By Mark Di Tommaso
Owner/Broker, 8 West Property Management
A Property Management San Diego Post 12/14/14
San Diego property management exists in a much wider context. Sometimes world events are of such magnitude that their impact on this industry is clear and demanding of commentary.
According to the World Bank Comparison Program (at the end of a task so large and complex that they have only issuedchinese flag three such reports during the last 20 years) – the United States will be the world’s second largest economic power by the time we pop the champagne cords on New Years Eve. That distinction will now and for the foreseeable future belong to China.
This turn of events is very important to the future of us all. When Britain attained this status, they built an empire that spanned the world and were the dominant power for a century. The United States passed on forming a large empire, but we have clearly shaped the world in many ways since the end of World War II. Not in the least as a living example of the combined power political freedom and free enterprise have to better everyone’s life.
That said, frustration at the relative decline of the US does not have to come from disrespect of China or its accomplishments. After all the Chinese have been a great people for thousands of years. China cannot be rightly be blamed for being frugal and industrious. In coming years it will be right and practical for the US to work more closely with China when possible.
The maddening frustration comes from strong belief that our country’s underperformance and relative decline comes from decades of shortsightedness by so many of our national leaders. The list of neglect is almost limitless: the squandered the “peace dividend” from winning the cold war, our pitifully inadequate educational system, meager national savings rate, enormous fiscal deficits, the ongoing deterioration of our national infrastructure. And my personal preoccupation, the so predictable decline of our Middle class as our nation turned away from actually manufacturing things.
Keeping our perspective, China being richer does not in itself make us poorer than we would otherwise be. There’s always a transition period that can last a number of years and there are some Silver linings to China being number one. China may for example pay more of its share of the United Nations costs.
More importantly, China may conclude it must play a more constructive role in international affairs. Rather than just continuing to be the world’s greatest polluter and catering to any tyrant who would sell it raw materials, it may have to meaningfully address issues like domestic pollution and human rights around the world.
As word spreads (I understand the Chinese government is not publicizing this news) there may be positive consequences individuals in China itself. In particular, the Chinese government might have to positively respond to greater pressure from its own people to better provide for their physical standard of living and democratic rights.
Our individual responsibility is to provide for ourselves and our families. Sadly, the California government has delivered a microcosm of the misguided policies that have hurt the US. The consequence is a state economy that is increasingly less individual home owning and more landlord/tenant based.
There are probably a number of valid strategies to make the best of this type of underperforming economic environment. It must be said that among them is prudent Southern California real estate investment entrusted to competent San Diego property management.
