China has hacked our government, devastated or severely challenged our industries and enjoyed one of the greatest wealth transfers in history – from our households to its. China also benefits from by far the largest trade surplus with the United States and also owns 11 percent of our national debt.
Some future historian, searching for the origins of a second Middle Ages, might fix on the summer of 2015 as its starting point. Here occurred the marriage of seemingly irreconcilable world views—that of the Catholic Church and official science—into one new green faith.
Recent revelations about the firing of American tech workers and their replacement by temporary visa holders reveal, in the starkest way, why many Americans are wary of the impact of untrammeled immigration. Workers in American companies have been removed from their jobs not because they could not perform them, but because their replacements, largely from India, are simply cheaper and, likely, more malleable.
Every year, I, along with Pepperdine’s Michael Shires, have what has become the often-dispiriting job – for a 40-year California resident – of evaluating the nation’s metropolitan regions in terms of both short-term and midterm job growth. Yet, this year, the results for our state’s metros are somewhat improved, as California’s post-recession job-growth rate now equals, and could surpass, the still-somewhat insipid national average.
After years of subpar growth, California is reaping the advantages of a fortuitous economic alignment of ultralow interest rates, high stock values and growing investments in high-end residential real estate. Vast sums are pouring into the state for new tech ventures, speculative hotel and residential developments.
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.
There’s more than a bit of cognitive dissonance in the merger of Democrats with plutocracy – rule by the wealthy. After all, the party’s brand is supposed to be “party of the people.” For Democrats, the allure of corporate cash – in campaign contributions and, later on, in of corporate patronage – may be overwhelming, but it does pose a threat to the party’s positioning.
To be sure, the Republicans are not exactly a primary vehicle for social democracy, but at least they generally don’t generally sell themselves this way. This differs from the almost comic attempt of Hillary Clinton to run as the candidate of the abandoned middle class.
A look at job growth in America’s small and medium-size cities provides a very different, perhaps more intimate portrait of the ground-level economy across a wider swathe of the country than our survey last week of The Best Big Cities For Jobs. It takes us to many states that lack large cities, particularly in the Midwest and South.
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.
In the aftermath of the Baltimore riots, there is increased concern with issues of race and opportunity. Yet most of the discussion focuses on such things as police brutality, perceptions of racism and other issues that are dear to the hearts of today’s progressive chattering classes. Together they are creating what talk show host Tavis Smiley, writing in Time, has labeled “an American catastrophe.”
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.
President Obama, as a fan and occasional player of basketball, should know about “unforced errors.” Those are the kind of thoughtless, bonehead plays where you lose the ball without a defender swatting it or toss a pass somewhere into the higher seats. If you want to review how this is done, I recommend re-watching the recent Clippers versus Rockets series – if you have the stomach for it.
We consume their products every day but economists give them little attention, and perhaps not enough respect. Yet America’s agriculture sector is not only the country’s oldest economic pillar but still a vital one, accounting for some 3.75 million jobs — not only in the fields, but in factories, laboratories and distribution. That compares to about 4.3 million jobs in the tech sector (which we analyzed last month here).
California, once disdained as zany, insubstantial and politically unreliable, has now become a favorite of the blue state crew. From culture and technology to politics, the Golden State is getting all sorts of kudos from an establishment media traditionally critical of our state.
For example, the New York Times recently ran two pieces, one political and the other cultural, that praised this state for its innovation and cool – even in the midst of a horrendous drought.
Left-leaning authors often maintain that conservatives “hate democracy,” and, historically, this is somewhat true. “The political Right,” maintains the progressive economist and columnist Paul Krugman, “has always been uncomfortable with democracy.”
But today it’s progressives themselves who, increasingly, are losing faith in democracy. Indeed, as the Obama era rushes to a less-than-glorious end, important left-of-center voices, like Matt Yglesias, now suggest that “democracy is doomed.”
Yglesias correctly blames “the breakdown of American constitutional democracy” on both Republicans and Democrats; George W. Bush expanded federal power in the field of national defense while Barack Obama has done it mostly on domestic issues. Other prominent progressives such as American Prospect’s Robert Kuttner have made similar points, even quoting Italian wartime fascist leader Benito Mussolini about the inadequacy of democracy.