Important attention has been drawn to the shameful condition of middle income housing affordability in California. The state that had earlier earned its own “California Dream” label now limits the dream of homeownership principally to people either fortunate enough to have purchased their homes years ago and to the more affluent. Many middle income residents may have to face the choice of renting permanently or moving away.
Tagged: middle class
University of Michigan student Jesse Klein made headlines across the Internet on February 19 when her article insisting her parents are “middle class” despite having a combined annual income of $250,000 was covered by several major media outlets. Virtual sparks flew throughout the blogosphere, Twittersphere, and everywhere in between as debaters on both sides of the issue lined up to defend or denounce her allegedly controversial claim.
Our politicians have placed any number of barriers in the way of prosperity, and one of the most costly has been the Dodd-Frank financial reforms (DF). Congress passed this 2,300-page law in 2010. It has since spawned a massive new regulatory environment with an impact reaching far beyond the nation’s $1.1 trillion financial services industry.
Writing in The Orange County Register, the distinguished urbanologist Joel Kotkin notes that many conservatives are now “waging a war on middle-class America” through their support for trendy progressive “smart growth” policies. Such policies are the stock in trade of an urban planning movement that has been in power for about a quarter-century now, promoted by certain business interests (aka rent-seekers) in a coalition with elitist progressive politicians and upper-class and aspiring-upper-class cultural snobs.
It seems that when Chief Justice John Marshall was preparing the opinion for McCulloch v. Maryland he tapped into an eternal truth. “The power to tax is the power to destroy,” he wrote on behalf of a unanimous Supreme Court. Those words are no less true in 2014 than they were in 1819. Taxation appropriates money from one person or group of people in order to give it to others. There is no way to escape taxes. But there is a way to make taxes somewhat fairer. One way is to make taxes flatter and expand the tax base.
A new book by French economist Thomas Piketty on “Capital in the Twenty-First Century” has recently caused a major stir on the opinion pages of newspapers and magazines. Piketty has resurrected from the ash heap of history Karl Marx’s claim that capitalism inescapably leads to a worsening unequal distribution of wealth with dangerous consequences for human society.
Today, more than any time, arguably, since the Great Depression, the prospects for improved housing outcomes are dimming for both the American middle and working classes. Not only is ownership dropping to twenty-year lows, there is a growing gap between the amount of new housing being built and the growth of demand.
With all the talk of America’s forgotten middle class, it’s worth taking time as we begin a new year to consider that the country’s seeming obsession with wealth and inequality may instead be turning the U. S. into a country with only two classes: the governed and the governing.
President Obama’s speech yesterday on inequality is being lauded as one of the best of his life, by people who paid attention to it. It’s a sad speech to read, in some sense, since it contains within it the promise of a presidency that we never saw come to fruition – the sort of policy effort that might have been launched to bipartisan success in the first year of his presidency, instead of his effort on Obamacare.
Ninety years ago, on November 15, 1923, the Great German Inflation came to an end when the monetary printing presses were finally shut down, and the economic havoc came to an end. Its lessons are worth remembering.
“Do not blame Caesar, blame the people of Rome who have so enthusiastically acclaimed and adored him and rejoiced in their loss of freedom and danced in his path and[…]
[First posted at Forbes.] Steve Moore begins his brilliant new book, Who’s the Fairest of Them All? The Truth About Opportunity, Taxes and Wealth In America, quoting President Obama saying: We’ve sought[…]