Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

2.20.2009

Adolfo Carrión Jr: America's Czar for Cities

President Barack Obama named Bronx Borough President Adolfo Carrión Jr. as his Director of Urban Affairs to oversee federal investments in America's cities. The appointment is a key part of Obama's strategy to lift the American economy through targeted investments in education and infrastructure.

Carrión's appointment "will bring long overdue attention to the urban areas where 80 percent of the American people live and work," Obama said in announcing the selection.

"Vibrant cities spawn innovation, economic growth and cultural enrichment. The urban affairs office will focus on wise investments and development in our urban areas that will create employment and housing opportunities and make our country more competitive, prosperous and strong," the president said.

Carrión earned a master's degree in urban planning from Hunter College in 1990. He also served on New York's City Council, as an urban planner for the city, and as a public school teacher. He currently is president of the National Association of Latino Elected and Appointed Officials.

Carrión will report directly to Obama and coordinate all federal urban programs.

Related:
Adolfo Carrión Jr.: The Most Powerful?
Carrión Jr. - Bronx Borough President's website
Adolfo Carrión Jr. - Wikipedia

Joel Rivera v. Ruben Diaz, Jr. for Bronx Boro Prez?

1.08.2009

Hoover & Bush: Devastating Latinos

With Barack Obama preparing to assume a nation with a bankrupt economy and a social fabric in tatters, the parallels between Hoover and Bush are striking -- including how the two failed Republican presidencies impacted Latinos:

1) Like Hoover's depression, George the 43rd's crashing of the U.S. economy is having a disproportionately negative impact on Puerto Rico. With an 'official' unemployment of double the national rate at 13%, the island is hemorrhaging jobs as a new wave of islanders flee in search of jobs on the U.S. mainland. Nationally, Latino unemployment has skyrocketed from 4.9% in '06 to 8.8% last fall.

2) Hoover forced 'repatriation' of Mexican workers, including arresting and imprisoning them in 'detention centers', stripping the detainees of their rights and property, and removing them to Mexico. Bush has presided over chillingly similar policies with equally devastating results. Scores of Latinos have been rounded up, families split, rights ignored. Many have been put in detention centers where a number have died under mysterious circumstances. Countless Latinos have been 'repatriated' including U.S. citizens.

Related: 1930's Mexican Deportations: U.S. Ethnic Cleansing?
Bush + McCain = Hoover

10.17.2008

The Coming Collapse of the Middle Class



In this video lecture, distinguished law scholar Elizabeth Warren contrasts today's families to their counterparts of the '70, and finds that changes in the economy are undermining, constricting and bankrupting America's political, social and economic foundation: the Middle Class.

"I fear we're moving from a three class society to a two class society...threaten[ing] the fabric of our country. We have a middle class that's weakened. And...it's time to realign our academic and political alliances to talk more about what's happening with these families."
Dr. Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class.

9.26.2008

My "America First" Bail Out Plan: Help The People; Prosecute Wall Street Executives, Corporate Lobbyists and Corrupt Politicians

I agree with Kaptur, Kucinch and Obama, so I offer my own complementary plan:

My plan also focuses on preserving home ownership; however, I'll do it by aligning mortgage payments with the market value of their properties. Lenders would be mandated to refinance existing mortgages to sub prime borrowers (exclusive of investors) at risk of foreclosure.

The refinancing packages would come with a subsidy of between 5% and 30% of principal; long-term, fixed rates; transferability; and default insurance.

The result is greater affordability, stability as well as liquidity.

I figure such a package costs upwards of $360 billion, or about half of what Bush wants to give to Wall Street. However, the the cost to the public diminishes over time as the housing market stabilizes and homes begin selling at appreciated values.

I would add repayment clauses to reclaim all or partial payment on the subsidies for homes selling at appreciated values. Additionally, I would add a transaction surcharge on exotic and large Wall Street transactions, and on executive pay, bonuses and dividends in order to re-coup the public investment.

I would also institute tighter oversight and enhanced regulation over the credit markets; outlaw certain Wall Street practices which do nothing but generate huge fees; prosecute Wall Street executives, mortgage brokers, real estate brokers and others involved in deceptive practices and/or shirking their fiduciary responsibilities; and I would only license the selling and packaging of mortgages and mortgage products to insured, bonded and regulated institutions, banks and consumer credit unions.

What say you?

11.26.2007

Immigrants: Huge Boon to New York

A new report shows that immigrants are a huge boon to the New York economy. How big?

The study found that immigrants were responsible for $229 billion of New York's economy last year — more than the individual gross domestic product of 30 states.

Now that's big!

Related:

Immigrants Pull Weight in Economy, Study Finds

Immigrants Are Seen as a Boon: A New Report Sees Big Impact

11.01.2007

Tourists Penalizing 'Unfriendly' America

Not only does it cost a tremendous amount of money to chase down, jail and deport undocumented workers, but the nation also loses out on their productivity and spending. And there's the cost of litigation and judgements against anti-immigrant towns.

What about tourism to the U.S.? Is there are impact as a result of rising immigrant/foreigner hostility?

Discovery America has crunched the numbers and the economic impact to the U.S. is huge.

Since September 11, 2001, the United States has experienced a 17 percent decline in overseas travel, costing America 94 billion dollars in lost visitor spending, nearly 200,000 jobs and 16 billion dollars in lost tax revenue.

Dumb! Dumb! Dumb!

Related: 'Unwelcoming' US sees sharp fall in visitors since 9/11
America The Unfriendly

7.31.2007

A Trillion $ U.S. Latino Market!

According to a new study by the University of Georgia's Selig Center for Economic Growth, Multicultural Economy, African American buying power in the U.S. will rise 34 percent to top $1.1 trillion by 2012, up from $845 billion now.

However, the Latino market will be even bigger, growing from $860 billion now to $1.2 trillion in five years.

The top 10 states, as ranked by the rate of growth of Latino buying power over 1990-2006, are:

1.) Arkansas (1,174%)
2.) North Carolina (1,042%)
3.) Tennessee (833%)
4.) Georgia (832%)
5.) Nevada (748%)
6.) Alabama (679%)
7.) South Dakota (652%)
8.) Minnesota (633%)
9.) South Carolina (626%)
10.) North Dakota (623%)

Latinos, which comprised 14.7 percent of the country’s population in 2006, had disposable income of $798 billion. In 2006, the 10 states with the largest Latino markets, in order, are:

1.) California ($214.5 billion)
2.) Texas ($140.2 billion)
3.) Florida ($82.2 billion)
4.) New York ($63.3 billion)
5.) Illinois ($34.8 billion)
6.) New Jersey ($30.5 billion)
7.) Arizona ($26.4 billion)
8.) Colorado ($18.5 billion)
9.) New Mexico ($15.1 billion)
10.) Georgia ($12.4 billion)

7.21.2007

Grape harvesters of illegal immigration wrath

Oregonians for Immigration Reform love the new grape harvester machines but it can do, with a crew of just three, what it used to take 34 migrant workers 1 hour.

Hip, hip, hooray! they're all shouting.

Interesting logic since OIR's embrace of the harvester, according to Andrew Leonard in Grape harvesters of illegal immigration wrath (Salon - 7.21.07) appears to make a lie out of their key anti-immigration plank: that Latin migrant workers are taking jobs from Americans?

But here's the more critical point in Leonard's article--and it's one made vividly clear in Andres Oppenheimer's Saving the Americas: The Dangerous Decline of Latin America…and What the U.S. Must Do:

"Reducing the number of available 'stoop labor' jobs without simultaneously beefing up investments in education and job training and social safety net protections -- not just in the United States, but everywhere -- seems a bit short-sighted.

If technological change really is contributing significantly to growing income inequality then the world is facing much bigger threats than anything posed by 'illegal' labor."

Immigration Non-Harvest

Immigration Non-Harvest (Wall Street Journal - 7.20.07)

Peak harvest season is approaching in much of the country, and the biggest issue on the minds of many growers isn't the weather but how in the world they'll get their crops from the vine or off the tree. Thanks to Congress's immigration failure, farmers nationwide are facing their most serious labor shortage in years.

The results of Congress' immigration reform failure include:

- up to 30% of crops left to rot
- increase cost of U.S. farm goods
- export of farm operations aboard
- import of more foreign grown products
- replacement of high-value products (nuts, fruits) with highly mechanized products (corn, soy bean) distorting world markets
- disruption of North American labor markets

Americans can all blame nativists Lou Dobbs, Tom Tancredo, et al, the next time they're shocked by the prices at the grocery.

7.18.2007

Lift Latin American poor to stop desperate border crossings

Leading Latino conservative Herman Badillo writes (Immigration Overhaul, NYSun - 7.18.07) that it's a shame that immigration reform went down the tubes, but that the proposed bill would've been ineffective anyway.

Why?

Because, he says, the bill ignored the propellant for immigration and desperate border crossings in the first place: the dire economic circumstances of so many South of the border.

While it disappoints me that Badillo, in his quest to prescribe solutions to some of the problems besetting the Latino community, joined ranks with some of the very people that helped kill immigration reform in the first place, I give him credit for focusing attention on the political/economic circumstances in Latin America.

Badillo offers that any of us would jump at the chance to cross national borders if doing so meant living in the relative wealth of American poverty versus the hellish poverty of the Latin America poor. He's right.

Badillo believes that what Mexico and most of Latin America need is an economic overhaul. Here, here! He suggests a package of technical assistance, improved educational opportunities and financing--a sort of Marshall Plan for South of the Border that leverages the assets of international development agencies.

Badillo also calls for institutional reforms including steps to remove the systemic corruption that exists in many Latin American regimes. Although he fails to mention America's historic and continuing support of often brutal, corrupt and elitist regimes.

While Badillo's proposals are worthy of serious consideration, my question is, Where is the American will, vision and leadership to come from given the anti-Latino/immigrant hysteria of the times?

7.12.2007

Latino Migrants as Recession Buffers (Don't You Love This Country?)

America derives an enormous benefit from its undocumented servants.

They boost the nation's wealth, shore up government programs, perform the most laborious and dangerous jobs, serve as scapegoats on-call--especially America's slacker class, fight and die in our wars, and remind us that some people still value hard work and families.

They also perform a tremendous benefit to their home countries. For example, Their migration North allows the elites to live in higher on the hog without having to support a social programs for the poor and working classes. And they return money, remittances, from their meager earnings to support their families.

Of course, we all know this already, right?

But here's a benefit I hadn't thought about: migrants as recession buffers.

Yes, consider the current recession in residential construction. According to U.S. government, data residential construction has fallen some 25 percent since early 2006. But employers shows a drop of less than 2 percent in jobs in the sector.

How is that possible?

There are different theories for this phenomenon in Is Mexico paying for U.S. housing downturn? (Reuters - 7.12.07), but it's clear to me that Latino migrant workers allow construction to expand and contract to meet market demands. As markets tighten, migrant workers are shed, company expenses are slashed, allowing Citizen owners and employees to weather the downturns without as much as scratch.

Latino migrants as human recession buffers!

Migrantless Arizona output would drop 8.2% or $29 billion

Migrantless Ariz. output would drop 8.2% (by Ryan Randazzo, The Arizona Republic -
7.11.07)

If all undocumented workers were removed from Arizona's workforce, economic output would drop annually by at least $29 billion, or 8.2 percent, according to a report by the University of Arizona Udall Center for Studies in Public Policy.

It also found that Arizona's documented and undocumented immigrants generate nearly $44 billion in output annually.

The study also looked at what would happen to specific industries that lost most non-citizen workers. The figures assumed unskilled citizens would fill some positions.

Without most non-citizen immigrants, the simulations showed:

• $6.56 billion in lost construction output.
• $3.77 billion lost in manufacturing.
• $2.48 billion lost in service sectors.
• $600.9 million lost in agriculture.

"Filling the specific jobs in question would require large numbers of low-skilled workers, and the U.S. education system produces relatively few of them," Gans said. "There simply aren't enough additional workers in Arizona to fill the jobs."

There are an estimated half-million [undocumented] immigrants in Arizona.

7.11.2007

A Tool for Shopping for Better Public Schools

Given the high concentration of Latino children attending low quality public schools, it's clear that we must do a better job around in order to get a better bargain for our school tax dollars.

One terrific tool to all Americans at no cost is the Editorial Projects in Education Research Center's New District Graduation Rate Map Tool.

Produced in collaboration with the Redlands, Calif.-based ESRI, this Web-based application allows users to easily map out graduation rates by zooming in on any of the nation's individual school districts.

Users may then download a special report for the district, with detailed information on graduation rates that includes an analysis of where students are lost from the high school pipeline.

The reports also compare district results with state and national figures.

What you'll notice is that schools vary tremendously in their ability to graduate students. Oftentimes, schools with similar demographics in nearby neighborhoods or schools districts achieve dramatically different results.

So when you shop for a new home, make sure you also shop for the better schools. Even if you don't use the local public schools, the better the local schools, the better your real estate investment.

6.18.2007

The Hispanic Era

The Hispanic Era (by columnist Ruben Navarette, San Diego Union-Tribune - 6.17.07)

For U.S.-born Hispanics, this is the Dickensian era. You know, the best of times and the worst of times.

The nation's 42 million Hispanics are coming into their own and leaving their mark on everything from food, sports and fashion to entertainment, business and politics. They're fawned over by Fortune 500 companies anxious to tap into $800 billion in annual spending. And they're one of the newest obsessions of big media companies -- Time Warner, Viacom, Gannett, et al -- eager to stay relevant amid rapidly changing demographics.

A few weeks ago, CNN's Wolf Blitzer asked the Democratic and Republican presidential candidates if they supported making English the country's official language. Now the question on the table is whether any of the candidates will accept Univision's invitation to debate in Spanish.

All this concern about open borders, when what we could really use are more open minds.

But Hispanics are also in the crosshairs. All of this attention is having some unintended and negative side effects. For starters, it is causing resentment from non-Hispanics who feel as if they're being overlooked. They claim that Hispanics are receiving cultural accommodations that aren't offered to others. Why do we have to press 1 for English when making a phone call, they ask. One reader put it this way: "My first language is not English and no one caters to me.

I miss my maternal tongue. I would love to be able to 'press 2 for French' ... but, oddly, it's not something that is offered to me."

Why do you suppose that is? Follow the dinero. Hispanics aren't asking to be pitched soft drinks or credit cards or cell phone service in Spanish. It is the companies that are asking Hispanics to buy their products, and entrepreneurs think it'll help their chances if they make the pitch in what they assume is the population's native language. But these decisions aren't being made at the behest of Hispanics any more than the fish gets to choose the bait.

Also, the extra attention is stoking rivalries over the silliest of things, such as -- catch this one -- whether Hispanic baseball players are pushing African-Americans out of the big leagues. That was the claim by Gary Sheffield of the Detroit Tigers, who asserted that Hispanic players are more compliant than black players and thus more desirable to management. It wasn't long ago that it was whites who argued that all the good jobs went to African-Americans because of affirmative action. That template -- like the one offered up by Sheffield -- is nothing more than a glorified excuse, the sort that you cling to when you fail or fall short. Or in the case of black athletes, simply make other career choices such as football or basketball.

Lastly, the extra attention is causing some to assume that Hispanics are demanding "special treatment" when really all they're asking for is fair treatment. That's what happened when Hispanics protested a planned World War II documentary on the Public Broadcasting Service that initially ignored the contributions of Latinos to the war effort. When I wrote about the controversy, I got angry mail from Americans who sarcastically demanded equal time for other groups. They all seemed to be asking the same question: Why are Hispanics so special? They're not special. That's the point. They're Americans like everyone else. No better and no worse.

That itself represents a radical departure from where our society was a generation ago, when Hispanics were subjected to their own rendition of Jim Crow a couple of generations ago, including segregated schools, restricted swimming pools and signs in restaurants in the Southwest that read "No Dogs or Mexicans Allowed."

Today, it's a new world. Most U.S.-born Hispanics work hard, pay their taxes, try to raise good kids and strive for whatever they consider their version of the American Dream. They're not perfect, but neither is any other ethnic group.

But here's the important part: They're also not going away. The sooner other Americans accept that and recognize the benefit in a rich and diverse and vibrant society such as ours, the better off we'll all be -- and the more civil our interactions.

One person who gets that is George W. Bush. The president told McClatchy Newspapers that he has "seen firsthand the beautiful stories of people being able to take advantage of opportunity and make solid contributions to our society." The key, Bush said, is living in diverse surroundings where "if you're open-minded, you get a great sense of how (diversity) invigorates the society."

There you have it. All this concern about open borders, when what we could really use are more open minds.

6.10.2007

Study: Immigrants strengthen LI economy

Study: Immigrants strengthen LI economy 06/05/07)

WOODBURY - A study released Tuesday by the Horace Hagedorn Foundation found Long Island benefits economically from its immigrant community.

According to the study, Hispanic immigrants - both legal and illegal - each contribute an average of $614 more than they receive in education, health care and corrections. Hispanic-owned businesses on the Island, meanwhile, earn $2 billion and employ approximately 25,000 people, the study found.

"This population is creating jobs," said Darren Sandow, executive director of the Horace Hagedorn Foundation. "They're actually bringing down the amount of taxes each Long Islander pays because they're generating income."

Horace Hagedorn was the founder of Miracle Gro plant food. He died in 2005. The foundation named after him is continued by his wife, Amy Hagedorn, who is president of the organization.

5.26.2007

PR: Careening towards an abyss as dark and deep as the Puerto Rico Trench

Puerto Rico's economic disaster has again been confirmed with this week's announcement that the island's general obligation debt was downgraded to near junk status. The island will now pay significantly more when it refinances $1.5 billion in bonds next week and for a long time to come without immediate reforms.

Stagnant employment growth, a 10.1% official unemployment rate and a projected decline in economic production this year have limited Puerto Rico's efforts to boost revenue after implementing a new 5.5% sales tax. The island government's debt load, already high by S&P's standards at $5,789 per person, will probably increase.

What measures is Puerto Rico taking to dig itself out of this deep hole? It appears not much. If anything, it looks like the plan will ensure a greater fiscal mess into the distant future.

Below is the Puerto Rico government's plan of inaction. Consider what would happen if you tried any of this with your finances.

- While its massive spending (including municipalities and authorities) is estimated at about $28 billion this year, the government's fiscal plan calls for finding savings of only $605 million, or a measely 2 percent in spending.

- It seeks to raise revenues from a series of undisclosed temporary taxes.

- It plans to delay payments to suppliers

- It will put off repayment of a loan by the Government Development Bank.

Wow!

Now consider the fiscal condition of some of Puerto Rico's mainland competitors. Miami has a AA- bond rating. Phoenix has an awesome AAA rating. Sprawling Los Angeles has a AA rating. And New York City's is AA-. All are of investment grade.

It's so unfortunate that Puerto Rico's political leaders are asleep at the wheel as the island's economy hurls towards an abyss as deep and dark as the Puerto Rico Trench.

5.23.2007

FIU Study: Immigrants Enrich Florida

According to a report released this week by Florida International University (FIU) in Miami, and published in The Miami Herald, foreign born residents make up nearly a quarter of Florida’s workforce, and “also receive less public assistance and government healthcare benefits than their native-born neighbors…”

Produced by FIU’s Research Institute on Social and Economic Policy, the report sheds new light on the impact of the immigrant population on the state, according to Emily Eisenhauer, one of its authors. The report uses data obtained from the US Census Bureau, and includes figures on both legal and illegal immigrants. The USCB estimates that Florida’s illegal population is somewhere between 850,000 and 1,000,000. The state’s total population currently is approximately 18,100,000.

Contrary to popular myths about immigrants, the study found that “ Immigrants contribute significantly to state and federal coffers but receive fewer government benefits than native-born individuals. Immigrants, legal and illegal, receive on average $1,619 per capita in public assistance like Social Security, food stamps and welfare, while non-immigrants average $2,217 annually.
Myth-Busting Florida Report Sheds New Light On Latino Immigration
by Clavos, Blogcritics Magazine - 5.23.07

More

5.21.2007

Economy, crime push Puerto Ricans to Florida

Economy, crime push Puerto Ricans to Florida (by Vanessa Bauzá, So. Florida Sun-Sentinel - 5.13.07)

Nelson Santiago grew up in the Bronx but returned to Puerto Rico every summer to see relatives. Eager to reconnect with his roots, he moved to the island six years ago. But his enthusiasm didn't last.

Frustrated with the island's stagnant economy and high crime rate, Santiago moved to Miramar in February, joining other Puerto Ricans who have made Florida their top destination.

"It just made sense to start a family outside of Puerto Rico," said Santiago, 32, a marketing executive who is engaged to be married in August. "Because of the government losing money, because of the crime rate being absolutely horrendous ... I feel as if I was forced out of Puerto Rico."

Santiago is not alone. The island's economic recession and weak prospects for recovery are fueling migration to Florida, experts say.

More

Best Cities for Relocating Families

Best Cities for Relocating Families (2007) focuses on the ease with which a family can move to a new city and settle into a new life. The study was conducted by Worldwide ERC and Bert Sperling's BestPlaces.

Here are the top 10 in large, medium and small city markets:

Large Cities
1. Forth Worth, Texas
2. Nashville, Tennessee
3. Kansas, Missouri
4. Indianapolis, Indiana
5. Austin, Texas
6. Pittsburgh, Pennsylvania
7. Minneapolis, Minnesota
8. Cambridge, Massachusetts
9. St. Louis, Missouri
10. Cincinnati, Ohio

Medium Cities
1. Knoxville, Tennessee
2. Wichita, Kansas
3. Raleigh, North Carolina
4. Salt Lake, Utah
5. Oklahoma City, Oklahoma
6. Richmond, Virginia
7. El Paso, Texas
8. Little Rock, Arkansas
9. McAllen, Texas
10. Tulsa, Oklahoma

Small Cities
1. Provo, Utah
2. Ogden, Utah
3. Durham, North Carolina
4. Corpus Christi, Texas
5. Colorado Springs, Colorado
6. Madison, Wisconsin
7. Shreveport, Louisiana
8. Des Moines, Iowa
9. Spokane, Washington
10. Rockingham County, Hew Hampshire