• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

A Tale Of Two New York Cities: The Rich And The Hungry

Tyler Durden's picture




 

New York's apparent success as a financial and cultural center of the world (and anchor for the liquidity flood of the world's central banks via bank er bonuses) has an ugly side. The inflationary impact of the extremely wealthy is squeezing food prices to the point that many low income families simply cannot afford to eat. A dismally real picture of the situation in New York is exposed in a report by Food Bank NYC - One City, Two Realities. As The Daily News notes, many of the report’s findings are truly worrisome. For instance, between 2011 and 2012, the percentage of households with annual income below $25,000 that had trouble affording food increased a whopping 30%, with 70% of these households with kids reported difficulty affording 'needed' food. NYC's unemployment rate remains well above the nation's average and 54% of those are struggling as according to the Food Bank, “low [no] income families are making the difficult decision to reduce the nutritional quality of their meals by purchasing less expensive and unhealthy foods in order to afford the mandatory expenses that would keep a roof over their heads.” Participation in government food assistance programs continues to rise, and demand for emergency food programs continues to intensify as 54% expect to need assistance (SNAP) in the next 12 months.

Food costs are surging in NYC...

 

and while it is dropping, unemployment remains well above average in NYC...

 

leaving the divide between those who have and those who strugle to afford food growing ever wider (h/t Banzai)

 

Via Daily News:

New York City has a well-deserved reputation as the country’s financial and cultural center — and that’s great.

 

What is not so great is that, for a growing number of its residents, simply surviving in New York has become an increasingly difficult proposition.

 

As shown by a report issued last year by the city controller, the so-called “Capital of the World” is also the capital of income distribution inequality in the nation.

 

...

Even though the research precedes superstorm Sandy, this year’s NYC Hunger Experience report (below) reveals a tale of two cities, wherein the struggles of low-income and unemployed New Yorkers to keep food on the table have intensified even as the circumstances continue to improve for those who are better off.

 

“Now, we have the additional hardships brought about by Sandy,” Stampas said.

 

Many of the report’s findings are truly worrisome. For instance, between 2011 and 2012, the percentage of households with annual income below $25,000 that had trouble affording food increased a whopping 30%, though the total number of city residents who reported difficulty affording food in the same time period actually decreased by 9%.

 

No less serious is that, according to the Food Bank, “low income families are making the difficult decision to reduce the nutritional quality of their meals by purchasing less expensive and unhealthy foods in order to afford the mandatory expenses that would keep a roof over their heads.”

 

Not surprisingly, low-income residents — especially Latinos and African-Americans, women and the unemployed — are more likely to experience difficulty affording the basics than other groups.

 

The picture painted by the report is nothing short of alarming:

  • The percentage of unemployed New Yorkers reporting difficulty soared from 41% in 2011 to 54% in 2012. To make matters worse, the city’s unemployment rate continues to trump the national average.
  • As of last November, the city’s unemployment rate was 8.8% (approximately 351,000 people), compared to 7.8% (approximately 12.2 million people) in the country as a whole.
  • In fact, the report adds, three years after economists declared the end of the Great Recession in 2009, unemployment rates in the city have yet to recede to pre-recession levels. Participation in government food assistance programs continues to rise, and demand for emergency food programs continues to intensify.

 

Again, not a pretty picture.

...

Full Report Below:

NYC Hunger by xxyyxxyy123123

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Thu, 01/17/2013 - 22:40 | 3165003 francis_sawyer
francis_sawyer's picture

Go ahead, bite the Big Apple, don't mind the maggots... [She-doo-bee]

Thu, 01/17/2013 - 23:00 | 3165063 Goldilocks
Goldilocks's picture

*AGE OF DECEIT* (FULL) Fallen Angels and the New World Order http://www.youtube.com/watch?v=wjmFm8PIz8M (2:31:33)

Thu, 01/17/2013 - 23:12 | 3165091 Richard Chesler
Richard Chesler's picture

Shittier and shittier products and services for all except pigmen.

Ask Timmy

 http://www.marketwatch.com/story/geithner-us-economy-close-to-full-recov...


Thu, 01/17/2013 - 23:28 | 3165119 ACP
ACP's picture

Tyler, you really could have summed this up with the following interaction between a GS banker and a homeless guy:

http://www.youtube.com/watch?v=8JPGyxh9ukE

Thu, 01/17/2013 - 23:48 | 3165139 BKbroiler
BKbroiler's picture

I don't care. I'm never leaving.  New York City is fucking crazy and if it was any different I'd have to go elsewhere.

I live in Brooklyn.  The chinese laundry downstairs cleans my clothes for 50c per pound, the jordanian guy on my way to work makes my coffee, my jew landlord collects his rent, I eat at Italian restaurants with my Polish and Hungarian friends, drinking Greek uzo and smoking Cuban Havana's with my Dominican friends.  My girl's a boriqua and my stepkid a palestinian-jordanian-puerto rican-dominican beautiful specimen of life. There's nothing wrong with globalization if you do it right.

Fri, 01/18/2013 - 00:00 | 3165190 francis_sawyer
francis_sawyer's picture

Wait until the 'replicants' start arriving in town there Rick Deckard...

Fri, 01/18/2013 - 00:27 | 3165239 Freddie
Freddie's picture

LOL!  Roy Batty and his Nexus 6 pals would be far more humane and civilized than the majority of NY'ers in the city.

http://www.youtube.com/watch?v=ZTzA_xesrL8

Fri, 01/18/2013 - 01:57 | 3165349 TruthInSunshine
TruthInSunshine's picture

New York City: A Tale of Two Cities

 

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way--in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.


Hunger Games Greeting Cards

Fri, 01/18/2013 - 07:23 | 3165575 Captain Kink
Captain Kink's picture

Great read.

Fri, 01/18/2013 - 07:31 | 3165582 Room 101
Room 101's picture

+10 for the Dickens reference.
+20 for the Hunger Games greeting card

Fri, 01/18/2013 - 00:07 | 3165201 Buckaroo Banzai
Buckaroo Banzai's picture

Never leaving? Oh well, then you'll go down with the ship.

New York City is a fucking cancer. It's a town full of moral degenerates. If you got rid of those cunts Bloomberg and Cuomo you might stand a slim chance. But that's exceedingly unlikely. You guys have precisely the government you deserve.

Enjoy your (remaining) time in the modern-day Sodom.

Fri, 01/18/2013 - 01:14 | 3165312 Freddie
Freddie's picture

Never Leaving is code word for rent controlled apartment.  The facists leftists love them.  Bianca Jagger, a Nicaraguan communist, had one for many years.  The rich through devious means get them and use them as vacation apartments. 

Eventually some one ratted the bitch out and the city actually took action. She went to court like a good little leftist trying to hold onto her ill gotten perk at the cost of the little people.  She lost.

Hopefully the flesh eating zombies will reclaim those pre-war (code word for big ***king apartment) apartments when the EBT cards start failing.   

Fri, 01/18/2013 - 10:25 | 3165903 Hippocratic Oaf
Hippocratic Oaf's picture

New York City is a fucking cancer. It's a town full of moral degenerates. If you got rid of those cunts Bloomberg and Cuomo you might stand a slim chance. But that's exceedingly unlikely. You guys have precisely the government you deserve.

Enjoy your (remaining) time in the modern-day Sodom.

 


Care to let me know where that fuckin cancer is seeing that I live in the heart of the city?

Wouldn't want my beautiful wife and 3 month old daughter to step in it, you piece of shit.

There are those that live here, raise families and do the right thing. DON'T generalize.

Or, are you one of those that deep down....really wanted to have the balls and the nerve to actually 'make it' in the greatest city on earth, but never did? Hmmm? 

You, like so many others, talk shit about NYC, think everyone is a banker, and probably never set foot here.

Stay in Flyoverlandia........we don't need you.

 

Fri, 01/18/2013 - 10:30 | 3165928 secret_sam
secret_sam's picture

People with poor impulse control and inability to tolerate people of different belief and appearance just can't stand places like NYC.  It's better that way, when you think about it.

Fri, 01/18/2013 - 17:07 | 3167410 Cathartes Aura
Cathartes Aura's picture

people intolerant of anyone/thing outside of their own very limiting circles, mirrored images usually, are welcome to their small worlds.

although I'm more rural now, I spent most of my life in large, diverse city neighbourhoods, mainly european, and I do miss the opportunity to interact with peoples of differing backgrounds/histories - but I still carry my learned respect for the many ways humanity presents itself.

(that was an eloquent, well-argued perspective you posted yesterday, respect.)

Fri, 01/18/2013 - 18:55 | 3167776 secret_sam
secret_sam's picture

We all do what we can.  Someday this war's gonna end.

Fri, 01/18/2013 - 16:44 | 3167349 DoomedforGloom
DoomedforGloom's picture

I really wish all of you transplants would just shut the fuck up. It's comical viewing all of you defending NYC as if though you're these true natives. Half of you are probably "moved and raised" New Yorkers...hahaha....fuckin clowns suffering identity crises.

Fri, 01/18/2013 - 18:55 | 3167779 secret_sam
secret_sam's picture

Shaddap ya whiny little bitch.

Mon, 01/21/2013 - 17:47 | 3173803 DoomedforGloom
DoomedforGloom's picture

Explain to me how you interpret my statement to be "whiny"? I can assure you I'm hardly the 
"Whiny" type (If you only knew the things I've been through personally) Anyway, sorry to offend you transplant, but the truth hurts. We up here in the BX don't and will never accept you as natives.

Mon, 01/21/2013 - 17:53 | 3173807 DoomedforGloom
DoomedforGloom's picture

;)

Mon, 01/21/2013 - 17:50 | 3173808 DoomedforGloom
DoomedforGloom's picture

;)

Sat, 01/19/2013 - 03:11 | 3168507 Totentänzerlied
Totentänzerlied's picture

You're too kind. Sodom was The City On The Hill, compared to NYC.

Fri, 01/18/2013 - 02:58 | 3165431 Cosimo de Medici
Cosimo de Medici's picture

I admit to not being a big fan of NYC, but seeing that the likes of the guys below your comment wouldn’t go near it, I suddenly feel the warm embrace of its open arms.  Even Hoboken Frank couldn’t offer a better testimonial.

So, BKBroiler, can you check for me and see if there are still apartments available in Jamie Dimon’s building?  I’ve got this pile of cash just burning a hole in my pocket, and I’ve already got the chateaux in Limousin and the ranch in Paraguay.  Don’t care much for Boracay, so I guess it’ll be the Big Apple and access to Coney Island to further round out the portfolio.

My only concern is that this Freddie guy probably doesn’t know where his Mom’s basement actually is, and I fear he might be down there in Alphabet City or something and not know it.  I’d hate to catch what that boy has, ‘cause I doubt there’s a cure.  Hey, maybe that’s what happened to all the old and sane posters?

Fri, 01/18/2013 - 08:56 | 3165676 BKbroiler
BKbroiler's picture

Dimon's building is a rip off, what we need to get you is a nice rent controlled apartment. 

Fri, 01/18/2013 - 10:17 | 3165872 GeezerGeek
GeezerGeek's picture

Based on BKbriler's post, I can see where his leftwing mindset comes from. Apparently he doesn't know any Americans. Every one he mentioned is described as a specific ethnic or racial group. Sounds like the cliche that begins "some of my best friends are...". 

Aside from that, good for you, BK, enjoy Brooklyn. 

Fri, 01/18/2013 - 12:49 | 3166496 secret_sam
secret_sam's picture

'Merka has ALWAYS been a nation of immigrants.  There was a time when that was celebrated.

What must really piss you off is that most of those folks ARE "Americans."  Just like the Spanish-speaking Tejanos.

Fri, 01/18/2013 - 11:28 | 3166184 China
China's picture

This is good. We are very pleased. Very good comment. Remember, America is rich. China poor. Dollah king, Yuan nothing.

Fri, 01/18/2013 - 00:42 | 3165260 Son of Loki
Son of Loki's picture

Patrick Bateman? I always thought that was Christian Bale!

 

Anyway, it's a powerful scene.

Thu, 01/17/2013 - 23:02 | 3165066 Zer0head
Zer0head's picture

heckuva job Bloomy

Thu, 01/17/2013 - 23:04 | 3165076 Snakeeyes
Snakeeyes's picture

Falling salary and wage income as % of GDP and rising at corporate profits as a % of GDP says it all!

http://confoundedinterest.wordpress.com/2013/01/11/more-housing-angst-us...

Fri, 01/18/2013 - 06:54 | 3165549 H E D G E H O G
H E D G E H O G's picture

WoW, so this is what the economists(?) want to call "CHAINED CPI" ???? Like when you can't afford to eat cat & dog food anymore, you move down the chain to the DUMPSTER! FUCK THE GOVERNMENT!

Fri, 01/18/2013 - 07:52 | 3165593 Watauga
Watauga's picture

I don't understand how, with nearly 50M Americans on food stamps, and more welfare programs available than ever before, and with essentially free medical care for the destitute, and public housing available in every major urban area, there are still poor, hungry, homeless people.  Are we saying that, even with a multi-trillion dollar budget that goes mostly to help people (whether through Social Security, Medicare, Medicaid, food stamps, free housing, subsidized housing, Obamaphones. . . ), we still cannot help all of those in need?  And are we saying that with the hundreds of billions of dollars that are shoveled to charities that feed and house and clothe the poor, we still cannot help all of those in need?  Hmmm . . . .  It simply does not add up.

Fri, 01/18/2013 - 09:42 | 3165751 marathonman
marathonman's picture

Welfare is the political stabilizer for the Fed to keep inflating.  Keeping the low skilled eating and consuming is a great way to keep increasing debt which gives the illusion of a great economy.  Without welfare, the consumer economy would go tits up because too many people would be broke and unable to eat.

Fri, 01/18/2013 - 10:45 | 3165986 Muppet Pimp
Muppet Pimp's picture

I don't understand how, with nearly 50M Americans on food stamps, and more welfare programs available than ever before, and with essentially free medical care for the destitute, and public housing available in every major urban area, there are still poor, hungry, homeless people.

 

In Obamaland, everyone is poor and everything is free.  Get it?  Anyone trying to be productive will be stifled with comments like "You didn't build that"  and all the poor will believe him, and like Hollande he will eventually drive all the productive from the country or (hopefully) the country can just split amicably and Obama can be king over the all the poor he creates.  

And they will know when they look at their shanty towns "Obama built that".

Fri, 01/18/2013 - 10:46 | 3166003 awakening
awakening's picture

'Are we saying that, even with a multi-trillion dollar budget that goes mostly to help people'

Which people may that be, the ones on the street or those in the cushy admin positions (with salaries that would not be out of place in non charitable organisations)?

Thu, 01/17/2013 - 22:41 | 3165006 buzzsaw99
buzzsaw99's picture

i blame the bernank

Thu, 01/17/2013 - 23:08 | 3165085 A Lunatic
A Lunatic's picture

I blame the 9 million morons who put their trust in assholes like Bloomerg and Cuomo............

Fri, 01/18/2013 - 01:20 | 3165322 Freddie
Freddie's picture

Obama supposedly has an 81% favorability rating in NYC but pollsters and the media lie.  Alll they do is lie but morons in NYC love Obama.

Sat, 01/19/2013 - 03:15 | 3168510 Totentänzerlied
Totentänzerlied's picture

You don't need to stretch the truth to get 81% approval. You need only believe in the reality willful ignorance.

If America has a problem with the truth, the East Coast (and California) is downright allergic to it.

Fri, 01/18/2013 - 01:22 | 3165324 lakecity55
lakecity55's picture

Blame the Ashkenazim (can't spell it w/o NAZI) and their evil counting houses of rehypothecated wealth.

Fri, 01/18/2013 - 00:49 | 3165276 sun tzu
sun tzu's picture

I blame small businesses and the middle class. Let's raise taxes on them until they need EBT cards.

Yours Truly,

Warren Buffett and George Soros

Fri, 01/18/2013 - 01:08 | 3165304 DeadFred
DeadFred's picture

It's not the Bernak's fault! He has provided us with plenty of iPads to eat.

Thu, 01/17/2013 - 22:42 | 3165010 centerline
centerline's picture

Hunger games.  Coming up.

Thu, 01/17/2013 - 22:43 | 3165011 Cdad
Cdad's picture

Ben Bernanke and his band of governors at the Fed have assured everyone that there is no inflation.  In fact, the Fed knows that a little inflation would be good for us. I'm not sure why half of New York residents are confused about this issue.

So quit yer complaining, folks.

Thu, 01/17/2013 - 22:44 | 3165015 Seasmoke
Seasmoke's picture

Cuomo knows to get the guns now before the food is out of reach.

Thu, 01/17/2013 - 22:53 | 3165041 centerline
centerline's picture

Guess he is not on board with the concept of pumping as much guns and ammo into society as possible and then letting the supply chains break.  Or, maybe the play is not wanting them to kill each other but outflow for mass chaos to the surrounding areas.

 

Thu, 01/17/2013 - 22:53 | 3165042 nmewn
nmewn's picture

And don't tell the good doctor you're mad as hell because you're "food insecure" (lol) he'll report your ass to Big Sis.

Be a good little sheeple...and just suck it up.

Fri, 01/18/2013 - 00:51 | 3165279 sun tzu
sun tzu's picture

When it came to pain medications, did't the old turd tell them to suck it up and suffer?

Fri, 01/18/2013 - 02:20 | 3165390 knukles
knukles's picture

Can't even miserably die in peace within the veiled comfort of Morpheus anymore having been refused to eat reasonably, feel safe within one's own home or trust in any future glory of mankind.

Pitiful glimpse of our future, today.

Why even the circuses are failing to divert for misery has become the bread.

 

Thu, 01/17/2013 - 23:20 | 3165096 Wakanda
Wakanda's picture

Interesting to watch rural upstate NY pols mumble their way through Andy's gun, clip, and ammo grab.  The upstaters who hunt, shoot, run small businesses generally view anything below Westchester as an insane asylum about to explode in hunger fueled anger.  Preppers are now the norm, not the exception - in the last year most everyone has learned the meme, even democrats that "won" with BO in '12.

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