Middle Class

Livable China

nanjing.jpg

Recently, the McKinsey Global Institute published its report 'The Most Dynamic Cities in 2025' in Foreign Policy, a highly respected US journal. On this list, 27 mainland Chinese cities as well as Hong Kong took top spots alongside Shanghai and Beijing, leaving many other world-renowned metropolises far behind.

As a Chinese who has lived through China's transformation over the past two decades, I was hardly surprised by the results of this report. What really shocked me was the doubt and controversy that this report generated in western media, especially the negativity in the heated discussions published in the very same issue of Foreign Policy.  read more »

The Unseen Class War That Could Decide The Presidential Election

bigstock-Mitt-Romney-34145021.jpg

Much is said about class warfare in contemporary America, and there’s justifiable anger at the impoverishment of much of the middle and working classes. The Pew Research Center recently dubbed the 2000s a “lost decade” for middle-income earners — some 85% of Americans in that category feel it’s now more difficult to maintain their standard of living than at the beginning of the millennium, according to a Pew survey.  read more »

Cities of Aspiration

future-city.jpg

Drew Klacik’s recent post on how he ended up in Indianapolis got me thinking about the unique status of what I’d describe as “cities of aspiration.” Pretty much all cities seem to be reasonably good at attracting people in the following cases:  read more »

Is California the New Detroit?

foggy-bridge.jpg

Most Californians live within miles of its majestic coastline – for good reason. The California coastline is blessed with arguably the most desirable climate on Earth, magnificent beaches, a backdrop of snow-capped mountains, and natural harbors in San Diego and San Francisco. The Golden State was aptly named. Its Gold Rush of 1849 was followed a century later by massive post-war growth.  read more »

The Screwed Election: Wall Street Can’t Lose, and America Can’t Win

bigstock_Wall_Street_Bull_4242491.jpg

About two in three Americans do not think what’s good for Wall Street is good for America, according to the 2012 Harris poll, but do think people who work there are less “honest and moral than other people,” and don’t “deserve to make the kind of money they earn.” Confidence in banks is at a record low,  read more »

The Rise of The 1099 Economy: More Americans Are Becoming Their Own Bosses

bigstock-Employee-Career-Shift-9495863.jpg

While the economy has been miserable for small business, and many larger ones as well, the ranks of the self-employed have been growing. According to research by Economic Modeling Specialists International, the number of people who primarily work on their own has swelled by 1.3 million since 2001 to 10.6 million, a 14% increase.  read more »

The New Geography Of Success In The U.S. And The Trap Of The 'New Normal'

bigstock-Auto-Industry-8566.jpg

This year’s presidential election is fast becoming an ode to diminished expectations. Neither candidate is advancing a reasonable refutation of the conventional wisdom that America is in the grips of a “new normal” — an era of low growth, persistently high unemployment and less upward mobility, particularly for the working class.  read more »

Are Millennials the Screwed Generation?

bigstock-Young-businessman-holding-sign.jpg

Today’s youth, both here and abroad, have been screwed by their parents’ fiscal profligacy and economic mismanagement. Neil Howe, a leading generational theorist, cites the “greed, shortsightedness, and blind partisanship” of the boomers, of whom he is one, for having “brought the global economy to its knees.”  read more »

Core City Growth Mainly Below Poverty Line

detroit-wendell.JPG

Over the toughest economic decade since Great Depression, the nation's core cities continued to gain more than their share the below poverty line population in the 51 metropolitan areas with more than 1,000,000 population. Between 2000 and 2010, core cities (Note 1) attracted approximately 10 percent of the increase in population (Note 2) while adding 25 percent of the increase in people under the poverty line (Figure 1).  read more »

The Cities Where A Paycheck Stretches The Furthest

bigstock-Houston-Texas-3402570.jpg

When we think of places with high salaries, big metro areas like New York, Los Angeles or San Francisco are usually the first to spring to mind. Or cities with the biggest concentrations of educated workers, such as Boston.  read more »