© Copyright 2007-2024 iBankCoin All rights reserved under penalty of bodily harm. DISCLAIMER: This is a personal web site, reflecting the opinions of its author(s). It is not a production of my employer, and it is unaffiliated with any FINRA broker/dealer. Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities. DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER iBankCoin, NOR ITS AFFILIATES, NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Privacy Policy
Of course they have high unemployment. Nevada’s high corporate and personal income tax rates have driven all the job creators to states with lower rates.
Of course, high taxes!
. . . it has nothing to do with it being in THE FUCKING DESERT AND MIDDLE OF NOWHERE.
You have to understand Ottnot’s brand of passive aggressive posting, my dear Merriweather.
Like most advocating from the socialist banque, he can’t really say what he means.
He’s trying to make a connection between the State of Nevada’s state income tax rates of zero and the City of Las Vegas’s high unemployment rate.
Of course, the weaseling must be parsed, or you might not catch it…
You see, the largest population concentration in Nevada is in Las Vegas — the country’s fastest growing city over the last two decades (up to about 2008 when the boom blew out), largely fueled by a single heavily regulated industry’s massive construction boom (a consequence of the nationally distributed credit expansion).
While benefitting from that casino boom, as a result of that regulated industry’s presence, Las Vegas has also historically had a largely unionized employment base and relatively left leaning city government. As in New York City and other heavily unionized and regulated areas that grew like weeds during the easy money economic boom, employment — once lost — was more difficult to replace thanks to high marginal labor costs. Add to that a huge housing overhang and you’ve got the recipe for worse than usual trouble in Harry Reid’s favorite money raising ground.
What largely puts the lie to Otto Von Bismark’s snark, however, is in the comparison of Dem/union/regulation heavy Las Vegas’s unemployment rate with that of the entire state… 20% vs. 12.9% overall. Given that Vegas is almost a quarter of Nevada’s population, that would put the rest of Nevada (remember, there’s still a lot of industry concentration in cities like Reno and Carson City) at a little bit under 10%, which is pretty much par for the course in Obama’s America.
_______________
Sorry, that last “remainder of Nevada” unemployment rate would be a touch over 10.5%. I’m getting too old to do algabreic equations in my head.
______
Ha ha! Mr. Acorn pwned, once again, by Senator Big Brain.
Thanks for the heads up, Jake.
Thanks, Mr. Gint.
I’ve been learning a lot about numbers from you.
For instance, when I first read the part of the article stating “Unemployment in some parts of Las Vegas is running at more than 20 per cent,” I truly had no idea that “some” = 100%.
Or were you able to use the fibbingnacci sequence to determine that “some” and “more than” cancelled each other out exactly? I’m most impressed at your ability to generate a factor of 1.0 by multiplying two non-numerical terms.
Jake is absolutely right, though.
If you don’t count a bunch of the unemployed people in Nevada, the unemployment rate is a tiny little 10.5%.
Plus or minus, depending on what “some” times “more than” equals
Per BLS:
Preliminary, not-seasonally adjusted unemployment rates for July 2011:
Las Vegas-Paradise metro area 14.0%
Rest of Nevada 12.7%
Maybe negative tax rates would be low enough for the job creators.
From Otto Von Bismark’s original post:
Nevada’s high corporate and personal income tax rates have driven all the job creators to states with lower rates.
That would be of interest, I guess, were the header of this piece about NEVADA and not the People’s Republic of Lost Wages, home of “Dingy Harry” Reid, the closest thing to a gangster left in that town.
Maybe next time?
________
To be precise, the article is about the unemployment rate of “some parts” of Las Vegas,NV, and it is therefore meaningless, given that “some parts” of any city will have far higher unemployment rates than does the city as a whole. But, let’s set that aside.
My hypothesis was that it was that Nevada’s high income tax rates were to blame for the very high rate of unemployment in Las Vegas.
You countered with the claim that it was the odious liberalism of Las Vegas, combined with LV-specific business cycles, that are responsible for the very high LV unemployment rate.
It looks like you get the win. It turns out that LV has very high unemployment in spite of the 0% corporate and personal income tax rates. In contrast, my own data proved your claim by demonstrating that, once you look beyond the den of socialism (and the boom-bust construction) of LV, the 0% income tax rates enable the rest of Nevada to prosper with a sunny 12.7% unemployment rate versus the ghastly 14.0% rate of the LV metro area.
So, I won’t spoil your victory party by pointing out that, in spite of your certainty that the socialists had destroyed LV employment with “high marginal labor costs”, average weekly wages in Clark County were slightly below the state average in Q32010, ranking the county right in the middle (9th) of NVs counties. We’ll chalk that up to the “gangster” effect emanating from Harry Reid’s office and let you enjoy your cake and party favors.