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Javier E

How OnlyFans top earner Bryce Adams makes millions selling a sex fantasy - Washington Post - 0 views

  • In the American creator economy, no platform is quite as direct or effective as OnlyFans. Since launching in 2016, the subscription site known primarily for its explicit videos has become one of the most methodical, cash-rich and least known layers of the online-influencer industry, touching every social platform and, for some creators, unlocking a once-unimaginable level of wealth.
  • More than 3 million creators now post around the world on OnlyFans, which has 230 million subscribing “fans” — a global audience two-thirds the size of the United States itself
  • fans’ total payouts to creators soared last year to $5.5 billion — more than every online influencer in the United States earned from advertisers that year,
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  • If OnlyFans’s creator earnings were taken as a whole, the company would rank around No. 90 on Forbes’s list of the biggest private companies in America by revenue, ahead of Twitter (now called X), Neiman Marcus Group, New Balance, Hard Rock International and Hallmark Cards.
  • Many creators now operate like independent media companies, with support staffs, growth strategies and promotional budgets, and work to apply the cold quantification and data analytics of online marketing to the creation of a fantasy life.
  • The subscription site has often been laughed off as a tabloid punchline, a bawdy corner of the internet where young, underpaid women (teachers, nurses, cops) sell nude photos, get found out and lose their jobs.
  • pressures to perform for a global audience; an internet that never forgets. “There is simply no room for naivety,” one said in a guide posted to Reddit’s r/CreatorsAdvice.
  • America’s social media giants for years have held up online virality as the ultimate goal, doling out measurements of followers, reactions and hearts with an unspoken promise: that internet love can translate into sponsorships and endorsement deals
  • But OnlyFans represents the creator economy at its most blatantly transactional — a place where viewers pay upfront for creators’ labor, and intimacy is just another unit of content to monetize.
  • The fast ascent of OnlyFans further spotlights how the internet has helped foster a new style of modern gig work that creators see as safe, remote and self-directed,
  • Creators’ nonchalance about the digital sex trade has fueled a broader debate about whether the site’s promotion of feminist autonomy is a facade: just a new class of techno-capitalism, selling the same patriarchal dream.
  • But OnlyFans increasingly has become the model for how a new generation of online creators gets paid. Influencers popular on mainstream sites use it to capitalize on the audiences they’ve spent years building. And OnlyFans creators have turned going viral on the big social networks into a marketing strategy, using Facebook, Twitter and TikTok as sales funnels for getting new viewers to subscribe.
  • many creators, she added, still find it uniquely alluring — a rational choice in an often-irrational environment for gender, work and power. “Why would I spend my day doing dirty, degrading, minimum-wage labor when I can do something that brings more money in and that I have a lot more control over?”
  • it is targeting major “growth regions” in Latin America, Europe and Australia. (The Mexican diver Diego Balleza said he is using his $15-a-month account to save up for next year’s Paris Olympics.)
  • “Does an accountant always enjoy their work? No. All work has pleasure and pain, and a lot of it is boring and annoying. Does that mean they’re being exploited?”
  • Adams’s operation is registered in state business records as a limited liability company and offers quarterly employee performance reviews and catered lunch. It also runs with factory-like efficiency, thanks largely to a system designed in-house to track millions of data points on customers and content and ensure every video is rigorously planned and optimized.
  • Since sending her first photo in 2021, Adams’s OnlyFans accounts have earned $16.5 million in sales, more than 1.4 million fans and more than 11 million “likes.” She now makes about $30,000 a day — more than most American small businesses — from subscriptions, video sales, messages and tips, half of which is pure profit
  • Adams’s team sees its business as one of harmless, destigmatized gratification, in which both sides get what they want. The buyers are swiped over in dating apps, widowed, divorced or bored, eager to pay for the illusion of intimacy with an otherwise unattainable match. And the sellers see themselves as not all that different from the influencers they watched growing up on YouTube, charging for parts of their lives they’d otherwise share for free.
  • “This is normal for my generation, you know?
  • “I can go on TikTok right now and see ten girls wearing the bare minimum of clothing just to get people to join their page. Why not go the extra step to make money off it?”
  • the job can be financially precarious and mentally taxing, demanding not just the technical labor of recording, editing, managing and marketing but also the physical and emotional labor of adopting a persona to keep clients feeling special and eager to spend.
  • enix International Limited, is based, the company said its sales grew from $238 million in 2019 to more than $5.5 billion last year.
  • Its international army of creators has also grown from 348,000 in 2019 to more than 3 million today — a tenfold increase.
  • The company paid its owner, the Ukrainian American venture capitalist Leonid Radvinsky, $338 million in dividends last year.)
  • portion of its creator base and 70 percent of its annual revenue
  • When Tim Stokely, a London-based operator of live-cam sex sites, founded OnlyFans with his brother in 2016, he framed it as a simple way to monetize the creators who were becoming the world’s new celebrities — the same online influencers, just with a payment button. In 2019, Stokely told Wired magazine that his site was like “a bolt-on to your existing social media,” in the same way “Uber is a bolt-on to your car.”
  • Before OnlyFans, pornography on the internet had been largely a top-down enterprise, with agents, producers, studios and other middlemen hoarding the profits of performers’ work. OnlyFans democratized that business model, letting the workers run the show: recording their own content, deciding their prices, selling it however they’d like and reaping the full reward.
  • The platform bans real-world prostitution, as well as extreme or illegal content, and requires everyone who shows up on camera to verify they’re 18 or older by sending in a video selfie showing them holding a government-issued ID.
  • OnlyFans operates as a neutral marketplace, with no ads, trending topics or recommendation algorithms, placing few limitations on what creators can sell but also making it necessary for them to market themselves or fade away.
  • After sending other creators’ agents their money over PayPal, Adams’s ad workers send suggestions over the messaging app Telegram on how Bryce should be marketed, depending on the clientele. OnlyFans models whose fans tend to prefer the “girlfriend experience,” for instance, are told to talk up her authenticity: “Bryce is a real, fit girl who wants to get to know you
  • Like most platforms, OnlyFans suffers from a problem of incredible pay inequality, with the bulk of the profits concentrated in the bank accounts of the lucky few.
  • the top 1 percent of accounts made 33 percent of the money, and that most accounts took home less than $145 a month
  • Watching their partner have sex with someone else sometimes sparked what they called “classic little jealousy issues,” which Adams said they resolved with “more communication, more growing up.” The money was just too good. And over time, they adopted a self-affirming ideology that framed everything as just business. Things that were tough to do but got easier with practice, like shooting a sex scene, they called, in gym terms, “reps.” Things one may not want to do at first, but require some mental work to approach, became “self-limiting beliefs.”
  • They started hiring workers through friends and family, and what was once just Adams became a team effort, in which everyone was expected to workshop caption and video ideas. The group evaluated content under what Brian, who is 31, called a “triangulation method” that factored their comfort level with a piece of content alongside its engagement potential and “brand match.” Bryce the person gave way to Bryce the brand, a commercialized persona drafted by committee and refined for maximum marketability.
  • One of the operation’s most subtly critical components is a piece of software known as “the Tool,” which they developed and maintain in-house. The Tool scrapes and compiles every “like” and view on all of Adams’s social network accounts, every OnlyFans “fan action” and transaction, and every text, sext and chat message — more than 20 million lines of text so far.
  • It houses reams of customer data and a library of preset messages that Adams and her chatters can send to fans, helping to automate their reactions and flirtations — “an 80 percent template for a personalized response,” she said.
  • And it’s linked to a searchable database, in which hundreds of sex scenes are described in detail — by price, total sales, participants and general theme — and given a unique “stock keeping unit,” or SKU, much like the scannable codes on a grocery store shelf. If a fan says they like a certain sexual scenario, a team member can instantly surface any relevant scenes for an easy upsell. “Classic inventory chain,” Adams said.
  • The systemized database is especially handy for the young women of Adams’s chat team, known as the “girlfriends,” who work at a bench of laptops in the gym’s upper loft. The Tool helped “supercharge her messaging, which ended up, like, 3X-ing her output,” Brian said, meaning it tripled.
  • Keeping men talking is especially important because the chat window is where Adams’s team sends out their mass-message sales promotions, and the girlfriends never really know what to expect. One girlfriend said she’s had as many as four different sexting sessions going at once.
  • Adams employs a small team that helps her pay other OnlyFans creators to give away codes fans can use for free short-term trials. The team tracks redemption rates and promotional effectiveness in a voluminous spreadsheet, looking for guys who double up on discount codes, known as “stackers,” as well as bad bets and outright fraud.
  • Many OnlyFans creators don’t offer anything explicit, and the site has pushed to spotlight its stable of chefs, comedians and mountain bikers on a streaming channel, OFTV. But erotic content on the platform is inescapable; even some outwardly conventional creators shed their clothes behind the paywall
  • Creators with a more hardcore fan base, meanwhile, are told to cut to the chase: “300+ sex tapes & counting”; “Bryce doesn’t say no, she’s the most wild, authentic girl you will ever find.”
  • The $18 an hour she makes on the ad team, however, is increasingly dwarfed by the money Leigh makes from her personal OnlyFans account, where she sells sex scenes with her boyfriend for $10 a month. Leigh made $92,000 in gross sales in July, thanks largely to revenue from new fans who found her through Adams or the bikini videos Leigh posts to her 170,000-follower TikTok account
  • “This is a real job. You dedicate your time to it every single day. You’re always learning, you’re always doing new things,” she said. “I’d never thought I’d be good at business, but learning all these business tactics really empowers you. I have my own LLC; I don’t know any other 20-year-old right now that has their own LLC.”
  • The team is meeting all traffic goals, per their internal dashboard, which showed that through the day on a recent Thursday they’d gained 2,221,835 video plays, 19,707 landing-page clicks, 6,372 new OnlyFans subscribers and 9,024 new social-network followers. And to keep in shape, Adams and her boyfriend are abiding by a rigorous daily diet and workout plan
  • They eat the same Chick-fil-A salad at every lunch, track every calorie and pay a gym assistant to record data on every rep and weight of their exercise.
  • But the OnlyFans business is competitive, and it does not always feel to the couple like they’ve done enough. Their new personal challenge, they said, is to go viral on the other platforms as often as possible, largely through jokey TikTok clips and bikini videos that don’t give away too much.
  • the host told creators this sales-funnel technique was key to helping build the “cult of you”: “Someone’s fascination will become infatuation, which will make you a lot of money.”
  • Adams’s company has worked to reverse engineer the often-inscrutable art of virality, and Brian now estimates Adams makes about $5,000 in revenue for every million short-form video views she gets on TikTok.
  • Her team has begun ranking each platform by the amount of money they expect they can get from each viewer there, a metric they call “fan lifetime value.” (Subscribers who click through to her from Facebook tend to spend the most, the data show. Facebook declined to comment.)
  • The younger workers said they see the couple as mentors, and the two are constantly reminding them that the job of a creator is not a “lottery ticket” and requires a persistent grind. Whenever one complains about their lack of engagement, Brian said he responds, “When’s the last time you posted 60 different videos, 60 days in a row, on your Instagram Reels?”
  • But some have taken to it quite naturally. Rayna Rose, 19, was working last year at a hair salon, sweeping floors for $12 an hour, when an old high school classmate who worked with Adams asked whether she wanted to try OnlyFans and make $500 a video.
  • Rose started making videos and working as a chatter for $18 an hour but recently renegotiated her contract with Adams to focus more on her personal OnlyFans account, where she has nearly 30,000 fans, many of whom pay $10 a month.
  • One recent evening this summer, Adams was in the farm’s gym when her boyfriend told her he was headed to their guest room to record a collab with Rose, who was wearing a blue bikini top and braided pigtails.
  • “Go have fun,” Adams told them as they walked away. “Make good content.” The 15-minute video has so far sold more than 1,400 copies and accounted for more than $30,000 in sales.
  • Rose said she has lost friends due to her “lifestyle,” with one messaging her recently, “Can you imagine how successful you would be if you studied regularly and spent your time wisely?”
  • The message stung but, in Rose’s eyes, they didn’t understand her at all. She feels, for the first time, like she has a sense of purpose: She wants to be a full-time influencer. She expects to clear $200,000 in earnings this year and is now planning to move out of her parents’ house.
  • “I had no idea what I wanted to do with my life. And now I know,” she said. “I want to be big. I want to be, like, mainstream.”
lilyrashkind

Celebrate Women's History Month With These Frontline Female Trailblazers Kids News Article - 0 views

  • Celebrated every March, Women's History Month honors the often-overlooked contributions of women in history, society, and culture. This year's theme — "Women Providing Healing, Promoting Hope"— salutes both the brave frontline workers of the ongoing COVID-19 pandemic and the countless women who have provided healing and hope throughout history.
  • Elizabeth Blackwell, who made history in 1849 by becoming the first woman to earn a medical degree in America, did not even want to be a doctor. She was happy being a teacher — a more "suitable" career for women in the 19th century. She only decided to pursue medicine after a close friend, who was dying of cancer, said her experience would have been better under the care of a female physician.
  • In 1857, Blackwell recruited her sister Emily — the third woman to earn a medical degree in America — and a physician friend to establish the New York Infirmary for Indigent Women and Children. The free clinic provided female doctors with much-needed training and experience. She also founded the Women's Medical College of the New York Infirmary — the first four-year all-female medical college. The pioneer continued to advocate for women in medicine till her death in 1910 at age 89. Since 2016, Blackwell's birthday — February 3 — has been designated National Women Physicians Day.
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  • Jansen's fascination with medicine began at a young age, thanks to her father's ability to cure her frequent throat infections and coughs. "You're a small person, and you have this violent cough, and you feel sick as a dog," she recalls. "And then you get this drug. And it makes you feel better."
  • A few years after earning her Ph.D. in 1984, Jansen accepted a job at Merck's vaccine division. Her first challenge was to create a vaccine for the human papillomavirus, which was believed to cause cervical cancer in the 1980s. Jansen faced significant opposition, both from researchers — who thought the vaccine would not work— and Merck's finance gurus — who believed it would not be profitable. But she persisted. The Gardasil vaccine, approved in 2006, now earns Merck billions of dollars annually.
Javier E

How Did the World's Rich Get That Way? Luck - Businessweek - 1 views

  • Why is there such inequality? The choices we make as individuals can put us considerably above or below our peer average in terms of income or happiness or status. But our peer average itself is set by forces beyond our control—factors such as to whom we were born. And our peer average explains our relative standing against national averages far more than our own choices.
  • In the U.S., about 50 percent of variation of wealth and about 35 percent to 43 percent of variation in income of children can be explained by the relative wealth and income (PDF) of their parents,
  • One reason for this tight relationship is that parents who were educated are far more likely to educate their own kids. 
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  • if your father didn’t graduate high school, you are eight times more likely not to graduate high school yourself—a 22.2 percent chance, as compared to a 2.9 percent chance among kids whose fathers did graduate.
  • half of all jobs in the U.S. are found through family, friends, or acquaintances.
  • how often men end up working at the same company where their father worked, finding that as many as 40 percent have done that at some point. The proportion rises to 70 percent among the top 1 percent in income distribution. This helps to explain why the relationship between the earnings of parent and child is even higher at the top end than it is across the population at large,
  • It’s particularly hard to explain recent changes in U.S. inequality by using ‘drive’ or ‘effort’ as your rationale. Had growth since 1979 been equally shared, the Center on Budget and Policy Priorities estimates, the bottom 80 percent of Americans would earn more today. The bottom quintile would have $1,300 more in income. Americans between the 60th and 80th percentile would earn $6,500 more. And the top 1 percent would see annual incomes lower by $347,000. Is all of this because the bottom 80 percent of Americans have got considerably lazier since 1979?
Javier E

It's the P.Q. and C.Q. as Much as the I.Q. - NYTimes.com - 0 views

  • every boss now also has cheaper, easier, faster access to more above-average software, automation, robotics, cheap labor and cheap genius than ever before. That means the old average is over. Everyone who wants a job now must demonstrate how they can add value better than the new alternatives.
  • the speed with which every job and industry changes also goes into hypermode. “In the old days,” he said, “it was assumed that your educational foundation would last your whole lifetime. That is no longer true.”
  • the skill required for every decent job is rising as is the necessity of lifelong learning. More and more things you know and tools you use “are being made obsolete faster,
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  • there is no economic law that says technological progress has to benefit everyone. It’s entirely possible for the pie to get bigger and some people to get a smaller slice.” Indeed, when the digital revolution gets so cheap, fast, connected and ubiquitous you see this in three ways
  • those with more education start to earn much more than those without it, those with the capital to buy and operate machines earn much more than those who can just offer their labor, and those with superstar skills, who can reach global markets, earn much more than those with just slightly less talent.
  • the Great Recession took the biggest bite out of employment but is not the only thing affecting job loss today: why we have record productivity, wealth and innovation, yet median incomes are falling, inequality is rising and high unemployment remains persistent.
  • How to adapt? It will require more individual initiative. We know that it will be vital to have more of the “right” education than less, that you will need to develop skills that are complementary to technology rather than ones that can be easily replaced by it and that we need everyone to be innovating new products and services to employ the people who are being liberated from routine work by automation and software.
abbykleman

Earnings, Not Donald Trump, Are Stocks' Best Friend in 2017 - 0 views

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    News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Continued rebound in corporate profits should prop up share prices regardless of Washington policies Here's one simple thing set to help sustain stocks' march in 2017: corporate earnings.
Conner Armstrong

U.S. Stock Values Have Analysts Worried - MoneyBeat - WSJ - 0 views

  • Money managers are wondering whether soft earnings will justify more stock gains, given the Dow Jones Industrial Average’s 26.5% rise last year. That helps explain why the Dow is down 118 points to start the year.
  • hey are far from most extremes of 2000, however. So while many investors are turning cautious, few are pulling back wholesale.
  • Goldman SachsGS +0.63% investment strategist David Kostin startled investors a week ago by warning that prices are high compared to analysts’ forecasts. The chances are two out of three that the S&P will fall at least 10% sometime this year, before finishing with an overall yearly gain of around 3%, he said.
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  • The S&P 500 trades at 16 times forecast earnings, he calculates, well above 13, the average going back to the 1970s. Since 1976, it has hardly ever surpassed 17 times forecast earnings. The main exception came during the stock bubble of the late 1990s and early 2000s.
  • His conclusion: Investors are overexposed to stocks, but they haven’t gone to bubblelike extremes
Javier E

Inequality, Unbelievably, Gets Worse - NYTimes.com - 0 views

  • Before the impact of tax and spending policies is taken into account, income inequality in the United States is no worse than in most developed countries and is even a bit below levels in Britain and, by some measures, Germany.
  • However, once the effect of government programs is included in the calculations, the United States emerges on top of the inequality heap.
  • our taxes, while progressive, are low by international standards and our social welfare programs — ranging from unemployment benefits to disability insurance to retirement payments — are consequently less generous.
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  • Lower taxes means less for government to spend on programs to help those near the bottom. Social Security typically provides a retiree with about half of his working income; European countries often replace two-thirds of earnings.
  • And income taxes for the highest-earning Americans have fallen sharply, contributing meaningfully to the income inequality problem. In 1995, the 400 taxpayers with the biggest incomes paid an average of 30 percent in taxes; by 2009, the tax rate of those Americans had dropped to 20 percent.
  • Conservatives may bemoan the size of our government; in reality, according to the Organization for Economic Cooperation and Development, total tax revenues in the United States this year will be smaller on a relative basis than those of any other member country.
  • Similarly, we spend less on early childhood education and care. And another big difference, of course, is the presence of national health insurance in most European countries.
  • All told, social spending in the United States is below the average of that of the wealthiest countries. And other governments help their less fortunate citizens to a greater extent than we do in ways that are not captured in the income statistics
  • The United States, which is the only developed country without a national paid parental leave policy, also has no mandated paid holidays or annual vacation; in Europe, workers are guaranteed at least 20 days and as many as 35 days of paid leave.
  • , on the programmatic side, among the many meritorious aspects of the much-maligned Affordable Care Act are its redistributionist elements: higher taxes on investment income and some health care businesses are being used to provide low-cost or free health care to a projected 26 million Americans near the bottom of the income scale.
  • more can and should be done — like raising the minimum wage nationwide and expanding the earned-income tax credit (a step supported by Republicans).
  • Critics from the right argue that doing more to level the income pyramid would hurt growth. In a recent paper, the International Monetary Fund dismissed that concern and suggested that a more equal distribution of income could instead raise the growth rate because of the added access to education, health care and other opportunities.
Javier E

The Families Funding the 2016 Presidential Election - The New York Times - 0 views

  • They are overwhelmingly white, rich, older and male, in a nation that is being remade by the young, by women, and by black and brown voters. Across a sprawling country, they reside in an archipelago of wealth, exclusive neighborhoods dotting a handful of cities and towns. And in an economy that has minted billionaires in a dizzying array of industries, most made their fortunes in just two: finance and energy.
  • Now they are deploying their vast wealth in the political arena, providing almost half of all the seed money raised to support Democratic and Republican presidential candidates. Just 158 families, along with companies they own or control, contributed $176 million in the first phase of the campaign
  • Not since before Watergate have so few people and businesses provided so much early money in a campaign, most of it through channels legalized by the Supreme Court’s Citizens United decision five years ago.
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  • But regardless of industry, the families investing the most in presidential politics overwhelmingly lean right, contributing tens of millions of dollars to support Republican candidates who have pledged to pare regulations; cut taxes on income, capital gains and inheritances; and shrink entitlement programs.
  • In marshaling their financial resources chiefly behind Republican candidates, the donors are also serving as a kind of financial check on demographic forces that have been nudging the electorate toward support for the Democratic Party and its economic policies. Two-thirds of Americans support higher taxes on those earning $1 million or more a year, according to a June New York Times/CBS News poll, while six in 10 favor more government intervention to reduce the gap between the rich and the poor. According to the Pew Research Center, nearly seven in 10 favor preserving Social Security and Medicare benefits as they are.
  • The donor families’ wealth reflects, in part, the vast growth of the financial-services sector and the boom in oil and gas, which have helped transform the American economy in recent decades. They are also the beneficiaries of political and economic forces that are driving widening inequality: As the share of national wealth and income going to the middle class has shrunk, these families are among those whose share has grown.
  • Most of the families are clustered around just nine cities. Many are neighbors, living near one another in neighborhoods like Bel Air and Brentwood in Los Angeles; River Oaks, a Houston community popular with energy executives; or Indian Creek Village, a private island near Miami that has a private security force and just 35 homes lining an 18-hole golf course.
  • More than 50 members of these families have made the Forbes 400 list of the country’s top billionaires, marking a scale of wealth against which even a million-dollar political contribution can seem relatively small. The Chicago hedge fund billionaire Kenneth C. Griffin, for example, earns about $68.5 million a month after taxes, according to court filings made by his wife in their divorce. He has given a total of $300,000 to groups backing Republican presidential candidates. That is a huge sum on its face, yet is the equivalent of only $21.17 for a typical American household, according to Congressional Budget Office data on after-tax income.
  • “The campaign finance system is now a countervailing force to the way the actual voters of the country are evolving and the policies they want,” said Ruy Teixeira, a political and demographic expert at the left-leaning Center for American Progress.
  • The accumulation of wealth has been particularly rapid at the elite levels of Wall Street, where financiers who once managed other people’s capital now, increasingly, own it themselves. Since 1979, according to one study, the one-tenth of 1 percent of American taxpayers who work in finance have roughly quintupled their share of the country’s income. Sixty-four of the families made their wealth in finance, the largest single faction among the super-donors of 2016.
  • instead of working their way up to the executive suite at Goldman Sachs or Exxon, most of these donors set out on their own, establishing privately held firms controlled individually or with partners. In finance, they started hedge funds, or formed private equity and venture capital firms, benefiting from favorable tax treatment of debt and capital gains, and more recently from a rising stock market and low interest rates
  • In energy, some were latter-day wildcatters, early to capitalize on the new drilling technologies and high energy prices that made it economical to exploit shale formations in North Dakota, Ohio, Pennsylvania and Texas. Others made fortunes supplying those wildcatters with pipelines, trucks and equipment for “fracking.”
  • The families who give do so, to some extent, because of personal, regional and professional ties to the candidates. Jeb Bush’s father made money in the oil business, while Mr. Bush himself earned millions of dollars on Wall Street. Some of the candidates most popular among ultrawealthy donors have also served in elected office in Florida and Texas, two states that are home to many of the affluent families on the list.
  • the giving, more broadly, reflects the political stakes this year for the families and businesses that have moved most aggressively to take advantage of Citizens United, particularly in the energy and finance industries.
  • The Obama administration, Democrats in Congress and even Mr. Bush have argued for tax and regulatory shifts that could subject many venture capital and private equity firms to higher levels of corporate or investment taxation. Hedge funds, which historically were lightly regulated, are bound by new rules with the Dodd-Frank regulations, which several Republican candidates have pledged to roll back and which Mrs. Clinton has pledged to defend.
  • And while the shale boom has generated new fortunes, it has also produced a glut of oil that is now driving down prices. Most in the industry favor lifting the 40-year-old ban on exporting oi
Javier E

Raise, Don't Save, Social Security - NYTimes.com - 0 views

  • A recent Harris poll found that 34 percent of Americans have nothing saved for retirement — not even a hundred bucks. In this lost decade, that percentage is sure to go up. At retirement the lucky few with a 401(k) typically have $98,000. As an annuity that’s about $600 a month — not exactly an upper-middle-class lifestyle.
  • The most paralyzing half-truth in this country is that people hate taxes. People are willing to pay taxes that they spend on themselves. Two-thirds of those surveyed in a CBS/New York Times poll in January were willing to pay more taxes to save Social Security at its modest level.
  • To “save” it, most of us don’t need to pay. We could lift the cap on high earners, the 6 percent of workers who make over $106,800 a year. If earnings above the cap were subject to the payroll tax with no increase in benefits to high earners, there would be no deficit in the Social Security trust fund in 2037, as projected.
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  • to close the deficit and raise benefits to nearly half of average worker earnings, we would need to find an additional 5 percent of taxable payroll, or find the money elsewhere. If we lift the cap on the payroll tax without paying more benefits to those above it, that gets us 2.32 percent (or a bit less if we slightly increase benefits to the rich). Dedicating revenues from the estate tax at its 2009 levels to Social Security gets another half percent. A few other tweaks, like covering new public employees, add another 0.42 percent. The remainder can be found by raising the payroll tax by roughly 1 percentage point for both employees and employers.
  • Retirees today are shortchanged on Social Security because they have been shortchanged on wages for their entire working lives. The labor economist Richard B. Freeman points out that the hourly earnings of workers dropped by 8 percent from 1973 to 2005 while productivity shot up 55 percent or more. The United States is one of the few developed countries where workers are routinely cheated of a share in higher productivity.
  • And where has the money from the extra productivity gone? It’s gone right to the top, to the top few percent. If wages had been paid fairly based on productivity, there would have been enough money subject to the payroll tax to avoid even a modest shortfall.
Javier E

Inequality, Unbelievably, Gets Worse - NYTimes.com - 0 views

  • Inflation-adjusted earnings of the bottom 90 percent of Americans fell between 2010 and 2013, with those near the bottom dropping the most. Meanwhile, incomes in the top decile rose.
  • Before the impact of tax and spending policies is taken into account, income inequality in the United States is no worse than in most developed countries and is even a bit below levels in Britain and, by some measures, Germany.However, once the effect of government programs is included in the calculations, the United States emerges on top of the inequality heap.
  • And income taxes for the highest-earning Americans have fallen sharply, contributing meaningfully to the income inequality problem. In 1995, the 400 taxpayers with the biggest incomes paid an average of 30 percent in taxes; by 2009, the tax rate of those Americans had dropped to 20 percent.
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  • in reality, according to the Organization for Economic Cooperation and Development, total tax revenues in the United States this year will be smaller on a relative basis than those of any other member country.
  • That’s because our taxes, while progressive, are low by international standards and our social welfare programs — ranging from unemployment benefits to disability insurance to retirement payments — are consequently less generous.
  • Lower taxes means less for government to spend on programs to help those near the bottom. Social Security typically provides a retiree with about half of his working income; European countries often replace two-thirds of earnings.
  • Similarly, we spend less on early childhood education and care. And another big difference, of course, is the presence of national health insurance in most European countries.
  • other governments help their less fortunate citizens to a greater extent than we do in ways that are not captured in the income statistics. The United States, which is the only developed country without a national paid parental leave policy, also has no mandated paid holidays or annual vacation; in Europe, workers are guaranteed at least 20 days and as many as 35 days of paid leave.
  • Critics from the right argue that doing more to level the income pyramid would hurt growth. In a recent paper, the International Monetary Fund dismissed that concern and suggested that a more equal distribution of income could instead raise the growth rate because of the added access to education, health care and other opportunities.
jlessner

America's Stacked Deck - The New York Times - 0 views

  • A dumb rich kid is now more likely to graduate from college than a smart poor kid, according to Robert Putnam of Harvard University.
  • Forbes’s wealthiest 100 are worth as much as all 42 million African-Americans, the report says.
  • So it’s healthy for American voters to be demanding change. But when societies face economic pain, they sometimes turn to reforms, and other times to scapegoats (like refugees this year
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  • The rise of inequality has complex roots, and some aren’t easily solved. For example, the empowerment of women, coupled with the tendency of people to marry those like themselves, means that high-earning men increasingly pair with high-earning women to form super-high-earning families.
  • It seems to me to make more sense to target solutions than scapegoats, but sense is often in short supply in politics.
  • So American voters are right to feel angry. Yet the challenge is not just to diagnose the problem but also to prescribe the right fixes and achieve them in this political environment.
  • So may the insurrection gain ground but be channeled not by punishing scapegoats, but by pursuing reforms that make the system work better for ordinary Americans.
Javier E

Why Trump Now? - The New York Times - 0 views

  • The economic forces driving this year’s nomination contests have been at work for decades. Why did the dam break now?
  • The share of the gross national product going to labor as opposed to the share going to capital fell from 68.8 percent in 1970 to 60.7 percent by 2013
  • the number of manufacturing jobs dropped by 36 percent, from 19.3 million in 1979 to 12.3 million in 2015, while the population increased by 43 percent, from 225 million to 321 million.
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  • The postwar boom, when measured by the purchasing power of the average paycheck, continued into the early 1970s and then abruptly stoppe
  • Starting in 2000, two related developments added to worsening conditions for the middle and working classes.
  • that year marked the end of net upward mobility. Before 2000, the size of both the lower and middle classes had shrunk, while the percentage of households with inflation-adjusted incomes of $100,000 or more grew. Americans were moving up the ladder.
  • After 2000, the middle class continued to shrink, but so did the percentage of households making $100,000 or more. The only group to grow larger after 2000 was households with incomes of $35,000 or less. Americans were moving down the ladder.
  • The second adverse trend is that trade with China, which shot up after China’s entry into the World Trade Organization in December 2001, imposed far larger costs on American workers than most economists anticipated
  • If one had to project the impact of China’s momentous economic reform for the U.S. labor market with nothing to go on other than a standard undergraduate economics textbook, one would predict large movements of workers between U.S. tradable industries (say, from apparel and furniture to pharmaceuticals and jet aircraft), limited reallocation of jobs from tradables to non-tradables, and no net impacts on U.S. aggregate employment. The reality of adjustment to the China shock has been far different. Employment has certainly fallen in U.S. industries most exposed to import competition. But so too has overall employment in local labor markets in which these industries were concentrated. Offsetting employment gains either in export-oriented tradables or in non-tradables have, for the most part, failed to materialize.
  • High wage workers find it relatively easy to adjust and “do not experience an earnings loss,” argue Autor and his colleagues. Low wage workers, in contrast, “suffer large differential earnings loss, as they obtain lower earnings per year both while working at the initial firm and after relocating to new employers.”
  • The recipe for populism seems pretty clear: take a surge in manufacturing imports from China and continued automation in the US workplace and add a tepid macroeconomy. The result is a combustible stew sure to sour the stomach of party leaders nationwide.
  • The stew, to continue Hanson’s metaphor, began to boil over with the cataclysmic financial collapse in September 2008, which many people left and right felt was caused by reckless financial engineering on Wall Street. The collapse and the destruction it left in its wake was, without question, the most important economic and political event in recent years.
  • “It was the financial crisis, what it revealed about government-Wall Street links, and the fumbling of the response to it that put the nail in the coffin of trust in government,
  • , TARP insulated the very institutions and executives that caused the collapse and the disastrous recession that followed.
  • The widespread sense that all the elites in Washington and New York conspired to bail out the miscreants who caused the disaster and then gave them bonuses, while the rest of us lost our houses or saw their value, the biggest and often only asset of Americans, plummet, lost our jobs or saw them frozen and stagnant, and then saw gaping inequality grow even more, is just palpable.
  • On Jan. 10, 2010, the Supreme Court granted those in upper income brackets additional privileges in its Citizens United decision (buttressed by subsequent lower court rulings) that allowed wealthy individuals, corporations and unions to make unlimited political contributions. By opening the door to the creation of SuperPACs and giving Wall Street and other major financial sectors new ways to buy political outcomes, the courts gave the impression, to say the least, that they favored establishment interests over those of the less well off.
  • A Bloomberg poll last September found that 78 percent of voters would like to see Citizens United overturned, and this view held across a range of partisan loyalties: Republicans at 80 percent; Democrats at 83; and independents at 71.
  • . Obamacare, a program many in the white middle and working classes perceived as reducing their own medical care in order to provide health coverage to the disproportionately minority poor.
  • By the midterm elections of 2010, voter dissatisfaction among whites found expression in the Tea Party movement, which produced the sweeping defeat of Democrats in competitive congressional districts as well as of moderate and center-right Republicans in primary contests.Voter anger was directed at two targets — the “undeserving rich” and the “undeserving poor.”
  • To many of those who cast their ballots in anger in 2010 and 2014, however, it appeared that their votes had not changed anything. Obamacare stayed in place, Wall Street and corporate America grew richer, while the average worker was stuck going nowhere.
  • Already disillusioned with the Democratic Party, these white voters became convinced that the mainstream of the Republican Party had failed them, not only on economic issues, but on cultural matters as well.
  • A September 2015 Ispos survey asked voters if they agreed or disagreed with the statement “More and more, I don’t identify with what America has become.” 72 percent of surveyed Republicans concurred, compared to 58 percent of independents and 45 percent of Democrats. Two thirds of Republicans, 62 percent, agreed with the statement “These days I feel like a stranger in my own country,” compared to 53 percent of independents and 37 percent of Democrats. Here is one place where Trump’s scathing dismissal of political correctness found fertile ground.
  • If he prevails, a constituency that could force politicians to confront the problems of the working and middle class will waste its energies on a candidate incompetent to improve the lives of the credulous men and women lining up to support him.
  • the consequences of disillusionment with old guard Republicans:The intersection of inequality driven by real wage/income stagnation and the fact that the folks perceived to have blown the damn economy up not only recovered first, but got government assistance in the form of bailouts to do so. If you’re in the anxious middle and that doesn’t deeply piss you off, you’re an unusually forgiving person.
  • This election has demonstrated that there is no Republican Party organization, per se. The Republican Party exists as an array of allied groups, incumbent office holders, media organizations, and funding vehicles (e.g., SuperPACs, 501(c)(4)s, and the like). When people ask why the “establishment” or “the party” has not done anything to stop Trump, it is not exactly clear who they mean.
  • The tragedy of the 2016 campaign is that Trump has mobilized a constituency with legitimate grievances on a fool’s errand.If he is shoved out of the field somehow, his supporters will remain bitter and enraged, convinced that a self-serving and malign elite defeated their leader.
  • In these circumstances, Bernstein wrote, the logic supporting the traditional Republican Party fell apart:The core theme of Republican establishment lore has been to demonize not unregulated finance or trade or inequality, but ‘the other’ – e.g., the immigrant or minority taking your job and claiming unneeded government support. And yet, none of their trickle down, deregulatory agenda helped ameliorate the problem at all. So they lost control.
  • Missing in your narrative were 2 other factors that contributed to American anger and the turn to Mr. Trump. Those two factors are: the group of very wealthy American's who were convened by the Koch brothers to pool their resources to destroy President Obama and the Congressional Democrats and moderate Republicans, e.g. Senator Lugar.
  • were suffering from a major contraction and the drying up of credit & jobs and the President unwisely & wrongly appointed the Simpson-Bowles commission to rein in the debt. Remember Harvard's Rogoff & Reinhart who came up with that Debt to GDP ratio? And the rally of our elites & Pete Peterson et al that Deficits were the problem, when the truth, based on history, was just the opposite.
  • The 2nd factor which can also be attributed to the White House as well as Democrats in the Congress who joined Republicans in misdiagnosing the problem as deficits and debt.
Javier E

Income Inequality Explains the Decline of Youth Sports - The Atlantic - 0 views

  • Among richer families, youth sports participation is actually rising. Among the poorest households, it’s trending down. Just 34 percent of children from families earning less than $25,000 played a team sport at least one day in 2017, versus 69 percent from homes earning more than $100,000. In 2011, those numbers were roughly 42 percent and 66 percent, respectively.
  • This isn’t a story about American childhood; it’s about American inequality.
  • In his 2017 book, Dream Hoarders, the economist Richard Reeves wrote that economic mobility in the U.S. has been declining in the past few decades in part because of “opportunity hoarding.” For example, rich parents may pull special levers to get their kids into hyper-select schools, or elite internships, or exclusive entry-level jobs. In so doing, they—in effect— snatch precious opportunities away from the less fortunate.
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  • Expensive travel leagues siphon off talented young athletes from well-off families, leaving behind desiccated local leagues with fewer players, fewer involved parents, and fewer resources. “When these kids move to the travel team, you pull bodies out of the local town’s recreation league, and it sends a message [to those] who didn’t get onto that track that they don’t really have a future in the sport.” The result is a classist system: the travel-team talents and the local leftovers.
  • In short, the American system of youth sports—serving the talented, and often rich, individual at the expense of the collective—has taken a metal bat to the values of participation and universal development. Youth sports has become a pay-to-play machine.
  • As a general rule, rich parents in the United States don’t just spend more money on their kids; they spend a larger share of their income on their kid
  • If you divide American households into five quintiles by income, the richest group earns about five times as much as the poorest, but spends about seven times as much on kids—about $9,300 to $1,300 per child
  • Income inequality, vast at the household level, is even vaster at the child-investment leve
  • “Kids’ sports has seen an explosion of travel-team culture, where rich parents are writing a $3,000 check to get their kids on super teams from two counties, or two states, away,”
  • those in the nation’s upper-middle class have “taken their money out of productive activities and put it into walls”—physical walls and social barriers—that make it harder for any child not born into privilege to reach the same level of success.
  • “Many of the parents are not doing it with the intention to harm anyone, since they’re just trying to help their child,” Farrey said. “But they don’t think about the kids they’re leaving behind. They’re not thinking about what makes sense for the whole community.”
  • Well-off parents dedicate so much time and money to kids’ sports partly because of the college system, which dangles tantalizing rewards for the most gifted teenage athletes. In the 1990s, Division 1 and Division 2 colleges distributed about $250 million a year in full and partial scholarships to student athletes. Today that figure has grown to more than $3 billion.
  • Sports matter. As soon as some children enter second or third grade, their parents scramble to place them on youth travel teams, which will set them up for middle-school travel teams, which will set them up for high-school athletic excellence, which will make them more competitive for admissions and scholarships at select colleges
  • one might argue, even though super teams for gifted and sufficiently wealthy young people might leave disadvantaged kids behind, this is simply the price that society must pay for excellence. It’s a version of a familiar conservative economic argument about the general economy: The U.S. has the world’s smartest people, because we celebrate success and punish indolence; so we should cut taxes on the rich and unwind collectivist welfare programs, which only dampen the nation’s competitive mojo.
  • Norway’s youth-sports policies are deliberately egalitarian. The national lottery, which is run by a government-owned company called Norsk Tipping, spends most of its profit on national sports and funnels hundreds of millions of dollars to youth athletic clubs every year. Parents don’t need to shell out thousands to make sure their kids get to play. And play is an operative word: Norwegian leagues value participation over competition so much that clubs with athletes below the age of 13 cannot even publish game scores.
  • Norway is an athletic juggernaut. In the last Winter Olympics, the country won 39 medals—the most of any country in the history of the Games and nearly twice as many as the United States. It did so with a smaller population than Minnesota’s.
saberal

Obamacare's About to Get a Lot More Affordable. These Maps Show How. - The New York Times - 0 views

  • The American Rescue Plan broadens the subsidies available under the Affordable Care Act for comprehensive health insurance — increasing them for people who are already eligible, and providing new assistance for people with incomes previously too high to qualify. The top set of maps, drawn from calculations made by the Kaiser Family Foundation, show how much the changes will reduce what people pay for health insurance around the country, depending on their location and age.
  • For anyone earning around $19,000, subsidies will now be generous enough to sign up for a typical plan with no monthly payment. For someone earning over $51,000, new subsidies could lower premiums by as much as $1,000 a month in the country’s most expensive markets.
  • Some groups still won’t qualify for help: undocumented immigrants, and poor Americans in states that have not expanded Medicaid under an option provided by the Affordable Care Act. But a large majority of uninsured Americans can now get financial help buying insurance
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  • To qualify for the new benefits, people need to sign up for plans at Healthcare.gov or a state exchange website. The changes will be retroactive to Jan. 1, meaning that people who already have Obamacare plans will get money back. Anyone who is uninsured now can qualify for new prices as soon as they sign up.
  • All the eligible plans must cover a standard set of comprehensive benefits, including prenatal care, prescription drugs and mental health services
  • If you are receiving unemployment insurance, the legislation entitles you to a special discount: Regardless of your income, your premiums will look similar to that of the person earning $19,000 on our maps. And if you lost your coverage at work and want to keep it, the bill will also pay the full cost of your premiums for six months under the federal COBRA program.
mariedhorne

Biden's Stimulus Is a Two-Pronged Attack on Income Inequality - WSJ - 0 views

  • There are two ways for the federal government to address income inequality. One is to redistribute more money to people at the bottom of the income ladder. The other is to use the tools of fiscal and monetary policy to drive unemployment low enough to drive up demand and wages for those workers.
  • Mr. Biden proposed raising the child tax credit 50% to $3,000 or more for the year and making it refundable, meaning families who owe less tax than the credit would get a check for the difference. He would extend and boost enhanced weekly unemployment insurance benefits by $100 from the $300 in December’s stimulus package to $400. He would extend a 15% increase in food stamps through the summer, raise the maximum earned-income tax credit for childless adults by nearly $1,000 and extend it to more people.
  • Those steps, plus adding $1,400 to the $600-per-adult checks approved in December, would slash the poverty rate from 12.6% to 9%, or by more than 11 million people, according to an analysis by the Center on Poverty and Social Policy at Columbia University. The number of children in poverty would drop by half, or 5 million.
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  • Though the economy is in bad shape, it may not need help on the scale Mr. Biden is proposing. GDP is now about 3%, or $700 billion annualized, below its normal, potential level, according to the Congressional Budget Office.
  • After Democrats won control of the Senate earlier this month, Goldman Sachs forecast the economy would grow 6.6% this year, the fastest since 1983—and that assumed less stimulus than Mr. Biden just proposed. Goldman foresaw unemployment falling to 4.8% at the end of this year from 6.7% in December and 14.8% in April
  • Boosting stimulus checks to $2,000 per adult from $600 will cost an estimated $464 billion. But 58% of the money will go to households earning more than $50,000, including some earning more than $200,000, according to the Tax Policy Center, a think tank.
  • Until then, he’s not apologizing for big deficits: “A growing chorus of top economists agree that, in this moment of crisis, with interest rates at historic lows, we cannot afford inaction.”
Javier E

Top U.S. Officials Consulted With BlackRock as Markets Melted Down - The New York Times - 0 views

  • As Federal Reserve Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin scrambled to save faltering markets at the start of the pandemic last year, America’s top economic officials were in near-constant contact with a Wall Street executive whose firm stood to benefit financially from the rescue.
  • Laurence D. Fink, the chief executive of BlackRock, the world’s largest asset manager, was in frequent touch with Mr. Mnuchin and Mr. Powell in the days before and after many of the Fed’s emergency rescue programs were announced in late March.
  • Mr. Fink planned alongside the government for parts of a financial rescue that his firm referred to in one message as “the project” that he and the Fed were “working on together.”
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  • Mr. Mnuchin held 60 recorded calls over the frantic Saturday and Sunday leading up to the Fed’s unveiling on Monday, March 23, of a policy package that included its first-ever program to buy corporate bonds, which were becoming nearly impossible to sell as investors sprinted to convert their holdings to cash. Mr. Mnuchin spoke to Mr. Fink five times that weekend, more than anyone other than the Fed chair, whom he spoke with nine times. Mr. Fink joined Mr. Mnuchin, Mr. Powell and Larry Kudlow, who was the White House National Economic Council director, for a brief call at 7:25 the evening before the Fed’s big announcement, based on Mr. Mnuchin’s calendars.
  • Mr. Fink’s firm is a huge player across many stock and debt markets, and its advisory arm helped to execute some of the Fed’s crisis response during the 2008 financial meltdown. That market insight and experience got him a front-row seat at a pivotal moment, one that may have put him in a position to influence a rescue with huge ramifications for households, businesses and the entire U.S. economy.
  • They’re about as close to a government arm as you can be, without being the Federal Reserve,” said William Birdthistle, a professor at the Chicago-Kent College of Law and the author of a book on funds.
  • On March 24, 2020, the New York Fed announced that it had again hired BlackRock’s advisory arm, which operates separately from the company’s asset-management business but which Mr. Fink oversees, this time to carry out the Fed’s purchases of commercial mortgage-backed securities and corporate bonds.
  • The company makes a profit by managing money for clients in an array of funds, generally charging a preset fee. It earns more when assets under its management grow. In the early days of the coronavirus crisis, as people converted financial holdings into cash, parts of its asset base were contracting and its business outlook hinged on what happened in certain markets.
  • Simply being in touch throughout the government’s planning was good for BlackRock, potentially burnishing its image over the longer run, Mr. Birdthistle said. BlackRock would have benefited through “tons of information, tons of secondary financial benefits,” he said.
  • BlackRock’s connections to Washington are not new. It was a critical player in the 2008 crisis response, when the New York Fed retained the firm’s advisory arm to manage the mortgage assets of the insurance giant American International Group and Bear Stearns.
  • Several former BlackRock employees have been named to top roles in President Biden’s administration, including Brian Deese, who heads the White House National Economic Council, and Wally Adeyemo, who was Mr. Fink’s chief of staff and is now the No. 2 official at the Treasury.
  • The firm has grown rapidly: Its assets under management swelled from $1.3 trillion in early 2009 to $7.4 trillion in 2019.
  • As it expanded, it has stepped up its lobbying. In 2004, BlackRock Inc. registered two lobbyists and spent less than $200,000 on its efforts. By 2019 it had 20 lobbyists and spent nearly $2.5 million, though that declined slightly last year, based on OpenSecrets data. Campaign contributions tied to the firm also jumped, touching $1.7 million in 2020 (80 percent to Democrats, 20 percent to Republicans) from next to nothing as recently as 2004.
  • People could still pull their money from E.T.F.s, which both the industry and several outside academics have heralded as a sign of their resiliency. But investors would have had to take a financial hit to do so, relative to the quoted value of the underlying bonds. That could have bruised the product’s reputation in the eyes of some retail savers.
  • The Fed’s programs helped to turn that around. The central bank supported the corporate bond market on March 23, 2020, by pledging to buy both already issued debt and new bonds. The program for existing bonds promised to also buy E.T.F.s, because they are a quick way to get access to a wide swath of the market. The bond market and fund recovery was nearly instant.
  • “We hired BlackRock for their expertise in these markets,” Mr. Powell has since said in defense of the rapid move. “It was done very quickly due to the urgency and need for their expertise.”
Javier E

Black families pay significantly higher property taxes - The Washington Post - 0 views

  • State by state, neighborhood by neighborhood, black families pay 13 percent more in property taxes each year than a white family would in the same situation, a massive new data analysis shows.
  • Black-owned homes are consistently assessed at higher values, relative to their actual sale price, than white homes
  • To expose the structural and historical factors behind these discriminatory property tax assessments, the economists analyzed more than a decade of tax assessment and sales data for 118 million homes throughout the country.
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  • In almost every state, property tax assessments were higher in areas with more black and Hispanic residents
  • The gap between white families and minority households remains large — 10 percent — when you combine data for Hispanic and black families
  • “We’ve always considered that in addition to paying your regular tax, there was a black tax that goes along with it,”
  • “It’s almost like it’s in the soil,” he said. “It stretches all across the board. It’s not just real estate. It’s not just housing. It’s not just food deserts. It’s not just racism on the street. It’s not just that you can’t get a cab at night. It’s everything.”
  • “The structure of the property tax system operates to disadvantage black Americans,” she said. “That’s how structural racism is. It’s built into the system. The property tax system itself discriminates against black Americans.”
  • One in five black households have reported missing a mortgage payment since mid-March, compared with about 1 in 20 white ones
  • Facing the accumulated disadvantages of centuries of repression and systemic racism, black Americans are likely to earn less than similar white workers in lower-paying service jobs, a dynamic that makes it more difficult to buy a home. Now, by hitting those jobs first and hardest, the coronavirus pandemic has made a bad situation worse
  • “During the Jim Crow era, local white officials routinely manipulated property tax assessments to overburden and punish black populations and as a hidden tax break to landowning white gentry,”
  • white officials going to extreme lengths to hike black taxes. In one such case in 1932, a black North Carolina resident was taxed for the value of two stray dogs that had been seen on her property.
  • Many county assessors intentionally overvalued black properties, sometimes in direct retaliation for black political action
  • As early as 1901, W.E.B. Du Bois showed that because of their unequal tax burden, black people paid more in taxes than they received in public education funds,
  • The fiction that “black people take services but they don’t pay taxes” remains widespread,
  • The values of black-owned homes tend to grow more slowly than values of white-owned ones. The white people who make up the vast majority of home buyers tend to avoid black neighborhoods, which cuts black sellers off from many potential buyers.
  • Given that difference in price appreciation, if an assessor assumes a black-owned home gains value as quickly as a white-owned home, the assessed value of the black-owned home will quickly outstrip its market value.
  • Nearby white families benefit from the opposite trend: Their homes increase in value more rapidly than their assessments, giving them an ever-growing tax break.
  • the appeals process illustrates how much of the property tax system functions in a way that penalizes black wealth, even as it appears neutral on its face.
  • While neighborhood and race are the biggest drivers of the property tax gap, the economists found others
  • As part of their study, the economists reviewed 3.4 million property tax appeals from Chicago and surrounding Cook County and found black homeowners were significantly less likely to appeal their property tax assessments. When they did appeal, black homeowners were less likely to win. And when they won, they earned smaller assessment reductions.
  • “White people feel more comfortable working within the system that was set up to make them succeed,”
  • “It makes sense that a black family who has been disenfranchised from these systems wouldn’t challenge it.” It is also difficult to work within the system for Latinos, many of whom do not speak English as a first language, she added.
  • was not taught about appealing property taxes or any of the other small strategies white homeowners have used to accumulate generational wealth.
  • “They feel their property taxes were being used to push them out of their places, especially when communities started gentrifying,” Avenancio-León said. It helped him see how property taxation can be used as a means of social engineering.
  • the duo, then working on doctorate degrees at the University of California at Berkeley, combined 118 million real estate transactions and assessments from 2005 to 2016 with maps of more than 75,000 local taxing entities — such as counties, school districts, airport authorities and utility districts.
  • They used the maps to sort homes into areas that faced the same property tax burdens, identified the races of homeowners using federal mortgage data, and looked at every time a dwelling was assessed and then sold in the same year. That allowed them to compare a home’s assessed value and its market value, alongside the homeowner’s race and ethnicity.
  • The property tax gaps are worst for low earners, but even the highest-earning black Americans pay more on average in property taxes than similarly well-off white peers living nearby.
  • Whether or not these gaps were caused by explicit racism, Brown said, “you should be just as outraged that this is going on, and we should find a way to fix it.”
criscimagnael

Desmond Tutu, Whose Voice Helped Slay Apartheid, Dies at 90 - The New York Times - 0 views

  • Desmond M. Tutu, the cleric who used his pulpit and spirited oratory to help bring down apartheid in South Africa and then became the leading advocate of peaceful reconciliation under Black majority rule, died on Sunday in Cape Town. He was 90.
  • “a leader of principle and pragmatism who gave meaning to the biblical insight that faith without works is dead.”
  • the archbishop remained unhappy about the state of affairs in his country under its next president, Jacob G. Zuma, who had denied Mr. Mbeki another term despite being embroiled in scandal.
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  • His voice was a powerful force for nonviolence in the anti-apartheid movement, earning him a Nobel Peace Prize in 1984.
  • “You are overwhelmed by the extent of evil,” he said. But, he added, it was necessary to open the wound to cleanse it. In return for an honest accounting of past crimes, the committee offered amnesty, establishing what Archbishop Tutu called the principle of restorative — rather than retributive — justice.
  • Archbishop Tutu preached that the policy of apartheid was as dehumanizing to the oppressors as it was to the oppressed. At home, he stood against looming violence and sought to bridge the chasm between Black and white; abroad, he urged economic sanctions against the South African government to force a change of policy.
  • But as much as he had inveighed against the apartheid-era leadership, he displayed equal disapproval of leading figures in the dominant African National Congress, which came to power under Nelson Mandela in the first fully democratic elections in 1994.
  • “many, too many, of our people live in grueling, demeaning, dehumanizing poverty.”
  • “We are sitting on a powder keg,” he said.
  • The cause of death was cancer, the Desmond and Leah Tutu Legacy Foundation said, adding that Archbishop Tutu had died in a care facility.
  • “I think we are at a bad place in South Africa,” Archbishop Tutu told The New York Times Magazine in 2010, “and especially when you contrast it with the Mandela era. Many of the things that we dreamed were possible seem to be getting more and more out of reach. We have the most unequal society in the world.”
  • This government, our government, is worse than the apartheid government,” he said, “because at least you were expecting it with the apartheid government.”
  • In elections in 2016, while still under the leadership of Mr. Zuma, the party’s share of the vote slipped to its lowest level since the end of apartheid. Mr. Ramaphosa struggled to reverse that trend, but earned some praise later for his robust handling of the coronavirus crisis.
  • Politics were inherent in his religious teachings. “We had the land, and they had the Bible,” he said in one of his parables. “Then they said, ‘Let us pray,’ and we closed our eyes. When we opened them again, they had the land and we had the Bible. Maybe we got the better end of the deal.”
  • Although Archbishop Tutu, like other Black South Africans of his era, had suffered through the horrors and indignities of apartheid, he did not allow himself to hate his enemies.
  • He coined the phrase “rainbow nation” to describe the new South Africa emerging into democracy, and called for vigorous debate among all races.
  • Archbishop Tutu had always said that he was a priest, not a politician, and that when the real leaders of the movement against apartheid returned from jail or exile he would serve as its chaplain.
  • While he never forgot his father’s shame when a white policeman called him “boy” in front of his son, he was even more deeply affected when a white man in a priest’s robe tipped his hat to his mother, he said.
  • But Archbishop Tutu did not stay entirely out of the nation’s business.
  • When Desmond was hospitalized with tuberculosis, Father Huddleston visited him almost every day. “This little boy very well could have died,” Father Huddleston told an interviewer many years later, “but he didn’t give up, and he never lost his glorious sense of humor.”
  • After his recovery, Desmond wanted to become a doctor, but his family could not afford the school fees. Instead he became a teacher, studying at the Pretoria Bantu Normal College and earning a bachelor’s degree from the University of South Africa. He taught high school for three years but resigned to protest the Bantu Education Act, which lowered education standards for Black students.
  • By then he was married to Nomalizo Leah Shenxane, a major influence in his life
  • He was named Anglican dean of Johannesburg in 1975 and consecrated bishop of Lesotho the next year. In 1978 he became the first Black general secretary of the South African Council of Churches, and began to establish the organization as a major force in the movement against apartheid.
  • Under Bishop Tutu’s leadership, the council established scholarships for Black youths and organized self-help programs in Black townships. There were also more controversial programs: Lawyers were hired to represent Black defendants on trial under the security laws, and support was provided for the families of those detained without trial.
  • A month after he was awarded the Nobel Peace Prize in 1984, Desmond Tutu became the first Anglican bishop of Johannesburg when the national church hierarchy intervened to break a deadlock between Black and white electors. He was named archbishop of Cape Town in 1986, becoming spiritual head of the country’s 1.5 million Anglicans, 80 percent of whom were Black.
  • “I am a man of peace, but not a pacifist.”
  • In 2021, as he approached his 90th birthday, he pitched into a fraught debate as disinformation about coronavirus vaccines swirled.
  • He remained equally outspoken even in later years. In 2003 he criticized his own government for backing Zimbabwe’s president, Robert Mugabe, who had a long record of human rights abuses.
  • On his frequent trips abroad during the apartheid era, Archbishop Tutu never stopped pressing the case for sanctions against South Africa. The government struck back and twice revoked his passport, forcing him to travel with a document that described his citizenship as “undetermined.”
  • Still, when the Truth and Reconciliation Commission issued its final findings in 2003, Archbishop Tutu’s imprint was plain. It warned the government against issuing a blanket amnesty to perpetrators of the crimes of apartheid and urged businesses to join with the government in delivering reparations to the millions of Black people victimized by the former white minority government.
  • Archbishop Tutu officially retired from public duties in 2010. One of his last major appearances came that year, when South Africa hosted the World Cup
  • But he did not retreat from the public eye entirely. In June 2011, he joined Michelle Obama at the new Cape Town Stadium, built for the tournament, where she was promoting physical fitness during a tour of southern Africa.
  • In an interview in the early 1980s, he said: “Blacks don’t believe that they are introducing violence into the situation. They believe that the situation is already violent.”
  • “There is nothing to fear,” he said. “Don’t let Covid-19 continue to ravage our country, or our world. Vaccinate.”
Javier E

Opinion | Christine Emba: Men are lost. Here's a map out of the wilderness. - The Washi... - 0 views

  • “And the first question this kid asked me is just … ‘What the heck does good masculinity look like?’”He grimaced.“And I’ll be honest with you: I did not have an answer for that.”
  • by 1958, Arthur Schlesinger Jr. warned that “the male role has plainly lost its rugged clarity of outline.” Writing in Esquire magazine, he added, “The ways by which American men affirm their masculinity are uncertain and obscure. There are multiplying signs, indeed, that something has gone badly wrong with the American male’s conception of himself.”
  • today’s problems are real and well documented. Deindustrialization, automation, free trade and peacetime have shifted the labor market dramatically, and not in men’s favor — the need for physical labor has declined, while soft skills and academic credentials are increasingly rewarded
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  • Men now receive about 74 bachelor’s degrees for every 100 awarded to women, and men account for more than 70 percent of the decline in college enrollment overall
  • In 2020, nearly half of women reported in a TD Ameritrade survey that they out-earn or make the same amount as their husbands or partners — a huge jump from fewer than 4 percent of women in 1960.
  • women are “increasingly selective,” leading to a rise in lonely, single young men — more of whom now live with their parents than a romantic partner.
  • Men also account for almost 3 of every 4 “deaths of despair,” either from a suicide, alcohol abuse or an overdose.
  • In my opinion, Peterson served up fairly banal advice: “Stand up straight,” “delay gratification.” His evolutionary-biology-informed takes ranged from amusingly weird to mildly insulting.
  • Women are still dealing with historical discrimination and centuries of male domination that haven’t been fully accounted for or rectified. Are we really worrying that men feel a little emasculated because their female classmates are doing well?
  • But millions of men lack access to that kind of power and success — and, downstream, cut loose from a stable identity as patriarchs deserving of respect, they feel demoralized and adrift. The data show it, but so does the general mood: Men find themselves lonely, depressed, anxious and directionless.
  • It seems like there’s been a breakdown, right? But there’s a very real way in which, at this moment, a lot of guys don’t know — they have no sense of what it means to be them, particularly. They have no idea what it means to be a man.”
  • Past models of masculinity feel unreachable or socially unacceptable; new ones have yet to crystallize. What are men for in the modern world? What do they look like? Where do they fit
  • Only one group seems to have no such doubts about offering men a plan.
  • an entire academic discipline emerged to theorize about gender and excavate women’s history — there hasn’t been a corresponding conversation about what role men should play in a changing world. At the same time, the increasing visibility of the LGBTQ+ movement has made the gender dynamic seem less stable, less defined.
  • went to that 2018 Peterson appearance as a skeptic. But his appeal — along with that of his fellow “manfluencers” — has become clearer since
  • Technically, men are slightly in the minority in the United States. But apart from that, Bray had a point — and what he said explained a lot about why the left and the mainstream are losing men.
  • What’s notable, first, is their empathy. For all Peterson’s barking and, lately, unhinged tweeting, he’s clearly on young men’s side.
  • This is especially compelling in a moment when many young men feel their difficulties are often dismissed out of hand as whining from a patriarchy that they don’t feel part of. For young men in particular, the assumption of a world built to serve their sex doesn’t align with their lived experience, where girls out-achieve them from pre-K to post-graduate studies and “men are trash” is an acceptable joke.
  • Then there’s the point-by-point advice. If young men are looking for direction, these influencers give them a clear script to follow — hours of video, thousands of book pages, a torrent of social media posts — in a moment when uncertainty abounds
  • if instruction is lacking elsewhere, even basic tips (“Clean your room!” Peterson famously advises) feel like a revelation. Plus, the community that comes with joining a fandom can feel like a buffer against an increasingly atomized world.
  • As one therapist told me: “I have used Jordan Peterson to turn a boy into a man. I used him to turn this guy without a strong father figure into someone who, yes, makes his bed and stands up straight and now is successful.” The books, she said, “do provide a structure that was clearly missing.”
  • It’s also important that the approach of these male models is both particular and aspirational. The BAPs and Hawleys find ways to celebrate aspects of the male experience — from physical strength to competitiveness to sex as a motivator — that other parts of modern society have either derided as “toxic” or attempted to explain aren’t specific to men at al
  • the 20-something guy in front of me swung around. “Jordan Peterson,” he told me without a hint of irony in his voice, “taught me how to live.”
  • the fact that they’re willing to define it outright feels bravely countercultural.
  • A baby-faced, 19-year-old University of Florida freshman with short, white-blond hair, Bray was wearing a hoodie despite the heat. (He grew up in Sarasota, so he was used to it.) He had agreed to talk to me about how he saw uncertainties about masculinity playing out on his campus.
  • First, he laid out his liberal, Gen Z bona fides — he’s in a fraternity, but many of his close friends are LGBTQ+. He feels that old versions of masculinity might be dissolving for the better.
  • But then he got candid. He doesn’t really identify with the manosphere, he told me, but can understand why others might. “I feel like there’s a lot of room to be proudly feminine, but there’s not, in my opinion, the same room to be proudly masculine.”
  • Men were constantly told to be “better” and less “toxic,” he said, but what that “better” might look like seemed hard to pin down. “You pretty much have to figure it out yourself. But yet society still has the expectation that, you know, you have to be a certain way.
  • Then he turned wistful. “I don’t feel like men in general have the same types of role models that women do, even in their own personal lives. … Just because you’re in the majority doesn’t mean you don’t need support.”
  • At their best, these influencers highlight positive traits that were traditionally associated with maleness — protectiveness, leadership, emotional stability — and encourage them, making “masculinity” out to be a real and necessary thing, and its acquisition something honorable and desirable
  • Even today, some progressives react touchily to any efforts to help men as a group.
  • In the conversations I had with men for this essay, I kept hearing that many would still find some kind of normative standard of masculinity meaningful and useful, if only to give them a starting point from which to expand.
  • The strategist described his party as having almost an allergy to admitting that some men might, in fact, be struggling in a unique way and could benefit from their own tailored attention and aid
  • when you strip out the specificity, people feel less seen,” he said. “There’s less of a resonance. If the question is what scripts we have for men, how are we appealing to men, then being willing and able to talk about men is a pretty key component of that.”
  • To the extent that any vision of “nontoxic” masculinity is proposed, it ends up sounding more like stereotypical femininity than anything else: Guys should learn to be more sensitive, quiet and socially apt, seemingly overnight
  • I’m convinced that men are in a crisis. And I strongly suspect that ending it will require a positive vision of what masculinity entails that is particular — that is, neither neutral nor interchangeable with femininity. Still, I find myself reluctant to fully articulate one. There’s a reason a lot of the writing on the crisis in masculinity ends at the diagnosis stage.
  • Take Richard Reeves’s book “Of Boys and Men,” omnipresent in the discourse since its 2022 release.
  • even he acknowledges he has felt pressure to shy away from some of the harder questions his subject matter raises.
  • Reeves told me that in his writing, he tried to stay descriptive, only going so far as saying there are some differences between the sexes that need to be taken into account to create the most viable solutions. He frames the biological differences between the sexes not as a binary but as overlapping distributions of traits — aggression, risk appetite, sex drive — with clusters of one sex or the other at the extremes.
  • But when it came to writing any kind of script for how men should be, the self-possessed expert scholar faltered.
  • “That’s a question I basically dodged in the book,” Reeves told me. “Because, candidly, it’s outside of my comfort zone. It’s more personal. It’s harder to empirically justify. There are no charts I can brandish.” After all, as he said, he’s a think-tank guy, a wonk.
  • “But I think I’m now trying to articulate more prescriptively, less descriptively, some of these discussions about masculinity and trying to send some messages around it” — here, his speech became emphatic — “because, honestly, nobody else is f---ing doing it except the right.”
  • “As soon as you start articulating virtues, advantages, good things about being male … then you’ve just dialed up the risk factor of the conversation,” he said. “But I’m also acutely aware that the risk of not doing it is much greater. Because without it, there’s a vacuum. And along comes Andrew Tate to make Jordan Peterson look like a cuddly old uncle.”
  • many progressives have ignored the opportunity to sell men on a better vision of what they can be
  • As a result, there’s a temptation to minimize men’s problems or erase references to masculinity altogether.
  • “I mean, there are certain attributes around masculinity that we should embrace. Men think about sex more than women. Use that as motivation to be successful and meet women. Men are more impulsive. Men will run out into a field and get shot up to think they’re saving their buddies.”
  • He was careful to point out that he doesn’t believe that women wouldn’t do as much but that the distributions are different.
  • “Where I think this conversation has come off the tracks is where being a man is essentially trying to ignore all masculinity and act more like a woman. And even some women who say that — they don’t want to have sex with those guys. They may believe they’re right, and think it’s a good narrative, but they don’t want to partner with them.”I, a heterosexual woman, cringed in recognition.
  • so men should think, ‘I want to take advantage of my maleness. I want to be aggressive, I want to set goals, go hard at it. I want to be physically really strong. I want to take care of myself.’”
  • “My view is that, for masculinity, a decent place to start is garnering the skills and strength that you can advocate for and protect others with. If you’re really strong and smart, you will garner enough power, influence, kindness to begin protecting others. That is it. Full stop. Real men protect other people.
  • Reeves, in our earlier conversation, had put it somewhat more subtl
  • His recipe for masculine success echoed Galloway’s: proactiveness, agency, risk-taking and courage, but with a pro-social cast
  • many young men I spoke with would describe as aspirational, once they finally felt safe enough to admit they did in fact carry an ideal of manhood with its own particular features.
  • Physical strength came up frequently, as did a desire for personal mastery. They cited adventurousness, leadership, problem-solving, dignity and sexual drive. None of these are negative traits, but many men I spoke with felt that these archetypes were unfairly stigmatized: Men were too assertive, too boisterous, too horny.
  • in fact, most of these features are scaffolded by biology — all are associated with testosterone, the male sex hormone. It’s not an excuse for “boys will be boys”-style bad behavior, but, realistically, these traits would be better acknowledged and harnessed for pro-social aims than stifled or downplayed
  • despite a push by some advocates to make everything from bathrooms to birthing gender-neutral, most people don’t actually want a completely androgynous society. And if a new model for masculinity is going to find popular appeal, it will depend on putting the distinctiveness of men to good use in whatever form it comes.
  • “Femininity or masculinity are a social construct that we get to define,” Galloway concluded. “They are, loosely speaking, behaviors we associate with people born as men or born as women, or attributes more common among people born as men or as women. But the key is that we still get to fill that vessel and define what those attributes are, and then try and reinforce them with our behavior and our views and our media.”
  • What would creating a positive vision of masculinity look like? Recognizing distinctiveness but not pathologizing it. Finding new ways to valorize it and tell a story that is appealing to young men and socially beneficial, rather than ceding ground to those who would warp a perceived difference into something ugly and destructive.
  • more than 20 years ago, anthropologist David D. Gilmore published “Manhood in the Making: Cultural Concepts of Masculinity,” a cross-cultural study of manliness around the world. He found that almost all societies had a concept of “real,” “true” or “adult” manhood that was seen as a valuable and indispensable ideal. But masculinity had to be earned — and proved
  • Men achieved it by providing for their families and broader society, by protecting their tribe and others, and by successfully procreating
  • all three of these goals seem less celebrated and further from reach. Young men who disappear into online forums, video games or pornography see none of the social or personal rewards of meeting these goals, and their loneliness and despair suggest how painful it has been to lose track of this ideal.
  • The other feature of Gilmore’s findings was that boys generally had to be ushered into manhood and masculinity by other men. And that seems to be a key link missing today.
  • “When I talk to my friends, I can literally count on one hand the number of friends I have who have a good relationship with their dad and actually have learned things from him,
  • Many of the young men I talked to for this essay told me they had troubled relationships with their fathers, or no father figure in their lives at all. The data bear this out: Since 1960, the percentage of boys living apart from their biological fathers has nearly doubled, from 17 percent to 32 percent.
  • “If you’re growing up in a single-parent household, and you go to a typical public school and typical medical system, there’s a decent chance that you will not encounter a male figure of authority until middle school or later. Not your doctor, not your teachers. No one else around you. What does that feel like?”
  • In 2018, Harvard economist Raj Chetty published a groundbreaking study on race and economic opportunity. Among the findings was that persistent income inequality between Black and White people was disproportionately driven by poor outcomes among Black boys.
  • those boys who grew up in neighborhoods where there were more fathers present — even if not their own — had significantly higher chances of upward mobility.
  • “Ultimately,” Reynolds mused, “it’s about relationships and finding older men who, you know — they’re not flashy, they’re not ‘important,’ necessarily, but they actually are living virtuous lives as men. And then being able to then learn from them.”
  • fostering positive representations of manhood requires relationships and mentorship on an individual level in a way that can’t be mandated.
  • nearly every thinker on the masculinity problem advocates getting more men into classrooms, from kindergarten up — not just for their effects as teachers but also because they’re more likely to serve as coaches, especially of boys’ sports.
  • the change will need to come from the bottom up — from everyday men who notice the crisis of identity hitting their younger counterparts and can put themselves forward to help. “Ninety percent of this, if not 95, is on us, is on older men, is on society,”
  • We can find ways to work with the distinctive traits and powerful stories that already exist — risk-taking, strength, self-mastery, protecting, providing, procreating. We can recognize how real and important they are. And we can attempt to make them pro-social — to help not just men but also women, and to support the common good.
  • For the left, there’s room to elaborate on visions of these qualities that are expansive, not reductive, that allow for many varieties of masculinity and don’t deny female value and agency.
  • In my ideal, the mainstream could embrace a model that acknowledges male particularity and difference but doesn’t denigrate women to do so. It’s a vision of gender that’s not androgynous but still equal, and relies on character, not just biology
  • it acknowledges that certain themes — protector, provider, even procreator — still resonate with many men and should be worked with, not against.
  • it will be slow. A new masculinity will be a norm shift, and that takes time.
  • empathy will be required, as grating as that might feel.
Javier E

How Sam Bankman-Fried Put Effective Altruism on the Defensive - The New York Times - 0 views

  • To hear Bankman-Fried tell it, the idea was to make billions through his crypto-trading firm, Alameda Research, and FTX, the exchange he created for it — funneling the proceeds into the humble cause of “bed nets and malaria,” thereby saving poor people’s lives.
  • ast summer Bankman-Fried was telling The New Yorker’s Gideon Lewis-Kraus something quite different. “He told me that he never had a bed-nets phase, and considered neartermist causes — global health and poverty — to be more emotionally driven,” Lewis-Kraus wrote in August. Effective altruists talk about both “neartermism” and “longtermism.
  • Bankman-Fried said he wanted his money to address longtermist threats like the dangers posed by artificial intelligence spiraling out of control. As he put it, funding for the eradication of tropical diseases should come from other people who actually cared about tropical diseases: “Like, not me or something.”
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  • To the uninitiated, the fact that Bankman-Fried saw a special urgency in preventing killer robots from taking over the world might sound too outlandish to seem particularly effective or altruistic. But it turns out that some of the most influential E.A. literature happens to be preoccupied with killer robots too.
  • Holden Karnofsky, a former hedge funder and a founder of GiveWell, an organization that assesses the cost-effectiveness of charities, has spoken about the need for “worldview diversification” — recognizing that there might be multiple ways of doing measurable good in a world filled with suffering and uncertainty
  • The books, however, are another matter. Considerations of immediate need pale next to speculations about existential risk — not just earthly concerns about climate change and pandemics but also (and perhaps most appealingly for some tech entrepreneurs) more extravagant theorizing about space colonization and A.I.
  • there’s a remarkable intellectual homogeneity; the dominant voices belong to white male philosophers at Oxford.
  • Among his E.A. innovations has been the career research organization known as 80,000 Hours, which promotes “earning to give” — the idea that altruistic people should pursue careers that will earn them oodles of money, which they can then donate to E.A. causes.
  • each of those terse sentences glosses over a host of additional questions, and it takes MacAskill an entire book to address them. Take the notion that “future people count.” Leaving aside the possibility that the very contemplation of a hypothetical person may not, for some real people, be “intuitive” at all, another question remains: Do future people count for more or less than existing people count for right now?
  • MacAskill cites the philosopher Derek Parfit, whose ideas about population ethics in his 1984 book “Reasons and Persons” have been influential in E.A. Parfit argued that an extinction-level event that destroyed 100 percent of the population should worry us much more than a near-extinction event that spared a minuscule population (which would presumably go on to procreate), because the number of potential lives dwarfs the number of existing ones.
  • If you’re a utilitarian committed to “the greatest good for the greatest number,” the arithmetic looks irrefutable. The Times’s Ezra Klein has written about his support for effective altruism while also thoughtfully critiquing longtermism’s more fanatical expressions of “mathematical blackmail.”
  • In 2015, MacAskill published “Doing Good Better,” which is also about the virtues of effective altruism. His concerns in that book (blindness, deworming) seem downright quaint when compared with the astral-plane conjectures (A.I., building an “interstellar civilization”) that he would go on to pursue in “What We Owe the Future.”
  • In both books he emphasizes the desirability of seeking out “neglectedness” — problems that haven’t attracted enough attention so that you, as an effective altruist, can be more “impactful.” So climate change, MacAskill says, isn’t really where it’s at anymore; readers would do better to focus on “the issues around A.I. development,” which are “radically more neglected.
  • In his recent best seller, “What We Owe the Future” (2022), MacAskill says that the case for effective altruism giving priority to the longtermist view can be distilled into three simple sentences: “Future people count. There could be a lot of them. We can make their lives go better.”
  • “Earning to give” has its roots in the work of the radical utilitarian philosopher Peter Singer, whose 1972 essay “Famine, Affluence and Morality” has been a foundational E.A. text. It contains his parable of the drowning child: If you’re walking past a shallow pond and see a child drowning, you should wade in and save the child, even if it means muddying your clothes
  • Extrapolating from that principle suggests that if you can save a life by donating an amount of money that won’t pose any significant problems for you, a decision not to donate that money would be not only uncharitable or ungenerous but morally wrong.
  • Singer has also written his own book about effective altruism, “The Most Good You Can Do” (2015), in which he argues that going into finance would be an excellent career choice for the aspiring effective altruist. He acknowledges the risks for harm, but he deems them worth it
  • Chances are, if you don’t become a charity worker, someone else will ably do the job; whereas if you don’t become a financier who gives his money away, who’s to say that the person who does become a financier won’t hoard all his riches for himself?
  • On Nov. 11, when FTX filed for bankruptcy amid allegations of financial impropriety, MacAskill wrote a long Twitter thread expressing his shock and his anguish, as he wrestled in real time with what Bankman-Fried had wrought.
  • “If those involved deceived others and engaged in fraud (whether illegal or not) that may cost many thousands of people their savings, they entirely abandoned the principles of the effective altruism community,” MacAskill wrote in a Tweet, followed by screenshots from “What We Owe the Future” and Ord’s “The Precipice” that emphasized the importance of honesty and integrity.
  • I’m guessing that Bankman-Fried may not have read the pertinent parts of those books — if, that is, he read any parts of those books at all. “I would never read a book,” Bankman-Fried said earlier this year. “I’m very skeptical of books. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that.”
  • Avoiding books is an efficient method for absorbing the crudest version of effective altruism while gliding past the caveats
  • For all of MacAskill’s galaxy-brain disquisitions on “A.I. takeover” and the “moral case for space settlement,” perhaps the E.A. fixation on “neglectedness” and existential risks made him less attentive to more familiar risks — human, banal and closer to home.
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