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The SVB Collapse Marks the End of the Silicon Valley Era

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The collapse of Silicon Valley Bank, the second largest in US history, is raising concerns about a “contagion” that could trigger a financial panic. Read more

California’s Budget Deficit Spells Trouble

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Just a year ago California Governor Gavin Newsom could, and did, brag about the state’s estimated $100 billion surplus. Flush with cash, the preening presidential hopeful was able to hand out thousands of dollars of goodies to households while financing an elaborate multi-billion dollar climate change agenda. Read more

California Jobs: A Multi-Dimensional Problem

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“From the Beginning, California promised much. While yet barely a name on the map, it entered American awareness as a symbol of renewal. It was a final frontier: of geography and of expectation.”
— Kevin Starr, “Americans and the California Dream, 1850-1915” (1973)

On the surface, California’s job story seems positive. The “headline” unemployment number for December 2022 is low (4.1%). Payroll jobs continue to bounce back to close to pre-pandemic levels. https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-november-2022/. As Mad Magazine’s Alfred E. Newman would say, “What? Me worry?”

But a closer look at the longer-term, 20-year statistics shows a state with some very worrisome issues related to jobs, some of which are unique to California’s set of past policy choices. Read more

Views from The Left Coast: The Future of Cities

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The Western US has long been an innovator in developing the urban form, notably in the creation of suburbanized, multipolar cities. Yet now that model is showing strain, and there’s a fierce debate about how western cities should grow. Watch as the panel explores these issues, from homelessness to high housing prices and the impact of regulation. Read more

How the California Dream Became a Nightmare

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For Americans, California once looked like the future. It was a state defined by risk-taking and utopian dreaming. Yet for most Californians today, the upward mobility so central to the state’s ethos is rapidly disappearing. For decades, California was the primary destination for both other Americans and for foreign immigrants. Now, this trend has gone into reverse Read more

California’s Budget Surplus Has Vanished; Its Economy Faces a Harsh Reality

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The much-celebrated California boom is facing a harsh reality.

Everything was looking good, based on enormous growth in capital gains in tech stocks and property, and some in Sacramento assumed the bounty would last — until it didn’t. The latest bad news is the evaporation of the state budget surplus that is now rapidly turning into a deficit that could run as high as $22 billion to $40 billion, particularly if there’s a recession. Read more

The Absurdity of California’s Reparations Proposal

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You can always count on California’s progressive contingent to mix lunacy with hypocrisy. The state’s nine-member Reparations Task Force last month recommended large state payments to descendants of slaves, now living in California. Read more

Living up to the “Left Coast” Name

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The “left coast” mostly lived up to its name during the midterms, though occasional signs of dissent could be seen. In California, Governor Gavin Newsom won big, and the GOP saw no major statewide successes. California controller candidate Lanhee Chen, the rare Republican endorsed by virtually every major newspaper, barely did better than his hapless GOP running mates in a loss. In Oregon, Christine Drazan failed to make it to the governor’s mansion, despite Portland’s ongoing meltdown and a spirited race. And in Washington, speculation about a closer-than-expected Senate race proved wrong. Read more

West Coast Blues

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Few regions have been more consistently Democratic than the West Coast. Even compared with the Northeast, where Republicans occasionally win governors’ offices, the appropriately named “left coast” has been adamantine in its progressivism. Republicans haven’t won statewide office in California in years; in Oregon, it’s decades. Washington has elected a Republican secretary of state, but she now serves in the Biden administration. And the region’s major cities are overwhelmingly blue.

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The Fall of Los Angeles

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For much of the 20th century, Los Angeles symbolised the future. Over the course of the century, the population grew 40-fold to nearly four million people.

But now, for the first time in its history, the population of Los Angeles is in decline, falling by 204,000 between July 2020 and July 2021. LA was once a magnet for investors. But recently many of the area’s corporate linchpins – including aerospace giant Northrop Grumman, Occidental Petroleum and Hilton Hotels – have left, taking with them high-paying jobs and philanthropic resources. Read more