Category Archives: Economics

Terraforming Mars

There’s not enough CO2 there. Doesn’t seem like a problem to me; just import carbon and oxygen (and hydrogen) from carbonaceous asteroids in the belt. And of course, they have to throw this in:

If you believe it’s possible to terraform Mars, you also must believe in human-caused climate change, because it’s the same process. Even if it’s impossible to terraform Mars, it’s clearly possible to areoform the mid-latitudes of Earth. Because people are doing it.

Ummmmm…no. We’re not.

Meanwhile, Tim Fernholz says we’re going to have to be careful to not contaminate the water there.

The Hollowing Out Of The American Dream

in California:

For generations, California’s racial minorities, like their Caucasian counterparts, embraced the notion of an American Dream that included owning a house. Unlike kids from wealthy families—primarily white—who can afford elite educations and can sometimes purchase houses with parental help, Latinos and blacks, usually without much in the way of family resources, are increasingly priced out of the market. In California, Hispanics and blacks face housing prices that are approximately twice the national average, relative to income. Unsurprisingly, African-American and Hispanic homeownership rates have dropped considerably more than those of Asians and whites—four times the rate in the rest of the country. California’s white homeownership rate remains above 62 percent, but just 42 percent of all Latino households, and only 33 percent of all black households, own their own homes.

In contrast, African-Americans do far better, in terms of income and homeownership, in places like Dallas-Fort Worth or greater Houston than in socially enlightened locales such as Los Angeles or San Francisco. Houston and Dallas boast black homeownership rates of 40 to 50 percent; in deep blue but much costlier Los Angeles and New York, the rate is about 10 percentage points lower.

Rather than achieving upward class mobility, many minorities in California have fallen down the class ladder. This can be seen in California’s overcrowding rate, the nation’s second-worst. Of the 331 zip codes making up the top 1 percent of overcrowded zip codes in the U.S., 134 are found in Southern California, primarily in greater Los Angeles and San Diego, mostly concentrated around heavily Latino areas such as Pico-Union, East Los Angeles, and Santa Ana, in Orange County.

The lack of affordable housing and the disappearance of upward mobility could create a toxic racial environment for California. By the 2030s, large swaths of the state, particularly along the coast, could evolve into a geriatric belt, with an affluent, older boomer population served by a largely minority service-worker class. As white and Asian boomers age, California increasingly will have to depend on children from mainly poorer families with fewer educational resources, living in crowded and even unsanitary conditions, often far from their place of employment, to work for low wages.

I would encourage Mike Schellenberger to work with the Cox campaign to oust Newsome and the entire corrupt “woke” CA establishment, by pointing out the insanity of the state’s energy policies, that hit minorities the hardest. A Cox win would be a political bombshell.

Higher Education

is in decline. It has been for many years, but only now are more people finally noticing:

The president of the American Association of University Professors (AAUP) has summed up the consensus among faculty: “The sad truth is that US higher education is in decline.” A poll in 2012 showed that 89 percent of American adults and 96 percent of senior academic administrators agree that American higher education is “in crisis.” When a recent dean of Harvard College writes a book subtitled How a Great University Forgot Education and laments “the loss of purpose in America’s great colleges”—meaning Harvard, Yale, Princeton, and the other elite universities that follow their lead—the presumption must be that something has gone very wrong. These are the opinions of academics, most of whom are by no means conservative.

Some authorities still insist that colleges, even if they teach no specific knowledge, at least improve “critical thinking.” But this contention is not borne out by a test designed to measure such thinking, the Collegiate Learning Assessment (CLA). Since the 1980s the improvement in students’ CLA scores during their four years of college has dropped by about 50 percent, and such improvement now averages just 7 percent over the first three semesters.

Along with government-recommended nutrition, this is one of the biggest public-policy disasters of our time. And it doesn’t even mention the degree to which the student-loan debt for these worthless degrees blights the lives of young people, while lining the pockets of banks and colleges at no risk to them.

[Update late morning]

I think it says something about the state of higher education, and particularly BU, that economics major Alexandria O-C is so fundamentally ignorant about not just the federal budget, but basic arithmetic.