When a reporter has more of an agenda than an understanding of economics and business.

We have twice reported on the decisions of Wawa to close down some stores in foul, fetid, fuming, foggy, filthy Philadelphia. The late Josh Kruger complained bitterly about such.

This crime is not new, and The Philadelphia Inquirer reported that the Headhouse Square Wawa “will become the sixth Center City Wawa to shutter since 2020.”

So, you would think that an article in the newspaper on food ‘deserts’ in some Philly neighborhoods would at least mention crime. But, if you did think that, you would be wrong.

About 40 million people in the United States don’t have access to a full-service grocery store

The 2023 update of the Limited Supermarket Access Study examines the lack convenient access to health food options across the nation — and in Philadelphia.

by Lynette Hazleton | Thursday, March 21, 2024 | 5:00 AM EST

What food is available has everything to do with the food stores that are available.

When the food store is a full-service supermarket, like the ShopRite in Parkside, it usually means you will have the access to a wider variety, higher-quality and lower-cost food, explained Michelle Schmitt, a senior policy analyst at The Reinvestment Fund (TRF) as she walked around the bustling 15-year-old supermarket.

As you can see, the article wasn’t produced by the regular Inquirer staff, but the Leftist Lenfest Institute for Journalism, the non-profit which owns the newspaper. I have previously noted that, as a subscriber, I sometimes receive begging for donations letters from the Leftist Lenfest Institute.

When you don’t have the same access to high quality food as you do to chips, fast food and soda, it can contribute to an unhealthy eating pattern that can ultimately lead to chronic disease.

How is it that Lynette Hazelton, the Philly native who reported this story, couldn’t bring herself to note that the densely-populated rowhouse neighborhoods which make up a significant part of the city’s neighborhoods don’t really have room for a huge Giant Food Mart? Yes, there are corner bodegas in most of the neighborhoods, where you can get those chips, fast foods, soda, beer, lottery tickets, and the occasional bullet in your chest. But the kinds of supermarkets that Miss Hazelton envisions take up around ten acres when parking lots are included.

Schmitt is the main author of the 2023 update to the Limited Supermarket Access (LSA) study which determines who is and is not well served by their grocery store. The official definition for limited supermarket access is 500 people in a low income tract where urban members are more than a mile and rural shoppers are more than 10 miles to a full service store. It is the fourth update since 2010 and the first to include Alaska and Hawaii.

The big take away: about 40 million Americans live without easy access to healthy food options.

Take Parkside, Belmont and Mantua neighborhoods of West Philadelphia. Together they are home to roughly 48,755 residents. Virtually all the blocks are very densely populated, 66% Black and almost half the people had an annual income of $25,000 in 2021, the latest data available.

This was some sloppy writing. Did Miss Hazeltom mean that $25,000 was the median income?

While this is the neighborhood many traditional stores would overlook, it is the type of neighborhood that the LSA study showed was in desperate need of a supermarket.

OK, why would “many traditional stores” overlook those neighborhoods? The author noted that “Virtually all the blocks are very densely populated,” which means less available area to put in a ten-acre supermarket. The neighborhoods are mostly poor, and grocery stores “operate on razor-thin profit margins. The industry average is between one and three percent, far below other retail sectors. With such lean margins, grocery stores rely on high sales volume and inventory turnover to thrive.” Then you throw in Philly’s crime rate, and the obvious question is easy to determine: how could a supermarket make a profit there?

Supermarkets were once associated with suburbs, and by the 1970s seven out of every ten food dollars were spent there. But also supermarkets did not place their businesses in low-income communities which lead to real consequences.

This paragraph alone tells you just how poor Miss Hazelton’s article was. The source she hyperlinked told her that grocery stores in Philly were mostly the ‘corner grocery store’ type, operating in the rowhouse neighborhoods, yet somehow, she couldn’t figure out that those neighborhood structures dictated the kinds of grocery stores that were there. In more rural areas, we had “general stores” before supermarkets were developed, and many lament that so few of those old general stores exist. Alas! The old general store that was near where I now live went out of business, became someone’s auto repair shop for a while, and is now a small volunteer fire station. Kroger and Giant and Aldi forced those old country general stores out of business, but in the suburbs and rural areas, there was the physical room for supermarkets.

Perhaps it’s as simple as the reporter having more of an agenda than an understanding of economics and business.

The Philadelphia Inquirer tells us about yet another government economic program that just didn’t work.

My good friend Daniel Pearson — OK, OK, I think he knows who I am, but we’ve never met other than in debates on Twitter — is an editorial writer for The Philadelphia Inquirer, and that makes him a liberal, but he’s not a far left whacko, and conservatives can actually talk to him. And, other than the fact that he appears to be holding a disgusting Philly cheesesteak in his Twitter pic — a hot, freshly baked Philly pretzel would be more than acceptable, but cheesesteaks are vile — I pretty much like him. Today’s main editorial shows that, for a liberal, he’s not completely ignorant of economics.

Inclusionary zoning has failed to deliver on affordable housing promise | Editorial

Since enforcement began in July 2022, only five housing projects — with a total of 106 new apartments and fewer than 30 income-restricted units — have received permits within the restricted area.

by The Editorial Board | Tuesday, February 27, 2024 | 6:00 AM EST

In December 2021, Philadelphia City Council created a new affordable housing program — known as inclusionary zoning — that sounded almost too good to be true.

With no public subsidy, density bonuses, or other financial concessions, developers of new properties with 10 or more units in parts of West Philadelphia and the greater Kensington area were required to set aside 20% of every proposed new development for affordable housing. Given the then-hot real estate market in these areas, supporters pitched the concept as a cost-free way to prevent displacement as neighborhoods changed.

The problem is obvious. Developers, like is the case with all other types of investors and businesses, are in business to make money, the maximum amount of money possible for the shareholders. A requirement to set aside 20% for “affordable housing”, without any financial kickbacks or concessions, means that there’s less money to be made. Not only is there less money to be made on the “affordable” units, but the presence of the lower cost units brings down the sale value or potential rents for the luxury condominiums or apartments.

“Philadelphia is in the midst of a full-blown housing crisis. If we continue to do nothing, housing prices will continue to go up, and the Black and brown people who are the backbone of this city will continually be pushed to the fringes,” said Councilmember Jamie Gauthier at the time. Gauthier, along with then-Councilmember Maria Quiñones Sánchez, proposed the bill.

Two years later, the legislation hasn’t lived up to those lofty goals — and it’s clear a new approach is needed.

Ryan Spak, an affordable housing developer with a track record of delivering new income-restricted housing without public subsidy, predicted that the concept would struggle. Spak told anyone who would listen that the bill would force him to either raise prices to unsustainable levels or to do business outside of West Philly. The math simply didn’t work out.

Mr Spak did the math, writing on January 6, 2022:

Today, rents have already risen to unseen levels. This legislation forces those costs to rise faster and higher because developers will have to charge more for the market-rate units to pay for the affordable units. For one example, to meet the required 20% of the units at 40% AMI (Area Median Income), Spak Group would need to rent a two-bedroom apartment in Cedar Park for $2,150 per month — $500 per month more than I’ve ever achieved in my 10 years developing and managing rentals in West Philly. The market will reject these prices; the project will never be constructed and, as a result, neither will the affordable units.

Other requirements would have different math, but he noted that “every analysis” made, with different tweaks of the proposal, would fail without direct government subsidies.

Going back to the first cited article, we can see the problem:

Gauthier said that while developers might make less money, the potential of adding 200 income-restricted housing units a year was too promising to reverse course. The fruits of the program, however, have been minimal, and even those were achieved only by reopening the door to subsidies.

Mr Pearson, who had told me personally that he strives to keep his editorials around the old 750-word limit, was pretty kind to the Third District Councilwoman with that small paragraph. What she actually wrote was:

A complaint we’ve heard from developers since day one is that MIN will diminish the return on investment for their projects — and yes, it’s true that this legislation will require them to see lower profits than they’re accustomed to. It remains unclear to me why we should find it unacceptable for developers and investors to see less of a return, but fail to question why we continue to build housing that doesn’t meet the needs of current residents. Just because the existing system works for developers and investors doesn’t mean we should let socially irresponsible development continue, unfettered.

Opponents of this legislation say it will stymie development in my district. I have a hard time believing that. To say that commercial development is booming in University City would be an understatement — and we know that today’s workers want their jobs to be close to their homes, which will lead them to continue moving to this part of the city. MIN will ensure that this growth doesn’t displace working-class residents and that we have equity in our neighborhoods for years to come.

So, why was development booming in University City? The area is home to the Ivy League University of Pennsylvania[1]2023-24 cost of attendance, $73,494, not including housing., Drexel University, the former University of the Sciences, now part of St Joseph’s University, the very famous Children’s Hospital of Pennsylvania (CHOP), along with several other places of note, and has been gentrifying since the 1960s, pushed by Penn’s programs to help faculty and staff buy there. And, of course, there’s student housing.[2]We have previously noted, and the Inky reported, on the absolute mess that the very liberal and environmentally-conscious students left when they moved out in May of 2023. The furthest left candidate … Continue reading Simply put, there were people with money to spend, and developers have chosen to make money in an area where there was money to be made. Miss Gauthier might believe that developers would blithely accept “lower profits than they’re accustomed to,” rather than considering the possibility that many would not accept “lower profits” and would simply invest their money elsewhere.

There’s more than that, or course. As we have reported previously, there is significant resistance to city projects in West Philly that some believe would lead to more gentrification in the area.

In a plan for a safer, vibrant 52nd Street, worried West Philly neighbors see gentrification looming

Angst is roiling minority neighborhoods as they struggle to balance the opportunities and the threats created by gentrification. “West Philly is the new Africa,” one resident warned at a community meeting. “Everyone wants the property that’s in West Philadelphia.”

by Jason Laughlin | February 21, 2020

The topic of the community meeting — a plan to beautify 52nd Street, to make it safe, welcoming, and prosperous once again — was, on its face, nothing but good news for West Philadelphia’s long-declining business corridor.

Yet the audience of about 50 residents and retailers, mostly African American, grew increasingly agitated as urban designer Jonas Maciunas flipped through a PowerPoint presentation of proposed improvements. Many weren’t seeing a vision of a neighborhood revitalized from Market to Pine Streets. Instead, in the talk of redesigned intersections, leafy thoroughfares, and better bus shelters, they heard the ominous whisper of gentrification.

“It just seems that when white people decide to come back to a certain neighborhood, they want it a certain way,” said Carol Morris, 68, a retired elementary school teacher.

Morris’ declaration opened the floodgates of fear and anger that recent night at the Lucien E. Blackwell West Philadelphia Regional Library. Maciunas and Jesse Blitzstein, director of community and economic development for the nonprofit Enterprise Center, which is spearheading the project, were peppered with skeptical questions ranging from the validity of surveys showing community support for the improvements to the maintenance of trees that would be planted.

Now, why would any developer want to risk his money on a project that the neighborhood doesn’t want? Who among the higher-end buyers and renters, would want to buy or rent in a neighborhood in which many of the locals don’t want beautification projects because they might bring in more white residents?

Mr Pearson also noted that Philly isn’t the only place where ‘inclusionary zoning’ hasn’t lived up to the promises made for it:

Portland, Ore., enacted inclusionary zoning in 2020 and saw a similar decline in the construction of large apartment buildings, with many developers instead opting to reduce the scale of their projects so they did not meet the threshold that required set-asides. The well-meaning measure also seems to raise the cost of existing homes.

California towns with inclusionary zoning saw housing prices increase by 20% relative to towns without it. Those kinds of spikes limit the restrictions’ potential to stave off gentrification. It isn’t much use to provide 30 new affordable apartments if the price of Philadelphia’s existing 700,000-plus homes goes up.

Gee, how ’bout that? Governments try to push and pull on the economy, doubtlessly aided by doctors of economics, yet they always seem to get it wrong.

Councilwoman Gauthier got everything wrong, because she was basing her ‘economic’ policy on what she sees as promoting ‘socially responsible development’. Well, investors don’t care about socially responsible development; they care about making money!

In the end, there’s a great fact about economics that so many people, liberals and conservatives alike, and economics professors, just don’t understand. The economy simply cannot be controlled, because the economy is 250 million taking over a billion economic decisions, every single day. Deciding whether to stop on the way to work at Wawa or just making a cup of coffee at home is an economic decision, deciding to scarf down two pieces of toast at home or grab a bagel at Dunkin’ Donuts is an economic decision. These things may seem small, and individually, they are, but when a thousand potential customers have to decide whether to get coffee and a sandwich at Ultimo Coffee or go elsewhere, because the baristas are on strike,  those things, in the aggregate, start to become influential economic decisions.

And those decisions are taken by people, not graphs or flowcharts or city councils. Miss Gauthier’s act, pushed through the Philadelphia City Council, didn’t work out the way she expected, because the economic actors she wanted to influence, took their decisions differently from what she hoped.

 

References

References
1 2023-24 cost of attendance, $73,494, not including housing.
2 We have previously noted, and the Inky reported, on the absolute mess that the very liberal and environmentally-conscious students left when they moved out in May of 2023. The furthest left candidate in the 2023 Democratic mayoral primary, Helen Gym Flaherty, received a plurality of the votes in wealthier, whiter and more heavily Asian University City.

Maybe Jeff Bezos could spend some of those tax savings on The Washington Post?

I will admit it: I liked the way that Amazon founder Jeff Bezos bought The Washington Post, to save it when the Graham family were running out of money. Full disclosure: I am a basic digital subscriber to the Post. I have previously said that I appreciated billionaires who bought newspapers, to fail an otherwise failing industry, as long as they understood that losses were inevitable. Sadly, Mr Bezos isn’t too happy with that last part. We have also noted that Patrick Soon-Shiong, the billionaire who bought the Los Angeles Times, with a piddling $5.9 billion to his name, might feel much more pressure than Mr Bezos, current guesstimated net worth of $194.1 billion, in taking $40-$50 million a year losses.

Well, perhaps Mr Bezos can put a little less pressure on the Post, now that he’s made this money-saving move:

Jeff Bezos will save over $600 million in taxes by moving to Miami

by Robert Frank | Monday, February 12, 2024

  • Last year, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami.

  • In 2022 Washington state imposed a new, 7% capital gains tax on sales of stocks or bonds of more than $250,000.

  • Bezos plans to unload 50 million shares of Amazon before Jan. 31, 2025. Posting those sales in Florida will save him at least $610 million.

Jeff Bezos’ $2 billion stock sale last week came with an added perk: no state taxes.

Last year, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami. He said the move was to be closer to his parents and his rocket launches at Blue Origin. The timing also suggested another reason: taxes.

In 2022 Washington state imposed a new, 7% capital gains tax on sales of stocks or bonds of more than $250,000. Washington state doesn’t have a personal income tax, so the new levy marked the first time Bezos would face state taxes on his stock sales.

Starting in 1998 Bezos sold billions of dollars worth of Amazon shares almost every year for more than two decades to fund his philanthropy, his space company Blue Origin, and more recently his $500 million mega yacht and a growing collection of mansions purchased with his fiancé Lauren Sanchez.

In 2022, when the tax took effect, Bezos stopped selling. He didn’t sell any Amazon stock in 2022 or 2023, gifting only $200 million of shares at the end of last year.

After his move to Miami, Bezos made up for lost time. Last week, a filing with the SEC revealed that Bezos launched a pre-scheduled stock-selling plan to unload 50 million shares before Jan. 31, 2025. At today’s price, that would total more than $8.7 billion.

Simply put, rapacious state governments trying to steal more money from the people who earned it wind up influencing the decisions of the people who earned that money. Mr Bezos had the freedom to move away from the left coast to the far more sensible Sunshine State, and did.

Florida has no state income tax or a tax on capital gains. So on the $2 billion sale last week, he saved $140 million that he would have paid to Washington state. On the entire sale of 50 million shares over the next year, he will save at least $610 million. And that’s assuming Amazon shares remain flat. If they continue to rise, the value of his shares — and his tax savings — will be even higher.

That’s some major bucks he doesn’t have to give to a left-wing state government, which would doubtlessly spend it on welfare and illegal aliens. Mr Bezos could, and should, spend some of those savings on the Post, to decrease the financial pressure on that august newspaper, at least if his girlfriend Lauren Sanchez doesn’t persuade him to waste more of it on yachts and mansions.

The 15-Minute City: Another exercise in Soviet economic planning! The oh-so-well-intentioned left seem to think they can 'design' how people live their lives.

Have you ever heard of the 15-minute city concept? As defined by Wikipedia, it is:

an urban planning concept in which most daily necessities and services, such as work, shopping, education, healthcare, and leisure can be easily reached by a 15-minute walk, bike ride, or public transit ride from any point in the city. This approach aims to reduce car dependency, promote healthy and sustainable living, and improve wellbeing and quality of life for city dwellers.

I will admit it: I hadn’t heard of this idea until seeing an article on it by William Teach of The Pirate’s Cove. Upon reading about it, and the concept, I was reminded of a couple of articles I read in Sunday’s Philadelphia Inquirer:

What happens after a Philly neighborhood’s last chain pharmacy shuts its doors

After the Grays Ferry Rite Aid closed this fall, residents there said they felt abandoned and had to devise new ways to get their prescriptions. Seniors without cars struggled.

by Erin McCarthy | Sunday, February 4, 2024 | 5:00 AM EST Continue reading

If electric cars are the future, why are investors fleeing companies the build and run EV charging stations?

But, but, but, we’ve been told that plug-in electric vehicles are the wave of the future! From The Wall Street Journal:

Investors Sour on EV Charging Companies

EV charging companies have fallen from lofty valuations as concerns mount about their profitability

by Jennifer Hiller | Boxing Day, December 26, 2023 | 7:00 AM EST

The companies that install and operate electric-vehicle charging networks are in the middle of a building boom, but their share prices are sputtering. Continue reading

St Greta of Thunberg must be appalled! I am wryly amused

Former Democratic presidential nominees Al Gore and John Kerry are surely weeping and wailing and gnashing their teeth at the news, but the sensible among us see this as great! From CNN:

The United States is producing more oil than any country in history

By Matt Egan | Updated 5:00 PM EST | Tuesday, December 19, 2023

As the world grapples with the existential crisis of climate change, environmental activists want President Joe Biden to phase out the oil industry, and Republicans argue he’s already doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history.

“The existential crisis of climate change”? So many reporters keep using that word; I do not think it means what they think it means. We may have some issues with which to deal with global warming climate change, but we’re not all going to die.

Remember: human beings are the most adaptable creatures on earth, and we live everywhere, from arctic wastelands to steaming jungles to bone dry deserts, and we have done so even prior to our modern, industrialized society.

The United States is set to produce a global record of 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, according to a report published Tuesday by S&P Global Commodity Insights.

Last month, weekly US oil production hit 13.2 million barrels per day, according to the US Energy Information Administration. That’s just above the Donald Trump-era record of 13.1 million set in early 2020 just before the Covid-19 crisis sent output and prices crashing.

As the world’s largest oil producer, that means more American dollars stay in the United States rather than going to Saudi Arabia or Venezuela, and some money from foreign countries comes to the United States. This enriches American companies and American workers, and that ought to be seen as a good thing for the American people.

The US is exporting roughly the same amounts of crude oil, refined fuels and liquid natural gas as Saudi Arabia and Russia. With the Saudi and Russian collusion, on which we have previously reported, to reduce OPEC’s production to raise prices, American production has helped keep those prices down.

“It’s a reminder that the US is endowed with enormous oil reserves. Our industry should never be underestimated,” said Bob McNally, president of Rapidan Energy Group.

Record-shattering US production is helping to offset aggressive supply cuts meant to support high prices by OPEC+, mainly Saudi Arabia and Russia. Other non-OPEC oil producers including Canada and Brazil are also pumping more oil than ever before. (Brazil is set to join OPEC+ next year.)

Think about what this means. Russia’s economy is dependent upon oil and natural gas exports, and Vladimir Putin wanted to use western Europe’s dependence upon Russia oil and, especially, natural gas as a weapon against NATO countries which are supporting Ukraine with money and military equipment. Without Russian natural gas, a lot of western Europe countries, much of which are at latitudes higher than our lower 48-state border with Canada, the Europeans would have gotten awfully cold during the past two winters, but American production has prevented Russia from being able to effectively utilize their energy weapon.

The climate activists want us to cease oil production, thinking that that will somehow save the world, and perhaps we can eventually develop energy systems which can truly replace oil for energy production, but, right now, that day has not come. And the United States, with its oil, natural gas, and seriously underused coal reserves, has natural resources which can make Americans in general wealthier. The activists just don’t get it: doing what they want would make Americans poorer.

Then again, if liberals actually understood economics, they wouldn’t be liberals anymore.

Has your income increased 58.39% since November of 2020? Gasoline prices have increased that much!

With Thanksgiving just a week away, many people have their minds on travel plans, to visit extended family a long way away. Fortunately for us, Thanksgiving travel means a whopping 18 miles, to my sister’s house.

Screen capture by D R Pico, November 16, 2023.

Stephanie Abrams of The Weather Channel gave us an interesting map of fuel prices across the fruited plain, and it shows just what you’d expect: in states where the government wants a deeper bite into your wallet, it’s going to cost you more to visit the relatives!

Here in the Bluegrass State, the average price as shown by the American Automobile Association is $3.037 per gallon, though the station closest to me has $2.959 per gallon for regular posted. I pay close attention to Pennsylvania, where we used to live, and the average price for regular is currently $3.607 per gallon, 57¢ higher than in Kentucky.

Kentucky is right in the middle when it comes to state taxes on gasoline, 26th in the nation at 30.10¢ per gallon, while Pennsylvania is third, charging 62.20¢ per gallon. As you’d obviously guess, the Pyrite State, California, tops the list, taxing its people.

Interestingly, Illinois, which has the second highest tax rate on fuel, at 66.5¢ per gallon, shares a birder with Missouri, with the second lowest, 17.47¢. Continue reading

The #ClimateChange activists want more people to move to large cities They are pushing 'walkable' neighborhoods and public transportation

A view from our farm; the river is just beyond the trees.

The activists wanting to fight global warming climate change have long said that increased urbanization is part of the solutions they seek:

Huge gains, in terms of reducing harmful gases, can be made by changing how we plan, build, manage and power our cities and towns. Well designed, compact, walkable cities with good public transport greatly reduce our per capita carbon footprint and are key to achieving many of the Sustainable Development Goals of which climate action is a key part.

Good public transportation, huh? We have already noted how a well-funded public transportation system, the Southeastern Pennsylvania Transportation Agency, SEPTA, has admitted that they have lost control of the train cars as the heavily Democratic city has lost any semblance of control over crime, drug abuse, and homelessness, and SEPTA’s ridership is still below that before the panicdemic. Having the homeless and the junkies using SEPTA trains and train and subway stations for shelter and shooting galleries will cause decent people to avoid the system.

But there’s another problem with promoting increased urbanization:

The Philly area doesn’t have enough homes available for low- and middle-income buyers

In the Philadelphia metro area, households making $50,000 faced the largest shortage of available, affordable homes for sale, according to the National Association of Realtors and Realtors.com.

by Michaelle Bond | Friday, June 9, 2023 | 5:00 AM EDT

More than one million homes nationwide were available for sale in late April. But high prices mean that what’s out there doesn’t match what people at various income levels can afford, according to a new report from the nation’s Realtors.

Basically, home listings affordable for middle- and lower-income households are missing. The country needs more homes that households at all income levels can buy to chip away at the problems of low affordability and low housing supply, according to a report that the National Association of Realtors and Realtor.com released Thursday.

“Ongoing high housing costs and the scarcity of available homes continues to present budget challenges for many prospective buyers, and it’s likely keeping some buyers in the rental market or on the sidelines and delaying their purchase until conditions improve,” Danielle Hale, Realtor.com’s chief economist, said in a statement.

The report breaks down the number of homes missing for each income level by comparing the number of listings available in April to the number that would need to be available to accommodate buyers. Realtors said they hope local and federal governments can use their analysis to ease the twin problems of affordability and housing supply.

According to the story, households with a $50,000 income level can afford homes that cost up to $163,440, but if the Philadelphia market is short 3,440 homes listed for sale at that or lower prices, there’s also the obvious question: what can someone buy at those prices? We previously noted the home at 4931 Hoopes Street, listed for $125,000 in April, but down to $75,000 now.

Kitchen at 1829 North Bucknell Street, via zillow.com

For just $69,750, you can buy this 3 bedroom, 1 bathroom 870 ft² fixer-upper at 1829 North Bucknell Street. That’s North Philadelphia, not exactly a great neighborhood!

Now, why did I pick that listing? In December of 2021, we bought a small, detached house, 2 bedrooms, 1 bath, 1,344 ft², with a detached one-car garage, in a small town in Kentucky for $70,000. My nephew and I had to remodel the bathroom and redo the plumbing, but, doing the work ourselves, spent less than $2,000. The house is perfectly neat and clean and livable — and is rented out to my sister-in-law — yet was virtually the same price. What we spent in a small town for a decent, if not modern, house, will buy you an absolute dump in North Philly.

716 West Allegheny Avenue, photo via zillow,com.

$70,000 will buy you this boarded-up, barred-in porch, 1,260 ft² rowhome at 716 West Allegheny Avenue, in the Fairhill neighborhood in the Philadelphia Badlands. Sorry, no interior pictures in the listing. The realtor probably figures that interior photos will scare off more prospective buyers.

114 South Cecil Street, photo via zillow.com.

The story stated that a household with a $50,000 income could afford a home of up to $146,440. For $145,000, you can buy this home at 114 South Cecil Street, in West Philly.

And with all of that, the Philadelphia metropolitan area was one of only four major metropolitan areas — the others being Detroit, Houston, and Cleveland — in which buying a home was less expensive than renting.

The global warming climate change activists want more and more people to move into densely-populated urban areas, and to use public transportation, to reduce CO2 emissions, but one thing is very clear: doing so will make people, especially people at the lower end of the economic spectrum, poorer than ever. Housing prices for even modest homes are hugely inflated, and mortgage interest rates have increased significantly.

It’s really quite simple: the activists live in urban areas, and that is the life they see as their baseline good. Those of us who live out in the sticks are just a bunch of unedumacated rubes. But the activists also have money, and have been able to afford living in the cities, and living reasonably well. They have to be economically secure, simply to have the time to be activist. What they seem unable to grasp is that there are a lot of people living paycheck-to-paycheck, people who can’t afford the inflated urban housing costs.

The foreign policy disaster that is Joe Biden He managed to drive a former friend into the arms of Russia and China

Remember how Joe Biden defeating the evil Donald Trump in 2020 was supposed to make the United States respected again?

Saudi Arabia Seeks Regional Embrace of Assad in Win for Iran

Kingdom keen to assert itself as regional political leader

Syria has been banished from Arab League for atrocities

By , and | April 5, 2023 | 7:44 AM EDT | Updated: April 6, 2023 | 4:41 AM EDT

(Bloomberg) — Saudi Arabia is leading efforts to formally bring Syrian President Bashar al-Assad back into the Arab inner circle as early as next month, in what would be a win for Iran and Russia and in defiance of US warnings after more than a decade of conflict.

For those of you stymied by Bloomberg’s paywall, you can read it for free here.

The kingdom is taking steps that would allow the Arab League grouping of regional states to end a suspension of Syria’s membership in time for a summit in Riyadh in mid-May, according to three people briefed by the Saudis and one person close to the United Arab Emirates government, which backs the plan.

Those efforts are ongoing and could be stretched out or even fall through, or Arab leaders could settle on an interim plan next month, the people said. The US is aware of the push, has warned against it but has realized it can do little to stop it, several of the people said.

Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman is eager to cast the kingdom as the Arab world’s uncontested political and economic leader.

Following last month’s surprise restoration of ties with Iran, Riyadh now wants to be at the forefront of initiatives to calm regional conflict zones like Syria and ensure nothing disrupts its ambitious efforts to transform its economy, the Saudi daily Okaz said in an Op-Ed last week.

As we have previously reported, Saudi Crown Prince Mohammed bin Salman, the de facto ruler of the country, really doesn’t like President Biden. Mr Biden directly, to his face, accused the Crown Prince of being responsible for the murder of Jamal Khashoggi, after Mr Khashoggi called the prince a liar, in public, in the pages of The Washington Post.

So, what did Saudi Arabia do?

U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.

After Saudi leaders pushed to slash oil production despite a visit by President Biden, American officials have been left fuming that they were duped.

By Mark MazzettiEdward Wong and Adam Entous | Tuesday, October 25, 2022

WASHINGTON — As President Biden was planning a politically risky trip to Saudi Arabia this summer, his top aides thought they had struck a secret deal to boost oil production through the end of the year — an arrangement that could have helped justify breaking a campaign pledge to shun the kingdom and its crown prince.

It didn’t work out that way.

Mr. Biden went through with the trip. But earlier this month, Saudi Arabia and Russia steered a group of oil-producing countries in voting to slash oil production by two million barrels per day, the opposite of the outcome the administration thought it had secured as the Democratic Party struggles to deal with inflation and high gas prices heading into the November elections.

From The Wall Street Journal:

Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales

Talks between Riyadh and Beijing have accelerated as the Saudi unhappiness grows with Washington

By Summer Said in Dubai and Stephen Kalin in Riyadh, Saudi Arabia | Updated March 15, 2022 11:48 AM ET

Chinese President Xi Jinping shakes hands with Saudi Crown Prince and Prime Minister Mohammed bin Salman on arriving at Al Yamamah Palace in Riyadh, Saudi Arabia, on December 8. Photo: Saudi Press Agency via AP

Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.

The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year.

China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the standing of China’s currency. The Saudis are also considering including yuan-denominated futures contracts, known as the petroyuan, in the pricing model of Saudi Arabian Oil Co., known as Aramco.

That was 13 months ago, but maneuvers toward this continue apace. The yuan is not all that liquid right now, but the Chinese are making moves to push internationalization of the yuan to weaken the dollar’s grip on international trade, and as the world’s reserve currency.

The Chinese don’t have to buy in yuan; thanks to America’s seemingly insatiable desire for Chinese products, and the Chinese financing so much of the United States’ debt, they have plenty of dollars. But the inflation of the dollar under President Biden has made our currency worth less, and even if that is something of an international problem, there is significant weakness of the reputation of the dollar.

And now OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand. American inflation has been coming down slowly — though it’s still higher than wages have increased — so Saudi Arabia and Russia, the number three and number two oil producers in the world, have decided to push American inflation higher.

It’s pretty amazing, when you think about it. President Biden insults the ruler of Saudi Arabia, and then wages a proxy war against Russia. China, which has no reason to love the US other than our dollars, makes some noises about Taiwan, and the US then proceeds to warn China about the consequences of trying to retake the island. Shockingly enough, all three start taking actions to hurt the United States and its economy. You don’t have to like Mohammed bin Salman or Vladimir Putin or Xi Jinping to realize that they can hurt the United States, and that insulting them really isn’t a great idea, but the dummkopf from Delaware did it anyway.