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

Southern California, once the center of one of the world’s most vibrant business communities, has seen its economic leadership become largely rudderless. Business interests have been losing power for decades, as organized labor, ethnic politicians, green activists, intrusive planners, crony developers and local NIMBYs have slowly supplanted the leaders of major corporations and industries, whose postures have become, at best, defensive.

Increasingly, a search for inspiration about the region’s future must focus, first and foremost, on immigrants. As major companies disappear, merge or shift more of their operations elsewhere, the foreign-born represent a significant asset for our grass-roots economy. With many of the region’s legacy industries – from oil and gas to aerospace and entertainment – stagnating or declining, the area desperately needs new blood to avoid ending up like the older cities of the slow-growth Northeast or Midwest, albeit with much better weather. Read more