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Comment by fsckboy

2 days ago

>The Twin Towers sort of represented the height of American power and prestige, and their fall kicked off the decline

no. The twin towers opened in 1973 at a time when NYC was becoming a hollowed out urban core. "New York City never officially declared bankruptcy, but it came very close in 1975 due to severe financial distress. The city faced a fiscal crisis, and through negotiations involving unions and state assistance, it managed to avoid formal bankruptcy" [wikipedia] The buildings were not a commercial success and suffered vacanies and low rents. This is the reason that they were not rebuilt, but rather a smaller building was erected in their place. (one of the problems with tall commercial buildings is that they require a non-trivial amount of elevator square feet in the middle of each tower; this is sq footage that does not make money. if you look at tall buildings being built today, they are almost all residential structures. The require less elevator because the number of people in each apartment is far smaller than the number of people in offices)

New York City only bounced back financially during the Reagan revolution. The Democrat party was dead in the water at that time (similar to today) but it bounced back when Clinton came from out of nowhere (a place called Hope!) to win. but looking back today, Clinton was part of the "hollowing out the economy, sending it to China" (I'm not blaming nor absolving here, that type of idea was popular in economics. It didn't work because it turns out the world is not a nice place where opening up to China and Russia turns out not to open up in the other direction (and also because economic efficiency entails "in efficient markets, economic profits go to zero" and everybody except consumers doesn't like that, and consumers don't like it either on the other side of their ledger, their jobs))

>diverted critical funds from development... into conflict and war far away.

defense spending is not and was not a major factor wrt spending in the economy

https://www.cato.org/sites/cato.org/files/styles/pubs_2x/pub...