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Javier E

Everyone likes the idea of equal opportunity. This economist thinks it's a fantasy. - 0 views

www.washingtonpost.com/...economist-thinks-its-a-fantasy

social mobility equal opportunity economics culture biology success

shared by Javier E on 01 Feb 14 - No Cached
  • His new book, "The Son Also Rises" (Clark is a big fan of Hemingway puns), traces families with particular surnames to measure social mobility over the course of hundreds of years in England, the United States, Sweden, India, China and more. He finds that there's much less mobility than we often assume, and that government interventions to promote it more often than not fail.
  • What gave you the idea to look at surname data? Initially I was interested just in extending conventional social mobility estimates into the distant past. Estimating social mobility is very data intensive. You need to link individual parents and children. There are thus no such estimates for any society before 1850. Tracking surname status was a convenient shortcut. In most societies, all the people with a surname such as Goodhart descended from the earlier set of Goodharts. We do not know the individual linkages, but we can ask what is happening to their status as a group across generations.
  • I found that you get radically slower estimated mobility rates for all societies when you switch to surnames.
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  • The effect is dramatic in some countries. Modern Sweden has some of the most rapid social mobility rates estimated in the world. Yet surnames in modern Sweden show status persistence exactly in this 0.7-0.8 range. This result was completely unexpected. Understanding why that is the case is a key puzzle the book tackles.
  • The book mainly concentrates on measures such as education, occupational status, wealth and longevity as indicators of status. Another surprising puzzle that emerged is that with surnames, the persistence of status was the same for all these measures. We might expect wealth to persist in a different way, since it can be transmitted across generations in a different way than education. You do not need any talent to inherit wealth. This is another regularity the book tries to account for.
  • Another remarkable feature of the surname data is how seemingly impervious social mobility rates are to government interventions. In all societies, what seems to matter is just who your parents are. At the extreme, we see in modern Sweden an extensive system of public education and social support. Yet underlying mobility rates are no higher in modern Sweden than in pre-industrial Sweden or medieval England.
  • Interestingly, in China, the extreme social intervention represented by the Communist Revolution of 1949, which included executing large numbers of members of the old upper class, has not resulted in much of an increase in social mobility. Surnames of high status in the Imperial and Republican era continue to be overrepresented among modern elites, including Communist Party officials.
  • families that have high social competence, whatever the social system is, typically find their way to the top of the social ladder.
  •  It is clear that families are very powerful determinants of children’s outcomes. But what do parents transmit to their children? Is it mainly some type of culture? Or is it mainly genetics?
  • The data does not exist to provide any conclusive answer to this question. But even if this is cultural transmission, it looks in all respects just the same as biological inheritance. The book performs a series of tests to see if biological transmission can be ruled out as the important link, and the empirical patterns never rule this out.
  • And that's where Sweden's system does provide advantages over the U.S.'s. They haven't changed mobility rates, but they've changed the consequences, strongly, of ending up at various points in the distribution. It's a much better place for people who end up at the bottom of the distribution.
  • All this information on social mobility within societies unfortunately does not offer much insight into why societies as a whole succeed or fail in economic terms.
  • The surname data suggests that you will not be able to do much to increase social mobility through social policies of any type.  We already live in societies of massive social intervention in terms of the provision of education and health care. Yet we have not been able to raise social mobility rates above those of the pre-industrial era.
  • But if we're learning that we can predict the majority of people's outcomes at conception, that should lead us to reexamine our assumption that whatever income distribution comes out in society is fine. Because if it's the case that a lot of this is determined before someone enters the game, it weakens the case for letting the market determine the distribution. You'd be much more likely to favor a society with much less inequality.
  • A recent book, "The Triple Package"  [by Amy Chua and Jed Rubenfeld], argues the extreme opposite of biology in explaining social status, with the claim that successful cultural groups in the U.S. have three key features leading to success, one being impulse control. But what is remarkable is how disparate the culturally successful groups they identify are – Jews, Chinese, Indians, Mormons, Iranians, Lebanese, Nigerians, Cubans. And it is demonstrable that most of the successful groups identified here were elites selected from the parent populations as a combined result of politics at home and immigration policy in the U.S.
  • One piece of news that most people will find encouraging in these various studies is that eventually all elites become average in their characteristics, even if that takes 300 years
  • Accounts that emphasize cultural transmission all have a hard time explaining why successful groups, and successful families in general, all experience regression to the mean. There is nothing to stop a cultural trait being inherited unchanged
  • Only biological inheritance has an inbuilt mechanism to explain observed regression to the mean. It also has predictions about when this regression to the mean will not be observed (complete endogamy). It further implies that the rate of regression to the mean will be the same at the top of the status distribution as at the bottom. So the biological pathway has two advantages over the cultural. It produces a mechanism to explain the regression of all elites and underclasses that we observe, and it has testable implications about the speed and character of that mobility.
  • The final surprise in conducting this study was to find a seeming simple physics that underlies social mobility.
  • When we observe an elite group in 1800 in England, we can predict to seven generations in the future what their relative social position will be, despite the arrival of the Industrial Revolution and the rise of the modern welfare state in the interval.
  • Two very simple equations are sufficient to describe a major feature of the social world, and a feature that you would think impossible to model in any such manner.
Javier E

What's in a Name? Everything. - Benjamin M. Friedman - The Atlantic - 0 views

www.theatlantic.com/...372271

inequality mobility historical social science genetics status international

shared by Javier E on 22 Jul 14 - No Cached
  • As Tocqueville observed after visiting the new republic, the widespread perception that anyone can get ahead creates a presumption that everyone has an obligation to at least try.
  • two centuries later, both the perception and the sense of obligation that follows are still firmly in place. According to the World Values Survey, while 60 percent of Europeans say they think “the poor are trapped in poverty,” only 29 percent of Americans think so. Instead, 60 percent of Americans think “the poor are lazy,” compared with just 26 percent of Europeans.
  • Vast inequality may be acceptable to most citizens if anyone, or at least anyone’s grandchild, has a fair shot at the top. But if wealth and poverty simply perpetuate themselves within families, ever wider inequality becomes ever harder to justify. In America, the debate about inequality is, inevitably, also a debate about mobility.
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  • The implications are profound. If mobility is constant, then the ability of social institutions to affect it must be negligible. Clark points to such changes as the movement from feudalism to democracy and then the expansion of the franchise, as well as free public education and redistributive taxation
  • But if modern America and modern Sweden have the same rate of mobility, and that rate is the same as what prevailed in medieval England and in 19th-century China, then none of those changes mattered.
  • if the journey from unusually high or low status to the middle can, as Clark claims, “take ten or fifteen generations (300–450 years),” the mobility-based defense of inequality becomes strained, here and everywhere else.
  • Why does Clark find mobility rates to be so much slower than other economists do? To begin with, he’s measuring something different.
  • Clark is after something broader, encompassing not just people’s income and wealth but also their education, their occupation, their likelihood of holding elected office or other distinguished positions, or of belonging to elite groups. He refers to the entire constellation of such attributes as “status,” or “fundamental social competence,” or “general social competence or ability”
  • ultimately, “an inescapable inherited substrate, looking suspiciously like social class.” Clark argues that this more comprehensive concept of mobility is what most of us really care about, and he’s probably right.
  • muddying up a statistical relationship with lots of purely random noise inevitably lowers the estimate of whatever is the object of interest, and so looking only at income (or education, or any other single feature) means finding less parent-to-child persistence. And that in turn means concluding, as many economists have done, that there is more mobility
  • By examining instead the whole array of attributes that constitutes socioeconomic status, Clark averages out the purely chance variation in any one factor, like income, and therefore finds greater parent-to-child persistence—in other words, less mobility.
  • Clark measures the persistence of status by looking at what has happened over time to groups of people bearing names that, at some point in the past—generations or even centuries ago—indicated socioeconomic status either well above or well below that of the general population.
  • How he measures these groups’ socioeconomic status over time is quite specific as well: their educational attainment, their representation in elite professions like medicine and law, and, conversely, their representation in generally low-status occupations like farming and domestic service.
  • The results are remarkably consistent. In these and more than a dozen other examples, Clark again and again finds evidence of far less mobility—a much slower rate of convergence toward the society’s general population, from either above or below—than what researchers using conventional methods have concluded.
  • the advantage of looking at surnames is twofold. First, it enormously increases the spans of time Clark can study—up to 900 years in some of his English examples. Second, it allows him to examine countries, like India, where the kinds of directly linked parent-and-child data other researchers use aren’t available and may not be for decades, if ever.
  • the important question is whether mobility is as slow as he says—and whether it really is a “universal constant.” Those claims are well worth taking seriously, in part because his more comprehensive notion of socioeconomic status—a concept economists typically don’t try to grapple with—does seem like what really matters.
  • Clark’s is indeed a discouraging story—as, inevitably, is just about any account of human existence in which heredity is the dominant factor governing our individual destinies.
  • As the book moves on, however, it becomes ever clearer that Clark has our genes in mind.
  • what’s being rewarded in life—with income, wealth, good jobs, social prestige—is no more than the talent and energy that each individual brings to the contest.
  • every person’s chances of moving up or down so dominated by whatever subcellular makeup he or she simply happens to inherit.
  • An important corollary to the finding that social outcomes are the product of a lineage lottery is that we should not create social structures that magnify the rewards of a high social position … If social position is largely a product of the blind inheritance of talent, combined with a dose of pure chance, why would we want to multiply the rewards to the lottery winners?
Javier E

American Dream? Or Mirage? - NYTimes.com - 0 views

www.nytimes.com/...american-dream-or-mirage.html

American idea American dream inequality psychology research

shared by Javier E on 03 May 15 - No Cached
  • ECONOMIC inequality in the United States is at its highest level since the 1930s, yet most Americans remain relatively unconcerned with the issue. Why
  • One theory is that Americans accept such inequality because they overestimate the reality of the “American dream” — the idea that any American, with enough resolve and determination, can climb the economic ladder, regardless of where he starts in life.
  • The American dream implies that the greatest economic rewards rightly go to society’s most hard-working and deserving members.
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  • studies by two independent research teams (each led by an author of this article) found that Americans across the economic spectrum did indeed severely misjudge the amount of upward mobility in society.
  • The data also confirmed the psychological utility of this mistake: Overestimating upward mobility was self-serving for rich and poor people alike. For those who saw themselves as rich and successful, it helped justify their wealth. For the poor, it provided hope for a brighter economic future.
  • Participants in the survey overshot the likelihood of rising from the poorest quintile to one of the three top quintiles by nearly 15 percentage points. (On average, only 30 percent of individuals make that kind of leap.)
  • When asked to estimate how many college students came from families in the bottom 20 percent of income, respondents substantially misjudged, estimating that those from the lowest income bracket attended college at a rate five times greater than the actual one
  • they were also asked to estimate upward mobility for people who were similar to them “in terms of goals, abilities, talents and motivations.” In this case, respondents were even more likely to overestimate upward mobility.
  • Those with the most room to move up were more likely to think that such movement was possible.
  • The higher up people said they were, the more they overestimated the likelihood of upward mobility. Being aware of your position at the top of a low-mobility hierarchy can be uncomfortable, because without mobility, sitting at the top is the result of luck, rather than merit.
  • political liberals were less likely to overestimate upward mobility relative to conservatives — a finding consistent with other research suggesting that conservatives see our society as more merit-based than do liberals.
  • members of ethnic minority groups tended to overestimate upward mobility more than did European Americans. This result indicated that those with the most to gain from believing in an upwardly mobile society tended to believe so more strongly.
  • belief in the American dream is woefully misguided when compared with objective reality. Addressing the rising economic gap between rich and poor in society, it seems, will require us to contend not only with economic and political issues, but also with biases of our psychology.
Javier E

The Downwardly Mobile for Trump - The New York Times - 0 views

www.nytimes.com/...wnwardly-mobile-for-trump.html

poor white working class

shared by Javier E on 25 Aug 16 - No Cached
  • A recent paper by Jonathan Rothwell, a senior economist at Gallup, based on 87,428 interviews conducted by the organization between July 2015 and July 2016, showed this seemingly surprising finding: Support for Mr. Trump wasn’t strongly related to income and employment. In fact, among whites with similar educational levels, those who held favorable views of Mr. Trump had higher incomes and were no more likely to be out of the work force than those who held unfavorable views of him.
  • the interviews show that people’s satisfaction with their standard of living, and their subsequent political choices, depends on more than how many dollars they bring home each week. Their happiness depends on their reference group: whom are they comparing themselves to?
  • People often compare their standard of living with the standard they experienced while growing up. The most dissatisfied individuals tend to be the ones who don’t think they have matched or exceeded their parents’ economic standing. One might fault them for their narrow focus on their own kin, but they have merely bought into the American idea of progress — which implies that every generation should have a better life than the previous one — and found their own situation wanting.
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  • we should expect greater support for Mr. Trump among the downwardly mobile
  • Take immigration. Respondents were asked whether they thought “the number of immigrants to America nowadays” should be increased, remain the same or be reduced. Among the downwardly mobile, 71 percent said the number should be reduced; compared with 46 percent among the upwardly mobile. Moreover, 48 percent of the downwardly mobile agreed that “immigrants take jobs away from people who were born in America,” compared with 38 percent of the upwardly mobile.
  • They also projected their anxieties onto their children: 44 percent of the downwardly mobile thought that, when their children were their age, their children’s standard of living would be lower than theirs is now, as opposed to 20 percent of the upwardly mobile.
cartergramiak

Opinion | Climate Change Is Not World War - The New York Times - 1 views

www.nytimes.com/...imate-change-mobilization.html

shared by cartergramiak on 18 Sep 19 - No Cached
  • urging the country to undertake “a new national, social, industrial and economic mobilization on a scale not seen since World War II and the New Deal era.
  • Entire industries were retooled to meet wartime needs, and the material culture of American life was transformed beyond imagining: food production, housewares, automobiles, home building, highways, television, film, clothing, travel and music all underwent phenomenal metamorphoses from the 1930s to the 1950s, spurred by wartime consumption, government investment and a metastasizing military.
  • First, climate change is not a war. There is no clear enemy to mobilize against, and thus no way to ignite the kind of hatred that moved Americans against Japan during World War II. No clear enemy also means no clear victory.
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  • mobilization during World War II was a national mobilization against foreign enemies, while what’s required today is a global mobilization against an international economic system
  • Nevertheless, total mobilization may be our only hope. Ecological collapse is happening all around us. We may be nearing or have already crossed the line where it becomes unstoppable. Piecemeal, consensus-driven, incrementalist solutions are tantamount to global suicide.
  • What would total mobilization really mean? Judging from what happened in World War II, it would mean social upheaval, violence, censorship, curtailed freedoms, dubious compromises and radical changes in American culture and politics. Yet it also just might mean the survival of human civilization.
Javier E

The Best and Worst Places to Grow Up: How Your Area Compares - The New York Times - 0 views

www.nytimes.com/...up-how-your-area-compares.html

income location mobility research statistics policy

shared by Javier E on 08 Nov 15 - No Cached
  • Location matters – enormously. If you’re poor and live in the Philadelphia area, it’s better to be in Bucks County than in Cumberland County or Atlantic County. Not only that, the younger you are when you move to Bucks, the better you will do on average. Children who move at earlier ages are less likely to become single parents, more likely to go to college and more likely to earn more.
  • esearchers are no longer confined to talking about which counties merely correlate well with income mobility; new data suggests some places actually cause it.
  • Across the country, the researchers found five factors associated with strong upward mobility: less segregation by income and race, lower levels of income inequality, better schools, lower rates of violent crime, and a larger share of two-parent households. In general, the effects of place are sharper for boys than for girls, and for lower-income children than for rich.
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  • “The broader lesson of our analysis,” Mr. Chetty and Mr. Hendren write, “is that social mobility should be tackled at a local level.”
  • the new estimates of mobility conflict with earlier estimates. For example, previous estimates suggested that New York City was a good place for lower-income children to grow up: Children raised in lower-income families in New York had above-average outcomes in adulthood.
  • But New York appeared above average in part because it has a large number of immigrants, who have good rates of upward mobility no matter where they live: Nothing about New York in particular caused these children to do better.
  • Mr. Chetty and Mr. Hendren based the latest estimates on the incomes of more than five million children who moved between areas when they were growing up in the 1980s and 1990s. These estimates are causal: They suggest moving a given child to a new area would in fact cause him or her to do better or worse.
  • In the new estimates, Manhattan ranks among the worst counties in the country for girls from lower-income families.
  • better or worse is measured by the household incomes of children in early adulthood. This makes New York look worse than it would if individual incomes were used, because it, along with Northern California, has some of the lowest marriage rates in the country. Manhattan is actually better than most of the country at raising the individual incomes of poor girls. Marriage rates, too, are strongly affected by where children grow up.
  • in poor families. It is better than only about 7 percent of counties.
carolinehayter

Demonstrators gather outside Nashville hat store that offered 'not vaccinated' yellow S... - 0 views

www.cnn.com/...index.html

politics us Culture

shared by carolinehayter on 30 May 21 - No Cached
  • The owner of a Nashville hat store is being accused of anti-Semitism after announcing the sale of yellow Star of David badges, similar to the ones Nazis forced Jews to wear during the Holocaust, which read "NOT VACCINATED."
  • The caption on the post read: "patches are here!! they turned out great. $5ea. strong adhesive back .... we'll be offering trucker caps soon."
  • After the post was removed, another hatWRKS post from Friday said, "people are so outraged by my post? but are you outraged with the tyranny the world is experiencing? if you don't understand what is happening, that is on you, not me."
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  • "As a result of the offensive content and opinions shared by hatWRKS in Nashville, Stetson and our distribution partners will cease the sale of all Stetson products," the company said on Twitter.
  • "We're here to protest hate and ignorance with regard to what she's doing in selling yellow stars that are a symbol of the greatest atrocity the world has ever seen, which is the loss of 6 million human beings," Nashville resident Ron Rivlin told WSMV on Saturday outside the hat store.
  • "I think I understand what she was trying to do, but the way she did it was just, she doesn't understand how offensive it is to the Jewish community and to everybody," Rivlin said.
  • "There's no way you could reasonably associate choosing to go without vaccinations for Covid ... and assuming that you're in the same spot as a Jewish person in Nazi Germany," Abramson said.
sidneybelleroche

Elections 2021: Key ballot measures US voters are deciding on - CNNPolitics - 0 views

www.cnn.com/...index.html

shared by sidneybelleroche on 01 Nov 21 - No Cached
  • Voters will decide Tuesday on key ballot measures related to issues including policing, election reform and some proposals authored in response to Covid-19 restrictions.
  • Voters will decide Tuesday on key ballot measures related to issues including policing, election reform and some proposals authored in response to Covid-19 restrictions.
  • there are 24 statewide ballot measures for consideration in six states
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  • Voters in some major cities, in addition to choosing their next mayor, will also have the opportunity to weigh in on an important issue that has been heavily debated in their communities.
  • Proposition 6 would codify the right for long-term care residents to designate an essential caregiver for in-person visitation.
  • Texas -- Proposition 3 Read MoreWritten in response to Covid-19 restrictions, Texans will consider a constitutional amendment that would prohibit the state or a political subdivision, such as an elected official, from "prohibiting or limiting religious services of religious organizations."
  • Like Proposition 3, Proposition 6 was also influenced by the Covid-19 restrictions enforced during the height of the pandemic.
  • Texas -- Proposition 3 Read MoreWritten in response to Covid-19 restrictions, Texans will consider a constitutional amendment that would prohibit the state or a political subdivision, such as an elected official, from "prohibiting or limiting religious services of religious organizations." Enter your email or view the Vault By CNN webpage to own a piece of CNN History with blockchain technology.close dialogExplore Vault by CNN . Presidential elections, space discoveries, CNN exclusives and more.Explore NowGet UpdatesBe the first to know about upcoming releases from our Vault, with updates delivered right to your inbox.Please enter aboveSign Me UpBy subscribing, you agree to our privacy policy.Success!See you in your inbox.close dialog/* effects for .bx-campaign-1426699 *//* custom css .bx-campaign-1426699 *//* custom css from creative 60682 *//* V Text Alignment Fix */ .bx-custom.bx-campaign-1426699 .bx-row-input + .bx-row-submit { vertical-align: top;}/* custom css from creative 60872 *//************************************ CREATIVE STRUCTURE Do not remove or edit unless non applicable to creative set.************************************//* rendered styles .bx-campaign-1426699 */.bxc.bx-campaign-1426699.bx-active-step-1 .bx-creative:before {min-height: 185px;}.bxc.bx-campaign-1426699.bx-active-step-1 .bx-creative {bo
  • Cleveland -- Issue 24 Ballot initiative Issue 24 would establish a new civilian commission, called the Community Police Commission, whose members will have final authority over the police department's policy and procedures, hiring and training, and disciplinary action.
  • Question 2 would replace Minneapolis Police Department with a new "Department of Public Safety" overseen by the mayor and city council.
  • Proposal 7, also known as Local Law J, asks city residents whether to expand a civilian police review board's authority to conduct investigations and "to exercise oversight, review, and resolution of community complaints alleging abuse of police authority."
  • Austin, Texas -- Proposition A Voters in Austin, Texas are being asked whether to bulk up the city's police department with Proposition A, as its supporters argue that the city is in the midst of a "crime wave" and a shortage of police officers.Proposition A would require that the Austin police department employs at least two police officers for every 1,000 residents.
  • Detroit -- Proposal R A "yes" vote on Proposal R would be in favor of the Detroit City Council establishing a task force that would recommend housing and economic programs that "address historical discrimination against the Black community in Detroit."
  • New Jersey -- Question No. 1 Question No. 1 asks New Jersey voters whether to allow betting on college sports. Currently, sports betting on college events in the state and on college events in which New Jersey teams participate is prohibited.
  • Richmond, Virginia -- Local ReferendumResidents of Virginia's capital city will decide whether to approve the construction of a new casino and 250-room luxury hotel in south Richmond along the I-95 highway.
  • New York -- Ballot Proposal 1New Yorkers are being reminded to flip over their ballots to answer five statewide ballot proposals.
  • New York -- Ballot Proposal 3New York currently requires that its residents register to vote at least 10 days before an election. Ballot Proposal 3 would remove that requirement, clearing the way for state lawmakers to enact new laws that would allow a resident to register to vote in less than 10 days -- such as same-day voter registration.
  • New York -- Ballot Proposal 4As it stands now, New York voters may vote by absentee ballot if they are unable to appear at their polling place due to illness or physical disability or expect to be absent from their county of residence, or New York City if they're residents, on Election Day.Ballot Proposal 4 asks whether to eliminate the requirement that a voter provide a reason if they wish to vote by absentee ballot.
  • Philadelphia -- Question #1: Asks whether to amend the city charter so it urges the Pennsylvania legislature and governor to legalize cannabis for recreational use in the state.
lilyrashkind

Why the Children of Immigrants Get Ahead | Time - 0 views

time.com/...mmigrants-children-us-mobility

children immigrants US politics time

shared by lilyrashkind on 01 Jun 22 - No Cached
  • Abramitzky is a Professor of Economics and the Senior Associate Dean for the Social Sciences at Stanford University. Boustan is a Professor of Economics at Princeton University, where she also serves at the Director of Industrial Relations Section. Their new book is Streets of Gold: America's Untold of Immigrant Success
  • In paging through the profiles, we couldn’t help noticing one group of Americans who defies this trend: the children of immigrants. Sonya Poe was born in a suburb of Dallas, Texas to parents who immigrated from Mexico. “My dad worked for a hotel,” Sonya recalled. “Their goal for us was always: Go to school, go to college, so that you can get a job that doesn’t require you to work late at night, so that you can choose what you get to do and take care of your family. We’re fortunate to be able to do that.”
  • One pattern that is particularly striking in the data is that the children of immigrants raised in households earning below the median income make substantial progress by the time they reach adulthood, both for the Ellis Island generation a century ago and for immigrants today. The children of first-generation immigrants growing up close to the bottom of the income distribution (say, at the 25th percentile) are more likely to reach the middle of the income distribution than are children of similarly poor U.S.-born parents.
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  • The second notable takeaway is that even children of parents from very poor countries like Nigeria and Laos outperform the children of the U.S.-born raised in similar households. The children of immigrants from Central American countries—countries like Guatemala, El Salvador and Nicaragua that are often demonized for contributing to the “crisis” at the southern border—move up faster than the children of the U.S.-born, landing in the middle of the pack (right next to children of immigrants from Canada).
  • To conduct our analysis, we needed data that links children to parents. For the historical data, we used historical census records to link sons living in their childhood homes to census data collected 30 years later when these young men had jobs of their own.
  • Our modern data is based on federal income tax records instead. The tax records allow researchers to link children to their parents as tax dependents, and then observe these children in the tax data as adults.
  • The first striking takeaway is that, as a group, children of immigrants achieve more upward mobility than the children of U.S.-born fathers. We focus on the children of white U.S.-born fathers because the children of Black fathers tend to have lower rates of upward mobility. So, the mobility advantage that we observe for the children of immigrants would be even larger if we compared this group to the full population.
  • Children of immigrants from Mexico and the Dominican Republic today are just as likely to move up from their parents’ circumstances as were children of poor Swedes and Finns a hundred years ago.
  • Today, we might not be that surprised to learn that the children of past European immigrants succeeded. We are used to seeing the descendants of poor European immigrants rise to become members of the business and cultural elite. Many prominent leaders, including politicians like President Biden, regularly emphasize pride in their Irish or Italian heritage. But, at the time, these groups were considered the poorest of the poor. In their flight from famine, Irish immigrants are not too dissimilar from immigrants who flee hurricanes, earthquakes, and violent uprisings today.
  • One question that arises with our work is: what about children who arrive without papers? Undocumented children face more barriers to mobility than other children of immigrants. Fortunately, this group is relatively small even in recent years: only 1.5 million (or five percent) of the 32 million children of immigrant parents are undocumented today. Indeed, this number is small because many children of undocumented immigrants are born in the U.S. and thus are granted citizenship at birth.
  • What enables the children of immigrants to escape poor circumstances and move up the economic ladder? The answer we hear most often is that immigrants have a better work ethic than the US-born and that immigrant parents put more emphasis on education.
  • U.S.-born parents who were raised down the block, or in the same town. This pattern implies that the primary difference between immigrant families and the families of the U.S.-born is in where they choose to live.
  • Ironically, J.D. Vance (who is now running for Senate in Ohio on an anti-immigration platform) poses this question in his bestseller Hillbilly Elegy,aboutgrowing up in Middletown, Ohio, only 45 minutes from the border with Kentucky, the state where his family had lived for generations. For Vance, moving up the ladder meant moving out of his childhood community, a step that many Americans are unwilling to take. He went on to enlist in the Marines, and then to Ohio State and Yale Law School—“Though we sing the praises of social mobility,” he writes, “it has its downsides. The term necessarily implies a sort of movement—to a theoretically better life, yes, but also away from something.”
  • Adapted from Abramitzky and Boustan’s new book Streets of Gold: America’s Untold Story of Immigrant Success
Javier E

Who's Your Daddy? - NYTimes.com - 0 views

opinionator.blogs.nytimes.com/...whos-your-daddy

inequality social class ideology American idea mobility

shared by Javier E on 22 Jul 13 - No Cached
  • A child’s prospects are actually more fluid elsewhere, not just in the most equal countries, like Denmark or Sweden, but even in countries like Canada that have moderate levels of inequality, as I demonstrate in a forthcoming paper in the Journal of Economic Perspectives.
  • More than one-quarter of sons raised by fathers in the top 10 percent stay in the top 10 percent as adults, and another quarter fall no further than the top third. Meanwhile, half of those raised by fathers in the bottom 10 percent remain at the bottom or rise no further than the bottom third. In Canada there is less stickiness at the top, and children raised in the bottom are more likely to rise to the top half in earnings.
  • The difference is that Danes, Swedes and even Canadians are able to promote mobility for the majority while continuing to live with a dynasty at the top. It is the lack of a cleareyed focus on the top, free from rhetoric about talent and the pursuit of dreams, that is keeping Americans from effectively promoting upward mobility.
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  • The recipes for breaking this intergenerational trap are clear: a nurturing environment in the early years combined with accessible and high-quality health care and education promote the capacities of young children, heighten the development of their skills as they grow older, and ultimately raise their chances of upward mobility.
  • The 1 percent are an important touchstone for these upper-middle-class families, who after all have also experienced significant growth in their relative standing
  • An era of higher inequality gives them both more resources to promote the capacities of their children, and more incentive to make these investments since their children now have all the more to gain. It is not unreasonable for these aspiring families to believe that with a little more effort they may yet cross the threshold into the top 1 percent, and they can certainly imagine that their children stand just as good a chance, if not better.
  • For them, an American dream based on effort, talent and just deserts still lives, and as a result they are likely to be less and less predisposed, with their considerable cultural and political influence, to support the recasting of American public policy to meet its most pressing need: the prospects of those at the bottom.
katyshannon

The Rationale Behind Verizon's Interest in Yahoo's Web Business - Bloomberg Business - 0 views

www.bloomberg.com/...terest-in-yahoo-s-web-business

verizon interest rationale yahoo web business bloomberg economic

shared by katyshannon on 10 Dec 15 - No Cached
  • Verizon Communications Inc. wants to attract teens and millennials who are more used to watching videos on their mobile phones than on a TV in a living room. Yahoo! Inc., which is spinning out its main Web business, has been investing heavily in online-video content.
  • So it’s probably not a coincidence that executives at the largest U.S. wireless carrier were chattier than usual this week when asked the question: Would Verizon be interested in buying Yahoo’s Internet assets?
  • Chief Executive Officer Lowell McAdam and Chief Financial Officer Fran Shammo, using similar language, both said within the past two days that Verizon would look at a Yahoo deal "if it made sense," instead of declining to comment. 
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  • Both Yahoo and Verizon have staked their future on mobile Internet and video growth. On paper, a deal would make sense. New York-based Verizon has already shown a willingness to buy Internet properties with its $4.4 billion acquisition of AOL in June. Yahoo’s Web business, which could fetch a price of $3 billion to $3.5 billion, based on analysts’ estimates, will be spun out as part of Yahoo’s tax-saving move to return the value of its $31 billion stake in Alibaba Group Holding Ltd. to shareholders.
  • Yahoo’s board has said that it’s not putting the company up for sale, and that the move is the best way to deal with the Alibaba holdings.
  • "Yahoo would help check several boxes in what Verizon is looking to build at the moment with a cross-platform ad strategy and new video offerings," said Jan Dawson, an analyst at Jackdaw Research LLC.
  • Yahoo’s mail, finance, sports and video sites attract more than 1 billion users, a prized asset that would add to AOL’s 2 million users. That kind of Web traffic, along with exclusive content, is just what Verizon, with more than 105 million wireless subscribers, needs to lure and retain a new smartphone-addicted generation.
  • A Yahoo deal would also give Verizon a new source of revenue, through online advertising, especially from Yahoo’s video-ad unit Brightroll. Verizon has introduced an ad-supported mobile-video service called go90 (named for tilting small screens 90 degrees to watch videos). By seeking users and marketers, Verizon is essentially bulking up to compete with the likes of Facebook Inc. and Google, which are starting to move into the Internet space as a way to drive more users to their online properties.
  • "Verizon is vying to get a larger share of advertisers’ wallets and adding Yahoo would help strengthen AOL as the No. 3 player," said Brian Wieser, an analyst at Pivotal Research Group. "Yahoo has a lot of users in a well defined environment. That is very valuable to advertisers."
katherineharron

How dangerous is North Korea's military arsenal right now? - CNN - 0 views

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north korea

shared by katherineharron on 25 Mar 21 - No Cached
  • Two ballistic missiles fired by North Korea fell harmlessly into the sea on Thursday, but experts say the launch is further proof Kim Jong Un's growing military arsenal poses a significant threat to South Korea, Japan -- and even the US mainland.
  • "The United States and its Asian allies regard North Korea as a grave security threat,"
  • Perhaps the most troubling statement in the CFR report is this: "North Korea could have more than sixty nuclear weapons, according to analysts' estimates, and has successfully tested missiles that could strike the United States with a nuclear warhead."
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  • Last October, North Korea displayed its biggest missile yet -- an updated version of the Hwasong-15
  • Japan, America's most important ally in the Pacific and home to numerous US military bases housing tens of thousands of US personnel, was alarmed.
  • North Korea has previously demonstrated it has missiles that can reach Japan. In 2017, it tested two ballistic missiles that flew over the country before landing in the Pacific Ocean.
  • Later that year, Pyongyang tested an intercontinental ballistic missile (ICBM), the Hwasong-15, that soared skyward before splashing into waters off the coast of Japan. If it had flown on a standard trajectory, David Wright, an expert with the Union of Concerned Scientists, said it could have traveled 13,000 kilometers (8,100 miles).
  • "Such a missile would have more than enough range to reach Washington, DC, and in fact any part of the continental United States,"
  • The atomic bomb detonated over Hiroshima, Japan, by the US in 1945 killed 70,000 people with its initial blast, and left tens of thousands of others to die slowly from burns or radiation-related illnesses.
  • The CFR report notes, however, that as the massive missile displayed at the parade had not yet been tested, its real capabilities remain unknown.
  • The South Korean Defense Ministry puts Pyongyang's army at 1.28 million people compared to Seoul's 550,000.
  • North Korea has successfully tested nuclear bombs on six occasions, in 2006, 2009, 2013, twice in 2016 and in 2017, according to the CFR report.
  • "With each test, North Korea's nuclear explosions have grown in power,"
  • Ballistic missiles are powered only through the initial stages of their flight, reaching a zenith at some point and then falling from gravity onto their targets.
  • "We're going to have to learn to live with North Korea's ability to target the United States with nuclear weapons," Jeffrey Lewis, a researcher at the Middlebury Institute of Strategic Studies, said in the CFR report.
  • A 2020 white paper from South Korea's Defense Ministry said Pyongyang has 13 missile brigades. At October's military parade, nine missiles were unveiled, including the massive ICBM and a submarine-launch ballistic missile, according to the document.
  • "North Korea is expected to continue to upgrade its nuclear and missile capabilities in the name of strengthening its self-defense capabilities and mobilize all of its manpower and resources with the aim of improving residents' lives by 2022 when it marks the 110th anniversary of Kim Il-sung's birthday,
  • Pyongyang's army has developed new multiple-rocket launchers that can hit anywhere in South Korea, Seoul's Defense Ministry said, potentially putting the country's entire population of more than 50 million people in danger.
  • almost 30,000 US troops are based in South Korea on US military installations that dot the country.
  • The ballistic missiles Pyongyang tested Thursday -- the second weapons test in less than a week -- were likely of a shorter range variety
  • North Korea's ground forces can also call on 4,300 tanks, 2,600 armored vehicles and 8,800 artillery pieces
  • The North's navy has 430 combat ships and 70 submarines.
  • its air force has 810 combat aircraft.
  • North Korea's firepower could be brought to bear quickly on Seoul because the South Korean capital is only about 50 kilometers (30 miles) from the 38th parallel that divides the Korean Peninsula.
  • However, regardless of whether Pyongyang ever makes good on its threats, the CFR says the potential for attack can't be ignored. 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katherineharron

CDC releases highly anticipated guidance for people fully vaccinated against Covid-19 -... - 0 views

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covid

shared by katherineharron on 08 Mar 21 - No Cached
  • New guidelines from the US Centers for Disease Control and Prevention say people fully vaccinated against Covid-19 can safely visit with other vaccinated people and small groups of unvaccinated people in some circumstances, but there are still important safety precautions needed.
  • "Covid-19 continues to exert a tremendous toll on our nation. Like you, I want to be able to return to everyday activities and engage with our friends, families, and communities," CDC Director Dr. Rochelle Walensky said at the White House briefing Monday. "Science, and the protection of public health must guide us as we begin to resume these activities. Today's action represents an important first step. It is not our final destination."
  • The CDC defines people who are fully vaccinated as those who are two weeks past their second dose of the Moderna and Pfizer Covid-19 vaccines or two weeks past a single dose of the Johnson & Johnson vaccine.
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  • The new CDC guidance says fully vaccinated people can:Read MoreVisit other vaccinated people indoors without masks or physical distancingVisit indoors with unvaccinated people from a single household without masks or physical distancing, if the unvaccinated people are at low risk for severe disease.
  • Skip quarantine and testing if exposed to someone who has Covid-19 but are asymptomatic, but should monitor for symptoms for 14 daysThis means that vaccinated grandparents may finally feel comfortable visiting their unvaccinated grandchildren and giving them a big hug, especially if they're local -- the CDC still says people should avoid travel -- and as long as none of the unvaccinated people in that household are at risk for severe Covid-19.
  • However, people who are fully vaccinated still need to take precautions in many scenarios. The guidelines say fully vaccinated people must:Wear a mask and keep good physical distance around the unvaccinated who are at increased risk for severe Covid-19, or if the unvaccinated person has a household member who is at higher riskWear masks and physically distance when visiting unvaccinated people who are from multiple households.
  • If fully vaccinated people live in a non-health care congregate setting, such as a group home or detention facility, they should quarantine for 14 days and get tested if exposed to someone with a suspected or confirmed Covid-19 case.The guidelines say that the risk of infection in social activities like going to the gym or restaurant is lower for the fully vaccinated. However, people should still take precautions, as transmission risk in these settings is higher and increases the more unvaccinated people are involved. So wear that mask on the treadmill, and if dining out, keep it on while waiting for your meal
  • Walensky said CDC travel guidelines will remain the same for the vaccinated until there is more data about how much or how little vaccinated people can transmit the virus to others. She added that a "larger swath" of the population will also need to be vaccinated before it's really safe. About 90% of the country is still not vaccinated, Walensky said. Travel brings too much exposure to crowds and the spread of variants is also a real concern.
  • "We are here in no small measure because of the safety protection that many, many Americans have taken with regard to their family, friends and neighbors," Zients said. "We ask people to continue to do that so we can get there, as quickly and as permanently as possible."There are now 30 million people in the United States who are fully vaccinated, but the United States still averaged more than 60,000 cases per day over the last seven days, according to Johns Hopkins University.
  • "We continue to have high levels of virus around the country, and more readily transmissible variants have now been confirmed in nearly every state, while we work to quickly vaccinate people more and more each day, we have to see this through," Walensky said Monday. "Let's stick together. Please keep wearing a well fitting mask and taking the other public health actions we know work to help stop the spread of this virus."
mattrenz16

Steel and lumber prices are sky-high. Lifting Trump's tariffs could help - CNN - 0 views

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shared by mattrenz16 on 02 Jun 21 - No Cached
  • The US economy is so hot the supply of key materials can't keep up with surging demand — sparking shortages and price spikes in everything from computer chips and copper to chlorine.
  • This choice underscores the challenging position Biden finds himself in. Despite what his critics may say, he doesn't have a magic wand to immediately stabilize prices. And some of the issues can be attributed to the unique nature of the crisis: a self-imposed shutdown of the economy followed by an intense rebound.
  • Trump's lumber and steel tariffs, introduced in 2017 and 2018 respectively, were aimed at protecting American industry and jobs against alleged unfair trade tactics — and the steel industry says they've been essential to keeping the sector afloat during the pandemic. But the logic of the tariffs is being undermined by not only supply shortages but also breathtaking price spikes.Read More
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  • Despite a 20% pullback in recent weeks, random-length lumber futures are still up more than 400% from their April 2020 low. Lumber prices have skyrocketed so much that it's causing remodeling nightmares and creating even more sticker shock in the booming housing market.
  • Likewise, prices for US hot-rolled, coil steel, the most widely produced finished steel product, have spiked almost 270% since bottoming out last August and hit a record high of $1,616 per ton on Friday, according to S&P Global Platts. Before this boom, the prior peak was $1,100 in 2008.
  • Murphy, whose organization opposed the Section 232 steel tariffs from the beginning, argued tariff relief is a way government can help accelerate the recovery while simultaneously easing inflation jitters.
  • Meanwhile, both the steel and lumber industries are strongly urging Biden to keep the tariffs in place. Removing them could prove to be politically unpopular, especially among steel workers in battleground Rust Belt states.
  • Scott argued the steel tariffs effectively supported the industry and that removing them, along with quotas limiting imports, would lead to both a "hemorrhaging of jobs" and importing steel that is in many cases worse for the environment than what is made in America.
  • The Biden administration does not appear to have made a decision yet on lifting the steel or lumber tariffs, though new efforts are being made to address rising inflation concerns.
  • Biden announced late last week his administration will soon take unspecified steps to fight supply chain pressures, beginning with construction materials and transportation bottlenecks.
aidenborst

US troops accidentally storm olive oil factory in Bulgaria - CNNPolitics - 0 views

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politics US history crisis Culture GOP Soldiers Army Bulgaria Factory

shared by aidenborst on 02 Jun 21 - No Cached
  • The US military has issued an apology after soldiers accidentally stormed a factory in Bulgaria that produces processing machinery for olive oil during a training exercise last month.
  • US soldiers of the 173rd Airborne Brigade had been practicing for days how to seize and secure the Cheshnegirovo decommissioned airfield in Bulgaria, training that included clearing bunkers across the airfield, according to a statement from the US Army Europe and Africa released Tuesday.
  • "they believed was part of the training area, but that was occupied by Bulgarian civilians operating a private business." No weapons were fired, the US military also said.
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  • "The U.S. Army takes training seriously and prioritizes the safety of our soldiers, our allies, and civilians. We sincerely apologize to the business and its employees," the US military said in the statement. "We always learn from these exercises and are fully investigating the cause of this mistake. We will implement rigorous procedures to clearly define our training areas and prevent this type of incident in the future."
  • CNN has reached out to the factory owner, US embassy in Bulgaria, Bulgaria's Interior Ministry and Defense Ministry for comment.Read MoreBulgarian President Rumen Radev condemned the incident and said he expects there will be an investigation, CNN affiliate Nova TV reported Monday.
  • "It is inadmissible to have the lives of Bulgarian citizens disturbed and put at risk by military formations, whether Bulgarian or belonging to a foreign army," Radev said. "The exercises with our allies on the territory of Bulgaria should contribute to building security and trust in collective defense, not breed tension."
katherineharron

Biden White House would welcome Trump's help in promoting vaccine - CNNPolitics - 0 views

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covid

shared by katherineharron on 15 Mar 21 - No Cached
  • The White House said it would welcome former President Donald Trump's help in promoting the coronavirus vaccine to his supporters but says there are other ways to convince conservatives to get the shot.
  • "I discussed it with my team and they say the thing that has more impact than anything Trump would say to the MAGA folks is what the local doctors, what the local preachers, what the local people in the community say," Biden said at the White House on Monday.
  • Earlier, the White House laid out how it was reaching conservatives with vaccine messaging, even as officials acknowledged a Democratic president did not carry the same weight among that population as other public figures.Read More"If former President Trump woke up tomorrow and wanted to be more vocal about the safety and efficacy of the vaccine certainly we'd support that," press secretary Jen Psaki said at a Monday's White House briefing.close dialogThe world is watching as the Biden administration takes office.Get updates on US politics delivered to your inbox daily. Sign Me UpNo ThanksBy subscribing you agree to ourprivacy policy.The world is watching as the Biden administration takes office.Get updates on US politics delivered to your inbox daily. Please enter aboveSign Me UpBy subscribing you agree to ourprivacy policy.Success! See you in your inbox.//assets.b
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  • Health officials, including Dr. Anthony Fauci, have said Trump's voice in promoting the vaccine would go far in convincing Republicans to get it.
  • Trump has made small efforts to promote the vaccine, including in a speech at this year's Conservative Political Action Conference, but he did not appear in a public service announcement featuring former presidents that was released last week.Psaki noted those presidents -- Barack Obama, George W. Bush, Bill Clinton and Jimmy Carter -- "did not need an engraved invitation" to promote the vaccine.
  • "The President's goal is to vaccine all Americans, not just those who voted for him," she said. "We know we need to meet everyone where they are, and that includes conservatives."
anonymous

German Catholic clergy rebel against Vatican over same-sex unions - CNN - 0 views

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shared by anonymous on 25 Mar 21 - No Cached
  • German Catholic theologians and clergy have mobilized against a recent ruling from the Vatican that said the Catholic Church would not bless same-sex unions.
  • "We decisively distance ourselves from this position," it said.The statement, signed by 266 theologians, said the ruling lacks "theological depth, hermeneutical understanding as well as argumentative stringency."
  • "A document that in its argumentation so blatantly excludes any progress in theological and human scientific knowledge will lead to pastoral practice ignoring it," Georg Bätzing, Bishop of Limburg, said in a statement published on Facebook on Wednesday.
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  • Bätzing's diocese also updated its Facebook profile photo to an image of Limburg Cathedral surrounded by a rainbow, a symbol of the LGBT community, and the phrase "#LoveIsNoSin."Bätzing is the head of the German Bishops' Conference, the Catholic church's ruling body in Germany.
  • "We are here to bless, no matter how and no matter whom," Lentz said in a statement. "We want to be an open church where everyone feels at home."Since Friday afternoon the community has flown a rainbow flag with a phrase from Genesis 12:2 that reads: "You shall be a blessing."
  • While Pope Francis has frequently been praised for his welcoming tone toward LGBTQ people both within and outside the church, he approved the March 15 statement."The blessing of homosexual unions cannot be considered licit," wrote the Vatican's top doctrinal office, the Congregation for the Doctrine of the Faith.
  • Blessing same-sex unions, the Vatican says, would send a sign that the Catholic Church approves and encourages "a choice and a way of life that cannot be recognized as objectively ordered to the revealed plans of God."
  • Same-sex unions are the latest issue on which the German Catholic church has clashed with the Vatican in recent years.In 2019, it revealed plans for a two-year process of reckoning and reform, to rebuild public trust in the wake of a shocking report into child sexual abuse in the church.
katherineharron

Ranking the Top 5 Democrats in the 2020 race - CNNPolitics - 0 views

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  • But the level of not-knowing-what-the-hell-is-going-to-happen is much higher in this race than any we've seen in modern memory. Just four in 10 Iowa Democrats said they were locked in on their candidate choice in a CNN/Des Moines Register poll earlier this month. That's significantly lower than the 59% who said they had made up their minds about a candidate at the same time in 2016.
  • 5. Amy Klobuchar: The Minnesota senator wanted (needed?) a star turn at the debate earlier this week in Iowa to close the gap between herself and the four top candidates in Iowa.
  • ...4 more annotations...
  • 3 (tie). Elizabeth Warren: We're moving the senior senator up on our list for two reasons. First, although Warren is arguably in a worse position than Buttigieg in Iowa and New Hampshire, she is in a better position than he is nationally.
  • 3 (tie). Pete Buttigieg: Buttigieg is, weirdly, the most divisive candidate in the field. Just take his debate performance on Tuesday night as an example. Chris wrote that he came across as well-versed on the issues, authoritative and possessing the necessary gravitas to serve as commander-in-chief.
  • . Bernie Sanders: We've both written about how it's not far-fetched at all that the junior senator from Vermont could win the nomination.
  • 1. Joe Biden: The former vice president has the easiest path to the nomination. If Biden wins in Iowa, he is the heavy favorite to be the nominee.
ethanshilling

Trump supporters also mobilized at state capitols. - The New York Times - 0 views

www.nytimes.com/...bilized-at-state-capitols.html

US trump politics crisis

shared by ethanshilling on 07 Jan 21 - No Cached
  • As supporters of President Trump breached the nation’s Capitol on Wednesday, hundreds of other Trump supporters across the country gathered at state capitols, in some cases prompting evacuations and law enforcement mobilizations.
  • As supporters of President Trump breached the nation’s Capitol on Wednesday, hundreds of other Trump supporters across the country gathered at state capitols, in some cases prompting evacuations and law enforcement mobilizations.
  • In Washington State, a crowd of Trump supporters, some of them armed, breached the fence surrounding the governor’s residence and approached the building before state troopers mobilized to keep them away.
  • ...7 more annotations...
  • “Those acts of intimidation will not succeed,” said Mr. Inslee, a Democrat. No arrests were made.
  • Chris Hill, the leader of a right-wing militia, said he called some of his “troops” to the statehouse to protest, repeating the president’s false claim that the election was “rigged.”
  • In New Mexico, a lawmaker reported that the State Police were evacuating the Capitol, while Mayor Michael B. Hancock of Denver instructed city government buildings to close as about 700 people gathered outside the statehouse there.
  • More than 500 people gathered in Lansing, Mich., praying and carrying a mix of flags and guns.
  • In Sacramento, Gov. Gavin Newsom of California canceled a news briefing on the coronavirus to ensure the safety of his staff, he said in a statement.
  • The Sacramento police reported “physical altercations” between the group and counterprotesters and several arrests for possession of pepper spray before the gathering was organically dispersed by a cold afternoon rainstorm.
  • And in Portland, Ore., dozens of left-wing demonstrators gathered late Wednesday for a “Stop the fascist coup” event. Police said the group broke windows at multiple businesses in downtown.
sidneybelleroche

Apple is about to become the world's first $3 trillion company - CNN - 0 views

www.cnn.com/...index.html

shared by sidneybelleroche on 13 Dec 21 - No Cached
  • Apple is on the verge of yet another major milestone. The iPhone maker is close to topping a market value of more than $3 trillion — the first publicly traded company ever to be worth that much.
  • Shares of Apple (AAPL) were up about 1% in premarket trading Monday to around $181.75. The stock needs to hit $182.85 for Apple to surpass the $3 trillion mark.
  • Apple's market value first crossed the $1 trillion threshold in August 2018 and passed $2 trillion in August 2020.
  • ...5 more annotations...
  • The company has benefited from booming demand for its new IPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.
  • Sales surged nearly 30% to more than $83 billion in Apple's most recent quarter, which ended in September.
  • The company has a whopping $191 billion in cash as well.Read More
  • Apple may have some company in the $3 trillion club. Microsoft (MSFT) is now worth about $2.6 trillion and Google owner Alphabet's (GOOGL) market value is right around $2 trillion.
  • Still giant but further behind are Amazon (AMZN), which has a market cap of $1.7 trillion, and Elon Musk's Tesla (TSLA), worth $1 trillion.
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