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Brown's Redevelopment Proposal, If Passed, Could Whack Corporate Welfare
Welfare is welfare. It is the taking the money from the citizens to give it to the well connected. In the case of welfare for the poor, they are just the props for the bureaucracy that takes about 70% of the funds. Some temporary welfare is necessary in some cases, but should not be a way of life. My father used to say that "socialismo es para el socio listo," or roughly translated "socialism is for the astute member or insider."— January 11, 2011 10:43 p.m.
Comparatively, Tech Workers Haul in Bucks in San Diego
Technology jobs still pay relatively high wages in this country. Technical degrees are perceived to be more difficult than other degrees and many of the individuals who earn them are foreign born. The company I work at has been hiring for technical positions, both contract and permanent, and very few of the new hires graduated from an American high school. They usually have a master and/or doctoral degree from an American university. I wonder how long these wages will last. I believe that wages in the technical sector are higher in the US than in most other countries. I remember speaking around 2000 with a sales engineer that worked for a UK company and who wanted to return to the UK despite a 20-30% wage reduction. Maybe UK taxes had something to do with that, but his perception was that his "salary" was going to be lower. Many companies like Cisco, IBM and Alcatel-Lucent are opening technology and R&D centers in India and China. Some of that is fine, but it is only a matter of time before the basic technology will not be developed here. One country in particular is notorious for its lack of protecting intellectual property and selling products at a lower price with stolen technology. Most of the high tech manufacturing has already left this country. Like the iPhone says on the back: "Designed by Apple in California. Assembled in China." The unemployment rate in Santa Clara County (Silicon Valley) was 10.8% in November 2010.— January 6, 2011 10:51 p.m.
Home Values in San Diego, Other Metro Areas Decline
I like to read a variety of viewpoints. I enjoy reading your columns, even when I may not agree with them, because they provide a perspective that will hopefully make me a bit more knowledgeable. Your background in writing business columns for the UT and now at the Reader, where I believe you have greater freedom, have given you an insight into economic matters and how decisions are "made" that is informative. Mr. Hanson's background in history, particularly in the classical civilizations of the Mediterranean, gives a perspective that much of what occurs today is really not "new" and has occurred before in a very different setting. Human nature has not changed much in several millennia. He continues to live in the farmhouse where he was born and has seen the drastic changes in California that are leading us to insolvency. He contrasts very well the vast differences between the liberal and affluent Palo Alto to the impoverished Central Valley and how people who are highly compensated doing intellectual work are often oblivious to others who produce things and are are not compensated well. I believe that the detachment from average people by our elites is what is leading us astray. Not everyone can be a highly-paid paper pusher, others--the majority really-- need to produce something. Decision makers need to be cognizant that real work does not occur in a utopian vacuum and they are not masters, or the new nobility.— December 30, 2010 2:28 p.m.
Home Values in San Diego, Other Metro Areas Decline
I interpret the 300 million as a generic term for the entire population and not that every single individual is doing well. I every civilization there has always been individuals who are not doing well, regardless of how affluent, or impoverished, the civilization. That has been true, is true today and will probably always will be true. When you look at the technical/material advances that make life more enjoyable today and the cost reductions facilitated by Moore's Law, life is better today. In the "Two Californias" article Mr. Hanson observes that most of the people who are using food stamps have similar cars and electronic devices as the middle class in other parts of California. That is not to say that many people are hurting today. The economic changes, the fraudulent lending practices, cavalier/fraudulent securitization, the government encouraging home ownership by individuals who were not ready for it, greed and/or ignorance on the buyers part, etc. have created the housing mess. I personally know three individuals who may lose/walk away from their homes for different reasons. All of them are still employed and their salaries are about the same.— December 30, 2010 1:53 p.m.
Home Values in San Diego, Other Metro Areas Decline
Here are a couple of recent columns from Victor Davis Hanson. A positive one: "Every Man a King" http://www.victorhanson.com/articles/hanson122810… One not so positive: "Two Californias" http://www.victorhanson.com/articles/hanson121610…— December 29, 2010 12:32 a.m.
Home Values in San Diego, Other Metro Areas Decline
The cost of utilities will probably go up and our state and federal governments continue to till at windmills, which are a cuisinart for birds of prey and cost much more than hydro, nuclear and carbon-based energy sources. Virtually nothing is done to develop and exploit cost-effective domestic sources of energy. The cost of energy not only impacts what we pay as consumers, but also impacts manufacturing and other energy intensive economic activities. The more expensive government makes things through regulations and bureaucratic dictates, the less productive economic activity we will have. But will have more well-paid bureaucrats. Housing is relatively affordable in most of the country with the exception of the west coast and the northeast. Here in coastal California, real estate prices are still high in relation to income and have been since the mid-seventies. Far too many people see housing as the lottery instead of as shelter and security for tough times. However, it is very sad to see people lose their houses and the devastation caused in areas where prices have dropped by 50% or more. As the mindset towards home ownership changes from potential appreciation to long-term affordability, prices are not likely to increase for a while. Rents in San Diego are very high in absolute terms. However, in relation to the underlying value of the property, they are not that high.— December 28, 2010 11:24 p.m.
Gin's Lead Indicators Inch Forward in November
Product engineering creates tangible and usable products. It is generally based on hard science and provable theories. Financial engineering creates paper products. It is based on soft science and very complex mathematical models that are difficult to prove. Financial engineering pays incredibly well--at least until it implodes, or you can buy government protection (i.e. "too big to fail"). The revolving door between Washington and Wall Street is moving faster than ever. Anecdotally, inflation appears to be much higher than reported. The cost of food, energy and government is increasing much more than 1-2% per year.— December 23, 2010 12:43 a.m.
City Delays Audit, Halts Bonds. Blames Computers. Hmmmmm
How convenient that the audit is the city function most affected by the new computer system. How can the city continue to function if it does not "know" its financial situation? You would think that correcting this computer problem is urgent and would be fixed as soon as possible. What happened to the existing "antiquated" computer system? Why did the city not continue to operate the old system until the new one was functioning properly? This is typical of government. "Mistakes were made" and no one, absolutely no one, in the bureaucracy is held accountable for mistakes, and/or incompetence, and/or corruption. I thought the toll on the Coronado Bridge was to pay off the bonds and maintenance. Government is desperate to maintain its high cost structure and will do everything possible to extort money from the public. At $5 each way, I will take the scenic route through the Silver Strand for at least one leg of my next trip to Coronado. It may be more difficult for those who work at North Island to avoid the bridge.— November 16, 2010 11:58 p.m.
Dodd-Frank Gives SEC Exemption from Providing Documents
One of the things that I remember from reading Hayek's "Road to Serfdom" several years ago is that for government to work well, you have to assume that the bureaucrat not only has access to all the information, but also must be independent of all the interest groups (factions in Madison's words). We are all self-interested to different degrees and without a strong ethical and moral foundation, it is very easy to rationalize special favors and take advantage of "opportunities." The success of capitalism is that it takes human nature into account and, when there is vigorous competition, keeps the competing interests "honest." The greater the role of government in everyday life and economic affairs, the greater the incentive for lobbyists to seek the special favors from the ruling class. Anybody who believes that most in the political class will act in society's best interest will be sorely disappointed. Just look at all the family members who work in lobby firms or Wall Street to see the truth. This is an equal opportunity endeavor for both Democrats and Republicans. There are very few "public servants" like Mr. Aguirre. The government and regulators have a definite oversight role, which can also be interpreted as "competition." There is also a very important role for an independent and investigative media to present the facts to the public.— September 18, 2010 12:29 a.m.
NY Pension System Underfunded; State Broke
Don, I am pretty sure it has sunk in with the citizens. We are going to have to completely, 100% implode before the elected officials take action I am afraid. ====== I sure hope you are right. Unfortunately I doubt it has sunk in with the majority of voters, or at least it becoming the primary reason on whom to vote for--assuming there is a real choice on this topic. Voter intensity on an issue can be more important than having majority support that is of secondary or tertiary importance. When any endorsement or political advertisement by a public sector union, or "association," becomes the primary reason to not vote for a candidate or proposition, that is when this will start to change without insolvency/bankruptcy. That is not to say that police/fireman unions are not necessary to protect its members. Unlike a private corporation where management has a self interest in controlling costs. The management in the public sector has a significant conflict of interest in controlling costs, and particularly retirement benefits, because they personally benefit from having very generous benefits. Government is a monopoly but most of the media never questions the need for their first claim on society's wealth because it is for the "public good" and the "public servants" are not greedy like those in the private sector. The excesses of the retirement and medical benefits are shedding light on these abuses and will make this propaganda more transparent. Like most things regarding government, there are two sets of rules: one for the government employees and another for those who pay them. Private sector pensions/retirements, where they still exist, can be changed (reduced) fairly easily. What happened to the United Airline pilots was terrible. That is not the case for our illustrious public employees: you can only change things to increase the benefits, but it is "unconstitutional" to return the benefits to the same level as before.— September 13, 2010 11:08 p.m.