Publisher’s Forum
by Norman Rosinski
November, 2005
Let’s Try This Little Exercise
Welcome to the November money and investing issue of NorthBay biz. The North Bay is home to many of the state’s leading financial and investment institutions, serving clients on the local, regional and national levels. This month, NorthBay biz taps this resource in a series of informative and thought-provoking stories that provide insights into the financial issues that impact business every day in the North Bay.
Ever wonder how investment advisors choose stocks for their clients’ portfolios? In this month’s cover story, “My System,” you’ll discover that a better question might be, how don’t they? In another story you’ll find out how some investors are diversifying into fine art and collectibles and what they’re doing to protect that investment. Other stories this month include a look at what makes North Bay credit unions unique, the opening of another new bank in Marin and a profile of financial maven Kit Cole. Also, in an interview titled ” Why Men Earn More,” author Warren Farrell theorizes that it’s the decisions that people make, not discrimination, that drive the pay gap between men and women. Plus, more stories on technology, wine and all our special features and columns are inside this month’s issue of NorthBay biz – the North Bay’s only locally owned business publication.
The mighty financial engine that is America has been the dominant economic force in the world for over a half century. Because of this, Americans enjoy, arguably, the highest standard of living on the globe. This position enables America to be the leading stabilizing and humanitarian force in the world – helping to lift up struggling countries and aiding impoverished people everywhere. Without these contributions thousands (millions?) of people would perish every year. Our country’s ability to continue these efforts could be severely challenged in the not-too-distant future.
Ponder these facts. 300 million rural Chinese will move to cities in the next 15 years. China is building an urban infrastructure equivalent to Houston every month to absorb them. There are 220 million surplus workers in China’s central and western regions. (Currently there are 140 million workers total in America.) Apparel workers in the U.S. earn an average of $9.56 an hour. In El Salvador, apparel workers make $1.65. In China the average apparel worker earns 78 cents an hour. General Motors expects the Chinese auto market to be bigger than the U.S. market by 2015. Living standards are rising so quickly in China that 74 million Chinese families can afford to buy a car right now. China has 320 million people under the age of 14 – greater than our entire population. China has over 300 biotech companies. China has more speakers of English (as a second language) than America has native English speakers. Already more people use the Internet in China than in the United States. Do you think our role as the economic leader of the world is being challenged? I sure do. India has made similar strides. With this growing economic might expanding around us, we should be raising our game to better compete. Instead, the opposite is happening, as we accept more and more self-inflicted economic burden. I’m pretty sure this country is not prepared psychologically to lose its leadership role and become bit player on the world stage. And I know we’re not ready to see our standard of living decline, but that’s the undeniable direction we’re headed.
Here’s one major reason why – our refusal to check the torrent of illegal aliens rushing across our borders. I’m absolutely at a loss for the reasons why we don’t enforce our immigration laws, especially now. I’m a supporter of legal immigration. Anyone who wants to come to this country and work hard to better themselves is welcome – just do it legally. Last time I looked we were at DEFCON Orange, or in the words of ordinary folk, a medium risk exists for a terrorist attack on any given day. With ongoing terrorist attacks worldwide and a bulls-eye painted on America, how can we leave the borders open, inviting anyone, for whatever purpose, to wander in? Before I stray any further down that road, let’s focus on the negative economic impact of unchecked illegal immigration.
How much is illegal immigration costing American taxpayers? The answer is staggering – hundreds of billions of dollars. In California alone, according to the Federation for American Immigration Reform, state taxpayers are paying $10.5 billion per year just for education, medical care and incarceration of illegal aliens. To bring this a little closer to home, I just attended a breakfast where the top execs of the three hospital associations in the North Bay gave speeches. In the question session afterwards, they were asked how much the price of a hospital stay is inflated because of providing care for the uninsured? They answered reluctantly: the price is one-third higher than it should be to help offset the free care they provide. Other estimates offer that paying customers’ bills are inflated as much as two-thirds to cover, not only the uninsured, but the under-insured as well. So the next time you get a hospital bill for $18,000 for an overnight hospital stay, try not to dwell on the fact that the bill should have been $6,000 – your blood pressure might go up, and you sure can’t afford another night’s stay at those prices.
Finally, let’s try this little exercise: Enter any foreign country illegally. Demand that the foreign local government provide free medical coverage for you and your family. Demand the foreign federal government provide retirement benefits for your parents. Have more kids. Demand the local school system provide free education for your kids. Speak only English in your home and insist your kids do the same. Demand classes on American culture in the foreign county’s school. Demand bilingual doctors and nurses. Demand bilingual government forms. Deflect any criticism of this behavior with “It’s a cultural U.S. thing. You wouldn’t understand.” Demand you be issued the foreign country’s driver license. Use this license to apply for other legal rights and to legitimize your illegal presence in this foreign country. Demand that the driver’s license entitle you to voter’s rights. Insist that the foreign country teach English to all its police officers. Insist that you don’t have to pay taxes because you’re not a citizen of that foreign country, and you’re only there temporarily. Okay, what do you think your chances of success are? You’re right – zero, null, nada! There is no place in the world where these kind of ridiculous demands would be met by any government, except here in the land of the crazed and the home of the naïve.