Paragraphs To Ponder

The cost of living in New York City edition.

“As an environmental engineer, Michael Quinn is accustomed to making logical decisions. But two years ago, after getting divorced and selling the family house in White Plains, N.Y., he tried not to be so analytical.

‘I decided to listen to my heart and let that guide me,’ said Mr. Quinn, 56. Although he had never lived in the city, he took a chance on Manhattan and landed in a Murray Hill luxury building, paying $4,700 a month — which, after a year, rose to $4,850 — for a ‘flex’ one-bedroom with 850 square feet.”

Two Economies

In the (dis)United States, despite a bevy of positive economic indicators, the President’s approval rating hovers around 38%. I thought it was all about the economy, but what do I know.

Inflation has moderated, but the cost of housing—whether buying a home or renting an apartment or home—is still too damn high. Positive economic data isn’t making people feel any better about their economic prospects.

In fact, there are two economies. One consisting of the “new aristocracy”, or top 10%, who have only grown more wealthy in recent years. And the other, the 90% doing everything they can to tread water. In actuality, a rising tide doesn’t lift all boats, just ten percent of them.

I can’t pontificate on economic matters in any more detail than that, because as a part of the new aristocracy, I’m out of touch with most people.

It would be unbecoming to be any more specific about my economic status, but suffice to say, as this picture illustrates so convincingly, the Biden economy has been very good to me.