If the rent is too damn high and wages are too damn low for, for most people,
things are not going so great.
New Orleans ranked last among the nation's 100 largest cities for economic prosperity between 2010 and 2015, when the metropolitan area experienced a decline in worker productivity, standard of living and average wages, according to a Brookings Institution report released Thursday (March 2).
This might be an issue of some importance in the upcoming municipal elections. But, as long as the tourism magnates and real estate developers behind most of the likely candidates are happy, the rest of this isn't seriously on the radar.
Prosperity looks at the change in wealth and income produced by an economy. On that measure, New Orleans ranked last. Its productivity fell 4.9 percent, average wages declined 2.1 percent and the standard of living decreased 3.2 percent. Standard of living is calculated by dividing the gross metropolitan product -- the local economy's total value of goods and services -- by the total population.
"Economic growth that improves standards of living for all people is possible, but not as common as one might hope," Brookings Senior Research Associate Richard Shearer, lead author of the report, said in a news release.
Possible but not as common as one might hope. Can't imagine why.
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