After the release of the 2009 fourth-quarter GDP estimate, some forecasters are now predicting a rapid recovery in 2010. Certainly, the fourth-quarter growth rate was impressive, particularly following the modest pickup reflected in the third-quarter results and the terrible results of the previous several quarters. Implicitly, these optimistic forecasts are based on the assumption that the United States economy has been fundamentally unchanged by the recession. read more »
Remember when President Obama declared that insulation was sexy? In the wake of the global economic downturn, a “green jobs” formulation has been launched, not just here, but in every major world capital. While the White House’s financial and rhetorical commitments to the creation of green jobs are significant, no administration has made these policies as central to their government as that of Prime Minister Kevin Rudd in Australia. The results there should provide a cautionary tale for President Obama, whose trip “Down Under” is currently scheduled for June. read more »
Latching onto Kevin Rudd’s call for “a big Australia” and forecasts that our population will grow by 60 per cent to 35 million in 2050, urban planners are ramping up their war against suburbia. In paper after paper, academics across the country have been pushing the same line. Climate change, peak oil and the financial crisis mean we can’t go on driving and borrowing for low-density housing. read more »
Cuyahoga County Treasurer Jim Rokakis, who is based in Cleveland, estimates that new census numbers might show Cleveland's population to be 325,000, a whopping 153,000 drop in 10 years! That would be an average of 15,000 people leaving Cleveland every year.
That’s 1,250 people jumping ship every month,
312 people fleeing the wreckage every week,
45 people evacuating every day, or
2 people running out of Cleveland every hour, 24/7, the whole year, for 10 straight years. read more »
California is in trouble: Unemployment is over 13%, the state is broke and hundreds of thousands of people, many of them middle-class families, are streaming for the exits. But to some politicians, like Sen. Alan Lowenthal, the real challenge for California "progressives" is not to fix the economy but to reengineer the way people live. read more »
This is the second in a two part series exploring a pessimistic and an optimistic future for the United States. Part One appeared yesterday.
A positive assessment of US prospects rests on at least seven propositions. First, the current crisis is not inherently more threatening than many others, most notably the Civil War, the Great Depression, and two World Wars. Quality leadership, building on the resilient political and economic institutions of the country, will prove sufficient to bring about needed sacrifices and transformations. We have seen this many times in the past from the Progressive Era to the New Deal, the Second World War and the winning of the Cold War, which was a uniquely bipartisan triumph. read more »
America is at a crossroads. Its current path is unsustainable. The deficit for fiscal year ending Sept. 30, 2009 was $1.42 trillion. The National Debt is $12.5 trillion with the debt ceiling just raised to $14.9 trillion. The National Debt has increased $4 billion per day since September 28, 2007. The Obama Administration projects trillion dollar deficits for years to come. It has bailed out GM and Chysler, the banks “too big to fail” , and state governments that cannot manage their budgets. read more »
For more than one-third of a century Jerry Brown has proved one of the most interesting and original figures in American politics--and the 71-year-old former wunderkind might be back in office in 2010. If he indeed wins California's gubernatorial election, the results could range from somewhat positive to positively disastrous. read more »
The Golden State is not so golden anymore. California is broke. With a $20 billion dollar deficit and tax revenues down 27% from last year, Governor Schwarzenegger looks to Washington D.C. for a bail-out to rescue the state from financial ruin. Like the executive passing a beggar on a street corner, Washington looks the other way. Unemployment is statistically 12.3%, but functionally, it runs closer to 20% of the work force. Nowhere is unemployment more tragic than in the Central Valley, the fruit and vegetable producer of the world. read more »
By Richard Reep
Until recently, Florida was the king of growth, agriculture, and tourism. Growth – at 900 immigrants a day from other states – characterized Florida’s landscape for over 30 years, and growing cities were in perennial battle with agriculture up until the watershed year of 2009. As a tourist destination, Florida claimed world-class status, which once served the state just fine. Now, gasping for breath and facing financial uncertainty, Florida’s leadership frantically seeks a new silver bullet to create jobs, focusing on biomedical research. This focus is timely and important, and can truly move the state in a new direction, and the state leadership’s resolve to diversify the economy should stay strong, even with a short-term lack of results. read more »