Middle Class

Few finance issues have received such a wide range of opinions among financial experts than the "housing bubble" in China. This is an issue of international importance because what happens in what is now the world’s 2nd largest economy affects the rest of the world.  read more »

How can we reduce health problems in society? Should we tackle poverty and social problems such as crime and drug abuse, or is the problem inequality in itself? If we reduce the income in a middle class neighborhood, will this in itself improve the health of poor people living in the same city?

The latter form of reasoning is perhaps not so popular in the US, but quite so amongst European social democrats. A new book highlights how the European left is as concerned with fighting wealth as it is with fighting poverty.  read more »

Vancouver is consistently rated among the most desirable places to live in the Economist’s annual ranking of cities. In fact, this year it topped the list. Of course, it also topped another list. Vancouver was ranked as the city with the most unaffordable housing in the English speaking world by Demographia’s annual survey. According to the survey criteria, housing prices in an affordable market should have an “median multiple” of no higher than 3.0 (meaning that median housing price should cost no more than 3 times the median annual gross household income). Vancouver came in at a staggering 9.3. The second most expensive major Canadian city, Toronto, has an index of only 5.2. Even legendarily unaffordable London and New York were significantly lower, coming in at 7.1 and 7.0 respectively. While there are many factors that make Vancouver a naturally expensive market, there are a number of land use regulations that contribute to the high housing costs.  read more »

Sarah Palin has emerged as the right's sweetheart, a cross between a pin-up girl and Joan of Arc. For some activists, like the American Thinker's Lloyd Marcus, she's "my awesome conservative sister" who the mainstream media wants to "destroy at any cost."

On a more serious note, leading right-wing pundit Roger Simon argues Palin's is now the biggest name in Republicandom, which he admits is not too great an accomplishment. Armed with "something more than intellect," he praises her unique ability to "connect with the base." He also believes, citing some polls for 2012, that she could run a close race against President Obama.  read more »

Last month promoters of the Metropolitan Transit Authority's Los Angeles rail projects, both past and future, held a party to celebrate their "success." Although this may well have been justified for transit-builders and urban land speculators, there may be far less call for celebration among L.A.'s beleaguered commuters.

Despite promises that the $8 billion invested in rail lines over the past two decades would lessen L.A.'s traffic congestion and reshape how Angelenos get to work, the sad reality is that there has been no increase in MTA transit ridership since before the rail expansion began in 1985.  read more »

Once a country known as “lucky” for its affordable quality of life, Australia has achieved legendary status as a place where public policies have destroyed housing affordability for the middle class. Draconian land rationing policies (called "urban consolidation" in Australia and more generally "compact city" policy or "smart growth"), have made it virtually illegal to build houses outside tightly drawn urban growth boundaries that leave virtually no room for new construction beyond the urban fringe.  read more »

Home ownership has been considered an integral part of the American Dream for as long as anyone can remember. Now it has come under scrutiny, notably in a June Wall Street Journal piece by Richard Florida, which claims that that home ownership reduces employment opportunities for young adults, since it limits their mobility.  read more »

In 1952, a white Protestant couple from Pasadena, California along with their newly born first child, moved 22 miles east to a small town called Covina. There, among acres of open space and endless rows of orange, lemon, and avocado trees, the young family was able to purchase a plot of land and build a brand-new home with swimming pool for a total of $20,000.  read more »

Americans, with good reason, increasingly distrust the big, impersonal forces that loom over their lives: Wall Street, federal bureaucracy, Congress and big corporations. But the one thing they still trust is that most basic expression of our mammalian essence: the family.  read more »

Advocates on opposite sides of urban debates often spend a great deal of time talking past each other. That's because there's a certain Mars-Venus split in how they see the world. In effect, there are two very different and competing visions of what an American city should be in the 21st century, the “high quality” model and the “high quantity” model One side has focused on growing vertically, the other horizontally. One group wants to be Neimans or a trendy boutique and ignores the mass market. The other focuses more on the middle class, like a Costco and Target.  read more »