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Average pay varies widely among U.S. cities, but those chasing work opportunities would do well to keep an eye on costs as well. Salaries may be higher on the East and West coasts, but for the most part, equally high prices there mean that the fatter paychecks aren’t necessarily getting the locals ahead.
When we speak about the ever-expanding chasm that defines modern American politics, we usually focus on cultural issues such as gay marriage, race, or religion. But as often has been the case throughout our history, the biggest source of division may be largely economic.
Today we see a growing conflict between the economy that produces consumable, tangible goods and another economy, now ascendant, that deals largely in the intangible world of media, software, and entertainment. Like the old divide between the agrarian South and the industrial North before the Civil War, this threatens to become what President Lincoln’s Secretary of State, William Seward, defined as an “irrepressible conflict.”
From the inception of the Soviet Union, transformation was built, quite consciously, on eliminating those forces that could impede radical change. In many ways, the true enemy was not the large foreign capitalists (some of whom were welcomed from abroad to aid modernization) but the small firm, the independent property owner.
Oil and gas companies have the worst public image of any industry in the United States, according to Gallup. But it’s well-loved in a swathe of the U.S. from the northern Plains to the Gulf Coast, where the boom in unconventional energy production has transformed economies, enlivened cities and reversed negative demographic trends.
For generations the broad swath of America along the Great Lakes has been regarded as something of a backwater. Educated workers and sophisticated industries have tended to gather in the Northeast and on the West Coast, bringing with them strong economic growth.
The election of Barack Obama promised to inaugurate the dawn of a post-racial America. Instead we seem to be stepping ever deeper into a racial quagmire. The past two month saw the violent commemoration of the Ferguson protests, “the celebration” of the 50th anniversary of the Watts riots, new police shootings in places as distant as Cincinnati and Fort Worth, and renewed disorder, tied to a police-related shooting, in St. Louis last week.
Manufacturing may no longer drive the U.S. economy, but industrial growth remains a powerful force in many regions of the country. Industrial employment has surged over the past five years, with the sector adding some 855,000 new jobs, a 7.5% expansion.
Several factors are driving this trend, including rising wages in China, the energy boom and a growing need to respond more quickly to local customer demand and the changing marketplace.
In our modern economy, the biggest wellspring of new jobs isn’t the information sector, as hype might lead some to think, but the somewhat nebulous category of business services. Over the past decade, business services has emerged as easily the largest high-wage sector in the United States, employing 19.1 million people. These are the white-collar jobs that most people believe offer a ladder into the middle class.
We are supposed to be moving rapidly into the “information era,” but the future, as science fiction author William Gibson suggested, is not “evenly distributed.” For most of the U.S., the boomlet in software, Internet publishing, search and other “disruptive” cyber companies has hardly been a windfall in terms of employment.
Maybe it’s that reporters don’t like malls. After all they tend to be young, highly urban, single, and highly educated, not the key demographic at your local Macy’s, much less H&M.
But for years now, the conventional wisdom in the media is that the mall—particularly in the suburbs—is doomed. Here a typical sample from The Guardian: “Once-proud visions of suburban utopia are left to rot as online shopping and the resurgence of city centers make malls increasingly irrelevant to young people.”
Since the U.S. economy imploded in 2008, there’s been a steady shift in leadership in job growth among our major metropolitan areas. In the earliest years, the cities that did the best were those on the East Coast that hosted the two prime beneficiaries of Washington’s resuscitation efforts, the financial industry and the federal bureaucracy. Then the baton was passed to metro areas riding the boom in the energy sector, which, if not totally dead in its tracks, is clearly weaker.
This is the overview from a new report, Best Cities for Minorities: Gauging the Economics of Opportunity by Joel Kotkin and Wendell Cox for the Center for Opportunity Urbanism. Read the full report here (pdf viewer).
This study provides an initial analysis of African-American, Latino and Asian economic and social conditions in 52 metropolitan regions currently and over the period that extends from 2000 to 2013. Our analysis includes housing affordability, median household incomes, self-employment rates, and population growth. Overall, the analysis shows that ethnic minorities in metropolitan regions with significant economic growth and affordable housing tend to do better than in other locations irrespective of the dominant political culture.
The recent brouhaha over Indiana’s religious freedom law revealed two basic things: the utter stupidity of the Republican Party and the rising power of the emerging tech oligarchy. As the Republicans were once again demonstrating their incomprehension of new social dynamics, the tech elite showed a fine hand by leading the opposition to the Indiana law.
On Sunday, Singapore cremates its greatest leader, the late Lee Kuan Yew, architect of its good fortunes. Yet the flames also could extinguish the era of relentless social and economic progress that Lee ushered in during his long, amazingly productive life.
California in 1970 was the American Dream writ large. Its economy was diversified, from aerospace and tech to agriculture, construction and manufacturing, and allowed for millions to achieve a level of prosperity and well-being rarely seen in the world.
Forty-five years later, California still is a land of dreams, but, increasingly, for a smaller group in the society. Silicon Valley, notes a recent Forbes article, is particularly productive in making billionaires’ lists and minting megafortunes faster than anywhere in the country. California’s billionaires, for the most part, epitomize American mythology – largely self-made, young and more than a little arrogant. Many older Californians, those who have held onto their houses, are mining gold of their own, as an ever-more environmentally stringent and density-mad planning regime turns even modest homes into million-dollar-plus properties.