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Much higher tax rates on the highest earners can generate revenue to pay for new programs, and they can encourage a more equal distribution of pretax income. But these two objectives are in tension with each other — the more Mr. Saez is right that high rates will discourage ultrahigh incomes, the less revenue Mr. Sanders will get from his new taxes on ultrahigh earners.

Sanders’s plan would push rates near the revenue maximizing level: His plan would result in an all-in tax rate of just over 65 percent on income between $500,000 and $2 million.

Mr. Sanders’s 73 percent rate would apply only to ordinary income and only to people making over $10 million a year, which is not very many people.

Like much research about the interaction between taxes and the economy, theories about the revenue-maximizing tax rate are subject to high levels of both controversy and uncertainty. Some claims can be identified as clearly wrong — see, for example, the Tax Foundation’s claim that large across-the-board tax cuts proposed by Marco Rubio would cause revenues to be higher within a decade — but the range of possibly correct answers about what tax changes will do to pretax incomes remains large.

Mr. Saez and Mr. Diamond report a range of uncertainty around their own estimate of 73 percent as the revenue-maximizing top rate, which depends on the open question of how elastic taxable income is — that is, how much it declines when you tax people more.

Joel Slemrod, a collaborator of Mr. Saez’s, told The Washington Post in 2010 that the revenue-maximizing rate was “60 percent or higher.” Some conservative economists argue for lower rates by expressing concern that the revenue-maximizing rate will decline over time.

noted that most existing research on revenue-maximizing tax rates looks at the years immediately after a tax change, and therefore could miss long-run effects on taxpayer behavior. What if a high tax rate not only encourages people to work less, but also discourages them from going into certain high-paying fields in the first place? A result could be that revenues would first go up, and then down

The problem with this theory is that it is very difficult to test. Lots of factors besides tax rates affect incomes and economic growth, so looking over a long time range and figuring out which changes to incomes were caused by tax changes is very har

“There are no truly convincing estimates of the long-run elasticity,”

it is a good thing that Mr. Sanders’s plan does not rely mostly on these high-earner taxes. More than 80 percent of his proposed tax increases to pay for his health plan come from broad-based income and payroll taxes that would apply to nearly all

Even before the latest Covid outbreak, land sales, a significant source of local government revenue, have plunged following Beijing’s crackdown on real estate developers’ high reliance on debt. Local governments are also responsible for implementing tax cuts and refunds that Beijing has announced to support growth.

Excluding tax cuts and refunds, the Ministry of Finance said local fiscal revenue grew by 5.4% during the first four months of the year from a year ago. Eight of China’s 31 province-level regions saw a drop in fiscal revenue during that time, the ministry said, without naming them.Incomplete data for the period from Wind Information showed the regions of Qinghai, Shandong, Liaoning, Hebei, Guizhou, Hubei, Hunan and Tianjin posted year-on-year declines in fiscal revenue for the first four months of the year. Tianjin was the worst with a 27% decline.

“Many cities without Omicron outbreaks also suffered, as their economies are linked to those currently under lockdown,” Zhang said in an email in mid-May. “The economic costs are not limited to a small number of cities, it is a national problem.”

Although financial data isn’t readily available for many Chinese cities, the southern tech hub of Shenzhen released figures showing a 44% year-on-year drop in fiscal revenue in April to 25.53 billion yuan. That followed a 7% year-on-year decline in March to 22.95 billion yuan.

Beijing in March already announced an increase in transfer of funds from the central to local governments. When asked in May whether that would be expanded, the Ministry of Finance noted some funding for next year would be transferred ahead of time to help local governments with tax refunds and cuts this year.

In late April, Chinese President Xi Jinping called for a nationwide push to develop infrastructure ranging from waterways to cloud computing infrastructure. It was not clear at what scale or timeframe the projects would be constructed.

“We expect the debt to continue to climb this year as a result of these economic pressures,” Yuan said, noting it remains to be seen how Beijing decides to balance economic growth with debt levels this year.

With respect to crime, poverty and homelessness, Brown argued,One thing that may occur is that disinvestment in city downtowns will alter the spatial distribution of these elements in cities — i.e. in which neighborhoods or areas of a city is crime more likely, and homelessness more visible. Urban downtowns are often policed such that these visible elements of poverty are pushed to other parts of the city where they will not interfere with commercial activities. But absent these activities, there may be less political pressure to maintain these areas. This is not to say that the overall crime rate or homelessness levels will necessarily increase, but their spatial redistribution may further alter the trajectory of commercial downtowns — and the perception of city crime in the broader public.

“The more dramatic effects on urban geography,” Brown continued,may be how this changes cities in terms of economic and racial segregation. One urban trend from the last couple of decades is young white middle- and upper-class people living in cities at higher rates than previous generations. But if these groups become less likely to live in cities, leaving a poorer, more disproportionately minority population, this will make metropolitan regions more polarized by race/class.

the damage that even the perception of rising crime can inflict on Democrats in a Nov. 27 article, “Meet the Voters Who Fueled New York’s Seismic Tilt Toward the G.O.P.”: “From Long Island to the Lower Hudson Valley, Republicans running predominantly on crime swept five of six suburban congressional seats, including three that President Biden won handily that encompass some of the nation’s most affluent, well-educated commuter towns.

In big cities like New York and San Francisco we estimate large drops in retail spending because office workers are now coming into city centers typically 2.5 rather than 5 days a week. This is reducing business activity by billions of dollars — less lunches, drinks, dinners and shopping by office workers. This will reduce city hall tax revenues.

Public transit systems are facing massive permanent shortfalls as the surge in working from home cuts their revenues but has little impact on costs (as subway systems are mostly a fixed cost. This is leading to a permanent 30 percent drop in transit revenues on the New York Subway, San Francisco Bart, etc.

Insofar as fear of urban crime grows, as the number of homeless people increases, and as the fiscal ability of government to address these problems shrinks, the amenities of city life are very likely to diminish.

First, “Saved commute time working from home averages about 70 minutes a day, of which about 40 percent (30 minutes) goes into extra work.” Second, “Research finds hybrid working from home increases average productivity around 5 percent and this is growing.” And third, “Employees also really value hybrid working from home, at about the same as an 8 percent pay increase on average.

three other experts in real estate economics, Arpit Gupta, of N.Y.U.’s Stern School of Business, Vrinda Mittal, both of the Columbia Business School, and Van Nieuwerburgh. They anticipate disaster in their September 2022 paper, “Work From Home and the Office Real Estate Apocalypse.”

“Our research,” Gupta wrote by email,emphasizes the possibility of an ‘urban doom loop’ by which decline of work in the center business district results in less foot traffic and consumption, which adversely affects the urban core in a variety of ways (less eyes on the street, so more crime; less consumption; less commuting) thereby lowering municipal revenues, and also making it more challenging to provide public goods and services absent tax increases. These challenges will predominantly hit blue cities in the coming years.

the three authors “revalue the stock of New York City commercial office buildings taking into account pandemic-induced cash flow and discount rate effects. We find a 45 percent decline in office values in 2020 and 39 percent in the longer run, the latter representing a $453 billion value destruction.”

Extrapolating to all properties in the United States, Gupta, Mittal and Van Nieuwerburgh write, the “total decline in commercial office valuation might be around $518.71 billion in the short-run and $453.64 billion in the long-run.”

the share of real estate taxes in N.Y.C.’s budget was 53 percent in 2020, 24 percent of which comes from office and retail property taxes. Given budget balance requirements, the fiscal hole left by declining central business district office and retail tax revenues would need to be plugged by raising tax rates or cutting government spending.

Prior to the pandemic, these ecosystems were designed to function based on huge surges in their daytime population from commuters and tourists. The shock of the sudden loss of a big chunk of this population caused a big disruption in the ecosystem.

Since March 2020, Manhattan has lost 200,000 households, the most of any county in the U.S. Brooklyn (-88,000) and Queens (-51,000) also appear in the bottom 10. The cities of Chicago (-75,000), San Francisco (-67,000), Los Angeles (-64,000 for the city and -136,000 for the county), Washington DC (-33,000), Seattle (-31,500), Houston (-31,000), and Boston (-25,000) make up the rest of the bottom 10.

Just as the pandemic has caused a surge in telework, Loh wrote, “it also caused a huge surge in unsheltered homelessness because of existing flaws in America’s housing system, the end of federally-funded relief measures, a mental health care crisis, and the failure of policies of isolation and confinement to solve the pre-existing homelessness crisis.”

The upshot, Loh continued,is that both the visibility and ratio of people in crisis relative to those engaged in commerce (whether working or shopping) has changed in a lot of U.S. downtowns, which has a big impact on how being downtown ‘feels’ and thus perceptions of downtown.

The nation, Glaeser continued, isat an unusual confluence of trends which poses dangers for cities similar to those experienced in the 1970s. Event#1 is the rise of Zoom, which makes relocation easier even if it doesn’t mean that face-to-face is going away. Event#2 is a hunger to deal with past injustices, including police brutality, mass incarceration, high housing costs and limited upward mobility for the children of the poor.

Progressive mayors, according to Glaeser,have a natural hunger to deal with these problems at the local level, but if they try to right injustices by imposing costs on businesses and the rich, then those taxpayers will just leave. I certainly remember New York and Detroit in the 1960s and 1970s, where the dreams of progressive mayors like John Lindsay and Jerome Patrick Cavanagh ran into fiscal realities.

Richard Florida, a professor of economic analysis and policy at the University of Toronto, stands out as one of the most resolutely optimistic urban scholars. In his August 2022 Bloomberg column, “Why Downtown Won’t Die,”

His answer:

Great downtowns are not reducible to offices. Even if the office were to go the way of the horse-drawn carriage, the neighborhoods we refer to today as downtowns would endure. Downtowns and the cities they anchor are the most adaptive and resilient of human creations; they have survived far worse. Continual works in progress, they have been rebuilt and remade in the aftermaths of all manner of crises and catastrophes — epidemics and plagues; great fires, floods and natural disasters; wars and terrorist attacks. They’ve also adapted to great economic transformations like deindustrialization a half century ago.

Florida wrote that many urban central business districts are “relics of the past, the last gasp of the industrial age organization of knowledge work the veritable packing and stacking of knowledge workers in giant office towers, made obsolete and unnecessary by new technologies.”

“Downtowns are evolving away from centers for work to actual neighborhoods. Jane Jacobs titled her seminal 1957 essay, which led in fact to ‘The Death and Life of Great American Cities,’ ‘Downtown Is for People’ — sounds about right to me.”

Despite his optimism, Florida acknowledged in his email thatAmerican cities are uniquely vulnerable to social disorder — a consequence of our policies toward guns and lack of a social safety net. Compounding this is our longstanding educational dilemma, where urban schools generally lack the quality of suburban schools. American cities are simply much less family-friendly than cities in most other parts of the advanced world. So when people have kids they are more or less forced to move out of America’s cities.

What worries me in all of this, in addition to the impact on cities, is the impact on the American economy — on innovation. and competitiveness. Our great cities are home to the great clusters of talent and innovation that power our economy. Remote work has many advantages and even leads to improvements in some kinds of knowledge work productivity. But America’s huge lead in innovation, finances, entertainment and culture industries comes largely from its great cities. Innovation and advance in. these industries come from the clustering of talent, ideas and knowledge. If that gives out, I worry about our longer-run economic future and living standards.

The risk that comes with fiscal distress is clear: If city governments face budget shortfalls and begin to cut back on funding for public transit, policing, and street outreach, for the maintenance of parks, playgrounds, community centers, and schools, and for services for homelessness, addiction, and mental illness, then conditions in central cities will begin to deteriorate.

There is reason for both apprehension and hope. Cities across time have proven remarkably resilient and have survived infectious diseases from bubonic plague to cholera to smallpox to polio. The world population, which stands today at eight billion people, is 57 percent urban, and because of the productivity, innovation and inventiveness that stems from the creativity of human beings in groups, the urbanization process is quite likely to continue into the foreseeable future. There appears to be no alternative, so we will have to make it work.

Over the holidays last year, according to the research firm Strategy Analytics, Apple vacuumed up nearly 90 percent of the profits in the smartphone business.

How will the search company — or anyone else, for that matter — ever make much money from Android?

Google is sanguine about Android’s prospects and said the company’s original vision for Android was never solely about huge profits. “The bet that Larry, Sergey and Eric made at the time was that smartphones are going to be a thing, there’s going to be Internet on it, so let’s make sure there’s a great smartphone platform out there that people can use to, among other things, access Google services

The fact that Google does not charge for Android, and that few phone manufacturers are extracting much of a profit from Android devices, means that much of the globe now enjoys decent smartphones and online services for low prices

at the same time, given the increasing threats to Google’s advertising business, we might also wonder how long that largess can continue.

The situation is especially painful for Google in China, the world’s fastest-growing smartphone market, where Google’s apps are blocked. Even in the rest of Asia, where many low-cost phone manufacturers do include Google’s apps on their phones, there’s growing interest in finding some alternative to Google’s version of Android. About 30 percent of Android smartphones shipped in the last quarter of 2014 were actually modified, or forked, versions of the OS that may not be very hospitable to Google’s services, according to the firm ABI Research

even if hot Silicon Valley start-ups still create apps for iOS first, app makers in other parts of the world see Android as a surer path to the masses. “The reality is that folks like you should play a role in educating the Silicon Valley,” she said.

Google’s strategy of giving Android to phone makers free has led to a surge of new entrants in the phone business, several of which sell high-quality phones for cut-rate prices. Among those is Xiaomi, a Chinese start-up making phones that have become some of the most popular devices in China.

Because Xiaomi and others don’t make much of a profit by selling phones, they’re all looking for other ways to make money — and for many, the obvious business is in apps offering mail, messaging and other services that compete with Google’s own moneymaking apps.

A brighter spot for Google is the revenue it collects from sales via Android’s app store, called Google Play. For years, Android apps were a backwater, but sales have picked up lately. In 2014, Google Play sold about $10 billion in apps, of which Google kept about $3 billion (the rest was paid out to developers). Apple makes more from its App Store. Sales there exceeded $14 billion in 2014, and rising iPhone sales in China have led to a growing app haul for Apple. Still, Google’s app revenue is becoming an increasingly meaningful piece of its overall business, and it is also growing rapidly.

Cyanogen, has raised about $100 million from several investors — and has signed a “strategic partnership” with Google’s arch-competitor Microsoft — to sell phone makers an alternative user interface that works on top of Google’s Android.

“We share services revenue with the phone makers — and today they get very little of that from Google,” said Kirt McMaster, Cyanogen’s chief executive. “There are very few companies in the world today that really like Google. Nobody wants Google to run the table with this game. So it’s a good time to be a neutral third party. We’re Switzerland, and we want to share that revenue with our ecosystem partners in a meaningful way.”

in the long run, the rise of Android switching sets up a terrible path for Google — losing the high-end of the smartphone market to the iPhone, while the low end is under greater threat from noncooperative Android players like Xiaomi and Cyanogen.

Americans have since ramped up spending on everything from home improvements to bicycles with the help of stimulus checks sent to millions, though overall expenditures remain below pre-pandemic levels.

A nationwide decline in combined state revenue has happened after only two events in 90 years: following the Sept. 11, 2001, attacks and in the aftermath of the 2008 financial crisis.

The U.S. economy has steadily recovered since the spring, and more than 11 million jobs of the 22 million lost earlier in the year have come back. Still, the unemployment rate recently hovered at 7.9%, and there has been an uptick in permanent layoffs.

Economists warn a two-track recovery is emerging, with well-educated and well-off people and some businesses prospering, at the same time lower-wage workers with fewer credentials, old-line businesses and regions tied to tourism are mired in a deep decline.

After 2008, some states implemented or added to rainy day funds—cash reserves that can be used to fill revenue gaps caused by a potential shock

School systems also usually receive local funds through property taxes.

Schools received federal aid from the pandemic-stimulus packages passed by Congress earlier this year.

The money was quickly spent

The Ohio Education Association, a teachers union, said the state’s school districts could face budget shortfalls for the 2022 and 2023 budget years of between 20% and 25%.

Many states are pleading for more aid from Congress, which has so far sent money in its coronavirus relief packages to deal with the health crisis but not to offset revenue losses.

Congress has doled out about $150 billion in Covid-19 response dollars to state and local governments, plus some additional money to cover elevated Medicaid costs.

President Trump and Senate Majority Leader Mitch McConnell have said they don’t want Covid-19 aid used to address longstanding financial problems.

Community Health Resources, which offers mental-health and addiction services to 27,000 children and adults, is concerned it won’t receive its expected more than $40 million in state funding—62% of the organization’s annual budget—in the next fiscal year, which begins in July.

Very little actual work or production is being relocated. What’s really changing are the addresses of those who own and control the capital

Some progressive economists have rightly countered that enabling the wealthiest Americans to write off their state and local tax payments is highly regressive, amounting to a tax break of $100 billion or more a year that flows mainly to the very rich

Until recently, high-tax cities had a fighting chance against their lower-tax rivals. That is why so many blue-state politicians have called for getting rid of the Trump-era caps and restoring the ability to deduct state and local taxes.

But eliminating those write-offs has created a race to the bottom that is already devastating the budgets of expensive coastal cities

Others recommend replacing the SALT deduction with a 15% credit for state and local taxes. Given the pressure from Democrats in impacted cities, this is something that the Biden-Harris administration may have to revisit. 

the effect of new remote technology on state and local taxes requires some serious scrutiny by all levels of government. As more Americans, especially the 1%, have flexibility about where they work, city and state governments will need to develop new revenue models that account for the locations of both the people and their businesses

When an advantaged class can live thousands of miles away from where they work and own assets, it deprives cities of a vital source of revenue.

AIs like ChatGPT rapidly got better in their early days, but what we’ve seen in the past 14-and-a-half months are only incremental gains, says Marcus. “The truth is, the core capabilities of these systems have either reached a plateau, or at least have slowed down in their improvement,” he adds.

the gaps between the performance of various AI models are closing. All of the best proprietary AI models are converging on about the same scores on tests of their abilities, and even free, open-source models, like those from Meta and Mistral, are catching up.

models work by digesting huge volumes of text, and it’s undeniable that up to now, simply adding more has led to better capabilities. But a major barrier to continuing down this path is that companies have already trained their AIs on more or less the entire internet, and are running out of additional data to hoover up. There aren’t 10 more internets’ worth of human-generated content for today’s AIs to inhale.

A mature technology is one where everyone knows how to build it. Absent profound breakthroughs—which become exceedingly rare—no one has an edge in performance

companies look for efficiencies, and whoever is winning shifts from who is in the lead to who can cut costs to the bone. The last major technology this happened with was electric vehicles, and now it appears to be happening to AI.

the future for AI startups—like OpenAI and Anthropic—could be dim.

Microsoft and Google will be able to entice enough users to make their AI investments worthwhile, doing so will require spending vast amounts of money over a long period of time, leaving even the best-funded AI startups—with their comparatively paltry warchests—unable to compete.

Many other AI startups, even well-funded ones, are apparently in talks to sell themselves.

the bottom line is that for a popular service that relies on generative AI, the costs of running it far exceed the already eye-watering cost of training it.

That difference is alarming, but what really matters to the long-term health of the industry is how much it costs to run AIs. 

Changing people’s mindsets and habits will be among the biggest barriers to swift adoption of AI. That is a remarkably consistent pattern across the rollout of all new technologies.

the industry spent $50 billion on chips from Nvidia to train AI in 2023, but brought in only $3 billion in revenue.

For an almost entirely ad-supported company like Google, which is now offering AI-generated summaries across billions of search results, analysts believe delivering AI answers on those searches will eat into the company’s margins

Google, Microsoft and others said their revenue from cloud services went up, which they attributed in part to those services powering other company’s AIs. But sustaining that revenue depends on other companies and startups getting enough value out of AI to justify continuing to fork over billions of dollars to train and run those systems

three in four white-collar workers now use AI at work. Another survey, from corporate expense-management and tracking company Ramp, shows about a third of companies pay for at least one AI tool, up from 21% a year ago.

OpenAI doesn’t disclose its annual revenue, but the Financial Times reported in December that it was at least $2 billion, and that the company thought it could double that amount by 2025. 

That is still a far cry from the revenue needed to justify OpenAI’s now nearly $90 billion valuation

the company excels at generating interest and attention, but it’s unclear how many of those users will stick around. 

AI isn’t nearly the productivity booster it has been touted as

While these systems can help some people do their jobs, they can’t actually replace them. This means they are unlikely to help companies save on payroll. He compares it to the way that self-driving trucks have been slow to arrive, in part because it turns out that driving a truck is just one part of a truck driver’s job.

Add in the myriad challenges of using AI at work. For example, AIs still make up fake information,

getting the most out of open-ended chatbots isn’t intuitive, and workers will need significant training and time to adjust.

That’s because AI has to think anew every single time something is asked of it, and the resources that AI uses when it generates an answer are far larger than what it takes to, say, return a conventional search result

None of this is to say that today’s AI won’t, in the long run, transform all sorts of jobs and industries. The problem is that the current level of investment—in startups and by big companies—seems to be predicated on the idea that AI is going to get so much better, so fast, and be adopted so quickly that its impact on our lives and the economy is hard to comprehend. 

Mounting evidence suggests that won’t be the case.

legalizing marijuana could generate about $350 million in yearly tax revenue once the program was fully implemented, which could take years.

“A percentage of revenue that is raised will get invested into the communities where the people who suffered mass incarceration come from and still live in many cases,”

Millions of dollars in tax revenue from cannabis sales would be reinvested in minority communities each year, and a sizable portion of business licenses would be reserved for minority business owners.

received an unexpected boost from Mr. Cuomo’s recent political scandals.

It turned out, however, that striking a deal to legalize cannabis became a higher priority for Mr. Cuomo, as several lawmakers and lobbyists surmised that the governor may have wanted to shift attention away from his compounding crises. Marijuana legalization was both a headline-grabbing issue and a policy measure popular with voters.

Forty percent of most tax revenues would be reinvested in communities disproportionately affected by the war on drugs; 40 percent would be steered to public education; and the remaining 20 percent would go toward drug treatment, prevention and education.

The legislation will seek to improve the state’s existing medical marijuana program, which for years has been criticized as too restrictive.

The cannabis market in New York is currently estimated to be $4.6 billion and is expected to grow to $5.8 billion by 2027, according to a recent study commissioned by the New York Medical Cannabis Industry Association.

University of Virginia law professor Michael Doran — who held tax policy roles at the Treasury Department under Presidents Bill Clinton and George W. Bush — calls the current state of affairs “the great American retirement fraud.”

Secure 2.0 would take the fraud to a new level: Its congressional supporters have engaged in Enron-style accounting gimmicks to mask the bill’s effects on deficit

from the outset, IRAs were a generous gift to the upper class. At the time, very few low- and middle-income individuals could afford to stash $1,500 in a retirement account each year — median income for U.S. households was $11,100 in 1974 — so the people taking full advantage of the new IRAs tended to be relatively rich

since the benefit was structured as a deduction, it was worth more to taxpayers in higher income brackets.

In the nearly half-century since, Congress has continually expanded the amount that individuals can pour into tax-deferred savings accounts.

Now, the JCT estimates that 401(k)s and other similar defined-contribution plans cost the federal government $200 billion per year.

individuals can contribute up to $6,000 per year to an IRA ($7,000 if age 50 or older), plus $20,500 to a 401(k) ($27,000 for 50-year-olds and up), with their employers potentially chipping in to bring the 401(k) total to $61,000 ($67,500 for the over-50 set).

In 2018, the most recent year for which data is available, 58 percent of taxpayers with wage income made no contribution to 401(k)-style plans, and less than 4 percent bumped up against the contribution cap.

As of 2020, approximately 63 percent of U.S. households had no such accounts.

I calculated that an individual who made the maximum 401(k) contributions since 1990, investing exclusively in an S&P 500 index fund, would have more than $7 million in her account today.

When JCT released data last summer showing that 28,615 taxpayers had accumulated $5 million or more in IRAs, lawmakers cried foul. Rep. Richard Neal (D-Mass.), who as chairman of the Ways and Means Committee is the top tax writer in the House, lamented the “exploitation” of IRAs. “IRAs are intended to help Americans achieve long-term financial security, not to enable those who already have extraordinary wealth to avoid paying their fair share in taxes,”

(The very largest IRAs, like PayPal co-founder Peter Thiel’s reported $5 billion account, result from a different loophole: the ability of founders and early-stage investors to stuff IRAs with start-up stock

Forbes revealed more than a decade ago that Thiel and another PayPal co-founder were using their IRAs to shelter entrepreneurial earnings; the Government Accountability Office flagged the IRA-stuffing phenomenon in 2014; and rather than clamping down, lawmakers from both parties sat on their hands.)

The Secure 2.0 bill, sponsored by Neal, doubles down on the inequities of the status quo. It will inevitably result in even more of the mega-IRAs that Neal and other Democrats decry.

Under current law, taxpayers must begin to take withdrawals from their 401(k)s and traditional IRAs at age 72. (It had been 70½ before Secure 1.0, signed into law by President Donald Trump in 2019, raised the age by a year and a half.

Secure 2.0 would bump that up to age 75. The change would mean that taxpayers with supersize IRAs could enjoy three extra years of tax-free growth before they needed to take money out

Lower-income retirees wouldn’t benefit because they don’t have the luxury of holding off on withdrawals, which they need to cover living expenses.

Another provision would lift the cap on 401(k) catch-up contributions at ages 62, 63 and 64 from $6,500 to $10,000. Factoring in employer matching contributions, that would raise the maximum 401(k) inflow to $71,000 per year.

if lawmakers were genuinely concerned about retirement security for people who need it, they wouldn’t start by aiding taxpayers who can afford to save more each year than most Americans earn. The higher limit on catch-up contributions will simply allow high-income taxpayers to race further ahead.

The top-weighted benefits of Secure 2.0 might be tolerable if they were offset by other tax increases on the rich — if this were all just moving money from one deep pocket to another. But the items audaciously labeled as “revenue provisions” in the bill generate revenue as real as Monopoly money.

The Rothification provisions in Secure 2.0 bring $35 billion of revenue into the 10-year window — ostensibly offsetting the cost of the bill’s giveaways — but the $35 billion is pure make-believe: It comes at the expense of an equivalent amount of revenue down the road.

If lawmakers from either party were truly concerned about the plight of low-income retirees, they would focus on strengthening Social Security, which actually provides a safety net for older people, rather than adding more deficit-financed bells and whistles to retirement accounts for the rich.

If OnlyFans’s creator earnings were taken as a whole, the company would rank around No. 90 on Forbes’s list of the biggest private companies in America by revenue, ahead of Twitter (now called X), Neiman Marcus Group, New Balance, Hard Rock International and Hallmark Cards.

Many creators now operate like independent media companies, with support staffs, growth strategies and promotional budgets, and work to apply the cold quantification and data analytics of online marketing to the creation of a fantasy life.

The subscription site has often been laughed off as a tabloid punchline, a bawdy corner of the internet where young, underpaid women (teachers, nurses, cops) sell nude photos, get found out and lose their jobs.

pressures to perform for a global audience; an internet that never forgets. “There is simply no room for naivety,” one said in a guide posted to Reddit’s r/CreatorsAdvice.

America’s social media giants for years have held up online virality as the ultimate goal, doling out measurements of followers, reactions and hearts with an unspoken promise: that internet love can translate into sponsorships and endorsement deals

But OnlyFans represents the creator economy at its most blatantly transactional — a place where viewers pay upfront for creators’ labor, and intimacy is just another unit of content to monetize.

The fast ascent of OnlyFans further spotlights how the internet has helped foster a new style of modern gig work that creators see as safe, remote and self-directed,

Creators’ nonchalance about the digital sex trade has fueled a broader debate about whether the site’s promotion of feminist autonomy is a facade: just a new class of techno-capitalism, selling the same patriarchal dream.

But OnlyFans increasingly has become the model for how a new generation of online creators gets paid. Influencers popular on mainstream sites use it to capitalize on the audiences they’ve spent years building. And OnlyFans creators have turned going viral on the big social networks into a marketing strategy, using Facebook, Twitter and TikTok as sales funnels for getting new viewers to subscribe.

many creators, she added, still find it uniquely alluring — a rational choice in an often-irrational environment for gender, work and power. “Why would I spend my day doing dirty, degrading, minimum-wage labor when I can do something that brings more money in and that I have a lot more control over?”

it is targeting major “growth regions” in Latin America, Europe and Australia. (The Mexican diver Diego Balleza said he is using his $15-a-month account to save up for next year’s Paris Olympics.)

“Does an accountant always enjoy their work? No. All work has pleasure and pain, and a lot of it is boring and annoying. Does that mean they’re being exploited?”

Adams’s operation is registered in state business records as a limited liability company and offers quarterly employee performance reviews and catered lunch. It also runs with factory-like efficiency, thanks largely to a system designed in-house to track millions of data points on customers and content and ensure every video is rigorously planned and optimized.

Since sending her first photo in 2021, Adams’s OnlyFans accounts have earned $16.5 million in sales, more than 1.4 million fans and more than 11 million “likes.” She now makes about $30,000 a day — more than most American small businesses — from subscriptions, video sales, messages and tips, half of which is pure profit

Adams’s team sees its business as one of harmless, destigmatized gratification, in which both sides get what they want. The buyers are swiped over in dating apps, widowed, divorced or bored, eager to pay for the illusion of intimacy with an otherwise unattainable match. And the sellers see themselves as not all that different from the influencers they watched growing up on YouTube, charging for parts of their lives they’d otherwise share for free.

“This is normal for my generation, you know?

“I can go on TikTok right now and see ten girls wearing the bare minimum of clothing just to get people to join their page. Why not go the extra step to make money off it?”

the job can be financially precarious and mentally taxing, demanding not just the technical labor of recording, editing, managing and marketing but also the physical and emotional labor of adopting a persona to keep clients feeling special and eager to spend.

enix International Limited, is based, the company said its sales grew from $238 million in 2019 to more than $5.5 billion last year.

Its international army of creators has also grown from 348,000 in 2019 to more than 3 million today — a tenfold increase.

The company paid its owner, the Ukrainian American venture capitalist Leonid Radvinsky, $338 million in dividends last year.)

portion of its creator base and 70 percent of its annual revenue

When Tim Stokely, a London-based operator of live-cam sex sites, founded OnlyFans with his brother in 2016, he framed it as a simple way to monetize the creators who were becoming the world’s new celebrities — the same online influencers, just with a payment button. In 2019, Stokely told Wired magazine that his site was like “a bolt-on to your existing social media,” in the same way “Uber is a bolt-on to your car.”

Before OnlyFans, pornography on the internet had been largely a top-down enterprise, with agents, producers, studios and other middlemen hoarding the profits of performers’ work. OnlyFans democratized that business model, letting the workers run the show: recording their own content, deciding their prices, selling it however they’d like and reaping the full reward.

The platform bans real-world prostitution, as well as extreme or illegal content, and requires everyone who shows up on camera to verify they’re 18 or older by sending in a video selfie showing them holding a government-issued ID.

OnlyFans operates as a neutral marketplace, with no ads, trending topics or recommendation algorithms, placing few limitations on what creators can sell but also making it necessary for them to market themselves or fade away.

After sending other creators’ agents their money over PayPal, Adams’s ad workers send suggestions over the messaging app Telegram on how Bryce should be marketed, depending on the clientele. OnlyFans models whose fans tend to prefer the “girlfriend experience,” for instance, are told to talk up her authenticity: “Bryce is a real, fit girl who wants to get to know you

Like most platforms, OnlyFans suffers from a problem of incredible pay inequality, with the bulk of the profits concentrated in the bank accounts of the lucky few.

the top 1 percent of accounts made 33 percent of the money, and that most accounts took home less than $145 a month

Watching their partner have sex with someone else sometimes sparked what they called “classic little jealousy issues,” which Adams said they resolved with “more communication, more growing up.” The money was just too good. And over time, they adopted a self-affirming ideology that framed everything as just business. Things that were tough to do but got easier with practice, like shooting a sex scene, they called, in gym terms, “reps.” Things one may not want to do at first, but require some mental work to approach, became “self-limiting beliefs.”

They started hiring workers through friends and family, and what was once just Adams became a team effort, in which everyone was expected to workshop caption and video ideas. The group evaluated content under what Brian, who is 31, called a “triangulation method” that factored their comfort level with a piece of content alongside its engagement potential and “brand match.” Bryce the person gave way to Bryce the brand, a commercialized persona drafted by committee and refined for maximum marketability.

One of the operation’s most subtly critical components is a piece of software known as “the Tool,” which they developed and maintain in-house. The Tool scrapes and compiles every “like” and view on all of Adams’s social network accounts, every OnlyFans “fan action” and transaction, and every text, sext and chat message — more than 20 million lines of text so far.

It houses reams of customer data and a library of preset messages that Adams and her chatters can send to fans, helping to automate their reactions and flirtations — “an 80 percent template for a personalized response,” she said.

And it’s linked to a searchable database, in which hundreds of sex scenes are described in detail — by price, total sales, participants and general theme — and given a unique “stock keeping unit,” or SKU, much like the scannable codes on a grocery store shelf. If a fan says they like a certain sexual scenario, a team member can instantly surface any relevant scenes for an easy upsell. “Classic inventory chain,” Adams said.

The systemized database is especially handy for the young women of Adams’s chat team, known as the “girlfriends,” who work at a bench of laptops in the gym’s upper loft. The Tool helped “supercharge her messaging, which ended up, like, 3X-ing her output,” Brian said, meaning it tripled.

Keeping men talking is especially important because the chat window is where Adams’s team sends out their mass-message sales promotions, and the girlfriends never really know what to expect. One girlfriend said she’s had as many as four different sexting sessions going at once.

Adams employs a small team that helps her pay other OnlyFans creators to give away codes fans can use for free short-term trials. The team tracks redemption rates and promotional effectiveness in a voluminous spreadsheet, looking for guys who double up on discount codes, known as “stackers,” as well as bad bets and outright fraud.

Many OnlyFans creators don’t offer anything explicit, and the site has pushed to spotlight its stable of chefs, comedians and mountain bikers on a streaming channel, OFTV. But erotic content on the platform is inescapable; even some outwardly conventional creators shed their clothes behind the paywall

Creators with a more hardcore fan base, meanwhile, are told to cut to the chase: “300+ sex tapes & counting”; “Bryce doesn’t say no, she’s the most wild, authentic girl you will ever find.”

The $18 an hour she makes on the ad team, however, is increasingly dwarfed by the money Leigh makes from her personal OnlyFans account, where she sells sex scenes with her boyfriend for $10 a month. Leigh made $92,000 in gross sales in July, thanks largely to revenue from new fans who found her through Adams or the bikini videos Leigh posts to her 170,000-follower TikTok account

“This is a real job. You dedicate your time to it every single day. You’re always learning, you’re always doing new things,” she said. “I’d never thought I’d be good at business, but learning all these business tactics really empowers you. I have my own LLC; I don’t know any other 20-year-old right now that has their own LLC.”

The team is meeting all traffic goals, per their internal dashboard, which showed that through the day on a recent Thursday they’d gained 2,221,835 video plays, 19,707 landing-page clicks, 6,372 new OnlyFans subscribers and 9,024 new social-network followers. And to keep in shape, Adams and her boyfriend are abiding by a rigorous daily diet and workout plan

They eat the same Chick-fil-A salad at every lunch, track every calorie and pay a gym assistant to record data on every rep and weight of their exercise.

But the OnlyFans business is competitive, and it does not always feel to the couple like they’ve done enough. Their new personal challenge, they said, is to go viral on the other platforms as often as possible, largely through jokey TikTok clips and bikini videos that don’t give away too much.

the host told creators this sales-funnel technique was key to helping build the “cult of you”: “Someone’s fascination will become infatuation, which will make you a lot of money.”

Adams’s company has worked to reverse engineer the often-inscrutable art of virality, and Brian now estimates Adams makes about $5,000 in revenue for every million short-form video views she gets on TikTok.

Her team has begun ranking each platform by the amount of money they expect they can get from each viewer there, a metric they call “fan lifetime value.” (Subscribers who click through to her from Facebook tend to spend the most, the data show. Facebook declined to comment.)

The younger workers said they see the couple as mentors, and the two are constantly reminding them that the job of a creator is not a “lottery ticket” and requires a persistent grind. Whenever one complains about their lack of engagement, Brian said he responds, “When’s the last time you posted 60 different videos, 60 days in a row, on your Instagram Reels?”

But some have taken to it quite naturally. Rayna Rose, 19, was working last year at a hair salon, sweeping floors for $12 an hour, when an old high school classmate who worked with Adams asked whether she wanted to try OnlyFans and make $500 a video.

Rose started making videos and working as a chatter for $18 an hour but recently renegotiated her contract with Adams to focus more on her personal OnlyFans account, where she has nearly 30,000 fans, many of whom pay $10 a month.

One recent evening this summer, Adams was in the farm’s gym when her boyfriend told her he was headed to their guest room to record a collab with Rose, who was wearing a blue bikini top and braided pigtails.

“Go have fun,” Adams told them as they walked away. “Make good content.” The 15-minute video has so far sold more than 1,400 copies and accounted for more than $30,000 in sales.

Rose said she has lost friends due to her “lifestyle,” with one messaging her recently, “Can you imagine how successful you would be if you studied regularly and spent your time wisely?”

The message stung but, in Rose’s eyes, they didn’t understand her at all. She feels, for the first time, like she has a sense of purpose: She wants to be a full-time influencer. She expects to clear $200,000 in earnings this year and is now planning to move out of her parents’ house.

“I had no idea what I wanted to do with my life. And now I know,” she said. “I want to be big. I want to be, like, mainstream.”

The Internet of Things is a game-changing platform that enables an emerging collaborative commons to flourish alongside the capitalist market.

This collaborative rather than capitalistic approach is about shared access rather than private ownership.

Millions of people are using social media sites, redistribution networks, rentals and cooperatives to share not only cars but also homes, clothes, tools, toys and other items at low or near zero marginal cost. The sharing economy had projected revenues of $3.5 billion in 2013.

In the United States, the number of nonprofit organizations grew by approximately 25 percent between 2001 and 2011, from 1.3 million to 1.6 million, compared with profit-making enterprises, which grew by a mere one-half of 1 percent. In the United States, Canada and Britain, employment in the nonprofit sector currently exceeds 10 percent of the work force.

A recent study revealed that approximately 50 percent of the aggregate revenue of the nonprofit sectors of 34 countries comes from fees, while government support accounts for 36 percent of the revenues and private philanthropy for 14 percent.

A formidable new technology infrastructure — the Internet of Things — is emerging with the potential to push much of economic life to near zero marginal cost over the course of the next two decades. This new technology platform is beginning to connect everything and everyone. Today more than 11 billion sensors are attached to natural resources, production lines, the electricity grid, logistics networks and recycling flows, and implanted in homes, offices, stores and vehicles, feeding big data into the Internet of Things.

The question is what on earth can be done to prevent the debt explosion. The CBO has a clear answer: "[B]ringing debt back down to 39 percent of GDP in 2038—as it was at the end of 2008—would require a combination of increases in revenues and cuts in noninterest spending (relative to current law) totaling 2 percent of GDP for the next 25 years. . . .

"If those changes came entirely from revenues, they would represent an increase of 11 percent relative to the amount of revenues projected for the 2014-2038 period; if the changes came entirely from spending, they would represent a cut of 10½ percent in noninterest spending from the amount projected for that period."

Among them are variations on a proposal that exploded in Indiana last year, when controversy over a so-called religious freedom law became a flashpoint in the ongoing debate over religious belief and legal equality. The Hoosier State’s measure led to an estimated $60 million in lost revenue, and after weeks of economic and political pressure, Indiana Governor Mike Pence approved revisions to the law clarifying that businesses couldn’t use it to turn away LGBT patrons.

To many supporters, these bills are necessary to protect deeply held religious beliefs and are worth the controversy and lost revenue. To critics, however, the measures seemed aimed at allowing people to treat LGBT citizens differently, based on moral opposition to homosexuality and transgenderism, and serve as a reminder that the lessons of the Indiana fight were fleeting.

The fight in South Dakota echoes earlier clashes over gender identity and bathroom use of transgender people. The sponsor of the South Dakota bathroom measure, state Rep. Fred Deutsch, has argued in committee testimony that it is necessary to protect the “bodily privacy rights” of “biologic boys and girls” and that transgender students should be offered alternate accommodations if they do not wish to use the facilities that correspond to their sex assigned at birth.

The fight has played out at the state level largely because there is no federal law that bans discrimination based on sexual orientation or gender identity. The Equality Act, a federal bill that would create such protections, is unlikely to go anywhere in a Republican-controlled Congress.

Rebecca Dodds, the mother of a transgender son who recently graduated from high school in the state’s famed Black Hills, said compelling students to use a separate facility could force them to out themselves to their peers, which could lead to harassment or violence.

Speaking in support of the bathroom bill, a representative from South Dakota Citizens for Liberty said the measure offers a good compromise: “It allows for the sensitive accommodation of students who are experiencing personal trials,” Florence Thompson testified at a hearing of the Senate education committee on Feb. 11. “And does so without giving preferential treatment to a tiny segment of the student population at the expense of the privacy rights of the vast majority.”

It extends protections for people with three moral beliefs that are laid out in the bill’s text: (1) Marriage is or should only be recognized as the union of one man and one woman (2) Sexual relations are properly reserved to marriage (3) The terms male or man and female or woman refer to distinct and immutable biological sexes that are determined by anatomy and genetics by the time of birth.

While critics worry about such bills being used to turn away LGBT people from housing, jobs or businesses, they also worry it could open the door to a broader insertion of personal morality in the public sphere. A pharmacist might, for instance, refuse to fill a birth control prescription for an unmarried woman or a child care agency might refuse to look after a boy or girl with gay parents, without risk of losing their state licenses.

Though the bill does not specify what those accommodations would be, schools that have dealt with conflicts over bathroom use have often instructed transgender students to use staff or nurse facilities, or facilities in buildings separate from their peers. The Department of Justice has issued several rulings and opinions that say such treatment of transgender students amounts to sex discrimination under Title IX, though federal courts are still weighing the issue.

Meanwhile, the majority of states lack LGBT non-discrimination laws, although a bill in Pennsylvania will likely add sexual orientation and gender identity to the state’s non-discrimination protections.

In Georgia, where lawmakers are considering at least four religious freedom bills, a group of businesses—including Coca-Cola, AT&T and Delta—has formed to promote “inclusive” policies, explicitly mentioning sexual orientation and gender identity as qualities that should be respected.

In South Dakota, dollars and cents may determine whether the bathroom bill passes too, with the ACLU arguing that the passage of such a law would put the state in direct conflict with federal policy—and therefore all but guarantee costly litigation for school districts that are forced to choose to follow one or the other. Failing to comply with guidance from the Department of Education, which has said that students’ gender identities must be respected, could run the risk of costing local districts hundreds of millions in federal funds.

Yet supporters like Deutsch say that the guidance coming from the federal government is the reason such bills are needed, so that South Dakota won’t be pressured into providing facility access for transgender students that is not yet explicitly laid out in federal law.

Last week, ISIS targeted two of Libya's largest export terminals—Es Sider and Ras Lanuf, which handle 80 percent of Libya's oil reserves. Combined, they have the capacity to ship 500,000 barrels today, barring civil war and terrorist hindrances. For the past year, these two export terminals have been closed down, but ISIS has plans to reopen them—eventually.

ISIS succeeds, it will generate significant revenues from selling Libyan oil domestically.

Libya has been in grave danger since the fall of Ghaddafi. Today, Libya is only generating half the oil revenues it was prior to 2011.

Populists in both parties share privacy concerns for U.S. citizens—not to mention what China can do with the data it gets from tech companies. Steve Bannon even suggested that users’ data should be controlled by a public trust.

Why don’t House Democrats help him deliver his promised $1 trillion plan for roads, ports, transit, the grid and more? This time around, Democrats could eschew the Solyndras and other political pipe dreams, avoid making unrealistic “shovel ready” promises, and instead stick to locally vetted projects. These projects would also create well-paying construction jobs and help a broad array of communities and workers, including union members.

They can succeed, however, in heightening the tension between Mr. Trump’s populist instincts and conservative orthodoxy, showing that populism does not have to be a uniquely Republican force in 2020. And don’t worry that these policies could cause more harm than benefit. House Democrats are unlikely to resist the temptations of impeachment and prioritize substance over style

Individually, these pages have meaningful audiences, but cumulatively, their audience is gigantic: tens of millions of people. On Facebook, they rival the reach of their better-funded counterparts in the political media, whether corporate giants like CNN or The New York Times, or openly ideological web operations like Breitbart or Mic.

these new publishers are happy to live inside the world that Facebook has created. Their pages are accommodated but not actively courted by the company and are not a major part of its public messaging about media. But they are, perhaps, the purest expression of Facebook’s design and of the incentives coded into its algorithm — a system that has already reshaped the web and has now inherited, for better or for worse, a great deal of America’s political discourse.

In 2010, Facebook released widgets that publishers could embed on their sites, reminding readers to share, and these tools were widely deployed. By late 2012, when Facebook passed a billion users, referrals from the social network were sending visitors to publishers’ websites at rates sometimes comparable to Google, the web’s previous de facto distribution hub. Publishers took note of what worked on Facebook and adjusted accordingly.

While web publishers have struggled to figure out how to take advantage of Facebook’s audience, these pages have thrived. Unburdened of any allegiance to old forms of news media and the practice, or performance, of any sort of ideological balance, native Facebook page publishers have a freedom that more traditional publishers don’t: to engage with Facebook purely on its terms.

Rafael Rivero is an acquaintance of Provost’s who, with his twin brother, Omar, runs a page called Occupy Democrats, which passed three million followers in June. This accelerating growth is attributed by Rivero, and by nearly every left-leaning page operator I spoke with, not just to interest in the election but especially to one campaign in particular: “Bernie Sanders is the Facebook candidate,

Now that the nomination contest is over, Rivero has turned to making anti-Trump content. A post from earlier this month got straight to the point: “Donald Trump is unqualified, unstable and unfit to lead. Share if you agree!” More than 40,000 people did.“It’s like a meme war,” Rivero says, “and politics is being won and lost on social media.”

truly Facebook-native political pages have begun to create and refine a new approach to political news: cherry-picking and reconstituting the most effective tactics and tropes from activism, advocacy and journalism into a potent new mixture. This strange new class of media organization slots seamlessly into the news feed and is especially notable in what it asks, or doesn’t ask, of its readers. The point is not to get them to click on more stories or to engage further with a brand. The point is to get them to share the post that’s right in front of them. Everything else is secondary.

The flood of visitors aligned with two core goals of most media companies: to reach people and to make money. But as Facebook’s growth continued, its influence was intensified by broader trends in internet use, primarily the use of smartphones, on which Facebook became more deeply enmeshed with users’ daily routines. Soon, it became clear that Facebook wasn’t just a source of readership; it was, increasingly, where readers lived.

For media companies, the ability to reach an audience is fundamentally altered, made greater in some ways and in others more challenging. For a dedicated Facebook user, a vast array of sources, spanning multiple media and industries, is now processed through the same interface and sorting mechanism, alongside updates from friends, family, brands and celebrities.

All have eventually run up against the same reality: A company that can claim nearly every internet-using adult as a user is less a partner than a context — a self-contained marketplace to which you have been granted access but which functions according to rules and incentives that you cannot control.

It is a framework built around personal connections and sharing, where value is both expressed and conferred through the concept of engagement. Of course, engagement, in one form or another, is what media businesses have always sought, and provocation has always sold news. But now the incentives are literalized in buttons and written into software.

Each day, according to Facebook’s analytics, posts from the Make America Great page are seen by 600,000 to 1.7 million people. In July, articles posted to the page, which has about 450,000 followers, were shared, commented on or liked more than four million times, edging out, for example, the Facebook page of USA Today

Nicoloff’s business model is not dissimilar from the way most publishers use Facebook: build a big following, post links to articles on an outside website covered in ads and then hope the math works out in your favor. For many, it doesn’t: Content is expensive, traffic is unpredictable and website ads are both cheap and alienating to readers.

In July, visitors arriving to Nicoloff’s website produced a little more than $30,000 in revenue. His costs, he said, total around $8,000, partly split between website hosting fees and advertising buys on Facebook itself.

of course, there’s the content, which, at a few dozen posts a day, Nicoloff is far too busy to produce himself. “I have two people in the Philippines who post for me,” Nicoloff said, “a husband-and-wife combo.” From 9 a.m. Eastern time to midnight, the contractors scour the internet for viral political stories, many explicitly pro-Trump. If something seems to be going viral elsewhere, it is copied to their site and promoted with an urgent headline.

In the end, Nicoloff takes home what he jokingly described as a “doctor’s salary” — in a good month, more than $20,000.

In their angry, cascading comment threads, Make America Great’s followers express no such ambivalence. Nearly every page operator I spoke to was astonished by the tone their commenters took, comparing them to things like torch-wielding mobs and sharks in a feeding frenzy

A dozen or so of the sites are published in-house, but posts from the company’s small team of writers are free to be shared among the entire network. The deal for a would-be Liberty Alliance member is this: You bring the name and the audience, and the company will build you a prefab site, furnish it with ads, help you fill it with content and keep a cut of the revenue. Coca told me the company brought in $12 million in revenue last year.

Because the pages are run independently, the editorial product is varied. But it is almost universally tuned to the cadences and styles that seem to work best on partisan Facebook. It also tracks closely to conservative Facebook media’s big narratives, which, in turn, track with the Trump campaign’s messaging: Hillary Clinton is a crook and possibly mentally unfit; ISIS is winning; Black Lives Matter is the real racist movement; Donald Trump alone can save us; the system — all of it — is rigged.

It’s an environment that’s at best indifferent and at worst hostile to traditional media brands; but for this new breed of page operator, it’s mostly upside. In front of largely hidden and utterly sympathetic audiences, incredible narratives can take shape, before emerging, mostly formed, into the national discourse.

How much of what happens on the platform is a reflection of a political mood and widely held beliefs, simply captured in a new medium, and how much of it might be created, or intensified, by the environment it provides? What is Facebook doing to our politics?

for the page operators, the question is irrelevant to the task at hand. Facebook’s primacy is a foregone conclusion, and the question of Facebook’s relationship to political discourse is absurd — they’re one and the same. As Rafael Rivero put it to me, “Facebook is where it’s all happening.”

The growth of a large royal army, however, was only one effect of the increased level of military activity. The financial administration of the country also underwent a drastic reorganization

By the reign of Francis I, the king, even in times of peace, was unable to make do with his ordinary revenue from rents and seigneurial dues. In 1523 Francis established a new central treasury, the Trésor de l’Épargne, into which all his revenues, ordinary and extraordinary, were to be deposited.

Successive monarchs were forced, therefore, to seek additional revenue. This was no simple matter, because French kings traditionally could not tax their subjects without their consent.

The early Valois kings had negotiated with the Estates-General or with the provincial Estates for their extra money; but in the middle of the 15th century, when the Hundred Years’ War with England was reaching a successful conclusion, Charles VII was able to strike a bargain with the Estates. In return for a reduction in overall taxation, he began to raise money to support the army without having to seek the Estates’ approval.

How will the airline industry “come back” when people decide to take flights only for travel that cannot be avoided—and international travel is severely restricted?

Getting on an airplane to fly to a city so that you can stay in a hotel, eat in crowded dining rooms, and stand elbow-to-elbow with strangers around a craps table will be far, far down the list of behaviors on which most people are open to taking a risk.

If the tourism industry were to only decline by 30 percent in Las Vegas, it would be an utter catastrophe

Dinner and a Movie Consider the movie theater.

(1) If every theater in America opened tomorrow, what percentage of normal attendance would you see? 70 percent? 50 percent? 30 percent? What would that translate into as a percentage of total revenue decline, once you factor in concession sales? (2) The theatrical exhibition business is such a low-margin industry that even a 30 percent decline in revenues would be enough to push just about every operator in America into bankruptcy.

Let’s say you are Disney and you made Black Widow expecting it to open to $130 million dollars, pre-pandemic. Now you think that, at some point in the undetermined future, maybe it will open $70 million. Or possibly $30 million. Are you going to take that sort of chance with this asset? Or would you rather bootstrap the part of your business that looks like the future—meaning, your streaming service—and eschew the theatrical release altogether?

we could scan the economic landscape and find existential dislocations pretty much everywhere.

Up until this past January, 70,000 people got off an airplane in Las Vegas every single day, mostly to take in the city’s charms. On these flights, passenger seats are roughly 17 inches wide with 31 inches of pitch.

How will professional sports—which require thousands of people to be packed into small spaces—play in front of live crowds again? The sports leagues may be able to limp along with only broadcast revenues, but the micro-economies built around stadiums and arenas will not.

As teleworking becomes increasingly accepted—or even preferred—the physical office will wane. What happens to commercial real estate?

not just a single national lockdown of a country’s population and economy is in store to fend off mass contagion but rather quite possibly a succession of them—not just one mother-of-all-economic-shocks but an ongoing crisis that presses economic performance severely in countries all around the world simultaneously.

the American economy is a tightly integrated system where disruption in one sector can cascade into failures everywhere else. In the last 50 years we’ve seen how shocks to finance or energy were sufficient to throw the entire country into deep recessions.

Exactly what sort of recession should we be expecting when several sectors are pushed toward extinction, all at once?

Here in the United States, we watch, week by week, as highly regarded financial analysts from Wall Street and economists from the academy misestimate the depths of the damage we can expect—always erring on the side of optimism.

After the March lockdown of the country to “flatten the curve,” the boldest voices dared to venture that the United States might hit 10% unemployment before the worst was over

our weekly jobless claims reports and 22 million unemployment insurance applications later, U.S. unemployment is already above the 15% mark: north of 1931 levels, in other words. By the end of April, we could well reach or break the 20% threshold, bringing us to 1935 levels, and 1933 levels (25%) no longer sound fantastical

Even so, political and financial leaders talk of a rapid “V-shaped recovery” commencing in the summer, bringing us back to economic normalcy within months. This is prewar thinking, and it is looking increasingly like the economic equivalent of talk in earlier times about how “the boys will be home by Christmas.” . . .

The Long War

yes, there will eventually be creative destruction that spurs innovation and increasing economic activity. But that is in the long run.

The reality of our near- and medium-term future is something very different. And whatever the government orders people to do, that reality will look more like our “stay-at-home” present than the pre-virus past.

he movement to “reopen” America is a fallacy based on a fantasy. The fallacy is the notion that lifting stay-at-home orders will result in people going back to their normal routines. This is false.

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the sooner people grasp how completely and fundamentally the world has changed, the faster we’ll be able to adapt to this new reality. Let’s take a close look at just a couple of examples.