Vegas economy among worst

Buck Wargo on a declining city, for the Las Vegas Sun…

Before the recession, in measurements analyzing 1993 through 2007, Las Vegas ranked No. 14 in the world among 150 metropolitan areas studied by the Brookings Institution and London School of Economics.

Las Vegas fell to 128th in the rankings during the recession in 2008 and 2009, and since the recovery has begun, its ranking has fallen to 146th. 

While many other cities start the long slow road to recovery, Vegas is sinking even further. 

They have the second-highest share of foreclosed homes in the country, while more than two-thirds of homeowners owe more than their homes are worth.

They lack a skilled, educated, and economically stable workforce that creates the type of diversification needed to survive economic ups and downs.

Which are ways of saying that Las Vegas’ economy (once ranked number one in the nation) benefited the very wealthy while failing to create a middle class.

The great irony of it all being that their economy is dependent on a vacationing middle class.

One of the proposed solutions:

The growth is in emerging economies of China, India and Latin American countries. Las Vegas needs to focus on economies where the middle class is growing, [Berube] said.

Which would create a Vegas that’s a playground for foreigners built on the backs of a local population with little to no chance of reaching the (traditionally obtainable) economic status required to participate in said playground.

Las Vegas… The New Jamaica.

Filed under: trickle down  occupy