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Millennial Boomtowns: Where The Generation Is Clustering (It’s Not Downtown)

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Appearing in:

Forbes

Much has been written about the supposed preference of millennials to live in hip urban settings where cars are not necessary. Surveys of best cities for millennials invariably feature places like New York, San Francisco, Chicago and Boston, cities that often are also favorites of the authors.

Yet there has been precious little support for such assertions. I asked demographer Wendell Cox to do a precise, up-to-date analysis of where this huge generation born between 1983 and 2003 actually resides. Using Census American Community Survey data, Cox has drawn an intriguing picture of millennial America, one that is often at odds with the conventional wisdom of many of their elders. Read more

Growth, Not Redistribution the Cure for Income Inequality

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Appearing in:

Orange County Register

Ever since the publication this spring of Thomas Piketty’s book “Capital in the 21st Century,” conservatives and much of the business press, such as the Financial Times, have been on a jihad to discredit the author and his findings about increased income inequality in Western societies. Some have even equated growing attacks on inequality with anti-Semitism, with at least one Silicon Valley venture capitalist, Tom Perkins, comparing anti-inequality campaigners to Nazis.

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European Style Going Out of Fashion at Ballot Box

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Appearing in:

Orange County Register

The recent political earthquake in Europe has great implications for the United States, both internationally and domestically. The unpopularity of European Union institutions produced record-breaking votes for a motley assortment of anti-establishment parties across the Continent, suggesting it’s time to stop looking across the Atlantic for role models as Europe’s dismal prospects have inspired the lowest levels of political support in several decades.

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Shaking Off The Rust: Cleveland Workforce Gets Younger And Smarter

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Appearing in:

Forbes

In virtually every regional economic or demographic analysis that I conduct for Forbes, Rust Belt metro areas tend to do very poorly. But there’s a way that they could improve, based in large part on the soaring cost of living in the elite regions of California and the Northeast. And one of the rustiest of them appears to be capitalizing on the opportunity already: that perpetual media punching bag, Cleveland.

Between 2000 and 2012, the Cleveland metro area logged a net gain of about 60,000 people 25 and over with a college degree while losing a net 70,000 of those without a bachelor’s, according to a recent report from Cleveland State University. The number of newcomers aged 25 to 34 increased by 23 percent from 2006 to 2012, with an 11 percent increase from 2011 to 2012 alone. Read more

Taking a Back Seat to Texas

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Appearing in:

Orange County Register

The most important news recently to hit Southern California did not involve the heinous Donald Sterling, but Toyota’s decision to pull its U.S. headquarters out of the Los Angeles region in favor of greater Dallas. This is part of an ongoing process of disinvestment in the L.A. region, particularly among industrially related companies, that could presage a further weakening of the state’s middle class economy.

The Toyota decision also reflects the continued erosion of California’s historic economic diversity, which provided both stability and a wide variety of jobs to the state’s workers. We have seen this in the collapse of our once-burgeoning fossil-fuel energy industry, capped this year by the announced departure from Los Angeles of the headquarters of Occidental Petroleum. Blessed with huge fossil fuel reserves, California once stood as one of the global centers of the energy industry. Read more

Reversing American Decline

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Appearing in:

New York Daily News

Across broad ideological lines, Americans now foresee a dismal, downwardly mobile future for the country’s middle and working classes. While previous generations generally did far better than their predecessors, those in the current one, outside the very rich, are locked in a struggle to carve out the economic opportunities and access to property that had become accepted norms here over the past century.

This deep-seated social change raises a profound dilemma for business: Either the private sector must find a way to boost economic opportunity, or political pressure seems likely to impose policies that will order redistribution from above. It is doubtful the majority of Americans will continue to support an economic system that seems to benefit only a relative few. Looking at our unequal landscape, one journalist recently asked: “Are the bread riots finally coming?” Read more

Stop Favoring Investors, Speculators over Middle Class

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Appearing in:

Orange County Register

I, like most members of the middle class, particularly in California, just paid a tax bill that seemed less like my fair share than a shakedown by the Mafia. Increasingly, for people who run small businesses or earn a decent income, the tax bite is becoming ever more like in Europe, with total bills in high-tax states like ours reaching upward of 40 percent. It’s like paying the bill for a big dinner without eating the food – we get hammered like Swedes but without the free education, health care and other benefits of a more conventional welfare state.

Most galling is that, while the middle class has endured ever-higher taxes, those who have benefited most from the Bernanke-Obama “recovery” continue to get the biggest tax breaks. This is largely the investor class, who have been able to reap the benefits of the stock-market boom and, in some areas, including coastal California, the steep rise in real estate prices. Read more

Special Report: America’s Emerging Housing Crisis

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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.

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Turn Of The Screwed: Does The GOP Have A Shot At Wooing Disgruntled Millennials?

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Appearing in:

Forbes

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?

Just look at these numbers. Since 2008, the percentage of the workforce under 25 has dropped by 13.2%, according to the Bureau of Labor Statistics, while that of people over 55 has risen by 7.6%. Among high school graduates who left school in 2009-11, only 16% had full-time work in 2012, and 22% worked part time although most sought a full-time job. Read more

America’s New Brainpower Cities

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Appearing in:

Forbes

Brainpower rankings usually identify the usual suspects: college towns like Boston, Washington, D.C.,  and the San Francisco Bay area. And to be sure, these places generally have the highest per capita education levels. However, it’s worthwhile to look at the metro areas that are gaining college graduates most rapidly; this is an indicator of momentum that is likely to carry over into the future.

To determine where college graduates are settling, demographer Wendell Cox analyzed the change in the number of holders of bachelor’s degrees and above between 2007 and 2012 in the 51 metropolitan statistical areas with over a million people (all saw gains). Read more