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conservative activists and business leaders designed an opposite idea of American freedom to protect their own interests

Realtors had big incentives for maintaining segregation. Having invented it in the early 1900s as a marketing tool for selling homes, they had made segregation central to their business practices. They created racial covenants to exclude members of minority groups from new developments, existing neighborhoods, and entire cities and shaped federal redlining maps, all premised on the idea that anyone selling to minority families was destroying the future of all the neighbors.

Despite the Supreme Court outlawing court enforcement of racial covenants in 1948, Realtors used racial steering—such as lying to minority prospective buyers that a home had just been sold and controlling newspaper real-estate listings—so effectively that by the early ’60s, Black Americans were excluded from 98 percent of new homes and 95 percent of neighborhoods.

in asking voters to constitutionally authorize residential discrimination in Proposition 14, Realtors had a fundamental problem. How, at the height of the civil-rights movement, could they publicly campaign for sanctioning discrimination in California?

Victory would depend, realized Spike Wilson, the president of the California Real Estate Association, on convincing the large majority of white voters—who did not want to see themselves as racially prejudiced in any way—that the Realtors were campaigning not for discrimination but for American freedom.

Realtors would need to secretly and systematically redefine American freedom as the freedom to discriminate—to challenge the idea at the heart of the civil-rights movement itself.

the national Realtors’ organization created a secret action kit to oppose fair housing everywhere.

The kit’s detailed scripts instructed Realtors to “focus on freedom” and avoid “discussion of emotionally charged subjects,” such as “inferiority of races.”

Freedom, the kit explained, meant each owner’s right to discriminate, and Realtors were in favor of “freedom for all”: the equal rights of all owners to choose whom to sell to. Realtors claimed that they, unlike civil-rights advocates, were color-blind.

Wilson drafted a Property Owners’ Bill of Rights that Realtors advertised in newspapers nationwide, emphasizing owners’ absolute right to dispose of their property—never mentioning anyone’s right to buy or rent a home in the first place

This was not always the case. In the early 1960s, civil-rights activists invoked freedom as the purpose of their struggle. Martin Luther King Jr. used the word equality once at the March on Washington, but he used the word freedom 20 times.

Realtors thus made government the enemy, not minority groups

Thus, the more disparate the issues on which this idea of freedom was invoked—abortion, guns, public schools, gender rights, campaign finance, climate change—the more powerful the message became.

By making state bureaucrats the enemy, Realtors could be on the side of the underdog, the individual owner. Proposition 14, Realtors claimed, was not about race but about “the rights of the individual.”

To discriminate simply means to choose, Realtors insisted. Freedom of choice required the right to discriminate.

To be in favor of Proposition 14, to limit where millions of fellow Americans could live, did not mean that you were prejudiced but that you believed in individual freedom.

Wilson cited Abraham Lincoln: “We are involved in a great battle for liberty and freedom. We have prepared a final resting place for the drive to destroy individual freedom.”

King’s terms evoked his speech at the March on Washington, but he was now defending shared freedom not against southern diehards but against northern salesmen promoting color-blind “freedom of choice.”

Proposition 14’s sweeping passage stunned politicians in both parties. The Realtors’ victory was overwhelming, with 65 percent of the total votes in favor, including 75 percent of the white vote and 80 percent of the white union vote.

Color-blind freedom meant that government must be oblivious to, must forever allow, organized private discrimination.

Reagan and other conservatives saw that the Realtors had zeroed in on something extremely powerful—something whose full force would not be limited to housing segregation but could be used on virtually any issue.

Realtors had shown how conservatives could succeed. If this idea of freedom could triumph in California, it could work anywhere.

though Realtors have disavowed their past arguments, the vision of freedom they created has had lasting effects on American politics as a whole.

This vision of freedom proved so enduring because it solved three structural problems for American conservatism.

First, Realtors used the language of individual freedom, of libertarianism, to justify its seeming opposite, community conformity.

Here was a way to unite the two separate and competing strands of conservatism, to link libertarians and social conservatives in defense of American freedom—and create the way many, if not most, Americans understand freedom today.

Reagan, running for governor, adopted the Realtors’ cause and their message as his own: “If an individual wants to discriminate against Negroes or others in selling or renting his house, he has a right to do so.”

a unifying idea: freedom of choice.

Second, by defining as freedom what government seemed to be taking away from “ordinary Americans,” Realtors helped create a polarizing, transcendent view of what was at stake in our politics

This picture of government taking away your rights would provide a compelling reason, far beyond economics, for millions of union members, Catholics, and white Americans who had long been part of Franklin D. Roosevelt’s coalition to see, in issue after issue, why they should define themselves as conservatives.

Timeliest of all, the Realtors’ redefinition of freedom offered a common ideology for something new in modern America: a national conservative political party

The Realtors’ color-blind freedom, which had proved so successful in California, could unite southerners, working-class northern Democrats, and conservative and moderate Republicans in a new national majority party—one very different from the Republican Party whose congressmen had voted 80 percent in favor of the Civil Rights and Voting Rights Acts.

Over time, the internal dynamics of a national conservative party would only push it further and further toward those who most ardently embraced the Realtors’ vision of freedom as the only meaning of American freedom. This dynamic has produced today’s Republican Party.

Republican politicians now view every issue through this single lens: that American freedom means placing one’s own absolute rights over those of others.

To go against that credo, to view freedom as belonging to the country itself and, as such, to everyone equally, threatens the party’s most basic tenet.

This idea of freedom is based on a technique that the Realtors perfected. They identified a single, narrow, obscure right, an owner’s right to choose a buyer—which Realtors themselves had restricted for decades with racial covenants—as American freedom itself.

Elevating as absolute a right rarely mentioned before, so government cannot limit it or protect the rights of others, became the model for the conservative movement

The concept can be and has been used regarding virtually any issue.

Everything that is not one of these carefully selected rights becomes, by definition, a privilege that government cannot protect, no matter how fundamental.

Since January 6, two-thirds of Republicans—more than 40 percent of all Americans—now see voting not as a basic right, an essential part of our freedom, but as a privilege for those who deserve it.

This picture of freedom has a purpose: to effectively prioritize the freedoms of certain Americans over the freedoms of others—without directly saying so

These newcomers, especially Muslims, are said to be fundamentally opposed to both France and French values. Unless the country turns back the clock, and puts “real” Frenchmen in charge again, it is supposedly doomed. Islamism, Le Pen has argued, is a “totalitarianism” that aims to “subjugate France.”

France’s left rightly rejects both conspiracy theories about a “great replacement” and attempts to blame immigrants for the concentrated poverty that does persist in some French suburbs. But even as it has contested who is to blame for the current malaise, it has, in its own way, mirrored the relentless pessimism of the right.

Many of the loudest left-wing voices in France also depict life in the banlieues as bleak and dystopian.

they, too, give the impression that most immigrants and their descendants are perpetually stuck at the very lowest rungs of society.

American reality is much more hopeful than the pessimistic narratives that are now so fashionable suggest.

This pessimism could not have become so dominant if it did not have roots in reality.

yet, life in contemporary France is much better than the dominant discourse on either the right or the left now seems to suggest. Indeed, France has successfully managed to integrate the majority of its immigrants over the course of the past decades

Far from being stuck in poverty or welfare dependency, most immigrants are experiencing rapid social, economic, and educational mobility. According to one large study by European economists, for example, the children and grandchildren of immigrants are more likely to improve their living conditions than the children and grandchildren of similarly positioned “natives.”

Because of the failure of the French mainstream to contest the pessimistic narrative of the far right, these facts are barely known in the country

Under those circumstances, it is hardly surprising that so many voters are choosing to seek fault with outsiders rather than themselves.M

he difference lies in who is blamed for these dystopian conditions: The real culprits, according to more progressive pessimists, are the incessant discrimination and racism that define contemporary France.

The majority of African Americans are middle-class. Most have completed high school and about half have, if they are below the age of 40, spent some time at a community college or research university. Black Americans are more likely to work in white-collar jobs than in blue-collar ones. They are more likely to get their health insurance from their employers than to either have to purchase it on an open marketplace or be uninsured.

Black Americans are actually more likely than their white fellow citizens to “believe in the American dream” or to say that the country’s best days still lie ahead.

Immigrants fared very well, rapidly boosting their incomes from one generation to the next. And this turned out to be true irrespective of their ethnic or geographical origin. “Children of immigrants from nearly every sending country,” the economists write, “have higher rates of upward mobility than the children of the US-born.”

In the ’90s, when Ericsson looked into the numbers for the two dozen or so clinics that use his process, he discovered, to his surprise, that couples were requesting more girls than boys, a gap that has persisted, even though Ericsson advertises the method as more effective for producing boys. In some clinics, Ericsson has said, the ratio is now as high as 2 to 1.

A newer method for sperm selection, called MicroSort, is currently completing Food and Drug Administration clinical trials. The girl requests for that method run at about 75 percent.

Even more unsettling for Ericsson, it has become clear that in choosing the sex of the next generation, he is no longer the boss. “It’s the women who are driving all the decisions,”

Now the centuries-old preference for sons is eroding—or even reversing. “Women of our generation want daughters precisely because we like who we are,”

what if equality isn’t the end point? What if modern, postindustrial society is simply better suited to women?

Even Ericsson, the stubborn old goat, can sigh and mark the passing of an era. “Did male dominance exist? Of course it existed. But it seems to be gone now. And the era of the firstborn son is totally gone.”

Ericsson’s extended family is as good an illustration of the rapidly shifting landscape as any other. His 26-year-old granddaughter—“tall, slender, brighter than hell, with a take-no-prisoners personality”—is a biochemist and works on genetic sequencing. His niece studied civil engineering at the University of Southern California. His grandsons, he says, are bright and handsome, but in school “their eyes glaze over. I have to tell ’em: ‘Just don’t screw up and crash your pickup truck and get some girl pregnant and ruin your life.’

Man has been the dominant sex since, well, the dawn of mankind. But for the first time in human history, that is changing—and with shocking speed. Cultural and economic changes always reinforce each other

And the global economy is evolving in a way that is eroding the historical preference for male children, worldwide

Over several centuries, South Korea, for instance, constructed one of the most rigid patriarchal societies in the world.

As recently as 1985, about half of all women in a national survey said they “must have a son.” That percentage fell slowly until 1991 and then plummeted to just over 15 percent by 2003. Male preference in South Korea “is over,” says Monica Das Gupta, a demographer and Asia expert at the World Bank. “It happened so fast. It’s hard to believe it, but it is.” The same shift is now beginning in other rapidly industrializing countries such as India and China.

As thinking and communicating have come to eclipse physical strength and stamina as the keys to economic success, those societies that take advantage of the talents of all their adults, not just half of them, have pulled away from the rest. And because geopolitics and global culture are, ultimately, Darwinian, other societies either follow suit or end up marginalized

None of the 30 or so men sitting in a classroom at a downtown Kansas City school have come for voluntary adult enrichment. Having failed to pay their child support, they were given the choice by a judge to go to jail or attend a weekly class on fathering, which to them seemed the better deal.

in the U.S., the world’s most advanced economy, something much more remarkable seems to be happening. American parents are beginning to choose to have girls over boys. As they imagine the pride of watching a child grow and develop and succeed as an adult, it is more often a girl that they see in their mind’s eye.

What if the modern, postindustrial economy is simply more congenial to women than to men?

what if men and women were fulfilling not biological imperatives but social roles, based on what was more efficient throughout a long era of human history? What if that era has now come to an end? More to the point, what if the economics of the new era are better suited to women?

Once you open your eyes to this possibility, the evidence is all around you. It can be found, most immediately, in the wreckage of the Great Recession, in which three-quarters of the 8 million jobs lost were lost by men.

The recession merely revealed—and accelerated—a profound economic shift that has been going on for at least 30 years

Earlier this year, for the first time in American history, the balance of the workforce tipped toward women, who now hold a majority of the nation’s job

With few exceptions, the greater the power of women, the greater the country’s economic success

Women dominate today’s colleges and professional schools—for every two men who will receive a B.A. this year, three women will do the same. Of the 15 job categories projected to grow the most in the next decade in the U.S., all but two are occupied primarily by women

Indeed, the U.S. economy is in some ways becoming a kind of traveling sisterhood: upper-class women leave home and enter the workforce, creating domestic jobs for other women to fill.

The postindustrial economy is indifferent to men’s size and strength. The attributes that are most valuable today—social intelligence, open communication, the ability to sit still and focus—are, at a minimum, not predominantly male. In fact, the opposite may be true

Yes, women still do most of the child care. And yes, the upper reaches of society are still dominated by men. But given the power of the forces pushing at the economy, this setup feels like the last gasp of a dying age rather than the permanent establishment

In his final book, The Bachelors’ Ball, published in 2007, the sociologist Pierre Bourdieu describes the changing gender dynamics of Béarn, the region in southwestern France where he grew up. The eldest sons once held the privileges of patrimonial loyalty and filial inheritance in Béarn. But over the decades, changing economic forces turned those privileges into curses. Although the land no longer produced the impressive income it once had, the men felt obligated to tend it. Meanwhile, modern women shunned farm life, lured away by jobs and adventure in the city

The role reversal that’s under way between American men and women shows up most obviously and painfully in the working class

The working class, which has long defined our notions of masculinity, is slowly turning into a matriarchy, with men increasingly absent from the home and women making all the decisions

“Let’s see,” he continues, reading from a worksheet. What are the four kinds of paternal authority? Moral, emotional, social, and physical. “But you ain’t none of those in that house. All you are is a paycheck, and now you ain’t even that. And if you try to exercise your authority, she’ll call 911. How does that make you feel? You’re supposed to be the authority, and she says, ‘Get out of the house, bitch.’ She’s calling you ‘bitch’!”

Just about the only professions in which women still make up a relatively small minority of newly minted workers are engineering and those calling on a hard-science background, and even in those areas, women have made strong gains since the 1970s.

“Who’s doing what?” he asks them. “What is our role? Everyone’s telling us we’re supposed to be the head of a nuclear family, so you feel like you got robbed. It’s toxic, and poisonous, and it’s setting us up for failure.” He writes on the board: $85,000. “This is her salary.” Then: $12,000. “This is your salary. Who’s the damn man? Who’s the man now?” A murmur rises. “That’s right. She’s the man.”

In 1950, roughly one in 20 men of prime working age, like Henderson, was not working; today that ratio is about one in five, the highest ever recorded.

Men dominate just two of the 15 job categories projected to grow the most over the next decade: janitor and computer engineer. Women have everything else—nursing, home health assistance, child care, food preparation

Many of the new jobs, says Heather Boushey of the Center for American Progress, “replace the things that women used to do in the home for free.” None is especially high-paying. But the steady accumulation of these jobs adds up to an economy that, for the working class, has become more amenable to women than to men.

The list of growing jobs is heavy on nurturing professions, in which women, ironically, seem to benefit from old stereotypes and habits.

The men in that room, almost without exception, were casualties of the end of the manufacturing era. Most of them had continued to work with their hands even as demand for manual labor was declining.

Many professions that started out as the province of men are now filled mostly with women—secretary and teacher come to mind. Yet I’m not aware of any that have gone the opposite way. Nursing schools have tried hard to recruit men in the past few years, with minimal success. Teaching schools, eager to recruit male role models, are having a similarly hard time

The range of acceptable masculine roles has changed comparatively little, and has perhaps even narrowed as men have shied away from some careers women have entered. As Jessica Grose wrote in Slate, men seem “fixed in cultural aspic.” And with each passing day, they lag further behind.

women are also starting to dominate middle management, and a surprising number of professional careers as well. According to the Bureau of Labor Statistics, women now hold 51.4 percent of managerial and professional jobs—up from 26.1 percent in 1980

About a third of America’s physicians are now women, as are 45 percent of associates in law firms—and both those percentages are rising fast.

When we look back on this period, argues Jamie Ladge, a business professor at Northeastern University, we will see it as a “turning point for women in the workforce.”

A white-collar economy values raw intellectual horsepower, which men and women have in equal amounts. It also requires communication skills and social intelligence, areas in which women, according to many studies, have a slight edge. Perhaps most important—for better or worse—it increasingly requires formal education credentials, which women are more prone to acquire,

The men are black and white, their ages ranging from about 20 to 40. A couple look like they might have spent a night or two on the streets, but the rest look like they work, or used to. Now they have put down their sodas, and El-Scari has their attention, so he gets a little more philosophical

Companies began moving out of the city in search not only of lower rent but also of the “best educated, most conscientious, most stable workers.” They found their brightest prospects among “underemployed females living in middle-class communities on the fringe of the old urban areas.” As Garreau chronicles the rise of suburban office parks, he places special emphasis on 1978, the peak year for women entering the workforce. When brawn was off the list of job requirements, women often measured up better than men. They were smart, dutiful, and, as long as employers could make the jobs more convenient for them, more reliable

Near the top of the jobs pyramid, of course, the upward march of women stalls. Prominent female CEOs, past and present, are so rare that they count as minor celebrities,

Only 3 percent of Fortune 500 CEOs are women, and the number has never risen much above that.

What are these talents? Once it was thought that leaders should be aggressive and competitive, and that men are naturally more of both. But psychological research has complicated this picture. In lab studies that simulate negotiations, men and women are just about equally assertive and competitive, with slight variations. Men tend to assert themselves in a controlling manner, while women tend to take into account the rights of others, but both styles are equally effective,

Researchers have started looking into the relationship between testosterone and excessive risk, and wondering if groups of men, in some basic hormonal way, spur each other to make reckless decisions. The picture emerging is a mirror image of the traditional gender map: men and markets on the side of the irrational and overemotional, and women on the side of the cool and levelheaded.

the perception of the ideal business leader is starting to shift. The old model of command and control, with one leader holding all the decision-making power, is considered hidebound. The new model is sometimes called “post-heroic,” or “transformational”

he aim is to behave like a good coach, and channel your charisma to motivate others to be hardworking and creative. The model is not explicitly defined as feminist, but it echoes literature about male-female differences

Most important, women earn almost 60 percent of all bachelor’s degrees—the minimum requirement, in most cases, for an affluent life.

Firms that had women in top positions performed better, and this was especially true if the firm pursued what the researchers called an “innovation intensive strategy,” in which, they argued, “creativity and collaboration may be especially important”

he association is clear: innovative, successful firms are the ones that promote women. The same Columbia-Maryland study ranked America’s industries by the proportion of firms that employed female executives, and the bottom of the list reads like the ghosts of the economy past: shipbuilding, real estate, coal, steelworks, machinery.

To see the future—of the workforce, the economy, and the culture—you need to spend some time at America’s colleges and professional schools

emographically, we can see with absolute clarity that in the coming decades the middle class will be dominated by women.

Women now earn 60 percent of master’s degrees, about half of all law and medical degrees, and 42 percent of all M.B.A.s

“We never explicitly say, ‘Develop your feminine side,’ but it’s clear that’s what we’re advocating,” s

n a stark reversal since the 1970s, men are now more likely than women to hold only a high-school diploma.

ne would think that if men were acting in a rational way, they would be getting the education they need to get along out there,” says Tom Mortenson, a senior scholar at the Pell Institute for the Study of Opportunity in Higher Education. “But they are just failing to adapt.”

I visited a few schools around Kansas City to get a feel for the gender dynamics of higher education. I started at the downtown campus of Metropolitan Community College. Metropolitan is the kind of place where people go to learn practical job skills and keep current with the changing economy, and as in most community colleges these days, men were conspicuously absent.

the tidal wave of women continues to wash through the school—they now make up about 70 percent of its students. They come to train to be nurses and teachers

As for the men? Well, little has changed. “I recall one guy who was really smart,” one of the school’s counselors told me. “But he was reading at a sixth-grade level and felt embarrassed in front of the women. He had to hide his books from his friends, who would tease him when he studied. Then came the excuses. ‘It’s spring, gotta play ball.’ ‘It’s winter, too cold.’ He didn’t make it.”

“The economy isn’t as friendly to men as it once was,” says Jacqueline King, of the American Council on Education. “You would think men and women would go to these colleges at the same rate.” But they don’t.

Men, it turned out, had a harder time committing to school, even when they desperately needed to retool. They tended to start out behind academically, and many felt intimidated by the schoolwork. They reported feeling isolated and were much worse at seeking out fellow students, study groups, or counselors to help them adjust.

Mothers going back to school described themselves as good role models for their children. Fathers worried that they were abrogating their responsibilities as breadwinner.

it began showing up not just in community and liberal-arts colleges but in the flagship public universities—the UCs and the SUNYs and the UNCs.

Guys high-five each other when they get a C, while girls beat themselves up over a B-minus. Guys play video games in each other’s rooms, while girls crowd the study hall. Girls get their degrees with no drama, while guys seem always in danger of drifting away.

realized how much the basic expectations for men and women had shifted. Many of the women’s mothers had established their careers later in life, sometimes after a divorce, and they had urged their daughters to get to their own careers more quickly. They would be a campus of Tracy Flicks, except that they seemed neither especially brittle nor secretly falling apart.

Among traditional college students from the highest-income families, the gender gap pretty much disappears. But the story is not so simple. Wealthier students tend to go to elite private schools, and elite private schools live by their own rules.

Quietly, they’ve been opening up a new frontier in affirmative action, with boys playing the role of the underprivileged applicants needing an extra boost

among selective liberal-arts schools, being male raises the chance of college acceptance by 6.5 to 9 percentage points

the U.S. Commission on Civil Rights has voted to investigate what some academics have described as the “open secret” that private schools “are discriminating in admissions in order to maintain what they regard as an appropriate gender balance.”

To avoid crossing the dreaded 60 percent threshold, admissions officers have created a language to explain away the boys’ deficits: “Brain hasn’t kicked in yet.” “Slow to cook.” “Hasn’t quite peaked.” “Holistic picture.”

Clearly, some percentage of boys are just temperamentally unsuited to college, at least at age 18 or 20, but without it, they have a harder time finding their place these days

“Forty years ago, 30 years ago, if you were one of the fairly constant fraction of boys who wasn’t ready to learn in high school, there were ways for you to enter the mainstream economy,” says Henry Farber, an economist at Princeton. “When you woke up, there were jobs. There were good industrial jobs, so you could have a good industrial, blue-collar career. Now those jobs are gone.”

the disparities start before college. Throughout the ’90s, various authors and researchers agonized over why boys seemed to be failing at every level of education, from elementary school on up

identified various culprits: a misguided feminism that treated normal boys as incipient harassers (Christina Hoff Sommers); different brain chemistry (Michael Gurian); a demanding, verbally focused curriculum that ignored boys’ interests (Richard Whitmire)

t’s not all that clear that boys have become more dysfunctional—or have changed in any way. What’s clear is that schools, like the economy, now value the self-control, focus, and verbal aptitude that seem to come more easily to young girls.

movement is growing for more all-boys schools and classes, and for respecting the individual learning styles of boys

In their desperation to reach out to boys, some colleges have formed football teams and started engineering programs.

allowing generations of boys to grow up feeling rootless and obsolete is not a recipe for a peaceful future. Men have few natural support groups and little access to social welfare; the men’s-rights groups that do exist in the U.S. are taking on an angry, antiwoman edge.

Marriages fall apart or never happen at all, and children are raised with no fathers. Far from being celebrated, women’s rising power is perceived as a threat.

his is the first time that the cohort of Americans ages 30 to 44 has more college-educated women than college-educated men, and the effects are upsetting the traditional Cleaver-family dynamics. In 1970, women contributed 2 to 6 percent of the family income. Now the typical working wife brings home 42.2 percent, and four in 10 mothers—many of them single mothers—are the primary breadwinners in their familie

ncreasing numbers of women—unable to find men with a similar income and education—are forgoing marriage altogether. In 1970, 84 percent of women ages 30 to 44 were married; now 60 percent are.

or all the hand-wringing over the lonely spinster, the real loser in society—the only one to have made just slight financial gains since the 1970s—is the single man, whether poor or rich, college-educated or not. Hens rejoice; it’s the bachelor party that’s over.

The sociologist Kathryn Edin spent five years talking with low-income mothers in the inner suburbs of Philadelphia. Many of these neighborhoods, she found, had turned into matriarchies, with women making all the decisions and dictating what the men should and should not do. “I think something feminists have missed,” Edin told me, “is how much power women have” when they’re not bound by marriage

he women, she explained, “make every important decision”—whether to have a baby, how to raise it, where to live. “It’s definitely ‘my way or the highway,’

Thirty years ago, cultural norms were such that the fathers might have said, ‘Great, catch me if you can.’ Now they are desperate to father, but they are pessimistic about whether they can meet her expectations.” The women don’t want them as husbands, and they have no steady income to provide. So what do they have?

Nothing,” Edin says. “They have nothing. The men were just annihilated in the recession of the ’90s, and things never got better. Now it’s just awful.”

The phenomenon of children being born to unmarried parents “has spread to barrios and trailer parks and rural areas and small towns,” Edin says, and it is creeping up the class ladder. After staying steady for a while, the portion of American children born to unmarried parents jumped to 40 percent in the past few years.

Many of their mothers are struggling financially; the most successful are working and going to school and hustling to feed the children, and then falling asleep in the elevator of the community college.

Still, they are in charge. “The family changes over the past four decades have been bad for men and bad for kids, but it’s not clear they are bad for women,”

Over the years, researchers have proposed different theories to explain the erosion of marriage in the lower classes: the rise of welfare, or the disappearance of work and thus of marriageable men

the most compelling theory is that marriage has disappeared because women are setting the terms—and setting them too high for the men around them to reach.

The whole country’s future could look much as the present does for many lower-class African Americans: the mothers pull themselves up, but the men don’t follow. First-generation college-educated white women may join their black counterparts in a new kind of middle class, where marriage is increasingly rare.

Japan is in a national panic over the rise of the “herbivores,” the cohort of young men who are rejecting the hard-drinking salaryman life of their fathers and are instead gardening, organizing dessert parties, acting cartoonishly feminine, and declining to have sex. The generational young-women counterparts are known in Japan as the “carnivores,” or sometimes the “hunters.”

American pop culture keeps producing endless variations on the omega male, who ranks even below the beta in the wolf pack.

At the same time, a new kind of alpha female has appeared, stirring up anxiety and, occasionally, fear. The cougar trope started out as a joke about desperate older women. Now it’s gone mainstream, even in Hollywood,

the more women dominate, the more they behave, fittingly, like the dominant sex. Rates of violence committed by middle-aged women have skyrocketed since the 1980

Stoics are making a comeback—and they have been for several years. From discussions among Silicon Valley elites to podcasts and newsletters, the school of thought that once flourished in ancient Greece and Rome has been seeing a revival in recent years. The pandemic supercharged this.

men react poorly to loss of status. A 2005 study by the University of Newcastle upon Tyne found that men who experience downward mobility are four times more likely to suffer from depression—and although women are twice as likely to be downwardly mobile, they don’t experience the same drop in well-being.

Today’s backlash against diversity and inclusion efforts can also be seen through this lens: a third leg of men’s status being chopped off.

The Roman Empire did not invent the patriarchy—but it did codify it into law. Pater familias was a legal status that gave the patriarch authority over the family and its estate, two status-granting privileges that contemporary men took for granted but may never achieve

The Roman legal concept of bonus pater familias, or diligens pater familias, became the benchmark for reasonable and diligent behavior when courts seek to establish negligence, from Spain to Canada.

Status (and gender) no longer mattered. What matters is the behavior: Is it that of a proverbial good family father? This has become a stand-in for the standard of care required, underpinning how we may not all think of the Roman Empire all that often, but it’s all around us.

In an age of crises, competence commands a premium—but what we’re getting instead is misogyny, anger, and poor mental health

no wonder that men are vocally demanding to spend more time with their families—perhaps the most potent cure to these struggles.

Today, men are craving answers, purpose, and family. If that’s unachievable, we can expect much worse than fantasies about bygone empires.

He also disagreed with Friedman’s nemeses, the Keynesians, who worried that nations wouldn’t be able to fine-tune spending and taxing policy for domestic conditions if they had to keep their currencies in sync with the dollar.

Although the United States’ share of global domestic product has shrunk since the aftermath of World War II, the dollar continues to play a dominant role in financial flows. “Around half of all cross-border bank loans and international debt securities are denominated in U.S. dollars,”

the world today is closer to Kindleberger’s vision than he or his intellectual opponents could have imagined

What’s more, the Federal Reserve has become in effect the world’s central bank: When the Fed raises rates aggressively, as it’s doing now, other central banks tend to follow sui

t the British Empire really was an empire; London bankers were happy to extend loans to British companies operating in the colonies because they were subject to British law. That enabled the colonies to develop somewhat, albeit under Britain’s thumb. The United States has less control over borrowers in emerging markets. Kindleberger’s goal was “to get the economic boost of imperialism, but without the political and social downside of actual imperialism,” Mehrling wrote.

Roosevelt worsened and extended the Depression in 1933 by torpedoing central bankers’ efforts to stabilize exchange rates between currencies.

In contrast, Paul Volcker, who chaired the Fed from 1979 to 1987, comes across as a hero in the book for working with other central bankers and finance officials to resume international cooperation after the Nixon shock of 1971.

There’s a concept in economics of the optimal currency area. In theory, the area of a shared currency, such as the euro, should be big enough to encompass a lot of economic activity but not so big that it includes nations that are disparate and require different economic policies. To Kindleberger, no area could be too big. He thought the whole world was an optimal currency area.

In essence, his goal was to duplicate on the world stage what was achieved in the United States by a mentor of his, Henry Parker Willis, who was a designer of the Federal Reserve System that knitted the nation together financially.

Kindleberger was realistic enough to observe that nationalist politics was an obstacle. “While the optimum scale of economic activity is getting larger and larger, the optimum social scale appears to be shrinking,” he once wrote. Elsewhere, he wrote: “Whereas the economic logic of the payment system pushes toward hierarchy and centralization, the political logic of subglobal and subnational groupings pushes toward autarky and pluralism.”

“The Citizens of the Reich movement has established itself as the biggest far-right extremist danger in Germany via the pandemic,”

“It’s dangerous not just that you have armed and trained members of the military and police in the group, but that the number of gun permits has gone up and several people in this group had such permits.”

It was the same group behind a failed attempt to storm the German Capitol during an anti-vaccine protest two years ago, and it is believed to have inspired a plot to kidnap the health minister and set off a coup earlier this year.

But since the onset of the pandemic, they have become the main conduit for violent and antisemitic conspiracy theories, notably QAnon.The mythology and language QAnon uses — including claims of a “deep state” of globalist elites running the government and revenge fantasies against those elites — conjure ancient antisemitic tropes and putsch visions that have long animated Germany’s far-right fringe.

Lorenz Blumenthaler, who studies Germany’s far right, calls the Reichsbürger a “gateway ideology,” because the movement attracts so many disparate groups disenchanted with the government.

The pandemic allowed the group to find new support bases beyond those who usually gravitate toward the right, and to tap into a deep vein of conspiracy theories that were becoming more potent.“It has taken on a completely new level of radicalization,

it comes at a time when “a confluence of at least four political and technological developments will make its practical effect significant.”

First, technological advances, as used in the Milligan case, make it easier to find new V.R.A. districts that can be reasonably configured.

Second, minority-preferred candidates can win with lower minority voting-age populations (falling from estimates as high as 65 percent in the 1990s to below 45 percent now), which means more minority voters are available to create additional V.R.A. districts.

Third, the private bar has become extremely well resourced to pursue these cases.

Fourth, the debates over partisan gerrymandering in the last decade brought many new strong social scientists into this area, in which expert analysis of maps and voting patterns plays a critical role.

John Roberts’s majority opinion is particularly important because it rejects the argument that race-based remedial districting is unconstitutional:Alabama further argues that, even if the Fifteenth Amendment authorizes the effects test of section 2, that Amendment does not authorize race-based redistricting as a remedy for section 2 violations. But for the last four decades, this Court and the lower federal courts have repeatedly applied the effects test of section 2 as interpreted in Gingles and, under certain circumstances, have authorized race-based redistricting as a remedy for state districting maps that violate section 2.In that context, Roberts continued, “we are not persuaded by Alabama’s arguments that section 2 as interpreted in Gingles exceeds the remedial authority of Congress.”

My best guess is that Roberts and Kavanaugh thought it best to proceed cautiously and bide their time. The court as an institution can only take so many bombshells at a time. The issue will come back to the court soon enough.

But, Tribe continued, “Allen v. Milligan remains highly significant as an essential reminder that the court doesn’t exist in an isolation booth, unaffected by public reactions to its decisions that venture too far from the mainstream of legal and social thought.”

Roberts and Kavanaugh, in Tribe’s view, chose not to press the case against race-based redistricting in part because of “the controversy unleashed by the court in its shattering abortion ruling in Dobbs last June, coupled with other unrestrained shocks to the system delivered by the court in the landmark cases involving guns and climate change, and aggravated by the ethical stench swirling about the court as a result of improprieties.”

These developments, Tribe continued, “almost certainly had an impact, however subconscious, on the chief justice and on Justice Kavanaugh, who has increasingly sought to distance himself from the hard right.”

Beyond Crispr and Covid vaccines, there are countless potential applications of mRNA tools for other diseases; a new frontier for immunotherapy and next-generation cancer treatment; a whole new world of weight-loss drugs; new insights and drug-development pathways to chase with the help of machine learning; and vaccines heralded as game-changing for some of the world’s most intractable infectious diseases.

the vaccine innovations stretch beyond mRNA: A “world-changing” vaccine for malaria, which kills 600,000 globally each year, is being rolled out in Ghana and Nigeria, and early trials for next-generation dengue vaccines suggest they may reduce symptomatic infection by 80 percent or more.

the mRNA sequence of the first shot was designed in a weekend, and the finished vaccines arrived within months, an accelerated timeline that saved perhaps several million American lives and tens of millions worldwide — numbers that are probably larger than the cumulative global death toll of the disease.

As the first of their kind to be approved by the Food and Drug Administration, they brought with them a very long list of potential future mRNA applications: H.I.V., tuberculosis, Zika, respiratory syncytial virus (R.S.V.), cancers of various and brutal kinds.

A Nobel laureate, Doudna is known primarily for Crispr, the gene-editing Swiss Army knife that has been called “a word processor” for the human genome and that she herself describes as “a technology that literally enables the rewriting of the code of life.”

many of their back stories do rhyme, often stretching back several decades through the time of the Human Genome Project, which was completed in 2003, and the near-concurrent near-doubling of the National Institutes of Health’s budget, which helped unleash what Donna Shalala, President Bill Clinton’s secretary for health and human services, last year called “a golden age of biomedical research.”

A couple of decades later, it looks like a golden age for new treatments. New trials of breast-cancer drugs have led to survival rates hailed in The Times as “unheard-of,” and a new treatment for postoperative lung-cancer patients may cut mortality by more than half. Another new treatment, for rectal cancer, turned every single member of a small group of cases into cancer-free survivors.

Ozempic and Wegovy have already changed the landscape for obesity in America

although the very first person to receive Crispr gene therapy in the United States received it just four years ago, for sickle-cell disease, it has since been rolled out for testing on congenital blindness, heart disease, diabetes, cancer and H.I.V

all told, some 400 million people worldwide are afflicted by one or more diseases arising from single-gene mutations that would be theoretically simple for Crispr to fix.

in theory, inserting a kind of genetic prophylaxis against Alzheimer’s or dementia.

In January, a much-talked-about paper in Nature suggested that the rate of what the authors called disruptive scientific breakthroughs was steadily declining over time — that, partly as a result of dysfunctional academic pressures, researchers are more narrowly specialized than in the past and often tinkering around the margins of well-understood science.

when it comes to the arrival of new vaccines and treatments, the opposite story seems more true: whole branches of research, cultivated across decades, finally bearing real fruit

Does this mean we are riding an exponential curve upward toward radical life extension and the total elimination of cancer? No. The advances are more piecemeal and scattered than tha

“The biology and the science that we need is already in place,” he says. “The question now to me is: Can we actually do it?”

Sometimes these things just take a little time.

This is what connects figures as disparate as Jordan Peterson and J.D. Vance and Peter Thiel and Donald Trump. These are the ideas that unite both the mainstream and the weirder figures of the so-called postliberal right, from Patrick Deneen to the writer Bronze Age Pervert.

I think the Republican Party’s collapse into incoherence reflects the fact that much of the modern right is reactionary, not conservative

As Paul Valéry, the French poet, once said, “Ancient Greece is the most beautiful invention of the modern age.” To treat Andreessen’s essay as an argument misses the point. It’s a vibe. And the vibe is reactionary.

It’s a coalition obsessed with where we went wrong: the weakness, the political correctness, the liberalism, the trigger warnings, the smug elites. It’s a coalition that believes we were once hard and have become soft; worse, we have come to lionize softness and punish hardness.

The story of the reactionary follows a template across time and place. It “begins with a happy, well-ordered state where people who know their place live in harmony and submit to tradition and their God,” Mark Lilla writes in his 2016 book, “The Shipwrecked Mind: On Political Reaction.”

He continues:Then alien ideas promoted by intellectuals — writers, journalists, professors — challenge this harmony, and the will to maintain order weakens at the top. (The betrayal of elites is the linchpin of every reactionary story.) A false consciousness soon descends on the society as a whole as it willingly, even joyfully, heads for destruction. Only those who have preserved memories of the old ways see what is happening. Whether the society reverses direction or rushes to its doom depends entirely on their resistance.

The Silicon Valley cohort Andreessen belongs to has added a bit to this formula. In their story, the old way that is being lost is the appetite for risk and inequality and dominance that drives technology forward and betters human life. What the muscled ancients knew and what today’s flabby whingers have forgotten is that man must cultivate the strength and will to master nature, and other men, for the technological frontier to give way

Now Andreessen has distilled the whole ideology to a procession of stark bullet points in his latest missive, the buzzy, bizarre “Techno-Optimist Manifesto.”

it’s the pairing of the reactionary’s sodden take on modern society with the futurist’s starry imagining of the bright tomorrow. So call it what it is: reactionary futurism

Andreessen’s argument is simple: Technology is good. Very good. Those who stand in its way are bad.

“The Enemy.” The list is long, ranging from “anti-greatness” to “statism” to “corruption” to “the ivory tower” to “cartels” to “bureaucracy” to “socialism” to “abstract theories” to anyone “disconnected from the real world … playing God with everyone else’s lives”

So who is it, exactly, who extinguishes the dancing star within the human soul?

Our present society has been subjected to a mass demoralization campaign for six decades — against technology and against life — under varying names like “existential risk,” “sustainability,” “E.S.G.,” “sustainable development goals,” “social responsibility,” “stakeholder capitalism,” “precautionary principle,” “trust and safety,” “tech ethics,” “risk management,” “degrowth,” “the limits of growth.”

The enemy, in other words, is anything or anyone who might seek to yoke technology to social goals or structures

For years, I’ve been arguing for politics to take technology more seriously, to see new inventions as no less necessary than social insurance and tax policy in bringing about a worthier world. Too often, we debate only how to divvy up what we already have. We have lost the habit of imagining what we could have; we are too timid in deploying the coordinated genius and muscle of society

I’ve been digging into the history of where and when we lost faith in technology and, more broadly, growth. At the core of that story is an inability to manage, admit or even see when technologies or policies go awry

The turn toward a less-is-more politics came in the 1970s, when the consequences of reckless growth became unignorable

Did we, in some cases, overcorrect? Absolutely. But the only reason we can even debate whether we overcorrected is because we corrected: The Clean Air Act and the Clean Water Act and a slew of other bills and regulations did exactly what they promised.

It is telling that Andreessen groups sustainability and degrowth into the same bucket of antagonists

Degrowth is largely, though not wholly, skeptical of technological solutions to our problems

But the politics of sustainability — as evidenced in legislation like the Inflation Reduction Act — have settled into another place entirely: a commitment to solving our hardest environmental problems by driving technology forward, by investing and deploying clean energy infrastructure at a scale unlike anything the government has done since the 1950s.

Andreessen focuses at some length on the nuclear future he believes we’ve been denied —

but curiously ignores the stunning advances in solar and wind and battery power that public policy has delivered.

He yearns for a kind of person, not just a kind of technology. “We believe in ambition, aggression, persistence, relentlessness — strength,” he writes, italics included. “We believe in merit and achievement. We believe in bravery, in courage.”

There are ways in which these virtues have become undervalued, in which the left, in particular, has a dysfunctional relationship with individual achievement and entrepreneurial élan.

Andreessen’s ideas trace an odd, meme-based philosophy that has flourished in some corners of the internet known as effective accelerationism

“Effective accelerationism aims to follow the ‘will of the universe’: leaning into the thermodynamic bias towards futures with greater and smarter civilizations that are more effective at finding/extracting free energy from the universe,”

“E/acc has no particular allegiance to the biological substrate for intelligence and life, in contrast to transhumanism.” OK!

Take Andreessen’s naming of trust and safety teams as among his enemies.

That, in a way, is my core disagreement with Andreessen. Reactionary futurism is accelerationist in affect but deccelerationist in practice

How has that worked out? A new analysis by Similarweb found that traffic to twitter.com fell in the United States by 19 percent from September 2022 to September 2023 and traffic on mobile devices fell by almost 18 percent. Indications are that advertising revenue on the platform is collapsing.

Andreessen spends much of his manifesto venerating the version of markets that you hear in the first few weeks of Econ 101, before the professor begins complicating the picture with all those annoying market failures

Throughout his essay, Andreessen is at pains to attack those who might slow the development of artificial intelligence in the name of safety, but nothing would do more to freeze progress in A.I. than a disaster caused by its reckless deployment

It is hard to read Andreessen’s manifesto, with its chopped-up paragraphs and its blunt jabs of thought delivered for maximum engagement and polarization, and not feel that Andreessen now reflects the medium in which he has made his home: X. He doesn’t just write in the way the medium rewards. He increasingly seems to think in its house style, too.

One reason I left Twitter long ago is that I noticed that it was a kind of machine for destroying trust. It binds you to the like-minded but cuts you from those with whom you have even modest disagreements

There is a reason that Twitter’s rise was conducive to politics of revolution and reaction rather than of liberalism and conservatism. If you are there too often, seeing the side of humanity it serves up, it is easy to come to think that everything must be burned down.

Musk purchased Twitter (in an acquisition that Andreessen Horowitz helped finance) and gutted its trust and safety teams. The result has been a profusion of chaos, disinformation and division on his platform

Treating so much of society with such withering contempt will not speed up a better future. It will turn people against the politics and policies of growth, just as it did before. Trust is the most essential technology of all.

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.

They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.

Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.

By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.

“It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”

The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”

nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.

“My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”

It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.

If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?

on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”

They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.

To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.

Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.

Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.

, Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”

The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.

This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”

“Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody

Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”

“We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”

Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”

The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”

The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.

Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.

By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.

because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.

The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.

an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.

The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.

The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.

its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.

In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.

Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.

Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.

Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.

“We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”

The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.

Right on cue, Gingrich displayed his anti-democratic instincts. He said on — where else? — Fox News that if Republicans regain the majority in the House, lawmakers on the Jan. 6 investigative committee are “going to face a real risk of jail for the kind of laws they are breaking.”

Threatening to imprison opponents for unspecified crimes? The hallmark of authoritarians everywhere. And vintage Gingrich.

As Jonathan Chait noted in New York magazine, Gingrich “obsessively criminalized his opponents, both real and imagined, calling at various times for the arrests of such disparate figures as Barney Frank and Chris Dodd, Madonna and various poll workers.”

Mr. Khamenei’s ruling philosophy has been shaped and reinforced by three notable authoritarian collapses: The 1979 fall of Iran’s monarchy, the 1991 dissolution of the Soviet Union and the Arab uprisings of 2011. His takeaway from each of these events has been to never compromise under pressure and never compromise on principles.

The Iranian regime’s repressive capacity — at least on paper — remains formidable. Ayatollah Khamenei is commander in chief of 190,000 armed members of the Islamic Revolutionary Guard Corps, who oversee tens of thousands of Basij militants tasked with instilling public fear and morality.

Iran’s nonideological conscription army, whose active forces are an estimated 350,000, is unlikely to take part in mass repression

Until now, the political and financial interests of Ayatollah Khamenei and the Revolutionary Guards have been intertwined. But persistent protests and chants of “Death to Khamenei” might change that

The sociologist Charles Kurzman wrote in his seminal book, “The Unthinkable Revolution in Iran,” that the paradox of revolutionary movements is that they are not viable until they attract a critical mass of supporters but that to attract a critical mass of supporters, they must be perceived as viable.

If the organizing principle that united Iran’s disparate opposition forces in 1979 was anti-imperialism, the organizing principles of today’s socioeconomically and ethnically diverse movement are pluralism and patriotism.

The faces of this movement are not ideologues or intellectuals but athletes, musicians and ordinary people, especially women and ethnic minorities, who have shown uncommon courage. Their slogans are patriotic and progressive — “We will not leave Iran, we will reclaim Iran,” and “Women, life, freedom.”

The demands of the current movement are brilliantly distilled in Shervin Hajipour’s song “Baraye,” or “For,” which has become the anthem of the protests and articulates a “yearning for a normal life” rather than the “forced paradise” of a religious police state.

Abbas Amanat, a historian of Iran, observed that one of the keys to Iran’s civilizational longevity, which dates to the Persian Empire of 2,500 years ago, is the power of its culture to co-opt its military invaders. “For nearly two millenniums, Persian political culture and, in a broader sense, a repository of Persian civilizational tools successfully managed to convert Turkic, Arab and Mongolian conquerors,” he told me. “Persian language, myth, historical memories and timekeeping endured. Iranians persuaded invaders to appreciate a Persian high culture of poetry, food, painting, wine, music, festivals and etiquette.”

When Ayatollah Khomeini acquired power in 1979, he led a cultural revolution that sought to replace Iranian patriotism with a purely Islamic identity. Ayatollah Khamenei continues that tradition, but he is one of the few remaining true believers. While the Islamic Republic sought to subdue Iranian culture, it is Iranian culture and patriotism that are threatening to undo the Islamic Republic.

Four decades of the Islamic Republic’s hard power will ultimately be defeated by two millenniums of Iranian cultural soft power. The question is no longer about whether this will happen but when.

But to understand why Republicans have died at higher rates, you can’t look at vaccine status alone. Congressional districts controlled by a trifecta of Republican leaders—state governor, Senate, and House—had an 11 percent higher death rate, according to the Lancet study. A likely explanation, the authors write, could be that in the post-vaccine era, those leaders chose policies and conveyed public-health messages that made their constituents more likely to die. Although we still can’t say these decisions led to higher death rates, the association alone is jarring.

One of the most compelling studies comes from researchers at Yale, who published their findings as a working paper in November. They link political party and excess-death rate—the percent increase in deaths above pre-COVID levels—among those registered as either Democrats or Republicans, providing a more granular view. They chose to analyze data from Florida and Ohio from before and after vaccines were available. Looking at the period before the vaccine,  researchers found a 1.6 percentage-point difference in excess death rate among Republicans and Democrats, with a higher rate among Republicans. But after vaccines became available, that gap widened dramatically to 10.4 percentage points, again with a higher Republican excess death rate. “When we compare individuals who are of the same age, who live in the same county in the same month of the pandemic, there are differences correlated with your political-party affiliation that emerge after vaccines are available,”

What’s most concerning about all of this is that partisan disparities in death rates were also apparent before COVID. People living in Republican jurisdictions have been at a health disadvantage for more than 20 years. From 2001 to 2019, the death rate in Democratic counties decreased by 22 percent, according to a recent study; in Republican counties, it declined by only 11 percent. In the same time period, the political gap in death rates increased sixfold.

over the decades, state policy decisions on health issues such as Medicaid, gun legislation, tobacco taxes, and, indeed, vaccines have likely had a stronger impact on state health trajectories than other factors

the long-term decline of health in red states indicates that there is an ongoing problem at a high level in Republican-led places, and that something has gone awry. “If you happen to live in certain states, your chances for living a long life are going to be much higher than if you’re an American living in a different state,”

o acknowledge how many Republicans didn’t have to die would mean giving credence to scientific and medical expertise. So long as America remains locked in a poisonous partisan battle in which science is wrongly dismissed as being associated with the left, the death toll will only rise.

For instance, when a Harvard scholar such as Steven Pinker speaks of “disempowering D.E.I.” as a necessary reform in American higher education, he’s not opposing diversity itself. Pinker is liberal, donates substantially to the Democratic Party and “loathes” Donald Trump. The objections he raises are shared by a substantial number of Americans across the political spectrum.

, the problem with D.E.I. isn’t with diversity, equity, or inclusion — all vital values.

Yet that is no justification for hundreds of universities to pass and maintain draconian speech codes on campus, creating a system of unconstitutional censorship that has been struck down again and again and again in federal court. Nor is it a justification for discriminating against faculty members for their political views or for compelling them to speak in support of D.E.I.

I’ll share with you three pervasive examples

In the name of D.E.I., all too many institutions have violated their constitutional commitments to free speech, due process and equal protection of the law.

First, it is a moral necessity for colleges to be concerned about hateful discourse, including hateful language directed at members of historically marginalized groups. Moreover, colleges that receive federal funds have a legal obligation

The danger posed by D.E.I. resides primarily not in these virtuous ends, but in the unconstitutional means chosen to advance them.

Second, there is a moral imperative to respond to sexual misconduct on campus.

that is no justification for replacing one tilted playing field with another. Compelled in part by constitutionally problematic guidance from the Obama administration, hundreds of universities adopted sexual misconduct policies that strip the most basic due process protections from accused students. The result has been systematic injustice

The due process problem was so profound that in 2019 a state appellate court in California — hardly a bastion of right-wing jurisprudence — ruled that “fundamental fairness” entitles an accused student to cross-examine witnesses in front of a neutral adjudicator.

Third, it is urgently necessary to address racial disparities in campus admissions and faculty hiring — but, again, not at the expense of the Constitution.

it is difficult to ignore the overwhelming evidence that Harvard attempted to achieve greater diversity in part by systematically downranking Asian applicants on subjective grounds, judging them deficient in traits such as “positive personality,” likability, courage, kindness and being “widely respected.” That’s not inclusion; it’s discrimination.

Our nation has inflicted horrific injustices on vulnerable communities. And while the precise nature of the injustice has varied — whether it was slavery, Jim Crow, internment or the brutal conquest of Native American lands — there was always a consistent theme: the comprehensive denial of constitutional rights.

But one does not correct the consequences of those terrible constitutional violations by inflicting a new set of violations on different American communities in a different American era. A consistent defense of the Constitution is good for us all,

There is a better way to achieve greater diversity, equity, inclusion and related goals. Universities can welcome students from all walks of life without unlawfully censoring speech. They can respond to campus sexual violence without violating students’ rights to due process. They can diversify the student body without discriminating on the basis of race

Virtuous goals should not be accomplished by illiberal means.

For the first time since the first World Happiness Report was published in 2012, the United States fell out of the Top 20 and dropped to 23rd, pushed down by cratering attitudes of Americans under 30.

Americans have long been an unhappy bunch. They have never ranked in the Top 10 of the World Happiness Report, which is based on how respondents in different countries rate their own happiness.

cited the disruptions to life brought about by the coronavirus pandemic as a chief cause of mental health challenges among younger Americans.

The happiest young people are in Lithuania, while the unhappiest are in Afghanistan.

“I have never seen such an extreme change,” John Helliwell, an economist and a co-author of the report, said in an interview, referring to the drop in happiness among younger people. “This has all happened in the last 10 years, and it’s mainly in the English-language countries. There isn’t this drop in the world as a whole.”

Respondents were asked — among other prompts — to think of their life as a ladder and to rate it on a scale of one to 10, with 10 being the best possible life.

this was the first time that the consortium separated results by age, finding disparities in the views of younger and older Americans. Among the 143 countries surveyed, the United States ranked 10th for people 60 and older, but 62nd for people under 30.