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Javier E

There Is Literally Nothing Trump Can Say That Will Stop Republicans from Voting for Him... - 0 views

  • These days, you’re more likely to find Trump’s words in one of Biden’s campaign ads than in anything put out by his many G.O.P. cheerleaders. Trump’s crazy quotes generate support for Democrats; Republicans like Haley just cringe and change the subject.
  • It was, of course, exactly because of this phenomenon that far too many failed to take seriously Trump’s reckless incitements after he refused to accept the results of the 2020 election.
  • If anything, he’s getting even more of a pass in this election. Little that he has said or done seems to have made any appreciable impact on an increasingly amnesiac electorate, even as the things he says or does get ever more unbelievable.
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  • As a result, Trump’s threats of revenge and retribution have become the background noise of the election year—it’s just more blah-blah-blah from a master of it
  • CREW, a good-government group in Washington, D.C., which reviewed more than thirteen thousand of Trump’s Truth Social posts for a report released this week.
  • They found that Trump had threatened to unleash the powers of the federal government on Biden twenty-five times in the past two years. Other targets against whom Trump called for vengeance included senators, judges, and members of Biden’s family. “IF YOU GO AFTER ME, I’M COMING AFTER YOU!”—a blunt Trump social-media post from last year cited in the report
  • yet Congress, even when it was under full Democratic control in the first two years of Biden’s Presidency, has failed to pass measures that might insulate the Justice Department and other parts of the executive branch from efforts to politicize it during a second Trump term, such as reforming the Insurrection Act to make it harder to deploy the military on U.S. soil or passing legislation to make it more difficult for the White House to interfere in federal law-enforcement investigations.
Javier E

Revealed: Israeli spy chief 'threatened' ICC prosecutor over war crimes inquiry | Israe... - 0 views

  • The diplomatic efforts were part of a coordinated effort by the governments of Netanyahu and Donald Trump in the US to place public and private pressure on the prosecutor and her staff.Between 2019 and 2020, in an unprecedented decision, the Trump administration imposed visa restrictions and sanctions on the chief prosecutor. The move was in retaliation to Bensouda’s pursuit of a separate investigation into war crimes in Afghanistan, allegedly committed by the Taliban and both Afghan and US military personnel.However, Mike Pompeo, then US secretary of state, linked the sanctions package to the Palestine case. “It’s clear the ICC is only putting Israel in [its] crosshairs for nakedly political purposes,” he said.
Javier E

Dilemma on Wall Street: Short-Term Gain or Climate Benefit? - The New York Times - 0 views

  • team of economists recently analyzed 20 years of peer-reviewed research on the social cost of carbon, an estimate of the damage from climate change. They concluded that the average cost, adjusted for improved methods, is substantially higher than even the U.S. government’s most up-to-date figure.
  • That means greenhouse gas emissions, over time, will take a larger toll than regulators are accounting for. As tools for measuring the links between weather patterns and economic output evolve — and the interactions between weather and the economy magnify the costs in unpredictable ways — the damage estimates have only risen.
  • It’s the kind of data that one might expect to set off alarm bells across the financial industry, which closely tracks economic developments that might affect portfolios of stocks and loans. But it was hard to detect even a ripple.
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  • In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.
  • In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future
  • in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.
  • when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.
  • A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.
  • What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?
  • “If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”
  • “These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”
  • Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority
  • And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.
  • On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up
  • All of that is about the relative appeal of investments that would slow climate change
  • If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.
  • There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.
  • “I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”
  • Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.
  • But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.
  • “The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”
  • a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.
  • big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”
  • One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win
  • And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.
  • at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.
  • The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.
  • “This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,
  • “Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”
  • According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.
Javier E

Group of Austrians Picks 77 Charities to Receive Heiress's Fortune - The New York Times - 0 views

  • Without any laws in place that would tax Ms. Engelhorn’s inherited fortune, she decided to redistribute it herself, and she turned to the public to decide how her money should be spent. She is part of the group Millionaires for Humanity, which advocates wealth taxes, and she co-founded a group called Tax Me Now.
  • Before the project was announced in January, Ms. Engelhorn had publicly committed to giving away at least 90 percent of her inheritance. She is part of a small movement of superrich individuals who want to not only redistribute their money, but also to challenge the structures that allowed them to inherit their riches.
  • Ms. Engelhorn said she would continue to fight for a more equal and fair distribution of wealth in her country. She said she hoped that she would make other people talk about the issue, too.
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  • “Please talk about money, everyone,” she said. “The more people are active in it, the better the results will be.”
Javier E

Opinion | How to Force Justices Alito and Thomas to Recuse Themselves in the Jan. 6 Cas... - 0 views

  • The U.S. Department of Justice — including the U.S. attorney for the District of Columbia, an appointed U.S. special counsel and the solicitor general, all of whom were involved in different ways in the criminal prosecutions underlying these cases and are opposing Mr. Trump’s constitutional and statutory claims — can petition the other seven justices to require Justices Alito and Thomas to recuse themselves not as a matter of grace but as a matter of law.
  • The Justice Department and Attorney General Merrick Garland can invoke two powerful textual authorities for this motion: the Constitution of the United States, specifically the due process clause, and the federal statute mandating judicial disqualification for questionable impartiality, 28 U.S.C. Section 455.
Javier E

This Is Why You're Exhausted by Politics - 0 views

  • You and I, sitting on the side that would like to preserve liberal democracy, are exhausted. The people lined up across the way, the ones who want to transition to illiberalism? They are energized.
  • Damon is right that we are on the cusp of something new. But where he sees it as the dawning of a new epoch, I believe we are on the cusp of a revolution.2
  • views on policy are merely the ornaments on a wholesale reimagining of government as a tool for minority rule and a rejection of the rule of law.3
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  • Those are revolutionary aspirations in that they reject not a policy consensus, but social and governing compacts that date to the Founding. (Or at least the end of the Civil War.)
  • Most revolutions are borne of dissatisfaction.
  • The Trumpian revolution, on the other hand, seems to be the product of decadent boredom commingled with casual nihilism.
  • Circumstances for our revolutionaries have never been better. They are so flush that they parade on their boats. And fly upside-down flags outside of their million-dollar suburban homes. And put stickers depicting a hogtied president on their $75,000 pickup trucks. All while posting angry memes to Facebook on their $1,000 iPhones.
  • Unlike normal revolutionaries, the Trumpist revolutionaries risk nothing. If their gambit succeeds, then they overturn the Constitutional order. And if it fails? They go back to their boats, and trucks, and good-paying jobs, and iPhones.
  • What’s more, this revolution has discovered that it gets as many bites at the apple as it likes. All defeats and setback are temporary. The movement lives to fight again. They can lose a dozen times—they only have to win once more.
  • Trumpist revolutionaries get to tell themselves that they are part of a historic, final battle—but also that if they lose, they get to keep their normal, pampered lives. And four years from now they can try again.
  • In sum: While the revolutionaries get to have their glamorous Götterdämmerung, over and over, the forces of the status quo have to defend against wave after wave of challenges. And it doesn’t matter how many authoritarian attempts are beaten back. There’s always another one looming.That is why you’re exhausted.
  • let’s be honest about human nature: Breaking things is fun. Especially when you don’t experience any consequences. But running around putting out fires, and cleaning up broken glass, and asking people to stop breaking things? That is not fun. It is enervating.
  • So while the revolutionary feels like a hero, you feel like a scold.
  • To paraphrase Mr. Cobb, once an idea has taken hold in society, it’s almost impossible to eradicate.
  • the Trumpist revolution’s weakness is that it has no ideas. It has goals, but these are motivated by nothing more than will-to-power. There is no logic—not even a faulty logic—behind them.7
  • How do we fight the exhaustion?First, we try to have some fun while we are scolding the twits and defending the imperfect status quo.Second, we remain fearless about the fight and clear eyed about reality.
  • Third, we organize and build communities to rally normal people to the cause of democracy.
Javier E

How 'Rural Studies' Is Thinking About the Heartland - The New York Times - 0 views

  • “White Rural Rage,” by the journalist Paul Waldman and the political scientist Tom Schaller, is an unsparing assessment of small-town America. Rural residents, the authors argued, are more likely than city dwellers to excuse political violence, and they pose a threat to American democracy.
  • Several rural scholars whose research was included in the book immediately denounced it
  • Ms. Lunz Trujillo excoriated the book in an opinion piece for Newsweek as “a prime example of how intellectuals sow distrust by villainizing” people unlike them.
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  • this latest effort provoked a response that was swift and scathing and revealed something new: the existence of a tightknit group of scholars who are clamoring for more empathetic political analyses of rural Americans.
  • “We contribute to the further denigration of expertise when we say, ‘This is what the experts say about these rubes and bumpkins,’” said Mr. Jacobs, a co-author of “The Rural Voter.” “Who’s going to trust the experts when that’s what the experts have to say about you?”
  • There is an obvious reason for academics’ neglect of the political urban-rural divide until recently: It barely existed.
  • It’s only since the late 1990s that there has been a marked gap between rural and urban voting patterns in presidential elections, and it has widened ever since. In 2016, Mr. Trump won 59 percent of rural voters. Four years later, that climbed to 65 percent, according to Pew. And in the 2022 midterms, Republicans won 69 percent of the rural vote.
  • Even if that shift does hint that “rural” may now be its own kind of identity, it’s a cohort that’s hard to define.
  • The Census Bureau classifies any community as rural if it isn’t within an urban area, meaning it is not part of a densely settled area with 5,000 or more people or 2,000 or more housing units. (In the 2020 census, 20 percent of Americans were classified as rural.)
  • Beyond these basic definitional problems, rural communities can be wildly different socially. “When you aggregate to the national level, you lose so much,”
  • “I get frustrated especially when people talk about rural America as white America. In some states, it’s Latino America. In the Deep South, it’s Black America.”
  • Traditionally, political scientists argued that measuring the effects of place was just a proxy for looking at other parts of identity, like race or education. And because many did not come from rural areas, growing up rural didn’t tend to strike academics as a salient part of political identity.
  • Maybe because so few people fashioned themselves as “rural political experts” until recently, the few high-profile explanations for the rise of rural Republicanism were widely embraced by the chattering classes.
  • Thomas Frank in his best-selling 2004 book, “What’s the Matter With Kansas?” Mr. Frank, a historian, argued that the Republican focus on social issues, like abortion and guns, persuaded rural voters to put aside their economic interests and vote on cultural values rather than for candidates who supported unions and corporate regulation.
  • a handful of academics were so frustrated with the book that it inspired them to pursue their own research.
  • Ms. Cramer came to a different understanding from Mr. Frank’s of why people voted the way they did: Rural Americans resented city dwellers. They believed that national and state governments had enriched urban areas at the expense of rural ones, taking note of all the road-building in Madison, for example, when they drove to sports games.
  • Their reaction was hostility toward the very idea of government, so they supported politicians who promised to keep it out of their lives; Ms. Cramer called this “the politics of resentment.”
  • Ms. Cramer’s 2016 book, “The Politics of Resentment,” quickly became an anchor in the growing field of rural political studies. At least half a dozen academics credit her with foundational thinking for their research.
  • “A lot of the focus has been on ‘What’s wrong with those people?’” she said. “But most people studying what’s going on with rural political behavior are people with empathy for people who live in rural places. They aren’t discounting them as ignorant or uninformed. There’s more of an attempt to understand the way they’re seeing the world.”
  • When Mr. Jacobs decided this year to convene a group of 15 scholars for a conference called Rethinking Rural, he was struck by the flurry of excitement that greeted the invitations. “It was like the first time they’d been asked to the dance,”
  • What rankled the experts who had read “White Rural Rage” was what they considered slapdash analysis. The authors build some arguments on polls with sample sizes as small as 167 rural people. The book is filled with critiques of rural Americans — their resistance to pluralism, their willingness to embrace conspiracies — that apply to many groups and that some scholars reject because they are not based on the long-term observation they say is needed to truly understand the political motives of any community.
  • Mr. Jacobs, with the political scientist Dan Shea, conducted surveys of 10,000 rural voters, from Gambell, Alaska, to Lubec, Maine. The pair were struck by a commonality: Rural residents tend to focus less on their own economic circumstances and more on their community’s prosperity.
  • Even individuals who are thriving are attuned to whether their community as a whole is being left behind by economic changes like automation or the decline of coal.
  • That sense of “shared fate,” as the scholars put it, arises in part because rich and poor tend to cross paths often,
  • “If you go down my street in Vassalboro, the nicest house on the street is right across from the least nice house on the street,” Mr. Jacobs said. “Their kids go to the same school because there’s only one school.”
  • Such interconnectedness means that pollsters sometimes miss how rural voters are really feeling, he added. “It’s not enough to simply ask: Are you doing better than you were last year?
  • As millions left rural areas seeking economic opportunity, an appreciation formed for the businesspeople who stayed and tried to create jobs. That led to an outsize influence by local business leaders in the political realm, driving support for anti-union laws and tax policies generous to businesses.
  • Broadly, rural Americans see free trade and the rise of new technologies as hurting their communities while helping cities prosper
  • So the resentment they felt toward urbanites didn’t come out of nowhere.
  • “Rage and resentment are not interchangeable terms,” he wrote in Politico. “Rage implies irrationality, anger that is unjustified and out of proportion. You can’t talk to someone who is enraged. Resentment is rational, a reaction based on some sort of negative experience.”
  • And while resentment, like rage, doesn’t easily dissolve, he suggests that trying to understand where it comes from could start to build a bridge over that ever-widening urban-rural divide.
Javier E

Opinion | J.D. Vance Keeps Selling His Soul. He's Got Plenty of Buyers. - The New York ... - 0 views

  • what’s most Faustian about Mr. Vance — and by proxy Mr. Trump. Their belief that a movement built on aggrievement and rage can be easily controlled, that there is some way in which you can trick the Devil while holding onto what he’s given you.
  • In my book on Faust, I argue that the politics of authoritarianism is often embraced as a tool by those who believe that they can contain such forces and use them for political gain.
  • There is a lesson for Mr. Vance from the Faust story, however, assuming he can hear it. Beyond mere self-interest, what the legend warns against is the embrace of irrational forces and powers, especially when there is the delusion that the person trading their soul can wrangle the Devil
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  • Mr. Vance “extracted what he needed from Appalachia.” Before anything else, the senator’s first betrayal was of his own region, the first portion of his soul to be sold.
  • Shortly after “Hillbilly Elegy” was released, writers throughout Appalachia denounced the classism and elitism of the book, as well as the self-serving ambitions of its author.
  • Without too much hyperbole, it could be said that J.D. Vance — a possible heir to the MAGA movement who has embraced some of the most noxious elements of the alt-right and the national conservative movement — is an infernal creation of the powerful liberals who championed his writing and elevated his platform. It’s hard to imagine that without “Hillbilly Elegy,” which was adapted into a film by the Democratic Party donor Ron Howard in 2020, Mr. Vance would have become the junior senator of Ohio, much less a nominee for vice president
  • Since being elected to the Senate, in large part due to the financial support of the tech billionaire and right-wing activist Peter Thiel, Mr. Vance has become a zealous convert to the MAGA cause. That’s a stunning reversal for a figure who eight years ago was celebrated as an astute voice of Never Trumper Republicanism, a man of learning who could formulate a centrist conservatism to supplant the dark turn that had taken hold of the G.O.P.
  • As Mr. Vance noted in a Time magazine interview in 2016, Mr. Trump’s greatest failure as a political leader is that “he sees the worst in people, and he encourages the worst in people.” That’s turning out to be true of Mr. Vance, too.
  • Eight years ago, during the heated days of the 2016 Republican primary, Mr. Vance wrote that Mr. Trump’s policy proposals “range from immoral to absurd.” A few months later, he referred to Mr. Trump as “cultural heroin,” and called him “unfit for our nation’s highest office.” And memorably, in a text conversation with a former roommate, the future senator worried that Mr. Trump might be “America’s Hitler.”
  • Mr. Trump’s White House tenure, he said, had changed his mind, but it’s hard to take the senator entirely at his word.
  • At the outset of Christopher Marlowe’s late 16th-century play “The Tragical History of Dr. Faustus,” the scholar at the center of the tale abandons all the learning he has mastered. Law, philosophy, medicine — none of these have fulfilled his boundless ambition. Instead, he turns to magic, making the fateful decision to sell his soul to the demon Mephistopheles, for what he “most desires” — “a world of profit and delight, /Of power, of honor.”
Javier E

Opinion | How Kamala Harris Can Win - The New York Times - 0 views

  • f disempowerment underlies the Republicans’ most potent issues in this campaign: inflation and immigration.
  • If Ms. Harris continues to repeat economic facts without acknowledging most voters’ feelings, she will fail to address the mood of discontent that has her running just behind Mr. Trump in the polls. Low unemployment, robust job growth, rising wages — by the usual metrics, the economy has been a success during the Biden years. And yet inflation looms so large for voters that most disapprove of the president’s handling of the economy. Why
  • Because inflation is not merely about the price of eggs. Many voters experience it as an assault on their agency, a daily marker of their powerlessness: No matter how hard I work or how much I make, I can’t get ahead or even keep up.
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  • And why was the surge in illegal border crossings so troubling, even for voters who live far from the southern border? Not because they believe Mr. Trump’s florid demagogy about criminals, rapists and residents of mental hospitals pouring in but because they see a country unable to control its borders as a country unable to control its destiny
  • and as a country that treats strangers better than some of its citizens.
  • they are part of the same political project. Economic arrangements not only decide the distribution of income and wealth; they also determine the allocation of social recognition and esteem.
  • Democrats need to acknowledge that the neoliberal globalization project they and mainstream Republicans pursued in recent decades brought huge gains for those at the top but job loss and stagnant wages for most working people
  • The winners used their windfall to buy influence in high places. Government stopped trying to check concentrated economic power. The two parties joined forces to deregulate Wall Street. And when the financial crisis of 2008 pushed the system to the brink, they spent billions of dollars to bail out the banks but left ordinary homeowners mostly to fend for themselves.
  • Rather than contend directly with the damage they had done, both political parties told workers to improve themselves by getting college degrees.
  • The elites who offered this advice missed the implicit insult it contained: If you’re struggling in the new economy, it’s your fault.
  • as president, despite his centrist career, Mr. Biden turned away from the policies that had prompted populist backlash and empowered Mr. Trump.
  • Still, he remained unpopular. Mr. Biden and his team thought the problem was one of timing: Public investments take time to produce jobs and tangible benefits.
  • Mr. Biden’s ambitious public investments in infrastructure, manufacturing, jobs and clean energy recalled the muscular role of government during the New Deal. So did his support for collective bargaining and the revival of antitrust law. It made him one of the most consequential presidents of modern times.
  • But the real problem was more fundamental. Mr. Biden never really offered a broad governing vision, never explained how the policies he enacted added up to a new democratic project.
  • Mr. Biden offered no comparable story.When he broke with the era of neoliberal globalization, reasserting government’s role in regulating markets for the common good, he did so with little fanfare or explanation. He did not acknowledge that his own party had been complicit in the policies that had deepened the divide between winners and losers
  • Mr. Trump has proposed exempting tips from taxes. Well, here’s a bolder suggestion: Why not reduce or eliminate the payroll taxes employees pay and make up the revenue with a tax on financial transactions?
  • This made him a weak match for Mr. Trump, a candidate with little policy success but whose MAGA movement spoke to the anger of the age.
  • what does all of this mean for the Harris campaign?
  • Defeating Mr. Trump means taking seriously the divide between winners and losers that polarizes the country. It means acknowledging the resentment of working people who feel that the work they do is not respected, that elites look down on them, that they have little say in shaping the forces that govern their lives.
  • To do so, Ms. Harris should highlight a theme that has long been implicit but underdeveloped in Mr. Biden’s presidency: the dignity of work.
  • The Harris campaign should not only defend these achievements but also embark on something more ambitious: a project of democratic renewal that goes beyond merely saving democracy from Mr. Trump
  • democracy in its fullest sense is about citizens deliberating together about justice and the common good. The dignity of work is important to a healthy democracy because it enables everyone to contribute to the common good and to win honor and recognition for doing so.
  • For Ms. Harris, offering concrete proposals to honor work — and to reward it fairly — could force Mr. Trump and Mr. Vance to choose between the working-class party they hope to become and the corporate Republican Party they continue to be.
  • She should be asking questions that would invigorate progressive politics for the 21st century: If we really believe in the dignity of work, why do we tax income from labor at a higher rate than income from dividends and capital gains? Shouldn’t the federal minimum hourly wage be higher than $7.25?
  • in the end, it all made for impressive policy but themeless politics. His presidency was a legislative triumph but an evocative failure.
  • Beyond tax measures: What about public investment in universal child care not only to support those who work outside the home but also to improve the pay and working conditions of caregivers?
  • Democrats could promote sectoral bargaining so that fast food workers can negotiate wages and working conditions across their industry rather than company by company. Democrats could require companies to give employees seats on corporate boards and classify gig workers as employees
  • On climate change, rather than imposing top-down, technocratic solutions, what if we tried listening to those who fear their livelihoods will be upended — creating local forums that give workers in the fossil fuel industry and agriculture a chance to collaborate with community leaders, scientists and public officials in shaping the transition to a green economy?
  • The election season is too short, they might argue, and the stakes are too high; elevating the terms of public discourse is a project for another day.
  • But this would be a political mistake and a historic missed opportunity. Taunting Mr. Trump as a felon would rally the base but reinforce the divide. Offering Americans a more inspiring democratic project could change some minds, win over some voters and offer some hope for a less rancorous public life.
Javier E

Why Gen Z College Students Are Seeking Tech and Finance Jobs - The New York Times - 0 views

  • Harvard, where, at a wood-paneled dining hall last year, two juniors explained how to assess a fellow undergraduate’s earning potential. It’s easy, they said, as we ate mussels, beets and sautéed chard: You can tell by who’s getting a bulge bracket internship.
  • A bulge bracket bank, like Goldman Sachs, JPMorgan Chase or Citi. The biggest, most prestigious global investment banks
  • Not to be confused with M.B.B., which stands for three of the most prestigious management consulting firms: McKinsey, Bain and Boston Consulting Group.
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  • Even when they arrive at college wanting something very different, an increasing number of students at elite universities seek the imprimatur of employment by a powerful firm and “making a bag” (slang for a sack of money) as quickly as possible.
  • Elite universities have always been major feeders into finance and consulting, and students have always wanted to make money. According to the annual American Freshman Survey, the biggest increase in students wanting to become “very well off financially” happened between the 1970s and 1980s, and it’s been creeping up since then.
  • According to a Harvard Crimson survey of Harvard Seniors, the share of 2024 graduates going into finance and consulting is 34 percent. (In 2022 and 2023 it exceeded 40 percent.
  • Another student, from Uruguay, who spent his second summer in a row practicing case studies in preparation for management consulting internship interviews, told me that everyone arrived on campus hoping to change the world. But what they learn at Harvard, he said, is that actually doing anything meaningful is too hard. People give up on their dreams, he told me, and decide they might as well make money. Someone else told me it was common at parties to hear their peers say they just want to sell out.
  • “There’s definitely a herd mentality,” Joshua Parker, a 21-year-old Harvard junior from Oahu, said. “If you’re not doing finance or tech, it can feel like you’re doing something wrong.”
  • As a freshman, he planned to major in environmental engineering. As a sophomore, he switched to economics, joining five of his six roommates. One of those roommates told me that he hoped to run a hedge fund by the time he was in his 30s. Before that, he wanted to earn a good salary, which he defined as $500,000 a year.
  • But in the last five years, faculty and administrators say, the pull of these industries has become supercharged. In an age of astronomical housing costs, high tuition and inequality, students and their parents increasingly see college as a means to a lucrative job, more than a place to explore.
  • These statistics approach the previous highs in 2007, after which the global financial crisis drove the share down to a recent low of 20 percent in 2009, from which it’s been regaining ground since
  • Fifteen years ago, fewer students went into tech. Adding in that sector, the share of graduates starting what some students non-disparagingly refer to as “sellout jobs” is more than half. (It was a record-shattering 60 percent in 2022 and nearly 54 percent in 2023.)
  • “When people say ‘selling out,’ I mean, obviously, there’s some implicit judgment there,” said Aden Barton, a 23-year-old Harvard senior who wrote an opinion column for the student newspaper headlined, “How Harvard Careerism Killed the Classroom.”
  • “But it really is just almost a descriptive term at this point for people pursuing certain career paths,” he continued. “I’m not trying to denigrate anybody’s career path nor my own.” (He interned at a hedge fund last summer.)
  • David Halek, director of employer relations at Yale’s Office of Career Strategy, thinks students may use the term “sell out” because of the perceived certainty: “It’s the easy path to follow. It is well defined,” he said.
  • “It’s hard to conceptualize other things,” said Andy Wang, a social studies concentrator at Harvard who recently graduated.
  • Some students talk about turning to a different career later on, after they’ve made enough money. “Nowadays, English concentrators often say they’re going into finance or management consulting for a couple of years before writing their novel,” said James Wood, a Harvard professor of the practice of literary criticism.
  • And a surprising number of students explain their desire for a corporate job by drawing on the ethos of effective altruism: Whether they are conscious of the movement or not, they believe they can have greater impact by maximizing earnings to donate to a cause than working for that cause.
  • Roger Woolsey, executive director of the career center at Union College, a private liberal arts college in Schenectady, N.Y, said he first noticed a change around 2015, with students who had been in high school during the Great Recession and who therefore prioritized financial security.
  • that might be why students and their parents were much more focused on professional outcomes than they used to be. “In the past few years,” she said, “I’ve seen a higher level of interest in this first-destination data” — stats on what jobs graduates are getting out of college.
  • “The students saw what their parents went through, and the parents saw what happened to themselves,” he said. “You couple that with college tuition continuing to rise,” he continued, and students started looking for monetary payoffs right after graduation.
  • “Twenty years ago, an ‘introduction to investment banking’ event was held at the undergraduate library at Harvard,” said Howard Gardner, a professor at the Harvard Graduate School of Education. “Forty students showed up, all men, and when asked to define ‘investment banking,’ none raised their hands.”
  • Now, according to Goldman Sachs, the bank had six times as many applicants this year for summer internships as it did 10 years ago, and was 20 percent more selective for this summer’s class than it was last year.
  • “Harvard is more diverse than ever before,” Mr. Contomanolis said, with nearly one in five students eligible for a low-income Pell Grant. Those students, he said, weigh whether to, for instance, “take a job back in my border town community in Texas and make a big impact in a kind of public service sense” or get a job with “a salary that would be life changing for my family.
  • according to The Harvard Crimson’s senior survey, as Mr. Barton noted in his opinion column, “The aggregate rate of ‘selling out’ is about the same — around 60 percent — for all income brackets.” The main distinction is that students from low-income families are comparatively more likely to go into technology than finance.
  • In other words, there is something additional at play, which Mr. Barton argues has to do with the nature of prestige. “If you tell me you’re working at Goldman Sachs or McKinsey, that’s amazing, their eyes are going to light up,” Mr. Barton said. “If you tell somebody, ‘Oh, I took this random nonprofit job,’ or even a journalism job, even if you’re going to a huge name, it’s going to be a little bit of a question mark.”
  • “Even if you don’t want to do it for the rest of your life, it’s seen kind of as the golden standard of a smart, hardworking person,”
  • Matine Khalighi, 22, founded a nonprofit to award scholarships to homeless youth when he was in eighth grade. When he began studying economics at Harvard, his nonprofit, EEqual, was granting 50 scholarships a year. But some of the corporations that funded EEqual were contributing to inequality that created homelessness, he said. Philanthropy wasn’t the solution for systemic change, he decided. Instead, he turned to finance, with the idea that the sector could marshal capital quickly for social impact.
  • Part of that has to do with recruitment; the most prestigious banks and consulting firms do so only at certain colleges, and they have intensified their presence on those campuses in recent years. Over the last five years or so, “the idea of thinking about your professional path has moved much earlier in the undergraduate experience,” Ms. Ciesil said. She said the banks first began talking to students earlier, and it was the entrance of Big Tech onto the scene, asking for junior summer applications by the end of sophomore year, that accelerated recruitment timelines.
  • The marker that really distinguishes Gen Z is how pessimistic its members are, and how much they feel like life is beyond their control, according to Jean Twenge, a psychologist who analyzed data from national surveys of high school students and first-year college students in her book “Generations.”
  • Money, of course, helps give people a sense of control. And because of income inequality, “there’s this idea that you either make it or you don’t, so you better make it,” Ms. Twenge said.
  • Mihir Desai, a professor at Harvard’s business and law schools, wrote a 2017 essay in The Crimson titled “The Trouble With Optionality,” arguing that students who habitually pursue the security of prestigious employment foreclose the risk-taking and longer-range thinking necessary for more unusual or idealistic achievements.
  • Mr. Desai believes that’s often because they are responding to the bigger picture, like threats to workers from artificial intelligence, and political and financial upheaval.
  • he’s observed two trends among students pursuing wealth. There’s “the option-buyer,” the student who takes a job in finance or consulting to buy more time or to keep options open. Then there’s what he calls “the lottery ticket buyer,” the students who go all-in on a risky venture, like a start-up or new technology, hoping to make a windfall.
  • In the last five years, Roosevelt Montás, a senior lecturer at Columbia University and the former director of its Center for the Core Curriculum, has noticed a new trend when he asks students in his American Political Thought classes to consider their future.
  • “Almost every discussion, someone will come in and say, ‘Well, I can go and make a lot of money and do more good with that money than I could by doing some kind of charitable or service profession,’” Mr. Montás said. “It’s there constantly — a way of justifying a career that is organized around making money.”
  • Mr. Desai said all of this logic goes, “‘Make the bag so you can do good in the world, make the bag so you can go into retirement, make the bag so you can then go do what you really want to do.’”
  • But this “really underestimates how important work is to people’s lives,” he said. “What it gets wrong is, you spend 15 years at the hedge fund, you’re going to be a different person. You don’t just go work and make a lot of money, you go work and you become a different person.”
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