The independent suburban economic base has shunk (Gruman's about gone, not too many Baymen and Potato farms left)
You're describing a Long Island of 15-20 years ago.
Ten years ago, I knew high-tech ex-Grumman people who were moving to North Carolina to get work. Now firms such as Symbol Technologies, Periphonics and Computer Associates are snapping them up, and more.
The City's hard core of manufacturing jobs sharnk, while public sector employment grew. The NYC people who hate Giuliani should be aware that he is the first NYC mayor since the glory days of Tammany who's made a significant effort to reverse this trend.
The scary thing is that, with the advantages of a great natural seaport and manufacturing center thrown away, the City is frighteningly dependent on Alan Greenspan's good health and good mood.
If Wall Street goes south big time (in any sense of the phrase) see what happens to the Great Regional Economic Engine.
Wake up and smell the clams and potatoes.
BTW, if you wonder (a) how dependent NYC still is on welfare economics and by implication (b) where the money for the Second Avenue Subway is, consider this statistic:
In April 1999 (the most recent month for which I have figures) New York City spent $1,131,527,854 on Medicaid for 1,776,596 eligibles. That's in one month. I find the figure interesting because it answers part of the quesion of where the Second Avenue Subway is. That's enough to pay for a mile of that super-expensive subway line every month with enough money left over for tax and tip.