Total global spending on this is now estimated at around $500 billion annually, more than the United States defense budget. Roughly two percent of global GDP is dedicated to this purpose. What is it? Parking, and I don't mean the kind done by giddy teenagers on country lanes.
When asked for comment, the Fonz said "Heeeeyyyy", then turned to watch a leather jacketed Easterbrook on water skis jump over a shark pen.
As for the looming crisis in parking spots, Easterbrook needs to find more pressing topics for his energies (may I suggest how George Bush will lead the world in addressing global warming? Wait, you did that. Twice.). Geographically compressed urban areas sometimes have a true shortage, but then they generally have excellent public transport making up the slack. Suburbia remains chock-full of lots while more dispersed cities, like Los Angeles, have areas of scarcity (though there's plenty of daytime parking on the 405...) and high parking costs. But even that's nothing to be concerned about. Inconveniences like traffic, a paucity of parking spots, and smog will eventually make LA unpleasant enough that folks will leave and the quality of life issues will ease. And that's a healthy process.