When it comes to economic development, positive change is typically gradual and only noticeable over long periods of time; by contrast negative developments—economic crises—are often rapid and spectacular. This creates a biased narrative that focuses on negative news, while positive trends go unnoticed because they are less dramatic. Two questions are central to each human […]
Red and Blue Voters Live in Different Economies
In the aftermath of the 2016 presidential election, scholars, journalists and ordinary citizens battled over whether economic anxiety or racial and cultural animus were crucial to the outcome. Soon a consensus formed, however, among most — though not all — political analysts, in support of the view that attitudes about race, immigration, sexism and authoritarianism […]
The US Welfare State Cut Poverty by Two-Thirds in 2018
The Census released its 2018 poverty report last week, which showed no change in the poverty rate from the prior year. What follows is a novel rundown of the state of poverty and welfare in the US based on my own calculations of the report’s underlying data. When you want to determine how much poverty […]
Companies Use Borrowed Billions to Buy Back Stock, Not to Invest
When the Federal Reserve cuts interest rates, making it cheaper to borrow, it’s supposed to deliver a direct boost to the economy. But one key part of that machinery has broken down. Business investment used to rise when U.S. companies took on more debt—because most companies borrowed to add capacity. Nowadays, they’re likelier to funnel […]
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