Middle Class

With one of the most successful economies in the nation, the real estate news in the Pacific Northwest is positive and gives hope for a housing sector recovery, albeit at different rates in different markets. CNNMoney reports that from the third quarter in 2012 to the third quarter in 2013, the median home price in the Seattle-Bellevue and Everett area increased by 13.7%. The forecast for changes from the third quarter in 2013 to the third quarter in 2014 is another 5.2%.  read more »

This is the executive summary from a new report, America’s Emerging Housing Crisis, published by National Community Renaissance, and authored by Joel Kotkin and Wendell Cox. Download the report and the supplement report below.

From the earliest settlement of the country, Americans have looked at their homes and apartments as critical elements of their own aspirations for a better life. In good times, when construction is strong, the opportunities for better, more spacious and congenial housing—whether for buyers or renters—tends to increase. But in harsher conditions, when there has been less new construction, people have been forced to accept overcrowded, overpriced and less desirable accommodations.  read more »

Over the past few years, particularly since the bursting of the housing bubble, there have been increasing calls for middle-class Americans to “scale down” from their beloved private homes and seek a more constrained existence. Among these voices recently was Michael Milken, for whom I have worked and have enormous respect. He suggested Americans would be better off not buying homes and living smaller, for the sake of their own economic situations, families and the environment.  read more »

Silicon Valley’s biggest names—Google, Apple, Intel and Adobe—reached a settlement today in a contentious $3 billion anti-trust suit brought by workers who accused the tech giants of secretly colluding to not recruit each other’s employees.  read more »

Over the past five years, the millennial generation (born after 1983) has been exercising greater influence over the economy, society and politics of the country, a trend that will only grow in the coming years. So far, they’ve leaned Democratic in the voting booth, but could the lousy economic fate of what I’ve dubbed “the screwed generation” lead to a change?  read more »

The ongoing trial involving journalist Mark Steyn – accused of defaming climate change theorist Michael Mann – reflects an increasingly dangerous tendency among our intellectual classes to embrace homogeneity of viewpoint.  read more »

Headquarters were once a defining characteristic of urban economic power, and indeed today cities that can still brag of the number of entries they boast on the Fortune 500 list of largest American firms. Yet as urban centers increasingly lost headquarters, boosters started to downplay them as a metric, particularly with the rise of the so-called “global city” concept. Today the HQ is back into the urban mix, but increasingly as what I would call the “executive headquarters” which brings bragging rights to a city but not much in terms of middle class jobs.

The corporate headquarters in a downtown skyscraper took a beating during the 70s, 80s, and 90s as America’s inner cities went into decline. Why locate in a decaying, lawless, dysfunctional urban setting that seemed destined for the scrap heap when the shiny suburbs beckoned?   read more »

For seven decades urban planners have been seeking to force higher urban population densities through urban containment policies. The object is to combat "urban sprawl," which is the theological (or ideological) term applied to the organic phenomenon of urban expansion. This has come at considerable cost, as house prices have materially increased relative to incomes, which is to be expected from urban containment strategies that ration land (and thus raise its price, all things being equal).  read more »

If there's anything both political parties agree upon, it's that our education system is a mess. It is particularly poor at serving the vast majority of young people who are unlikely either to go to an elite school or get an advanced degree in some promising field, particularly in the sciences and engineering.  read more »

Perhaps no issue looms over American politics more than worsening  inequality and the stunting of the road to upward mobility. However, inequality varies widely across America.  read more »