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Since 1992, the number of people getting inheritances from parents has nearly doubled even as bequests from grandparents and aunts and uncles have remained flat. Your 50s will be your peak inheriting ages, which makes sense given that an average 65-year-old in the U.S. can expect to live to around age 83 and your parents are, sadly, mortal.

If you look only at the lucky few who inherited anything, their average is $266,00

And if you look only at those in their 70s, it climbs to $344,000. Of course, that’s the value at the time of the gift. Add inflation and market-level returns and many bequests are worth much more by the time you earn your septuagenarian badge.

when we ran the numbers, we found they weren’t random at all.

White folks are about three times more likely to inherit than their Black, Hispanic or Asian friend

it remains vast enough to help explain why the typical White family has more than six times the net worth of the typical Black American famil

Up and down the demographic charts, it appears to be a case of to whom much is given … much more is given

Folks in the bottom 50 percent of earners inherit at half the national rate, while those in the top 1 percent are twice as likely to inherit something.

he confirmed that inheritances make the rich richer. But a rich kid’s true inheritance goes far beyond cash value: In a million less-measurable ways, elite parents give you a head start in life. By the time they die and hand you a windfall, you’ve already used all your advantages to accumulate wealth of your own.

“It’s not just the dollar amount that you get when your parents die,” Ricco said. “It’s the safety net that you had to start a business when you were younger, or the ability to put down a larger share of your savings into a down payment and a house because you know that you can save less for retirement.

“Little things like that are probably the main mechanisms through which intergenerational wealth is transmitted and are not easily captured just by the final value of what you see.”

Just one variable — how much you inherit — can account for more than 60 percent of U.S. wealth inequality

So, if you had to guess someone’s economic station in life and you could peek at only one data point, inheritance would be a pretty good bet. It’s one of the clearest socioeconomic signals on the planet.

“They actually reflect many advantages, many inequalities of opportunities that we face.”

The U.S. tax system does little to temper our uneven inheritance. Consider the stepped-up basis provision, “one of the most egregious (tax loopholes) that we have,”

When you sell something at a profit, you typically pay capital gains tax. But you can avoid that tax by holding the asset until you expire. At your death, the cost basis of your assets gets stepped up to their current value — meaning your heirs avoid getting taxed on what might be a very substantial gain.

Say you’re a natural-soda fan who bought $1,000 of Hansen Natural Corp. stock in 2000. You watched your money grow to more than $1.15 million as sleepy Hansen became the world-eating Monster Beverage Corp. Selling the stock would force you to pay capital gains on more than $1 million in earnings, so instead, you took it to the grave

(If you needed cash, you probably borrowed against your stockpiled stock pile, a common strategy among the 1 percent.)

If your heirs sell it, they’ll pay no taxes. If the value of the stock rises to, say, $1.151 million, they would owe taxes only on that extra $1,000.

Now multiply that loophole by the millions of homes, businesses, equities and other assets being handed down each year

It encourages older folks to hoard homes and businesses they can no longer make full use of, assets our housing-starved millennial readers would gladly snap up.

Early on, Goldwein said, it may have been considered necessary because it was difficult to determine the original value of long-held property. Revenue lost to the loophole was partly offset by a simpler-to-administer levy: the estate tax.

For now, you’ll pay the federal estate tax only on the part of your fortune that exceeds $12.92 million ($25.84 million for couples), and rising to $13.61 million in 2024 — and that’s only if your tax lawyers aren’t smart enough to dodge it.

“Between politicians continuing to cut the estate tax and taxpayers becoming increasingly good at avoiding it, very few now pay it,” Goldwein said. “That means we now have a big net tax break for most people inheriting large amounts of money.”

Kumon presents a convincing explanation: If you didn’t produce a male heir in Japan, it was customary to adopt one. A surplus son from another family would marry into yours. That kept your property in the family.

In Europe, if an elite family didn’t produce a male heir, which happened more than a quarter of the time, the default was for a daughter to marry into another well-off family and merge assets. So while Japanese family lines remained intact from generation to generation, European family lines merged, concentrating wealth into fewer and fewer hands.

As other families compete to marry into the Darcys’ colossal estate — spoiler for a novel from 1813! — inequality increases.

Given a few centuries, even subtle variations in inheritance patterns can produce sweeping societal differences.

When I printed these confessions in Hoax, I wrote that everyone at Fox was “profoundly afraid of losing the audience and the resulting piles of cash.” I cited the former morning-show producer, who told me, “We were deathly afraid of our audience leaving, deathly afraid of pissing them off.”

why the new legal filing by Dominion is such a showstopper. We can read exactly what the leaders and stars of Fox News really think. This is my biggest takeaway: In the days after Biden won the election, while Trump tried to start the steal by shouting “Stop the Steal,” the most powerful people at Fox News were not concerned about the health of U.S. democracy. They were concerned about Fox’s brand and their own bottom line.

here were spontaneous celebrations in major cities and long faces across Fox’s airwaves. The consensus view both inside and outside the network was that Fox’s acknowledgment of reality—and specifically its early projection that Biden had won Arizona—had turned the audience against the network.

According to the Dominion filing, Carlson texted his producer that weekend and said, “Do the executives understand how much credibility and trust we’ve lost with our audience? We're playing with fire, for real....an alternative like newsmax could be devastating to us.”

One snippet of texts shows Scott telling Lachlan that viewers were “going through the 5 stages of grief.” Angling to impress her boss, she said the Arizona projection was damaging, “but we will highlight our stars and plant flags letting the viewers know we hear them and respect them.”

inside Fox, which is first and foremost a provider of entertainment, respect meant something else. Reading the texts and emails, I was reminded of another thing the Fox & Friends producer had said. “We were deathly afraid” of the audience, he admitted, “but we also laughed at them. We disrespected them. We weren’t practicing what we preached.”

That’s what Dominion is arguing in the legal realm—that Fox’s leaders were saying one thing privately and another thing publicly.

The other crucial metric Fox leaders were watching, of course, was the Nielsen ratings chart. The Dominion filing contains snippets of conversations from later in November that showcase Hannity’s alarm. “The network is being rejected,” he texted Carlson and Ingraham, to which Carlson responded, “I’ve heard from angry viewers every hour of the day all weekend, including at dinner tonight.” So they each found ways to wink and nod to voting irregularities and unfair systems—showing “respect” to viewers by actively misinforming them.

In a separate thread, on November 24, one of Hannity’s producers cited minute-by-minute ratings from the prior week’s episodes and said, “Our best minutes from last week were on the voting irregularities.” The conspiracy-laden segments continued on Fox through December, the ratings improved, and the country’s political divide deepened

Inside Fox, the prime-time stars and senior executives raged against the network’s reporters not because they doubted that Biden had won, but because the truth was too disturbing to the audience that had made them rich. Fox’s postelection strategy, the texts and emails suggest, was to stop rubbing Biden in its viewers’ faces. But in their effort to show their viewers “respect,” they ultimately disrespected both their audience and the American experiment they claim to protect.

The biggest factor making this kind of climate initiative possible, after so many years of inaction, is the spectacular technological progress in renewable energy that has taken place since 2009 or so. This means that we can greatly reduce emissions using carrots instead of sticks: giving people incentives to use low-emission technologies rather than trying to regulate or tax them into giving up high-emission activities.

the politics of carrots are obviously a lot easier than the politics of sticks.

Above all, real G.D.P. says nothing about how stuff is produced. A kilowatt-hour of electricity counts the same whether it was generated by burning coal or wind power, but the environmental impact is completely different.

So let’s talk about why such claims are all wrong.

many people don’t understand what economic growth means, imagining that it necessarily involves producing the same things you were producing before, in the same ways, but just at a larger scale.

But that’s not at all what growth means. Currently, America’s real gross domestic product is about a third larger than it was in 2007. But the economy of 2023 isn’t just the economy of 2007 scaled up by a third. Production of some goods has gone way down — coal production has been cut roughly in half.

at this precise moment — the most hopeful moment for the environment, as far as I can tell, in decades — my inbox has been filling up with woeful claims that environmental protection is incompatible with economic growth. These claims are oddly bipartisan. Some of them come from people on the left who insist that the planet can’t be saved unless we give up on the notion of perpetual economic growth. Others come from people on the right who insist that we must give up on all this environmentalism if we want to preserve prosperity.

In fact, environmental quality is often better in rich countries, with high G.D.P. per capita, than in middle-income countries

As a result, there’s no reason a growing economy must place an increasing burden on the environment.

the environmental Kuznets curve.

, a comparison between the New York metropolitan area and Delhi, India. Delhi has a larger population but a much smaller G.D.P. So does New York’s big economy mean a highly stressed environment?

how does air quality in the two cities compare? As anyone who’s visited both places knows, New York air is, well, relatively OK, while Delhi air … isn’t.

at higher levels of development, delinking growth from environmental impact isn’t just possible in principle but something that happens a lot in practice.

Here’s a favorite chart of mine from the invaluable Our World in Data website. It shows carbon dioxide emissions per capita in Britain, where the Industrial Revolution began. The early phases of industrialization were indeed associated with a huge rise in emissions. But more recently emissions have fallen back to the levels of the ’50s — the 1850s:

How did Britain do that? Part of the answer is that over time the British economy switched from relying on coal to relying on hydrocarbons, which when burned generate less carbon dioxide. Britain also learned to use energy more efficiently over time. But more recently a big factor has been the rise of renewable energy, especially, in Britain’s case, wind power

So when you hear an environmentalist say something like, “We live on a finite planet, so we can’t have unlimited economic growth,” what they’re actually revealing is that they don’t understand what economic growth means

in practice, they’re lending aid and comfort to anti-environmentalists, who want us to believe that protecting the environment is incompatible with rising living standards.

That said, while it’s possible to decouple growth from environmental harm, that’s not automatic. To combine rising living standards with an improving environment, we need policies that encourage the use of technologies that cause less environmental damage.

The good news is that the United States is finally implementing such policies. Still, we need a lot more action along those lines — not just in America but in the rest of the world. So we can do this — but we need to try, and not give in to counsels of despair.

ALL THREE REPORTS INCLUDE quintessentially Trumpian scenes, consistent in their depictions of the former president’s methods, and very much in keeping with numerous journalistic accounts of how he sought to manipulate people, rules and institutions.

The three investigations tell different stories, but the misdeeds all run together, more overlapping than sequential

Still, each investigation offers a slightly different theory of Trump. In the Mueller report, Trump and his aides come across as the gang that can’t cheat straight — too haphazard to effectively coordinate with a foreign government, too ignorant of campaign finance laws to purposely violate them, often comically naïve about the gravity of their plight.

The Ukraine report, by contrast, regards Trump as more strategic than chaotic, and it does not wallow in the netherworld between the president’s personal benefit and his public service. “The president placed his own personal and political interests above the national interests of the United States, sought to undermine the integrity of the U.S. presidential election process, and endangered U.S. national security,”

All three reports show Trump deploying the mechanisms of government for political gain.

The Mueller report argues that viewing the president’s “acts collectively can help to illuminate their significance.” The Ukraine report shows that the conversation that Trump described as “a perfect call” was not the ask; it was the confirmation. When Trump said, “I would like you to do us a favor, though,” Zelensky and his aides had already been notified of what was coming. The Ukraine scandal was never about a single call, just as the Jan. 6 report was not about a single day.

The Jan. 6 report takes seriously the admonition to view the president’s actions collectively, not individually; the phrase “multipart plan” appears throughout the report, with Trump as the architect.

Even more so than the Ukraine report, the Jan. 6 report repeatedly emphasizes how Trump knew, well, everything

There is no room here for the plausible deniability that the Mueller report entertained, for the notion that Trump didn’t know better, or that, in the immortal words of Attorney General William P. Barr when he creatively interpreted the Mueller report to exonerate Trump of obstruction of justice, that the president was “frustrated and angered by his sincere belief that the investigation was undermining his presidency.”

This alleged sincerity underscored the president’s “noncorrupt motives,” as Barr put it. In the Jan. 6 report, any case for Trumpian sincerity is eviscerated in a six-page chart in the executive summary, which catalogs the many times the president was informed of the facts of the election yet continued to lie about them. “Just say the election was corrupt and leave the rest to me and the Republican congressmen,” Trump told top Department of Justice officials in late December 2020, the report says.

Just announce an investigation into the Bidens. Just say the 2020 election was rigged. Trump’s most corrupt action is always the corruption of reality.

The studious restraint of the Mueller report came in for much criticism once the special counsel failed to deliver a dagger to the heart of the Trump presidency and once the document was so easily miscast by interested parties

for all its diffidence, there is power in the document’s understated prose, in its methodical collection of evidence, in its unwillingness to overstep its bounds while investigating a president who knew few bounds himself.

The Ukraine and Jan. 6 reports came at a time when Trump’s misconduct was better understood, when Mueller-like restraint was less in fashion and when those attempting to hold the chief executive accountable grasped every tool at hand. For all their passion and bluntness, they encountered their own constraints, limits that are probably inherent to the form

A handful of financial institutions produced them when Rio de Janeiro hosted in 2016, using a mixture of macroeconomic indicators and performances at previous Olympics to forecast total medal hauls for each country.

Gracenote’s distinguishing feature is the ability to produce quantitative analysis for each event.

Gracenote still uses the old system to produce its public medal table, which also deals in absolute forecasts, rather than fractional ones. If a French athlete, say, is the most likely to win an event, France gets awarded one gold medal in the table, even though the true probability of the athlete winning gold is less than 100% and his chances of claiming silver and bronze are greater than 0%.

the Elo rating system, which was developed for chess by Arpad Elo, a Hungarian physicist. The formula exchanges ranking points from the loser to the winner, with greater rewards for beating stronger opponents. The difference in ratings points between two rivals can be easily used to calculate the probability that one will beat the other.

Yet only two events on the winter Olympics programme, curling and ice hockey, involve head-to-head contests.

Those that compete in teams have their scores blended with their compatriots. And for those that participate in a number of events, such as Ms Dahlmeier, results in related disciplines affect multiple ratings. A strong performance in the biathlon sprint, a group race, would boost her ranking in the pursuit, a staggered race, for example.

The best way to answer that question is to take every previous contest in the sport and analyse how past results correlate with future success.

The bans have benefited Norway most, as the country will likely gain of the five of the 12 foregone medals—enough to nudge it ahead of Germany into first place in terms of total medals won.

Mr Gleave notes that the favourite only wins about 30% of the time, a lower share than in any other winter sport. Ms Dahlmeier’s rating has dwindled a little, but not by enough to suggest that last year’s record breaker has become this year’s flop.

Gracenote’s research into age curves for each sport shows that the best biathletes can maintain their peak performance into their early 30s (see chart). Expect to see more event-by-event forecasting at future Olympics, too.

economic output must flow either to owners of capital, in the form of profits, dividends and rents, or to labour, as wages, salaries and perks. Economists refer to this as the “capital” or “labour” share of GDP. Who has the upper hand in the post-lockdown economy?

First we calculate a high-frequency measure of the capital-labour share across 30 mostly rich countries.

In 2020 the aggregate labour share across this group soared (see chart 1). This was largely because firms continued to pay people’s wages—helped, in large part, by government-stimulus programmes—even as GDP collapsed. Advantage, labour.

More recently, however, the battle seems to have shifted in favour of capital.

most economists anyway argue that labour’s share is not a perfect gauge of economic fairness, since it is so hard to measure.

In the first camp is Britain. There, underlying wage growth is in the region of 5% a year, unusually fast by rich-world standards.

But corporations seem not to have much pricing power, meaning that they are struggling to fully offset higher costs in the form of higher prices.

Labour seems to be winning out at the expense of capital.

The second group consists of most other rich countries outside America.

There, neither labour nor capital seems able to triumph. After correcting for pandemic-related distortions Japan’s pay growth appears to be slowing to below 1% a year

Pay settlements in Italy and Spain are treading water, while wage growth in Australia, France and Germany remains well below where it was before the pandemic. Workers in these places are not really joining in with the inflationary party.

In Europe pre-tax profit margins, as measured in the national accounts, have risen in recent months but remain below where they were just before the pandemic.

In Japan the “recurring” profits before tax of large and medium-sized firms recently returned to pre-pandemic levels. The profits of smaller firms remain well below, however.

A series of unusually large stimulus payments may mean that households are able to absorb the higher prices that companies impose.

Wages are rising, but nonetheless markups are responsible for more than 70% of inflation since late 2019,

In a recent report, analysts at Bank of America argue that greater pricing power helps explain why American equities have a higher price-earnings ratio than European ones.

Some economists wonder if workers will before long demand even higher wages to compensate for higher shop prices.

“I understand he’s between a rock and a hard place,” Ms. Collins told the pollsters, speaking of Mr. Biden’s dilemma. “It just feels like Putin’s not going to stop at Ukraine.”

And that, she said, made her believe that a direct confrontation with Russia was “inevitable

But there was one area of agreement across party lines. Strong majorities in both parties approved of Mr. Biden’s efforts to marshal international support for crippling economic sanctions against Mr. Putin and his allies, with 70 percent of Americans backing a total U.S. ban on oil imports from Russia.

the mid-2010s saw the beginnings of a turnaround that has continued ever since. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation.

That year, according to the Current Population Survey, administered by the U.S. Census Bureau, income for the median Millennial household was about $9,000 higher than that of the median Gen X household at the same age, and about $10,000 more than the median Boomer household, in 2019 dollars.

Booms and recessions push incomes up and down, but although many media stories have tended to associate Millennials almost exclusively with the latter, they’ve now experienced both, and in a big way: Increases in income since 2014 have been steep.

ed since Millennials became adults. The Affordable Care Act extended health-care coverage, and federal-government support during the pandemic actually caused poverty to fall in 2020 and 2021

since 2014. By my analysis, Black and Latino Americans ages 25 to 44 in 2021 were making more money than Black and Latino Silents, Boomers, and Gen Xers at the same age. The U.S. is not without economic inequities, many of them racial. But Black and Latino Millennials are not falling behind previous generations when it comes to their income. Instead, most are getting ahead

Millennial men, on average, have not seen the income increases that Millennial women have (more on that later)—a divergence at least partly explained by the growing gap in educational attainment between men and women

the median income of Americans with a four-year college degree has steadily risen while the income of those with only a high-school degree has fallen. This trend is not new, though it is troubling.

The Great Recession was no doubt a more harrowing experience for young adults than the recession Gen X faced, but the income stagnation that followed it nonetheless lasted only a few years. Over the past half century, the longest period of falling or stagnant wages was from the ’70s to the mid-’90s, when Boomers were young workers.

poverty is not any more common among Millennials today than it was among previous generations.

The fundamental geographic division in American politics has traditionally been a sectional conflict setting the North against the South. The idioms of "red states" and "blue states" caught on widely after the 2000 presidential election because they could be applied to a regional divide—blue North, red South—that was already presumed to reflect the main axis of political debate and competition. But the partisan difference between large-metro and rural residents has now become much larger than the gap between northerners and southerners.

I call this widening gap between the partisan loyalties of urban and rural America “the density divide.” Hopkins is clearly correct that urban vs. rural has eclipsed North vs. South as the geographic embodiment of our partisan divisions. As the old adage goes, a chart speaks a thousand white papers.

Many large metropolitan areas grew faster over the past decade than the Bureau had previously projected, with eight of the nation's ten largest cities showing an increased growth rate compared to the 2000 to 2010 period. At the same time, most of rural America shrank in absolute as well as relative terms. A majority—52 percent—of the nation's counties actually reported a smaller raw population in 2020 than they had in 2010.

One of the puzzles of the 2016 election, and the catastrophe of the Trump presidency, is how populist white nationalism finally prevailed at a time when Americans, taken altogether, were less racist than ever

My hunch is that rural white culture, which was once regionally varied and distinctive, became more uniform by becoming increasingly Southern. I call this the Southernification thesis.

In the Density Divide, I argued that the key to answering “Why did white ethnonationalism finally work to win the GOP nomination and then the White House when it didn’t even get close to working for Pat Buchanan or Ron Paul?” was that residential self-selection on ethnicity, personality, and education had made lower density parts of the country progressively more homogenously ethnocentric and socially conservative, which finally made it possible to unify and organize rural and exurban whites as a single constituency.

I think it’s an incomplete explanation without something like the Southernification thesis. Before it could be successfully organized politically, America’s increasingly ethnocentric non-urban white population needed to be consolidated first through the adoption of a relatively uniform ethnocentric white culture.

When I was a kid, the Atlanta Bravesþff somehow became “America’s Team.” Could it be that the media mogul who married Hanoi Jane took the critical first step in bringing non-urban white America together by beaming sanitized Southern culture into living rooms everywhere?

guided by a fascination with the wayward paths to fame, he half-unwittingly sows doubt about the justice of the American rise to artistic leadership in the postwar era. In his erudite account, artistic success owes little to vision and purpose, more to self-promotion, but most to unanticipated adoption by bigger systems with other aims, principally oriented toward money, political advantage, or commercial churn

For the greatness and inevitability of artistic consecration, Menand substitutes the arbitrary confluences of forces at any given moment.

The curriculum runs chapter by chapter through George Kennan, George Orwell, Jean-Paul Sartre, Hannah Arendt, Jackson Pollock, Lionel Trilling, Allen Ginsberg, Claude Lévi-Strauss, Robert Rauschenberg and John Cage, Elvis and the Beatles, Isaiah Berlin, James Baldwin, Jack Kerouac, Andy Warhol, Susan Sontag, and Pauline Kael. Each biography opens a door to a school or trend of work

Menand’s is not a “great man” view of history, because no one seems particularly great. One gets a feeling for Sartre as a person, a limited knowledge of how Sartre made Being and Nothingness, and a vivid sense of how the book made Sartre a celebrity. Then one learns how a troupe of others came along and rode his success like a sled.

Menand zooms in and out between individual egomaniacs and the milieus that facilitated their ascent and profited from their publicity.

group biographies, in miniature, of the existentialists, the Beats, the action painters, the Black Mountain School, the British Invasion, the pop artists, and many coteries more—are enchanting singly but demoralizing as they pile up

All of these enterprises look like hives of social insects, not selfless quests for truth or beauty. Menand is a world-class entomologist: He can name every indistinguishable drone, knows who had an oversize mandible, who lost a leg, who carried the best crumbs.

From this vantage, the monuments really are just anthills.

Menand is truly one of the great explainers. He quotes approvingly a lesson taken by Lionel Trilling from his editor Elliot Cohen: “No idea was so difficult and complex but that it could be expressed in a way that would make it understood by anyone to whom it might conceivably be of interest.”

The underlying theory of the book rests on a picture of what makes for “cultural winners,” works and ideas that Menand defines as

He is accurate, he is insightful, and he is not a dumber-downer

Menand’s account of each is an abbreviated tour de force. His explanations work at all levels: interpretation for scholars, review for general readers, introductions for neophytes. Where another writer would take 20 pages to tell us why someone or something mattered historically, Menand does it in two.

goods or styles that maintain market share through “generational” taste shifts—that is, through all the “the king is dead; long live the king” moments that mark the phases of cultural history for people living through it.

Menand’s recountings are less concerned with the changing meanings of individual works than with their successive adoptions and co-optations, in defiance of depth and meaning. It is a process of “winning” often based on cults of personality, indifference to complex origins, and the fortune or misfortune of timing

Menand is notably excellent on how commercial, regulatory, and technological changes determined which kinds of artwork made it to the public. His analysis helps demystify trends in commercial forms like film and pop music, especially when they otherwise seemed to run against the grain of pure profit

Often Menand’s point seems to be that the culture’s reigning talkers and salespeople and debaters need to conjure figures to venerate and attack (in ceaseless alternation) for short-range purposes of attention and competition. Any given work—1984, say, or Bonnie and Clyde—isn’t much of anything until it becomes a counter in other people’s games.

The central question of this period in culture might be whether U.S. artists lived up to expectations

In 1945, Europe was in ruins. America was rich and productive and dictated the terms of the postwar economic and political order. Certainly the U.S. had the power to pretend to cultural glory, too. But was it a pretense, or did Americans really continue and exceed the prewar triumphs of European modernism?

Most histories of the arts after 1945 assume that the greatest American successes deserved their fame.

The thrust of many of Menand’s retellings is that “in the business of cultural exchange, misprision is often the key to transmission.” Fame comes through misreadings, fantasies, unintended resonances, charisma, and publicity.

Menand’s book bequeaths the sense that the last laugh may truly have been on the self-seriousness of a whole historical period, one that treated its most publicized and successful arts figures far too generously, giving them too much credit for depth and vision, while missing the cynical forces by which they’d been buoyed up and marketed

“Foreign film” in America in the ’50s and ’60s—when independent art cinemas emerged, showing imports such as work by Ingmar Bergman and the French New Wave—proves to have been energized by a successful federal-government antitrust action against the monopolistic Hollywood studios

The idea of a “culture industry”

is used unironically by Menand to name the vastly scaled-up production and consumption of all artistic experience. “The culture industries, as they expanded, absorbed and commercialized independent and offbeat culture-makers, and the university, as it expanded, swallowed up the worlds of creative writing and dissident political opinion.”

With his eye on this process, we miss out on artists and thinkers who dug deep and stayed home, who produced as hermits or eccentrics or introverted students of their art

Where did rock ’n’ roll come from?” Menand wonders. He answers that it was “the by-product of a number of unrelated developments in the American music business” that redirected sales to teenagers, and also the result of new radio-station competition, the partial racial desegregation of the music charts, and the arrival of 200-disc jukeboxes

I can imagine The Free World leaving my hypothetical college senior, denizen of the bleak attention economy of the 21st century, feeling liberated to discover that culture was no better—no more committed to a quest for what is true, noble, lasting, and beautiful—in the world of the Baby Boomers and beaming grandparents.

The book is so masterful, and exhibits such brilliant writing and exhaustive research, that I wonder whether Menand could truly have intended where his history of the postwar era landed me. I learned so much, and ended up caring so much les

It’s dropping in developing countries, too. India surpassed China as the most populous country last year, yet its fertility is now below replacement.

“The demographic winter is coming,”

Smaller populations come with diminished global clout, raising questions in the U.S., China and Russia about their long-term standings as superpowers.

Some demographers think the world’s population could start shrinking within four decades—one of the few times it’s happened in history.

A year ago Japanese Prime Minister Fumio Kishida declared that the collapse of the country’s birthrate left it “standing on the verge of whether we can continue to function as a society.”

Had fertility stayed near 2.1, where it stood in 2007, the U.S. would have welcomed an estimated 10.6 million more babies since

In 2017, when the global fertility rate—a snapshot of how many babies a woman is expected to have over her lifetime—was 2.5, the United Nations thought it would slip to 2.4 in the late 2020s. Yet by 2021, the U.N. concluded, it was already down to 2.3—close to what demographers consider the global replacement rate of about 2.2

He has found that national birth registries are typically reporting births 10% to 20% below what the U.N. projected.

China reported 9 million births last year, 16% less than projected in the U.N.’s central scenario. In the U.S., 3.59 million babies were born last year, 4% less than the U.N. projected. In other countries, the undershoot is even larger: Egypt reported 17% fewer births last year. In 2022, Kenya reported 18% fewer.

In 2017 the U.N. projected world population, then 7.6 billion, would keep climbing to 11.2 billion in 2100. By 2022 it had lowered and brought forward the peak to 10.4 billion in the 2080s. That, too, is likely out of date

the University of Washington now thinks it will peak around 9.5 billion in 2061 then start declining. 

The falling birthrates come with huge implications for the way people live, how economies grow and the standings of the world’s superpowers.

In the U.S., a short-lived pandemic baby boomlet has reversed. The total fertility rate fell to 1.62 last year, according to provisional government figures, the lowest on record.

In 2017, when the fertility rate was 1.8, the Census Bureau projected it would converge over the long run to 2.0. It has since revised that down to 1.5. “It has snuck up on us,”

Historians refer to the decline in fertility that began in the 18th century in industrializing countries as the demographic transition. As lifespans lengthened and more children survived to adulthood, the impetus for bearing more children declined. As women became better educated and joined the workforce, they delayed marriage and childbirth, resulting in fewer children. 

Some demographers see this as part of a “second demographic transition,” a societywide reorientation toward individualism that puts less emphasis on marriage and parenthood, and makes fewer or no children more acceptable. 

In research published in 2021, the University of Maryland’s Kearney and two co-authors looked for possible explanations for the continued drop. They found that state-level differences in parental abortion notification laws, unemployment, Medicaid availability, housing costs, contraceptive usage, religiosity, child-care costs and student debt could explain almost none of the decline

“We suspect that this shift reflects broad societal changes that are hard to measure or quantify,” they conclude.

while raising children is no more expensive than before, parents’ preferences and perceived constraints have changed

“If people have a preference for spending time building a career, on leisure, relationships outside the home, that’s more likely to come in conflict with childbearing.” 

Once a low fertility cycle kicks in, it effectively resets a society’s norms and is thus hard to break, said Jackson. “The fewer children you see your colleagues and peers and neighbors having, it changes the whole social climate,”

Fertility is below replacement in India even though the country is still poor and many women don’t work—factors that usually sustain fertility.

Urbanization and the internet have given even women in traditional male-dominated villages a glimpse of societies where fewer children and a higher quality of life are the norm. “People are plugged into the global culture,

mothers and fathers, especially those that are highly educated, spend more time with their children than in the past. “The intensity of parenting is a constraint,”

Sub-Saharan Africa once appeared resistant to the global slide in fertility, but that too is changing. The share of all women of reproductive age using modern contraception grew from 17% in 2012 to 23% in 2022

Jose Rimon, a professor of public health at Johns Hopkins University, credits that to a push by national leaders in Africa which, he predicted, would drive fertility down faster than the U.N. projects. 

Mae Mariyam Thomas, 38, who lives in Mumbai and runs an audio production company, said she’s opted against having children because she never felt the tug of motherhood. She sees peers struggling to meet the right person, getting married later and, in some instances, divorcing before they have kids. At least three of her friends have frozen their eggs,

Danielle Vermeer grew up third in a family of four children on Chicago’s North Side, where her neighborhood was filled with Catholics of Italian, Irish and Polish descent and half her close friends had as many siblings as her or more.

Her Italian-American father was one of four children who produced 14 grandchildren. Now her parents have five grandchildren, including Vermeer’s two children, ages 4 and 7.

The 35-year-old, who is the co-founder of a fashion thrifting app, said that before setting out to have children, she consulted dozens of other couples and her Catholic church and read at least eight books on the subject, including one by Pope Paul VI. She and her husband settled on two as the right number.“The act of bringing a child into this world is an incredible responsibility,” she said.

Perhaps no country has been trying longer than Japan. After fertility fell to 1.5 in the early 1990s, the government rolled out a succession of plans that included parental leave and subsidized child care. Fertility kept falling.

In 2005, Kuniko Inoguchi was appointed the country’s first minister responsible for gender equality and birthrate. The main obstacle, she declared, was money: People couldn’t afford to get married or have children. Japan made hospital maternity care free and introduced a stipend paid upon birth of the child. 

Japan’s fertility rate climbed from 1.26 in 2005 to 1.45 in 2015. But then it started declining again, and in 2022 was back to 1.26.

This year, Prime Minister Fumio Kishida rolled out yet another program to increase births that extends monthly allowances to all children under 18 regardless of income, free college for families with three children, and fully paid parental leave.

noguchi, now a member of parliament’s upper house, said the constraint on would-be parents is no longer money, but time. She has pressed the government and businesses to adopt a four-day workweek

If you’re a government official or manager of a big corporation, you should not worry over questions of salary now, but that in 20 years time you will have no customers, no clients, no applicants to the Self-Defense Forces.”

Hungarian Prime Minister Viktor Orban has pushed one of Europe’s most ambitious natality agendas. Last year he expanded tax benefits for mothers so that women under the age of 30 who have a child are exempt from paying personal income tax for life. That’s on top of housing and child-care subsidies as well as generous maternity leaves. 

Hungary’s fertility rate, though still well below replacement, has risen since 2010. But the Vienna Institute of Demography attributed this primarily to women delaying childbirth because of a debt crisis that hit around 2010. Adjusted for that, fertility has risen only slightly, it concluded.

The usual prescription in advanced countries is more immigration, but that has two problems.

With no reversal in birthrates in sight, the attendant economic pressures are intensifying. Since the pandemic, labor shortages have become endemic throughout developed countries. That will only worsen in coming years as the postcrisis fall in birthrates yields an ever-shrinking inflow of young workers, placing more strain on healthcare and retirement systems.

worsening demographics could make this a second consecutive “lost decade” for global economic growth.

The Institute for Health Metrics and Evaluation found little evidence that pronatalist policies lead to sustained rebounds in fertility. A woman may get pregnant sooner to capture a baby bonus, researchers say, but likely won’t have more kids over the course of her lifetime.

As more countries confront stagnant population, immigration between them is a zero-sum gam

Historically, host countries have sought skilled migrants who enter through formal, legal channels, but recent inflows have been predominantly unskilled migrants often entering illegally and claiming asylum.

High levels of immigration have also historically aroused political resistance,

Many of the leaders keenest to raise birthrates are most resistant to immigratio

As birthrates fall, more regions and communities experience depopulation, with consequences ranging from closed schools to stagnant property values. Less selective colleges will soon struggle to fill classrooms because of the plunge in birthrates that began in 2007, said Fernández-Villaverde. Vance said rural hospitals can’t stay open because of the falling local population.

An economy with fewer children will struggle to finance pensions and healthcare for growing ranks of elderly. South Korea’s national pension fund, one of the world’s largest, is on track to be depleted by 2055

There’s been little public pressure to act, said Sok Chul Hong, an economist at Seoul National University. “The elderly are not very interested in pension reform, and the youth are apathetic towards politics,” he said. “It is truly an ironic situation.”

The result is that less energy is being produced overall, and Germany is loath to buy it from France—where power is much cleaner, because it’s mostly nuclear.

So who absorbed the adjustment? Easy: industry, the old backbone of the German manufacturing state, which has been closing production facilities in significant numbers.

This does not, of course, reduce the overall atmospheric pollution generated in the world, as the old clients of German firms turn to alternatives in other locations that are, almost always, fueled with high carbon sources. The Indonesian, Brazilian, Indian and Chinese companies that will now manufacture the products that German workers used to make are largely run on fossil fuels.

Part of the problem is that there are inherent technical limitations to how high a country can drive wind and solar in its energy mix. State of the art lithium-ion batteries can only store energy in the range of megawatts, up to the low gigawatts. In order to store electricity to survive a German winter with next to no sunlight and long low-wind periods, the country would need to increase its storage capacity by orders of magnitude.

There are only three presently known energy sources that can be used at scale to balance a natural grid: hydroelectricity, nuclear and fossil fuels

hey decided to simply make do with less power: economic degrowth in action. Of course, people depended on those power sources for jobs: good, well-paid, stable union jobs that guys without university degrees could get. The government closed down the factories—can they really be surprised some of these people now want to vote for the far right?

Germany didn’t adopt degrowth by choice, but through a series of blunders. The comic edge of its misfortunes is that so many of them occurred because of miscalculation or just sheer bloody-mindedness on the part of the Greens and Social Democrats. First, a few months before becoming a Russian energy lobbyist in 2005, then-Chancellor Gerhard Schröder insisted on putting Russian natural gas at the core of Germany’s energy grid, continuing a Social Democratic tradition of entwining Germany’s future with Russia’s. Then, a Green Party with its roots in 1970s anti-nuclear weapons activism carried this atavistic policy into the 21st century when it entered government, insisting that Germany decommission the backbone of its zero-emission energy matrix. Then the war in Ukraine happened, and the pipelines were cut. Oooops. Guess who’s digging for coal now?

“Politics, Democratic or Republican, were not particularly important,” said Tom Harman, a former Republican state senator who got his start on the city council in the 1990s. “People didn’t run on party preference. They ran on what they could do in the community and how they could make the city a better place to live.”

It had long been a destination for surfing, but officials in the ’90s began leaning into that reputation to court the tourism industry. Huntington Beach became “Surf City USA,” a moniker pulled from a chart-topping song.

Two high-profile acts of white-supremacist violence — the shooting of a Black man in 1994, and the stabbing of a Native American man two years later — prompted the city to crack down on the groups who had flocked from across Southern California.

City police stepped up patrols, the council passed a human dignity policy condemning hate crimes, and officials started a human relations commission to combat bigotry. Ken Inouye, the founding chair of that task force and a 51-year resident of Huntington Beach, said residents from across the city “came together because we knew we were better than that.”

Both efforts were reversed when the current Republican majority took over the council.

In recent decades, sweeping demographic change has pushed Orange County to the left. But those shifts have been more subtle in Huntington Beach, and the city has retained its rightward lean. Unlike the county’s other largest cities, most residents are White and Republicans still account for the plurality of Huntington Beach’s registered voters.

During Donald Trump’s presidency, residents bridled at California’s pandemic restrictions, much as Trump did. Fierce protests became common, with crowds clogging the pier and Pacific Coast Highway to shout down coronavirus precautions or cheer Trump. Some of the rallies were organized by white-supremacist groups and turned violent.

Another inflection point came in 2021, when former mixed martial arts fighter and hard-right council member Tito Ortiz resigned from his post and the remaining members appointed a Democrat, Rhonda Bolton, in his stead. The move infuriated city Republicans, who wanted Ortiz replaced with an ideological equal.

“The tone of political rhetoric has gotten coarser and sillier as time has worn on,” she said. “And Huntington Beach is a reflection of what’s happening nationally.”

Carol Daus, who has lived in the city nearly three decades, said the council’s focus on contentious cultural debates has divided the community, pitting neighbors against neighbors. One example of the acrimony: Protect HB has hung posters across the city urging a “No” vote on the March ballot measures, but some 40 of those signs were recently vandalized with large green “Yes” stickers.

“This city during the past several years, following the Trump administration and covid lockdown, was like a volcano ready to explode,” Daus said. “And now it has.”

“I feel duped,” said Sue Welfringer, a longtime Huntington Beach resident and registered Republican. She voted for the four-person conservative slate because she liked their stances on homelessness and limiting development, but mostly she appreciated that they got along with each other.

“I almost don’t even want to vote at all because I don’t want to make another terrible mistake I regret,” said Welfringer, who opposes the council’s stances on issues like LGBTQ rights and voter ID. “I feel like they had a hidden agenda. And now I’m also worried what else is on their hidden agenda. I’m afraid to know what big issue is next.”

“Ideally, it would be wonderful if we could just focus on the roads and infrastructure,” he said. “But I think we’re in a time now where there really isn’t any such thing as a nonpartisan local focus anymore.”

But this dynamic has turned city council meetings into routine spectacles, where public comment drags on for hours and speakers hurl invectives at the seven members sitting on the dais.

Butch Twining, a candidate for city council, is one of three conservatives looking to build on the Republican majority, campaigning as a slate to replace Bolton and the council’s other two liberal members in November. A victory would give conservatives a 7-0 vise grip on the council.

after Mr. Trump won the election that year, the world seemed to blame tech companies for his victory. The resulting “techlash” against Facebook and others caused some industry leaders to reassess their political views, a trend that continued through the social and political turmoil of the pandemic.

The start-up industry has also been in a downturn since 2022, with higher interest rates sending capital fleeing from risky bets and a dismal market for initial public offerings crimping opportunities for investors to cash in on their valuable investments.

Some investors said they were frustrated that his pick for chair of the Federal Trade Commission, Lina Khan, has aggressively moved to block acquisitions, one of the main ways venture capitalists make money. They said they were also unhappy that Mr. Biden’s pick for head of the Securities and Exchange Commission, Gary Gensler, had been hostile to cryptocurrency companies.

Last month, Mr. Sacks, Mr. Thiel, Elon Musk and other prominent investors attended an “anti-Biden” dinner in Hollywood, where attendees discussed fund-raising and ways to oppose Democrats,

Some also said they disliked Mr. Biden’s proposal in March to raise taxes, including a 25 percent “billionaire tax” on certain holdings that could include start-up stock, as well as a higher tax rate on profits from successful investments.

“If you keep telling someone over and over that they’re evil, they’re eventually not going to like that,” he said. “I see that in venture capital.”

Some tech investors are also fuming over how Mr. Biden has handled foreign affairs and other issues.

Mr. Andreessen, a founder of Andreessen Horowitz, a prominent Silicon Valley venture firm, said in a recent podcast that “there are real issues with the Biden administration.” Under Mr. Trump, he said, the S.E.C. and F.T.C. would be headed by “very different kinds of people.” But a Trump presidency would not necessarily be a “clean win” either, he added.

Mr. Sacks said at the tech conference last week that he thought such taxes could kill the start-up industry’s system of offering stock options to founders and employees. “It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” he said.

“Tech, venture capital and Silicon Valley are looking at the current state of affairs and saying, ‘I’m not happy with either of those options,’” he said. “‘I can no longer count on Democrats to support tech issues, and I can no longer count on Republicans to support business issues.’”

Ben Horowitz, a founder of Andreessen Horowitz, wrote in a blog post last year that the firm would back any politician who supported “an optimistic technology-enabled future” and oppose any who did not. Andreessen Horowitz has donated $22 million to Fairshake, a political action group focused on supporting crypto-friendly lawmakers.

Venture investors are also networking with lawmakers in Washington at events like the Hill & Valley conference in March, organized by Jacob Helberg, an adviser to Palantir, a tech company co-founded by Mr. Thiel. At that event, tech executives and investors lobbied lawmakers against A.I. regulations and asked for more government spending to support the technology’s development in the United States.

This month, Mr. Helberg, who is married to Mr. Rabois, donated $1 million to the Trump campaign