Tag: economy

Photo by Joe WilcoxMay 3, 20269:23 pm

Pumps for Trump

Something’s not right when your local, normally reasonably-priced filling station sells gasoline above the statewide average. According to AAA, as of today, the national average gas price per gallon is $4.446. We pay more than any other state, $6.101, which as you can see from the Featured Image is about 10 cents higher. The station is located at El Cajon and Texas on the North Park side of the street. The Arco on the University Heights side of Texas is a dime less per gallon.

As the conflict, let’s call it war, with Iran continues, the long-term consequences are all guesswork, and plenty of pundits try to do just that. I suspect the immediate impact will be diminished in the United States because of domestic energy production and what the Trump administration can siphon off from Venezuela.

Photo by Joe WilcoxMar 15, 20269:20 pm

This is What Inflation Looks Like

A common misconception about inflation is that prices go up, when in reality the value of money (e.g. spending power) goes down. The Economist explains the classic case: In late-1923 Germany, when, because of hyperinflation, “a loaf of bread cost 140 billion marks. Workers were paid twice a day, and given half-hour breaks to rush to the shops with their satchels, suitcases, or wheelbarrow, to buy something, anything, before their paper money halved in value yet again”.

I got a taste, quite literally, of what this phenomenon is like, and I present it as a demonstrative model for your education. Pizza Hut gives so-called “Hut Rewards” points for redeeming menu items. I had accumulated just more than 600. Large pizzas with any toppings are 300 points, so I had gained enough for two free pies.

Photo by Joe WilcoxOct 15, 202510:44 pm

Eighteen Years Ago Today…

On this date, in 2007, the Wilcox family arrived in San Diego. We had left the Washington, DC-metro area to be close to my aged father-in-law, who luckily found us an apartment one block from his place. Our presence meant that in January 2017 he could pass way at age 95 in his own bed, rather than in some sterile institution.

The city is hardly recognizable from the one we moved to. San Diego seemed sleepy, small town-like for the size. Communities were tight knit, even with the massive number of renters; congestion was a rare occurrence on the roadways; neighborhood streets were wide; housing architecture was surprisingly varied and charming; and homeowners kept attractive green spaces, among many other attractive attributes, with the three-summer season weather being among them.

Photo by Joe WilcoxSep 8, 202510:09 pm

The Rally at 1526 Meade Avenue

The city’s obsession with adding more housing shocks by the day. Cute, historic homes are leveled and replaced by multi-level residential buildings that are typically rentals (no condos for you, Bud) and explicitly turn out to be so-called micro-units (tiny space, big monthly payment). These new builds tower over single-family homes and/or two-story apartments/condos, dramatically obliterating local character and robbing existing homes of airflow and sunlight.

Justification: Housing shortage. That’s a lie. According to Zillow, there are currently 18,499 rentals available across San Diego County. For sale: 8,101 homes. That sure looks like plenty of inventory to me. According to Point2Homes, which business is helping people find places to rent, there are 6,142 “housing units” in my community of University Heights. Zillow says 279 of them are currently for rent; but not all list on the service, so the number should be higher.

Photo by Joe WilcoxSep 20, 20247:40 pm

Adios, Aldi

Food inflation is way worse than official, government data states if my local Aldi is a measure. The German-owned grocery was my favorite supermarket—until today’s visit. The many changes—higher costs among them—dismay and disappoint.

Aldi is about a 20-minute drive from our apartment, making it an expedition when other grocers are walking distance away. I hadn’t been to the place since sometime in 2023, although my wife has ventured there more recently. Today’s trip was my suggestion.

Photo by Joe WilcoxOct 18, 202310:51 pm

The Most Unaffordable City

San Diego is too prestigious a place. In July 2023, rents exceeded San Francisco. Yikes! Last month, the median-selling price for residences (houses and more) topped $1 million. The city earns yet another distinction: U.S. News & World Report has crowned San Diego as “#1 in most expensive places to live”. Uh, yeah.

Los Angeles is second; broadly, California cities capture seven spots in the top ten. Oh joy. I marvel at how suddenly—catastrophically—was the transition from, quoting the motto, “America’s finest city” to America’s most unaffordable place to live. Four years ago, food, sundries, and housing cost so much less.

Photo by Joe WilcoxSep 16, 20239:17 pm

Six Dollar Gas Returns

Yikes! When I walked by my local Valero two days ago, price per gallon held steady at godawful $5.50—as when I filled up on Sept. 10, 2023. The Featured Image tells the story: 50-cent increase to, gasp, six bucks a gallon! This is typically a bargain station, too.

The photo comes from Samsung Galaxy S23 Ultra. Vitals: f/2.4, ISO 250, 1/30 sec, 70mm (film equivalent); 7:57 p.m. PDT.

Photo by Joe WilcoxApr 17, 202311:07 pm

The San Diego Housing Boom is Bust

About two weeks ago, Reventure Consulting posted a YouTube short spotlighting a house for sale in my neighborhood: “$1 Million Listing in San Diego that has no buyers“. I wanted to snag a photo and write something sooner, but our daughter’s medical crisis and recovery consumed my time.

At the time that Reventure Consulting CEO and Founder Nicholas Gerli released the 53-second clip, the University Heights home listed for $1,099,000, following several price reductions. Recent history: For sale at $1,222,000 on Dec. 15, 2022. Less than a month later, January 12, price dropped to $1,192,000 and to $1,162,000 thirteen days later. That led to a pending sale for the lower list price on February 21, which quickly collapsed, and the home returned for sale at $1,162,000 on February 24. Sellers dropped the price, again, on March 1 to $1,135,000 and to $1,099,000 on the 23rd.

Photo by Joe WilcoxApr 13, 202310:23 pm

Measuring Inflation by Cat Math

In early February 2017, the Wilcox household purchased its first set of Katris blocks for our kitties Cali and Neko. The modular cat tree can be assembled in numerous configurations. According to the company: “Each block is made from over 200 sheets of heavy-duty paperboard and can withstand more than 300 pounds of weight”. The upper layer is ready for paw scratching. For such value, we purchased three more sets.

Few days ago, I considered buying more—that is until seeing how shockingly higher is the selling price: $395.95, which is a 65 percent increase over our first Katris kit; 97 percent more than the second (July 2017); 90 percent increase over the third (October 2017); and 72 percent more than the fourth (December 2018). How’s that for an indicator of inflationary pricing?

Photo by Joe WilcoxMar 19, 202310:43 pm

Do You Feel Rooked?

If not today, you may soon. The sudden shakeup toppling several banks was long foreshadowed. Classic run ruined Silicon Valley Bank less than two weeks ago. Dominos fell. First Republic required $30 billion bailout to avoid similar fate. Regulators took over Signature Bank, which was besieged by cryptocurrency losses. Over the weekend, 166-year-old Credit Suisse agreed to be acquired by UBS, in a $3.2 stock swap that is a mere pittance.

Long before the SARS-CoV-2 (severe acute respiratory syndrome Coronavirus 2)/COVID-19 pandemic, I told my wife that too many companies, banks among them, had assumed too much debt during the long period of low interest rates. Wall Street Journal story “First Republic, SVB, Credit Suisse Show How Higher Interest Rates Caught Up With Banks“, dateline today, affirms my hypothesis and gives analysis you want to give some attention.

Photo by Joe WilcoxJan 21, 20236:41 pm

Do I have Egg On My Face?

Two days ago, I smugly boasted about finding plenty of egg-dozens—and same price as the previous week—at my local Trader Joe’s. Happening by the store this afternoon, I passed the cooler where eggs are supposed to be and—as you can see from the Featured Image—there were none. Goodness me.

“Decrease in chicken population” is a great excuse that fits with all the bird flu hysteria. I don’t doubt that supplies are somewhat constrained right now. But I also recognize that fear of shortages drives people to panic purchase, leading to the predicted predicament. That TJ’s receives “deliveries every morning” means the supply chain flows fluidly enough that not only are eggs available but prices stay stable.

Photo by Joe WilcoxJan 5, 202310:11 pm

The Costs of Natural Gas Gouging

You might think that the year hasn’t progressed far enough along to designate the most notorious email. But we have one, delivered yesterday, without pomp nor apology, from SDGE—the so-called utility serving San Diego County. Excerpt: “Effective Jan. 1, 2023, a typical residential customer can expect an increase of $120 on their monthly natural gas bill relative to last January”. Say what?

Gosh, “new pricing became effective on” the first day of the year, according to the service provider. That’s a polite way of warning customers that they are about to get whacked aside the head with mindboggling blow. KPBS explains: