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carolinehayter

GOP group tells online donors: Give every month or 'we will have to tell Trump you're a... - 0 views

  • The campaign arm of House Republicans is using an aggressive tactic to push online donors toward committing to monthly contributions, telling them that opting out of having the same amount automatically charged to their credit card or withdrawn from their bank each month is an act of disloyalty toward former President Donald Trump.
  • "We need to know we haven't lost you to the Radical Left. If you UNCHECK this box, we will have to tell Trump you're a DEFECTOR & sided with the Dems."
  • "If you want Trump to run for President this is your LAST chance to FLIP the House," donors are told above another pre-checked box. "Change your Trump Victory Fund Status to ACTIVE now! Remain inactive = Republicans lose."
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  • ActBlue, the Democratic fundraising platform, allows some groups to use such boxes.
  • But Republicans -- including Trump's 2020 campaign -- have gone to new lengths to tap into Trump's popularity and strong-arm supporters into regular, automatic contributions.
  • The NRCC's language was first reported by the Bulwark, a news site run by anti-Trump conservatives, which highlighted similar pre-checked boxes the NRCC has used in recent weeks, including one that told donors to "check this box if you want Trump to run again" -- when, in reality, what donors were being asked to do was leave checked a box that signed them up to make monthly donations
  • "As a TOP grassroots supporter, we were surprised to see you ABANDONED him. This is your LAST CHANCE to update your status to ACTIVE!" the pre-checked box said.
  • Using the same tactics that the New York Times reported Trump's campaign used -- provoking complaints and a surge of refunds -- the larger, ominous warnings are placed above more easily missed, smaller fonts that make clear what donors are actually committing to do.
  • The NRCC's pre-checked boxes also appear to ignore the cease-and-desist letter Trump's lawyers recently sent to Republican committees instructing them not to use his likeness to raise money.
  • The NRCC's counterpart, the Democratic Congressional Campaign Committee, also uses pre-checked boxes to sign online donors up for automatic monthly contributions.But the language donors see from the DCCC is straightforward about what they're being asked to do.
  • On the DCCC's ActBlue page, donors are asked immediately under their selection of an amount to donate to "Make it monthly!" The "Yes, count me in!" box is pre-checked, and has a "No, donate once" alternative next to it. Those who do opt for monthly donations then see a window thanking them for their monthly contributions, with an option to click a link to "Make this a one-time contribution instead."
  • "Unlike the NRCC, we use clear language and confirm with our grassroots supporters that they would like to set up a recurring monthly donation," DCCC spokeswoman Helen Kalla said.
ethanshilling

San Francisco and Other Cities Try to Give Artists Steady Income - The New York Times - 0 views

  • In San Francisco, public officials have announced a pilot program that will provide a monthly stipend to artists. The mayor’s office recently unveiled the initiative, city payments that were approved by the arts commission, which will provide a guaranteed monthly income of $1,000 over six months to 130 eligible artists.
  • A similar experiment started in St. Paul, Minn., this week. There, a nonprofit organization is working with the city to disburse monthly $500 checks to 25 local artists for the next 18 months.
  • And more programs, not limited to arts workers, are springing up in cities like Oakland, Calif., and Atlanta, whose leaders are part of a 41-member coalition, Mayors for a Guaranteed Income.
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  • “We knew this health crisis would impact artists, and artists of color in particular,” San Francisco’s mayor, London Breed, said in a statement. “If we help the arts recover, the arts will help San Francisco recover.”
  • Since opening the application portal for artists on March 25, the Yerba Buena Center for the Arts, which is administering the guaranteed income program on behalf of San Francisco, said it has received more than 1,800 responses.
  • In St. Paul, the McKnight and Bush Foundations have helped get the guaranteed-income program off the ground. Laura Zabel, Springboard’s director overseeing the project, said that the monthly payments would help artists afford food and rent.
Javier E

Bruce Bartlett: The Debt Limit Is the Real Fiscal Cliff - NYTimes.com - 0 views

  • Washington is all abuzz over the impending tax increases and spending cuts referred to as the fiscal cliff, an absurdly inaccurate term that both Democrats and Republicans have unfortunately adopted in order to pursue their own agendas. In truth, it is a nonproblem unless every impending tax increase and spending cut takes effect permanently – something so unlikely as to be effectively impossible.
  • there is a very real fiscal problem that will occur almost simultaneously – expiration of the debt limit. Much of what passes for fiscal-cliff concern is actually anxiety about whether Republicans in Congress will force a default on the nation’s debt in pursuit of their radical agenda.
  • No less an authority than the anti-tax activist Grover Norquist, who basically controls the Republican Party’s fiscal policy, has said repeatedly that the debt limit is where the real fight will be over the next several weeks
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  • MR. ALLEN: O.K., O.K., wait. You’re proposing that the debt ceiling be increased month by month? MR. NORQUIST: Monthly. Monthly. Monthly if he’s good, weekly if he’s not.
  • In short, the debt limit is a hostage that Republicans are willing to kill or maim in pursuit of their agenda. They have made this clear ever since the debt ceiling debate in 2011, in which the Treasury came very close to defaulting on the debt.
  • At some point, Treasury will lack the cash to pay the bills that are due and it will face nothing but unthinkable choices – don’t pay interest to bondholders and default on the debt, don’t pay Social Security benefits, don’t pay our soldiers in the field and so on.
  • At the risk of stating the obvious, the debt limit is nuts. It serves no useful purpose to allow members of Congress to vote for vast cuts in taxation and increases in spending and then tell the Treasury it is not permitted to sell bonds to cover the deficits Congress created. To my knowledge, no other nation has such a screwy system.
  • In a new book, “Is U.S. Government Debt Different?,” Howell Jackson, a law professor at Harvard, walks through options for prioritizing government spending in the event that Republicans insist on committing financial suicide. They are all illegal or unconstitutional to one degree or another. They would require the Treasury to either abrogate Congress’s taxing power, spending power or borrowing power.
  • the question of what a president should do when he must act and all his options are unconstitutional. They cite Abraham Lincoln’s July 4, 1861, message to Congress in support of the idea that some laws are more unconstitutional than others and the president is empowered to violate the one that is least unconstitutional when he has no other option. Said Lincoln, “To state the question more directly, are all the laws, but one, to go unexecuted, and the government itself go to pieces, lest that one be violated?”
  • In the present case, of course, the one law would be the debt limit, which Professors Buchanan and Dorf say is less binding on the president than unilaterally cutting spending or raising taxes without congressional approval. Hence, if Republicans are truly mad and absolutely refuse to raise the debt limit, thereby risking default or the nonpayment of essential government bills, Professors Buchanan and Dorf believe the president would have the authority to sell bonds over and above the limit.
  • There are a host of practical problems any time the president is forced into uncharted constitutional territory, as Lincoln so often was. But when faced with an extortion demand from a political party that no longer feels bound by the historical norms of conduct, the president must be willing to do what has to be done.
redavistinnell

Migrant crisis: Monthly record of 218,000 reach EU by sea - BBC News - 0 views

  • Migrant crisis: Monthly record of 218,000 reach EU by sea
  • According to the UN, 744,175 have arrived on Europe's shores, the vast majority on Greek islands such as Lesbos and Samos
  • This year alone, 3,440 have drowned or have been declared missing while trying to cross the Mediterranean to Europe, the UN agency says. The International Organization for Migration says more than 400 people died while travelling to Greece.
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  • The number reaching Greece was 210,265, and for Italy it was 8,129, according to the UNHCR.
  • Germany expects at least 800,000 asylum seekers this year - some estimates put it as high as 1.5 million. That is at least four times the number who arrived last year.
  • Her Christian Social Union (CSU) ally Horst Seehofer is pushing for transit zones to be set up to process arrivals near the country's borders. Mrs Merkel's CDU party backs the idea, however Social Democrat leader Sigmar Gabriel is opposed to the zones amid concerns that they might resemble detention camps.
mariedhorne

Foreign Investment Plummets During Pandemic, Except in China - WSJ - 0 views

  • Foreign direct investment in China largely held steady during the first half of this year, even as investment inflows into the U.S. and European Union plummeted, in a fresh sign that the world’s second-largest economy has suffered less damage from the pandemic.
  • the monthly average for new investments for the first half of the year was down almost half on the monthly average for the whole of 2019, the largest decline on record, the United Nations’s Conference on Trade and Development said Tuesday. But while foreign investment in the U.S. and European Union fell by 61% and 29% respectively, inflows to China were down by just 4%. China attracted foreign investment totaling $76 billion during the period, while the U.S. attracted $51 billion.
  • Unctad forecast that it would be the big loser, and expected global flows of investment to fall by 15% across 2020.
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  • Across all developed economies, inflows of foreign investment were down 75% in the first half from the 2019 monthly average to total just $98 billion, a level last seen in 1994
  • Foreign investment in developing economies proved more resilient, falling by just 16% to $296 billion.
  • But it warned that the second wave of rising infections hitting a number of developed economies could see flows down 50% for the year.
  • One was Germany, which saw inflows rise 15% to $21 billion, largely due to a small number of foreign acquisitions of existing businesses.
Javier E

Rising Seas Threaten an American Institution: The 30-Year Mortgage - The New York Times - 0 views

  • Home buyers are increasingly using mortgages that make it easier for them to stop making their monthly payments and walk away from the loan if the home floods or becomes unsellable or unlivable.
  • More banks are getting buyers in coastal areas to make bigger down payments — often as much as 40 percent of the purchase price, up from the traditional 20 percent — a sign that lenders have awakened to climate dangers and want to put less of their own money at risk.
  • And in one of the clearest signs that banks are worried about global warming, they are increasingly getting these mortgages off their own books by selling them to government-backed buyers like Fannie Mae, where taxpayers would be on the hook financially if any of the loans fail.
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  • “Conventional mortgages have survived many financial crises, but they may not survive the climate crisis,” said Jesse Keenan, an associate professor at Tulane University. “This trend also reflects a systematic financial risk for banks and the U.S. taxpayers who ultimately foot the bill.”
  • The question that matters, according to researchers, isn’t whether the effects of climate change will start to ripple through the housing market. Rather, it’s how fast those effects will occur and what they will look like.
  • It’s not only along the nation’s rivers and coasts where climate-induced risk has started to push down home prices. In parts of the West, the growing danger of wildfires is already making it harder for homeowners to get insurance.
  • as the world warms, that long-term nature of conventional mortgages might not be as desirable as it once was, as rising seas and worsening storms threaten to make some land uninhabitable. A retreat from the 30-year mortgage could also put homeownership out of reach for more Americans.
  • Those homes are valued at $241 billion.
  • In 2016, Freddie Mac’s chief economist at the time, Sean Becketti, warned that losses from flooding both inland and along the coasts are “likely to be greater in total than those experienced in the housing crisis and the Great Recession.”
  • If climate change makes coastal homes uninsurable, Dr. Becketti wrote, their value could fall to nothing, and unlike the 2008 financial crisis, “homeowners will have no expectation that the values of their homes will ever recover.”
  • In 30 years from now, if global-warming emissions follow their current trajectory, almost half a million existing homes will be on land that floods at least once a year,
  • It could also be one of the most economically significant. During the 2008 financial crisis, a decline in home values helped cripple the financial system and pushed almost 9 million Americans out of work.
  • new research shows banks rapidly shifting mortgages with flood risk off their books and over to organizations like Fannie Mae and Freddie Mac, government-sponsored entities whose debts are backed by taxpayers
  • the lenders selling off coastal mortgages the fastest are smaller local banks, which are more likely than large national banks to know which neighborhoods face the greatest climate risk.
  • In 2009, local banks sold off 43 percent of their mortgages in vulnerable zones, Dr. Keenan and Mr. Bradt found, about the same share as other areas. But by 2017, the share had jumped by one-third, to 57 percent, despite staying flat in less vulnerable neighborhoods.
  • Dr. Keenan found banks protecting themselves in other ways, such as lending less money to home buyers in vulnerable areas, relative to the value of the homes.
  • a growing share of mortgages had required down payments between 21 percent and 40 percent — what Dr. Keenan called nonconventional loans.
  • flood insurance isn’t likely to address the problem, Dr. Keenan said, because it doesn’t protect against the risk of a house losing value and ultimately becoming unsellable.
  • More homeowners are also taking out a type of mortgage that is less financially painful for a borrower to walk away from if a home becomes uninhabitable because of rising seas. These are known as interest-only mortgages — the monthly payment covers only the interest on the loan, and doesn’t reduce the principal owed.
  • It’s a loan you can never pay off with the regular monthly payments. However, it also means buyers aren’t sinking any more of their own money into the property beyond a down payment. That’s an advantage if you think the property may become unlivable.
  • he share of homes with fixed-rate, 30-year mortgages has declined sharply — to less than 80 percent, as of 2016 — in areas most exposed to storm surge
  • More than 10 percent of homeowners in those areas had interest-only loans in 2016, compared with just 2.3 percent in other ZIP Codes.
  • “What happens when the water starts lapping at these properties, and they get abandoned?” she said.
Javier E

Opinion | We Can End Homelessness In Our Cities - The New York Times - 0 views

  • The federal government could render homelessness rare, brief and nonrecurring. The cure for homelessness is housing, and, as it happens, the money is available: Congress could shift billions in annual federal subsidies from rich homeowners to people who don’t have homes.
  • Instead, Americans have taken to treating homelessness as a sad fact of life, as if it were perfectly normal that many thousands of adults and children in the wealthiest nation on earth cannot afford a place to live.
  • Government programs focus on palliative care: Annual spending on shelters has reached $12 billion a year
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  • Rather than provide housing for the homeless, cities offer showers, day care centers and bag checks.
  • We have decided to live with the fact that some of our fellow Americans will die on the streets.
  • “There’s a cruelty here that I don’t think I’ve seen,” Leilani Farha, then the United Nations special rapporteur on adequate housing, said after a 2018 visit to Northern California.
  • “I’ve never seen anything like it, and I’ve done outreach on every continent,” Dame Louise Casey, who directed homeless policy for several British prime ministers, said after touring homeless encampments in San Francisco, Los Angeles and other American cities.
  • almost 40 percent of workers in households making less than $40,000 a year have lost work. Women in Need NYC, which runs shelters, warned this week that New York faces a “mass increase” in homelessness
  • Countries confronting homelessness with greater success than the United States, including Finland and Japan, begin by treating housing as a human right
  • the first law of real estate applies to homelessness, too: Location, location, location. The nation’s homeless population is concentrated in New York, the cities of coastal California and a few other islands of prosperity.
  • Well-educated, well-paid professionals have flocked to those places, driving up housing prices. And crucially, those cities and their suburbs have made it virtually impossible to build enough housing to keep up.
  • The government calculates $600 is the most a family living at the poverty line can afford to pay in monthly rent while still having enough money for food, health care and other needs. From 1990 to 2017, the number of housing units available below that price shrank by four million.
  • While there are roughly 80,000 homeless people in New York on any given night, more than 800,000 New Yorkers — more than 10 times as many people — are scraping by, spending more than half their income on rent.
  • According to one analysis, a $100 increase in the average monthly rent in a large metro area is associated with a 15 percent increase in homelessness.
  • In 2018, eight out of every 10,000 Michigan residents were homeless. In California, it was 33 per 10,000. In New York, it was 46 per 10,000.
  • in recent decades, wealth and homelessness have both increased — a stark illustration of the inequalities that pervade American life.
  • Having failed to address homelessness during the longest economic expansion in American history, the nation now faces a greater challenge under more difficult circumstances
  • Reframing the debate — asking what is necessary to end homelessness — is an important first step for New York and for other places that are failing this basic test of civic responsibility.
  • The program costs about $19 billion a year. Vouchers for all eligible households would cost another $41 billion a year
  • Where to get the money? Well, the government annually provides more than $70 billion in tax breaks to homeowners, including a deduction for mortgage interest payments and a free pass on some capital gains from home sales. Let’s end homelessness instead of subsidizing mansions.
  • Without a significant expansion in the supply of housing, adding vouchers would be like adding players to a game of musical chairs without increasing the number of chairs.
  • Market-rate construction can help: More housing would slow the upward march of housing prices. New York and San Francisco are the nation’s most tightly regulated markets for housing construction,
  • Tokyo, often cited as an international model for its permissive development policies, has expanded its supply of homes by roughly 2 percent a year in recent years, while New York’s housing supply has expanded by roughly 0.5 percent a year. Over the last two decades, housing prices in Tokyo held steady as New York prices soared.
  • In California, for example, construction of a five-story apartment building that meets minimum standards costs an average of $425,000 per unit,
  • Without public aid, the apartments would need to be rented for several times more than the $600 a month affordable to a family living at the poverty line.
  • Proposals for a big increase in affordable housing construction inevitably call to mind the troubled public housing projects of the mid-20th century. They offer one clear lesson: Avoid housing that concentrates poverty
  • there is a solution — to build subsidized housing as part of mixed-income developments and to spread the developments out, putting them not just in cities but also in the surrounding suburbs.
  • Helsinki, Finland, a city of just 600,000 people, builds about 7,000 units of mixed-income housing a year. That’s a big reason Finland is the rare European country where homelessness is in decline.
  • Extending this approach to the entire homeless population would be expensive. To take one example, King County, which encompasses Seattle, would need to increase annual spending on homelessness to roughly $410 million from $196 million to help each of the county’s 22,000 homeless families, according to a study by McKinsey. That’s about $19,000 per family.
  • Even if the cost per person were twice as high, the nation’s homeless population could be housed for $10 billion a year — less than the price of one aircraft carrier.
  • there is worse to come. Homelessness rises during recessions, the federal funding is temporary and state and local governments face huge drops in tax revenue.
  • The federal government already provides housing vouchers to help some lower-income families. The families pay 30 percent of their monthly income toward rent; the government pays the rest. But instead of giving vouchers to every needy family, the government imposes an arbitrary cap. Three in four eligible families don’t get vouchers.
  • Americans must decide whether we are willing to let elementary school students spend nights in guarded parking lots
  • We must decide whether it’s worth spending just a little of this nation’s vast wealth to ensure that no 60-year-old woman needs to sleep on the same bench in downtown Santa Monica
Javier E

Mark Zuckerberg Wants Facebook to Emulate China's WeChat. Can It? - The New York Times - 0 views

  • WeChat users only see one or two ads a day in their Moment feeds. That’s because WeChat isn’t dependent on advertising for making money. It has a mobile payments system that has been widely adopted in China, which allows people to shop, play games, pay utility bills and order meal deliveries all from within the app. WeChat gets a commission from many of these services.
  • “WeChat has shown definitively that private messaging, especially the small groups, is the future,” said Jeffrey Towson, a professor of investment at Peking University. “It is the uber utility of business and life. It has shown the path.”
  • WeChat, which has 1.1 billion monthly active users, shows that other models — particularly those based on payments and commerce — can support massive digital businesses. That has implications for Google, Twitter and many others, as well as Facebook
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  • On WeChat, those services are underpinned by its mobile payments system, WeChat Pay. Because payments is already tied into the messaging service, people can easily order meal deliveries, book hotels, hail ride-sharing cars and pay their bills. WeChat Pay itself has 900 million monthly active users.
  • People also use WeChat Pay to transfer money and to buy personal finance products. More than 100 million customers have purchased WeChat’s personal finance products, which managed over 500 billion yuan, or $74 billion, by the end of last September, Tencent has said. Its users can buy everything from bonds and insurance to money market funds through the app.
  • “He is renowned in China’s tech scene as an artist and philosopher, as well as for his fierce mission against anything that degrades user experience,”
  • In a four-hour speech earlier this year, he pondered the question of why there were not more ads on the messaging service, especially the opening-page ads that are the norm in many other Chinese mobile apps.
  • Mr. Zhang’s answer: Many Chinese spent a lot of time — about one third of their online time — on WeChat, he said. “If WeChat were a person, it would have to be your best friend so that you would be willing to spend so much time with it,” he said. “How could I post an ad on the face of your best friend? Every time you see it, you’ll have to watch an ad before you can talk to it.”
  • Tencent makes most of its money from online games so that it does not need to sell ads for revenue.
  • said Ivy Li, a venture capitalist at Seven Seas Partners in Menlo Park, Calif. “How comprehensive the surgery is going to be and whether the implementation will be twisted by all kinds of compromises is a big question.”
  • She added: “Facebook is trying to seek a balance between a public square and a private space in an increasingly polarizing society. The final result could be it will be abandoned by both.”
leilamulveny

Biden and Obamacare: One Sentence in Stimulus Plan Reveals Health Care Approach - The N... - 0 views

  • Tucked into President-elect Biden’s $1.9 trillion stimulus plan is a one-sentence provision that could drive billions in federal subsidies to help people afford to buy health insurance.
  • The proposal would do two things: make upper-middle-income Americans newly eligible for premium subsidies on Obamacare marketplaces, and increase the financial help that already goes to lower-income enrollees.
  • Now, control of the White House and a slim majority in Congress mean the first real prospect of significantly strengthening Obamacare since it became law in 2010.
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  • President-elect Biden’s inclusion of policies to shore up the health law in his first major legislative package has raised those hopes further.
  • “We’re talking about improving affordability after not being able to have that conversation for years.”
  • One conducted in 2018 shows that 42 percent of those who shopped for individual market coverage found it “very difficult or impossible to find an affordable plan.”
  • The Biden plan would create a new cap — 8.5 percent of an individual or family’s income on premium contributions — for midlevel health plans, something the president-elect had also proposed during the campaign. This policy would mostly affect higher-earning Americans who do not currently qualify for subsidies.
  • The Center on Budget and Policy Priorities estimates that a family of four earning $110,000 would see monthly premiums for a midlevel health plan fall to $779 from $1,529.
  • These are low-income Americans, who make up the majority of those who still lack coverage in the United States. These people already receive help buying coverage, but are still left with paying a monthly premium share that can be unaffordable.
  • Numerous academic studies show that premium subsidies are the strongest driver of health law enrollment. Experts say this type of large increase, directed toward low-income Americans, could drive millions more to sign up.
  • “It’s important both in terms of helping people through this crisis, and as a sign of the seriousness with which he is considering the future of improvements to the Affordable Care Act,” she said. “This is a step in the right direction, and it’s certainly consistent with the bigger vision he campaigned on.”
hannahcarter11

Democrats to Unveil Up to $3,600 Child Tax Credit as Part of Stimulus Bill - The New Yo... - 0 views

  • Top House Democrats are preparing to unveil legislation that would send up to $3,600 per child to millions of Americans, as lawmakers aim to change the tax code to target child poverty rates as part of President Biden’s sweeping $1.9 trillion stimulus package.
  • The proposal would expand the child tax credit to provide $3,600 per child younger than 6 and $3,000 per child up to 17 over the course of a year, phasing out the payments for Americans who make more than $75,000 and couples who make more than $150,000.
  • The credits would be split into monthly payments from the Internal Revenue Service beginning in July, based on a person’s or family’s income in 2020. Although the proposed credit is only for a year, some Democrats said they would fight to make it permanent, a sweeping move that could reshape efforts to fight child poverty in America.
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  • The one-year credit appears likely to garner enough support to be included in the stimulus package, but it will also have to clear a series of tough parliamentary hurdles because of the procedural maneuvers Democrats are using to muscle the stimulus package through, potentially without Republican support.
  • With House Democratic leadership aiming to have the stimulus legislation approved on the chamber floor by the end of the month, Congress moved last week to fast-track Mr. Biden’s stimulus plan even as details of the legislation are still being worked out.
  • But the child tax credit could provide an opportunity for some bipartisan support, since Senator Mitt Romney, Republican of Utah, introduced a similar measure that would send payments of up to $1,250 per month to families with children.
  • Janet L. Yellen, the Treasury secretary, warned on Sunday that the United States labor market was stalling and in a “deep hole” that could take years to emerge from if lawmakers did not quickly pass the stimulus package.
  • Ms. Yellen said that passing the stimulus package could allow the economy to reach full employment by next year. Failing to do so, she said, could leave the jobless rate elevated for years to come.
  • Researchers at Columbia University found that Mr. Biden’s overall stimulus proposal could cut child poverty in half in 2021 because of the expansion of the child credit, as well as other changes to tax credits and expansions of unemployment and food assistance benefits.
Javier E

Facebook Is a Doomsday Machine - The Atlantic - 0 views

  • megadeath is not the only thing that makes the Doomsday Machine petrifying. The real terror is in its autonomy, this idea that it would be programmed to detect a series of environmental inputs, then to act, without human interference. “There is no chance of human intervention, control, and final decision,” wrote the military strategist Herman Kahn in his 1960 book, On Thermonuclear War, which laid out the hypothetical for a Doomsday Machine. The concept was to render nuclear war unwinnable, and therefore unthinkable.
  • No machine should be that powerful by itself—but no one person should be either.
  • so far, somewhat miraculously, we have figured out how to live with the bomb. Now we need to learn how to survive the social web.
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  • There’s a notion that the social web was once useful, or at least that it could have been good, if only we had pulled a few levers: some moderation and fact-checking here, a bit of regulation there, perhaps a federal antitrust lawsuit. But that’s far too sunny and shortsighted a view.
  • Today’s social networks, Facebook chief among them, were built to encourage the things that make them so harmful. It is in their very architecture.
  • I realized only recently that I’ve been thinking far too narrowly about the problem.
  • Megascale is nearly the existential threat that megadeath is. No single machine should be able to control the fate of the world’s population—and that’s what both the Doomsday Machine and Facebook are built to do.
  • Facebook does not exist to seek truth and report it, or to improve civic health, or to hold the powerful to account, or to represent the interests of its users, though these phenomena may be occasional by-products of its existence.
  • The company’s early mission was to “give people the power to share and make the world more open and connected.” Instead, it took the concept of “community” and sapped it of all moral meaning.
  • Facebook—along with Google and YouTube—is perfect for amplifying and spreading disinformation at lightning speed to global audiences.
  • Facebook decided that it needed not just a very large user base, but a tremendous one, unprecedented in size. That decision set Facebook on a path to escape velocity, to a tipping point where it can harm society just by existing.
  • No one, not even Mark Zuckerberg, can control the product he made. I’ve come to realize that Facebook is not a media company. It’s a Doomsday Machine.
  • Scale and engagement are valuable to Facebook because they’re valuable to advertisers. These incentives lead to design choices such as reaction buttons that encourage users to engage easily and often, which in turn encourage users to share ideas that will provoke a strong response.
  • Every time you click a reaction button on Facebook, an algorithm records it, and sharpens its portrait of who you are.
  • The hyper-targeting of users, made possible by reams of their personal data, creates the perfect environment for manipulation—by advertisers, by political campaigns, by emissaries of disinformation, and of course by Facebook itself, which ultimately controls what you see and what you don’t see on the site.
  • there aren’t enough moderators speaking enough languages, working enough hours, to stop the biblical flood of shit that Facebook unleashes on the world, because 10 times out of 10, the algorithm is faster and more powerful than a person.
  • At megascale, this algorithmically warped personalized informational environment is extraordinarily difficult to moderate in a meaningful way, and extraordinarily dangerous as a result.
  • These dangers are not theoretical, and they’re exacerbated by megascale, which makes the platform a tantalizing place to experiment on people
  • Even after U.S. intelligence agencies identified Facebook as a main battleground for information warfare and foreign interference in the 2016 election, the company has failed to stop the spread of extremism, hate speech, propaganda, disinformation, and conspiracy theories on its site.
  • it wasn’t until October of this year, for instance, that Facebook announced it would remove groups, pages, and Instragram accounts devoted to QAnon, as well as any posts denying the Holocaust.
  • In the days after the 2020 presidential election, Zuckerberg authorized a tweak to the Facebook algorithm so that high-accuracy news sources such as NPR would receive preferential visibility in people’s feeds, and hyper-partisan pages such as Breitbart News’s and Occupy Democrats’ would be buried, according to The New York Times, offering proof that Facebook could, if it wanted to, turn a dial to reduce disinformation—and offering a reminder that Facebook has the power to flip a switch and change what billions of people see online.
  • reducing the prevalence of content that Facebook calls “bad for the world” also reduces people’s engagement with the site. In its experiments with human intervention, the Times reported, Facebook calibrated the dial so that just enough harmful content stayed in users’ news feeds to keep them coming back for more.
  • Facebook’s stated mission—to make the world more open and connected—has always seemed, to me, phony at best, and imperialist at worst.
  • Facebook is a borderless nation-state, with a population of users nearly as big as China and India combined, and it is governed largely by secret algorithms
  • How much real-world violence would never have happened if Facebook didn’t exist? One of the people I’ve asked is Joshua Geltzer, a former White House counterterrorism official who is now teaching at Georgetown Law. In counterterrorism circles, he told me, people are fond of pointing out how good the United States has been at keeping terrorists out since 9/11. That’s wrong, he said. In fact, “terrorists are entering every single day, every single hour, every single minute” through Facebook.
  • Evidence of real-world violence can be easily traced back to both Facebook and 8kun. But 8kun doesn’t manipulate its users or the informational environment they’re in. Both sites are harmful. But Facebook might actually be worse for humanity.
  • In previous eras, U.S. officials could at least study, say, Nazi propaganda during World War II, and fully grasp what the Nazis wanted people to believe. Today, “it’s not a filter bubble; it’s a filter shroud,” Geltzer said. “I don’t even know what others with personalized experiences are seeing.”
  • Mary McCord, the legal director at the Institute for Constitutional Advocacy and Protection at Georgetown Law, told me that she thinks 8kun may be more blatant in terms of promoting violence but that Facebook is “in some ways way worse” because of its reach. “There’s no barrier to entry with Facebook,” she said. “In every situation of extremist violence we’ve looked into, we’ve found Facebook postings. And that reaches tons of people. The broad reach is what brings people into the fold and normalizes extremism and makes it mainstream.” In other words, it’s the megascale that makes Facebook so dangerous.
  • Facebook’s megascale gives Zuckerberg an unprecedented degree of influence over the global population. If he isn’t the most powerful person on the planet, he’s very near the top.
  • “The thing he oversees has such an effect on cognition and people’s beliefs, which can change what they do with their nuclear weapons or their dollars.”
  • Facebook’s new oversight board, formed in response to backlash against the platform and tasked with making decisions concerning moderation and free expression, is an extension of that power. “The first 10 decisions they make will have more effect on speech in the country and the world than the next 10 decisions rendered by the U.S. Supreme Court,” Geltzer said. “That’s power. That’s real power.”
  • Facebook is also a business, and a place where people spend time with one another. Put it this way: If you owned a store and someone walked in and started shouting Nazi propaganda or recruiting terrorists near the cash register, would you, as the shop owner, tell all of the other customers you couldn’t possibly intervene?
  • In 2004, Zuckerberg said Facebook ran advertisements only to cover server costs. But over the next two years Facebook completely upended and redefined the entire advertising industry. The pre-social web destroyed classified ads, but the one-two punch of Facebook and Google decimated local news and most of the magazine industry—publications fought in earnest for digital pennies, which had replaced print dollars, and social giants scooped them all up anyway.
  • In other words, if the Dunbar number for running a company or maintaining a cohesive social life is 150 people; the magic number for a functional social platform is maybe 20,000 people. Facebook now has 2.7 billion monthly users.
  • in 2007, Zuckerberg said something in an interview with the Los Angeles Times that now takes on a much darker meaning: “The things that are most powerful aren’t the things that people would have done otherwise if they didn’t do them on Facebook. Instead, it’s the things that would never have happened otherwise.”
  • We’re still in the infancy of this century’s triple digital revolution of the internet, smartphones, and the social web, and we find ourselves in a dangerous and unstable informational environment, powerless to resist forces of manipulation and exploitation that we know are exerted on us but remain mostly invisible
  • The Doomsday Machine offers a lesson: We should not accept this current arrangement. No single machine should be able to control so many people.
  • we need a new philosophical and moral framework for living with the social web—a new Enlightenment for the information age, and one that will carry us back to shared reality and empiricism.
  • localized approach is part of what made megascale possible. Early constraints around membership—the requirement at first that users attended Harvard, and then that they attended any Ivy League school, and then that they had an email address ending in .edu—offered a sense of cohesiveness and community. It made people feel more comfortable sharing more of themselves. And more sharing among clearly defined demographics was good for business.
  • we need to adopt a broader view of what it will take to fix the brokenness of the social web. That will require challenging the logic of today’s platforms—and first and foremost challenging the very concept of megascale as a way that humans gather.
  • The web’s existing logic tells us that social platforms are free in exchange for a feast of user data; that major networks are necessarily global and centralized; that moderators make the rules. None of that need be the case.
  • We need people who dismantle these notions by building alternatives. And we need enough people to care about these other alternatives to break the spell of venture capital and mass attention that fuels megascale and creates fatalism about the web as it is now.
  • We must also find ways to repair the aspects of our society and culture that the social web has badly damaged. This will require intellectual independence, respectful debate, and the same rebellious streak that helped establish Enlightenment values centuries ago.
  • Right now, too many people are allowing algorithms and tech giants to manipulate them, and reality is slipping from our grasp as a result. This century’s Doomsday Machine is here, and humming along.
Javier E

TikTok is the new Facebook - and it is shaping the future of tech in its image | Chris ... - 0 views

  • It has even started ripping off other apps’ best features, an art pioneered by Facebook that ByteDance is taking to another level. TikTok Stories was announced earlier this month.
  • ts videos were once no more than 15 or 60 seconds long. Now they can last up to three minutes. Until February, TikTok was predominately a mobile app. Now you can watch videos through your web browser, or even your smart TV. It once had a single video format, then incorporated live streaming. It allows you to buy products through the app, and to tip your favourite creators.
  • With its 732 million monthly active users, TikTok is the app of the moment, and likely the app of the future. It’s the new Facebook.
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  • in March 2020 alone, users spent as much time on it as there has been since the stone age: 2.8bn hours, or nearly 320,000 years.
  • TikTok became the first app not owned by Facebook to cross the 3bn download mark. For context, there are 5.3bn mobile phone users worldwide.
Javier E

Putting Economic Data Into Context - The New York Times - 1 views

  • economic historians have been wrestling with this problem for years and have produced an excellent calculator for converting historical data into contemporary figures. The site is called Measuring Worth,
  • Today we use price indexes to convert monetary values from the past into “real” values today. The best-known such index is the Consumer Price Index published monthly by the Bureau of Labor Statistics. For those interested only in a simple inflation adjustment, the bureau maintains a useful calculator.
  • The area where this is the biggest problem is probably large budget numbers. The raw data is almost universally useless. Saying that the budget deficit was $680.3 billion in fiscal year 2013 tells the average person absolutely nothing of value. It’s just a large number that sounds scary. It would help to at least know that it is down from $1.087 trillion in 2012 and a peak of $1.413 trillion in 2009, but that’s not entirely adequate.
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  • it makes no sense to compare the federal budget to a family budget, which is what the Consumer Price Index is based on. One needs to use a broader index, like the gross domestic product deflator, which measures price changes throughout the entire economy.
  • For large numbers, the percentage of the gross domestic product is both the easiest to find and best to use.
  • Since the “burden” of the debt basically falls on the entire economy, the debt-to-G.D.P. ratio is generally considered the best measure of that burden. It also facilitates international comparisons without having to worry about exchange-rate adjustments.
  • international price comparisons can be especially tricky because current market exchange rates may not accurately reflect relative values or standards of living. Economists generally prefer to use something called “purchasing power parity,” but such data is not always easy to come by
  • There is much more to say on this topic. I recommend an essay on the Measuring Worth website that discusses different measures of value over time and how they materially affect our perceptions. There are also new statistical measures coming online that may provide even better data, like the Billion Prices Project from M.I.T., which gathers price data in real time directly from store price scanners.
  • This is an area where trial and error is the best strategy. The important thing is to make an effort to provide proper context where it appears necessary and not to simply ignore the problem.
malonema1

U.S. Added 160,000 Jobs Last Month as Brisk Hiring Slowed - The New York Times - 0 views

  • The 160,000 increase in payrolls in April reported by the Labor Department on Friday followed the best two-year stretch for the job market since the tech-fueled boom of the late 1990s.
  • April’s slower but still steady pace of payroll growth could be a sign of things to come. With economists expecting the economy to grow at an annual rate of 1.5 to 2.5 percent for the balance of 2016, monthly job gains may fall from the 192,000 pace registered so far this year.
  • Diane Swonk, an independent economist in Chicago, pointed to the strong gain of 67,000 jobs in the business and professional services category as additional evidence that the broader slowdown in hiring last month was not an ominous sign of trouble ahead.
Javier E

At Kimberly-Clark, 'Dead Wood' Workers Have Nowhere to Hide - WSJ - 0 views

  • One of the company’s goals now is “managing out dead wood,” aided by performance-management software that helps track and evaluate salaried workers’ progress and quickly expose laggards. Turnover is now about twice as high it was a decade ago, with approximately 10% of U.S. employees leaving annually, voluntarily or not, the company said.
  • Armed with personalized goals for employees and large quantities of data, Kimberly-Clark said it expects employees to keep improving—or else. “People can’t duck and hide in the same way they could in the past,” said Mr. Boston, who oversees talent management globally for the firm.
  • Coca-Cola Co. KO -0.41 % in June approved pushing its new performance-management process from the pilot stage to a global rollout. The new system encourages managers to conduct a monthly “reflection” on every direct report, answering five questions that include “Given his/her performance, would you assign this associate to increased scale, scope, and responsibilities?” and “Is this associate at risk for low performance?”
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  • The changes mirror what is happening inside many large companies, where “performance management” reflects the conviction that a sharpened focus on creating a high-performing workforce is a vital tool to generate revenue and profit.
  • Performance management shifts companies away from backward-looking, once-a-year reviews framed largely as compliance requirements—a paper trail for potential job cuts and salary decisions—to a process that is real-time, continuous and focused on helping people meet ambitious goals, or move out of the company faster.
  • The last recession led many employers to rethink the nearly automatic merit raises they had been doling out, forcing them to do a better job identifying high and low performers when giving raises and bonuses. Millennial workers, meanwhile, demand more feedback, more coaching and a stronger sense of their career path.
  • systems let managers track workers’ progress via dashboards that display their goals, accomplishments, attendance, peer feedback and other data.
  • Executives’ use of phrases like “performance culture” in conference calls with analysts and investors has doubled in the past five years, according to a review of transcripts in the Factiva news database. Firms that set goals and hold workers accountable “clearly outperform,” said Nicholas Bloom, an economist at Stanford University and co-author of a recent paper that used Census data to examine more than 32,000 U.S. manufacturing plants. He said they have faster growth, higher profitability and are less likely to go bankrupt.
  • Some academics say constant monitoring can feel intrusive and threatening to workers, especially those who value stability. But human-resources experts largely agree that the traditional review process is a waste of time and needs an overhaul.
  • Remaining employees are expected to work “smarter” and meet regularly raised targets. “We have to routinely shuffle the resources and say, what’s the most important thing we need to do today, this week, this month, to drive this objective?”
  • Using the Workday tool, Kimberly-Clark’s salaried employees set goals and report their progress, record accomplishments or mistakes, and solicit and send feedback
  • The system collects and archives feedback, which can be seen by employees’ managers. It also holds data on staffers’ strengths and development needs, their performance ratings and the risk they might leave the company.
  • “It’s certainly more challenging” for employees, said Mr. Herbert, the retired sales director. “If you really don’t have the mettle, you’re asked to get on with your life’s work [elsewhere].”
  • In 2015, Kimberly-Clark retained 95% of its top performers. Among the employees whose work was rated “unacceptable” or “inconsistent,” 44% left the company voluntarily or were let go. Ms. Gottung said she is “pretty pleased” that low-performer turnover has been rising.
  • Mr. Falk, the CEO, reviews 100 senior managers’ performance plans every year to make sure their goals are ambitious and reflect company priorities. Managers are instructed to begin every meeting with a story about how someone demonstrated one of the six behaviors the company promotes, such as “build trust” or “think customer.”
  • Regular “culture of accountability” sessions train employees in giving and receiving difficult feedback. When a colleague suggests improvements, “the proper response was ‘thank you for the feedback,’ not defensiveness,” Mr. Luettgen said. Employees also practice reinforcing positive behaviors, such as praising a colleague who had given up a weekend to solve a customer complaint.
  • More than 10,000 of Kimberly-Clark’s workers used the feedback feature in Workday in 2014, and about 25% of the comments were considered “constructive,” while the rest were positive or neutral, said Sandy Allred, a senior director on the talent management team. Staffers can send feedback to peers or workers above or below them
proudsa

May's Jobs Report: Very Disappointing - The Atlantic - 0 views

  • May's Jobs Report: Very Disappointing
  • . Economists were expecting a modest 158,000 jobs to be added last month, meaning that May’s disappointing jobs report will almost surely be read as a sign of a slowing economy. It is the smallest number of jobs added in a monthly jobs report since 2010.
  • oughly 35,000 Verizon workers were on strike in the month of May, but they returned to work this week after an agreement between Verizon and its union was reached
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  • Jobs reports reveal key economic indicators, and thus this one will likely influence the Federal Reserve’s decision making  at the next Federal Open Market Committee meeting on June 14.
Javier E

Facebook Has 50 Minutes of Your Time Each Day. It Wants More. - The New York Times - 0 views

  • Fifty minutes.That’s the average amount of time, the company said, that users spend each day on its Facebook, Instagram and Messenger platforms
  • there are only 24 hours in a day, and the average person sleeps for 8.8 of them. That means more than one-sixteenth of the average user’s waking time is spent on Facebook.
  • That’s more than any other leisure activity surveyed by the Bureau of Labor Statistics, with the exception of watching television programs and movies (an average per day of 2.8 hours)
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  • It’s more time than people spend reading (19 minutes); participating in sports or exercise (17 minutes); or social events (four minutes). It’s almost as much time as people spend eating and drinking (1.07 hours).
  • the average time people spend on Facebook has gone up — from around 40 minutes in 2014 — even as the number of monthly active users has surged. And that’s just the average. Some users must be spending many hours a day on the site,
  • time has become the holy grail of digital media.
  • Time is the best measure of engagement, and engagement correlates with advertising effectiveness. Time also increases the supply of impressions that Facebook can sell, which brings in more revenue (a 52 percent increase last quarter to $5.4 billion).
  • And time enables Facebook to learn more about its users — their habits and interests — and thus better target its ads. The result is a powerful network effect that competitors will be hard pressed to match.
  • the only one that comes close is Alphabet’s YouTube, where users spent an average of 17 minutes a day on the site. That’s less than half the 35 minutes a day users spent on Facebook
  • Users spent an average of nine minutes on all of Yahoo’s sites, two minutes on LinkedIn and just one minute on Twitter
  • People spending the most time on Facebook also tend to fall into the prized 18-to-34 demographic sought by advertisers.
  • “You hear a narrative that young people are fleeing Facebook. The data show that’s just not true. Younger users have a wider appetite for social media, and they spend a lot of time on multiple networks. But they spend more time on Facebook by a wide margin.”
  • What aren’t Facebook users doing during the 50 minutes they spend there? Is it possibly interfering with work (and productivity), or, in the case of young people, studying and reading?
  • While the Bureau of Labor Statistics surveys nearly every conceivable time-occupying activity (even fencing and spelunking), it doesn’t specifically tally the time spent on social media, both because the activity may have multiple purposes — both work and leisure — and because people often do it at the same time they are ostensibly engaged in other activities
  • The closest category would be “computer use for leisure,” which has grown from eight minutes in 2006, when the bureau began collecting the data, to 14 minutes in 2014, the most recent survey. Or perhaps it would be “socializing and communicating with others,” which slipped from 40 minutes to 38 minutes.
  • But time spent on most leisure activities hasn’t changed much in those eight years of the bureau’s surveys. Time spent reading dropped from an average of 22 minutes to 19 minutes. Watching television and movies increased from 2.57 hours to 2.8. Average time spent working declined from 3.4 hours to 3.25. (Those hours seem low because much of the population, which includes both young people and the elderly, does not work.)
  • The bureau’s numbers, since they cover the entire population, may be too broad to capture important shifts among important demographic groups
  • ComScore reported that television viewing (both live and recorded) dropped 2 percent last year, and it said younger viewers in particular are abandoning traditional live television. People ages 18-34 spent just 47 percent of their viewing time on television screens, and 40 percent on mobile devices.
  • Among those 55 and older, 70 percent of their viewing time was on television, according to comScore. So among young people, much social media time may be coming at the expense of traditional television.
  • comScore’s data suggests that people are spending on average just six to seven minutes a day using social media on their work computers. “I don’t think Facebook is displacing other activity,” he said. “People use it during downtime during the course of their day, in the elevator, or while commuting, or waiting.
  • Facebook, naturally, is busy cooking up ways to get us to spend even more time on the platform
  • A crucial initiative is improving its News Feed, tailoring it more precisely to the needs and interests of its users, based on how long people spend reading particular posts. For people who demonstrate a preference for video, more video will appear near the top of their news feed. The more time people spend on Facebook, the more data they will generate about themselves, and the better the company will get at the task.
Javier E

A Future Without Jobs? Two Views of the Changing Work Force - The New York Times - 0 views

  • Eduardo Porter: I read your very interesting column about the universal basic income, the quasi-magical tool to ensure some basic standard of living for everybody when there are no more jobs for people to do. What strikes me about this notion is that it relies on a view of the future that seems to have jelled into a certainty, at least among the technorati on the West Coast
  • the economic numbers that we see today don’t support this view. If robots were eating our lunch, it would show up as fast productivity growth. But as Robert Gordon points out in his new book, “The Rise and Fall of American Growth,” productivity has slowed sharply. He argues pretty convincingly that future productivity growth will remain fairly modest, much slower than during the burst of American prosperity in mid-20th century.
  • it relies on an unlikely future. It’s not a future with a lot of crummy work for low pay, but essentially a future with little or no paid work at all.
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  • The former seems to me a not unreasonable forecast — we’ve been losing good jobs for decades, while low-wage employment in the service sector has grown. But no paid work? That’s more a dream (or a nightmare) than a forecast
  • Farhad Manjoo: Because I’m scared that they’ll unleash their bots on me, I should start by defending the techies a bit
  • They see a future in which a small group of highly skilled tech workers reign supreme, while the rest of the job world resembles the piecemeal, transitional work we see coming out of tech today (Uber drivers, Etsy shopkeepers, people who scrape by on other people’s platforms).
  • Why does that future call for instituting a basic income instead of the smaller and more feasible labor-policy ideas that you outline? I think they see two reasons. First, techies have a philosophical bent toward big ideas, and U.B.I. is very big.
  • They see software not just altering the labor market at the margins but fundamentally changing everything about human society. While there will be some work, for most nonprogrammers work will be insecure and unreliable. People could have long stretches of not working at all — and U.B.I. is alone among proposals that would allow you to get a subsidy even if you’re not working at all
  • If there are, in fact, jobs to be had, a universal basic income may not be the best choice of policy. The lack of good work is probably best addressed by making the work better — better paid and more skilled — and equipping workers to perform it,
  • The challenge of less work could just lead to fewer working hours. Others are already moving in this direction. People work much less in many other rich countries: Norwegians work 20 percent fewer hours per year than Americans; Germans 25 percent fewer.
  • Eduardo Porter: I guess some enormous discontinuity right around the corner might vastly expand our prosperity. Joel Mokyr, an economic historian that knows much more than I do about the evolution of technology, argues that the tools and techniques we have developed in recent times — from gene sequencing to electron microscopes to computers that can analyze data at enormous speeds — are about to open up vast new frontiers of possibility. We will be able to invent materials to precisely fit the specifications of our homes and cars and tools, rather than make our homes, cars and tools with whatever materials are available.
  • Eduardo Porter: To my mind, a universal basic income functions properly only in a world with little or no paid work because the odds of anybody taking a job when his or her needs are already being met are going to be fairly low.
  • The discussion, I guess, really depends on how high this universal basic income would be. How many of our needs would it satisfy?
  • You give the techies credit for seriously proposing this as an optimal solution to wrenching technological and economic change. But in a way, isn’t it a cop-out? They’re just passing the bag to the political system. Telling Congress, “You fix it.
  • the idea of the American government agreeing to tax capitalists enough to hand out checks to support the entire working class is in an entirely new category of fantasy.
  • paradoxically, they also see U.B.I. as more politically feasible than some of the other policy proposals you call for. One of the reasons some libertarians and conservatives like U.B.I. is that it is a very simple, efficient and universal form of welfare — everyone gets a monthly check, even the rich, and the government isn’t going to tell you what to spend it on. Its very universality breaks through political opposition.
  • Farhad Manjoo: One key factor in the push for U.B.I., I think, is the idea that it could help reorder social expectations. At the moment we are all defined by work; Western society generally, but especially American society, keeps social score according to what people do and how much they make for it. The dreamiest proponents of U.B.I. see that changing as work goes away. It will be O.K., under this policy, to choose a life of learning instead of a low-paying bad job
  • The question is whether this could produce another burst of productivity like the one we experienced between 1920 and 1970, which — by the way — was much greater than the mini-productivity boom produced by information technology in the 1990s.
  • investors don’t seem to think so. Long-term interest rates have been gradually declining for a fairly long time. This would suggest that investors do not expect a very high rate of return on their future investments. R.&D. intensity is slowing down, and the rate at which new businesses are formed is also slowing.
  • Little in these dynamics suggests a high-tech utopia — or dystopia, for that matter — in the offing
rachelramirez

U.S. Jobless Claims Unexpectedly Drop to Lowest Level Since 1973 - Bloomberg - 0 views

  • U.S. Jobless Claims Unexpectedly Drop to Lowest Level Since 1973
  • New applications for unemployment benefits fell by 6,000 to 247,000 in the week ended April 16
  • The number of Americans already on benefit rolls declined to a more than 15-year low.
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  • The four-week moving average of claims, a less volatile measure than the weekly figures, decreased to 260,500 from 265,000
  • Last week included the 12th of the month, which coincides with the period the Labor Department surveys employers to calculate monthly payroll data. The average was little changed from the 259,500 during the comparable period in March.
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