, many feel as if this area does not have the same geographical advantage it had during the gilded age and into the early-mid 20th century.
- linehedonist 3y ago
  The rust belt continues to contract and perish.
  - asow92 3y ago
    But what do we do? Getting into the information service economy seemed to be the answer for some time, but given our current trend of mass tech contraction that's starting to seem doubtful now.
    - linehedonist 3y ago
      No idea. I left, and given that my hometown is shrinking at the rate of about -0.75% a year I’m not the only one.
      - asow92 3y ago
        I know exactly what you mean, and I know plenty of people from my hometown who've made the same choice. I completely empathize with your choice. And I ask: aren't people leaving further exacerbating this issue? My family has been here for over 150 years, and I feel like I have an intergenerational responsibility to be a small part of helping my home through this tough time. There's got to be something the rust belt can do to pull itself through its issues. Which area of the rest belt are you from?
- JumpCrisscross 3y ago
  It seems your unemployment rate is low [1]. But people are dying [2] and incomes and GDP/capita stalling [3][3a] while home prices soar [4] despite a falling population [5]. So the quantitative supports your qualitative: something is misfiring. Your crime rate is down, so that wouldn’t seem the problem [6]. And the population doesn’t appear to be borrowing itself into ruin [7]. Is there a drug or industrial pollution problem? Are folks from the city buying up your housing stock? > many feel as if this area does not have the same geographical advantage it had during the gilded age and into the early-mid 20th century The Cheming River is a navigable waterway, correct? I wonder if your community is another victim of the Jones Act [8]. [1] https://fred.stlouisfed.org/series/ELMI336URN https://fred.stlouisfed.org/series/ELMI336URN [2] https://fred.stlouisfed.org/series/CDC20N2UAA036015 https://fred.stlouisfed.org/series/CDC20N2UAA036015 [3] https://fred.stlouisfed.org/series/PI36015 https://fred.stlouisfed.org/series/PI36015 [3a] https://fred.stlouisfed.org/series/PCRGMP21300 https://fred.stlouisfed.org/series/PCRGMP21300 [4] https://fred.stlouisfed.org/series/ATNHPIUS36015A https://fred.stlouisfed.org/series/ATNHPIUS36015A [5] https://fred.stlouisfed.org/series/ELMPOP https://fred.stlouisfed.org/series/ELMPOP [6] https://fred.stlouisfed.org/series/FBITC036015 https://fred.stlouisfed.org/series/FBITC036015 [7] https://fred.stlouisfed.org/series/EQFXSUBPRIME036015 https://fred.stlouisfed.org/series/EQFXSUBPRIME036015 [8] https://www.economist.com/the-economist-explains/2022/04/11/what-is-the-jones-act-the-century-old-law-pushing-up-prices-in-america https://www.economist.com/the-economist-explains/2022/04/11/... from The Economist
  - asow92 3y ago
    Thank you very much for those data. It does line up with my experience. > Is there a drug or industrial pollution problem? Are folks from the city buying up your housing stock? Yes, there are major substance abuse and lead contamination issues in our area. In fact, my mother works for the city administering a federal HUD lead abatement grant. There are many local and outside investors who buy up housing stock with the intent to rent it, so that could partially explain the rising prices despite the lowering population. [8], yes, although there was a major flood in 1972 resulting in much of the downtown being destroyed along with damming by the US army corps of engineers upstream, which lowered the river depth, so it's not quite navigable by a supertanker. Although, we are well connected to the Norfolk Southern rail line.