by John Temple Ligon

When we’re 64

McCartney had it wrong. The real need for seniors is adequate public transportation, according to the survey taken at the annual SC Silver Haired Legislature. SC has over 650,000 citizens age 65 and older, and they are beginning to demand decent bus service. In greater Columbia, where the per capita transit service is about half the national average, even the trolley service couldn’t build a ridership at $0.25 a ride. As Bill and Hillary lead the forward edge of the Boomers to 60, there should be plenty more demand for transit in Columbia from plenty more prospective riders.

Speaking of future needs, by 2050...

The current issue of Scientific American shoots ahead to mid–century to disclose the planet’s population at 9.1 billion, up from 6.5 billion today. The 40% increase over the next 45 years isn’t too bad, really, considering the planet’s number of people actually doubled in the past 45. In just two more years, in 2007, the number of urban dwellers will be more than their rural brethren, a historic first. Scientific American missed one: The Columbia transit system by 2050 is likely to still offer service at a rate about half the national average.

Funding public housing

Last week the City of Columbia announced a new finance scheme to fund public housing, to help the working poor afford decent rentals. One major source of money cited by the city was “a portion of the proceeds from the city’s sale of CanalSide,” according to The State . After gaining inside information through requests to the city bolstered by the Freedom of Information Act, The Columbia Star disclosed CanalSide cost the city at least $9 million while it spent over 10 years trying to develop the property. The Beach Company of Charleston recently agreed to buy CanalSide for $6 million. To better understand the city’s financing of its new affordable housing trust fund, simply subtract the $9 million in cost from the $6 million in sale, and put the difference in the fund.

State funds millions for USC’s nano laboratory

The SC Research Centers of Economic Excellence Review Board last week authorized $10.8 million in state funding for USC’s NanoCenter. Developer Craig Davis is expected to invest another $17.5 million. That, plus other sources, brings the NanoCenter’s development budget to $35 million for the 90,000 sq. ft. complex. To better understand basic nanotechnology, register for a night class by USC’s Dr. Chris Toumey, beginning Wednesday, September 21, and running through another six Wednesdays until November 2. Toumey can be reached by calling 777-2221. The fee is $30, and by the time this is circulated, the first class is past. Another class worth attending could be the branding course load borne by USC President Sorensen and his advertising consultants. Who in the world thinks “Innovista” got it right?

How we stack up with the Europeans

The latest unemployment rate for Germany was more than 9%; for Italy, almost 8%; for France, almost 10%; and for the US, just under 5%. For the same countries, this year’s second quarter gross domestic product growth rate: Germany, 0.5%; Italy, 0.5%; France, 1.4%; and the US, 3.5%.

First Citizens asks to delist

To bring the number of shareholders of record below 300, First Citizens Bancorp last week began buying up its own shares. Once it gets below 300 shareholders, the bank can deregister with the US Securities and Exchange Commission and save itself hassle and overhead. It will no longer have to run through the costly exercise of reporting to federal regulators as a company listed on a national stock exchange. First Citizens is offering to buy from owners of 170 or fewer shares at a per share price of $735, while a week before a share was worth $600.

Delta dusk

Now that Delta is finally in bankruptcy, as is Northwest recently, it may reduce some low–margin routes. After all, Delta lost more than $1.45 billion in the first half of 2005. Columbia could lose some service. On the other hand, Southwest is expected to look at the Delta void and possibly expand. Columbia’s nearest Southwest service is Raleigh–Durham.

The Fed moves up, we assume

The Federal Open Markets Committee was expected to raise the federal funds rate from 3.50% to 3.75% for its eleventh straight quarter–point hike.