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Democrat-led states -- such as New York and California -- were early entry points for Covid-19, perhaps contributing to higher incidence rates early on, according to the study's authors. But the reversal in trends "may reflect policy difference that could have facilitated the spread of the virus," they said.

"Governors' party affiliation may have contributed to a range of policy decisions that, together, influenced the spread of the virus," Sara Benjamin-Neelon, senior study author and professor at Johns Hopkins University, said in a news release. "These findings underscore the need for state policy actions that are guided by public health considerations rather than by partisan politics."

However, the new study's findings do not imply that political affiliation of a state leader was a cause of Covid-19 case or death incidence, according to the study's authors.

While the analysis was adjusted for rurality, the study notes that "the findings could reflect the virus's spread from urban to rural areas."

How hard is it for any group, whether it is racial, political or ethnic, to come to terms with losing power and status? What encourages desperate behavior and a willingness to believe a pack of lies?

I posed these questions to a wide range of experts. This column explores their replies.

The population of U.S. Citizens who’ve lost the most power in the past 40 years, who aren’t competing well to get into college or get high paying jobs, whose marital prospects have dimmed, and who are outraged, are those I believe were most likely to be in on the attack.

White supremacy and frank racism are prime motivators, and they combined with other elements to fuel the insurrection: a groundswell of anger directed specifically at elites and an addictive lust for revenge against those they see as the agents of their disempowerment.

It is this admixture of factors that makes the insurgency that wrested control of the House and Senate so dangerous — and is likely to spark new forms of violence in the future.

While most acute among those possessing high status and power, Anderson said,People in general are sensitive to status threats and to any potential losses of social standing, and they respond to those threats with stress, anxiety, anger, and sometimes even violence

The terrorist attacks on 9/11, the Weatherman bombings in protest of the Vietnam War, ethnic cleansing in Bosnia, or the assassination of abortion providers, may be motivated by different ideological beliefs but nonetheless share a common theme: The people who did these things appear to be motivated by strong moral conviction. Although some argue that engaging in behaviors like these requires moral disengagement, we find instead that they require maximum moral engagement and justification.

“lower class individuals experience greater vigilance to threat, relative to high status individuals, leading them to perceive greater hostility in their environment.”

This increased vigilance, Brinke and Keltner continue, createsa bias such that relatively low socio-economic status individuals perceive the powerful as dominant and threatening — endorsing a coercive theory of power

There is evidence that many non-college white Americans who have been undergoing what psychiatrists call “involuntary subordination” or “involuntary defeat” both resent and mourn their loss of centrality and what they perceive as their growing invisibility.

Before Trump, many of those who became his supporters suffered from what Carol Graham, a senior fellow at Brookings, describes as pervasive “unhappiness, stress and lack of hope” without a narrative to legitimate their condition:

When the jobs went away, families fell apart. There was no narrative other than the classic American dream that everyone who works hard can get ahead, and the implicit correlate was that those who fall behind and are on welfare are losers, lazy, and often minorities.

What, however, could prompt a mob — including not only members of the Proud Boys and the Boogaloo Bois but also many seemingly ordinary Americans drawn to Trump — to break into the Capitol?

One possible answer: a mutated form of moral certitude based on the belief that one’s decline in social and economic status is the result of unfair, if not corrupt, decisions by others, especially by so-called elites.

there is evidence that individuals of lower social class are more cynical than those occupying higher classes, and that this cynicism is directed toward out-group members — that is, those that occupy higher classes.

violence is:considered to be the essence of evil. It is the prototype of immorality. But an examination of violent acts and practices across cultures and throughout history shows just the opposite. When people hurt or kill someone, they usually do it because they feel they ought to: they feel that it is morally right or even obligatory to be violent.

“Most violence,” Fiske and Rai contend, “is morally motivated.”

A key factor working in concert to aggravate the anomie and disgruntlement in many members of Trump’s white working-class base is their inability to obtain a college education, a limitation that blocks access to higher paying jobs and lowers their supposed “value” in marriage markets.

A major development since the end of the “Great Compression” of the 30 years or so after World War II, when there was less inequality and relatively greater job security, at least for white male workers, is that the differential rate of return on education and training is now much higher.

there isvery consistent and compelling evidence to suggest the some of what we have witnessed this past week is a reflection of the angst, anger, and refusal to accept an “America”’ in which White (Christian) Americans are losing dominance, be it political, material, and/or cultural. And, I use the term dominance here, because it is not simply a loss of status. It is a loss of power. A more racially, ethnically, religiously diverse US that is also a democracy requires White Americans to acquiesce to the interests and concerns of racial/ethnic and religious minorities.

In this new world, Federico argues, “promises of broad-based economic security” were replaced by a job market whereyou can have dignity, but it must be earned through market or entrepreneurial success (as the Reagan/Thatcher center-right would have it) or the meritocratic attainment of professional status (as the center-left would have it). But obviously, these are not avenues available to all, simply because society has only so many positions for captains of industry and educated professionals.

The result, Federico notes, is that “group consciousness is likely to emerge on the basis of education and training” and when “those with less education see themselves as being culturally very different from an educated stratum of the population that is more socially liberal and cosmopolitan, then the sense of group conflict is deepened.”

In their paper “Trends in Educational Assortative Marriage From 1940 to 2003,” Christine R. Schwartz and Robert D. Mare, professors of sociology at the University of Wisconsin and the University of California-Los Angeles, wrote that the “most striking” data in their research, “is the decline in odds that those with very low levels of education marry up.”

Trump, Richeson continued,leaned into the underlying White nationalist sentiments that had been on the fringe in his campaign for the presidency and made his campaign about re-centering Whiteness as what it actually means to be American and, by implication, delegitimizing claims for greater racial equity, be it in policing or any other important domain of American life.

Whites in the last 60 years have seen minoritized folks gain more political power, economic and educational opportunity. Even though these gains are grossly exaggerated, Whites experience them as a loss in group status.

all the rights revolutions — civil rights, women’s rights, gay rights — have been key to the emergence of the contemporary right wing:As the voices of women, people of color, and other traditionally marginalized communities grow louder the frame of reference from which we tell the story of American is expanding

The white male story is not irrelevant but it’s insufficient, and when you have a group of people that are accustomed to the spotlight see the camera lens pan away, it’s a threat to their sense of self. It’s not surprising that QAnon support started to soar in the weeks after B.L.M. QAnon offers a way for white evangelicals to place blame on (fictional) bad people instead of a broken system. It’s an organization that validates the source of Q-Anoners insecurity — irrelevance — and in its place offers a steady source of self-righteousness and acceptance.

“compared to other advanced countries caught up in the transition to knowledge society, the United States appears to be in a much more vulnerable position to a strong right-wing populist challenge.”

First, Kitschelt noted,The difference between economic winners and losers, captured by income inequality, poverty, and illiteracy rates within the dominant white ethnicity, is much greater than in most other Western countries, and there is no dense welfare state safety net to buffer the fall of people into unemployment and poverty.

Another key factor, Kitschelt pointed out, is thatThe decline of male status in the family is more sharply articulated than in Europe, hastened in the U.S. by economic inequality (men fall further under changing economic circumstances) and religiosity (leading to pockets of greater male resistance to the redefinition of gender roles).

More religious and less well-educated whites see Donald Trump as one of their own despite his being so obviously a child of privilege. He defends America as a Christian nation. He defends English as our national language. He is unashamed in stating that the loyalty of any government should be to its own citizens — both in terms of how we should deal with noncitizens here and how our foreign policy should be based on the doctrine of “America First.”

nlike most European countries, Kitschelt wrote,The United States had a civil war over slavery in the 19th century and a continuous history of structural racism and white oligarchical rule until the 1960s, and in many aspects until the present. Europe lacks this legacy.

for the moment the nation faces, for all intents and purposes, the makings of a civil insurgency. What makes this insurgency unusual in American history is that it is based on Trump’s false claim that he, not Joe Biden, won the presidency, that the election was stolen by malefactors in both parties, and that majorities in both branches of Congress no longer represent the true will of the people.

We would not have Trump as president if the Democrats had remained the party of the working class. The decline of labor unions proceeded at the same rate when Democrats were president as when Republicans were president; the same is, I believe, true of loss of manufacturing jobs as plants moved overseas.

President Obama, Grofman wrote,responded to the housing crisis with bailouts of the lenders and interlinked financial institutions, not of the folks losing their homes. And the stagnation of wages and income for the middle and bottom of the income distribution continued under Obama. And the various Covid aid packages, while they include payments to the unemployed, are also helping big businesses more than the small businesses that have been and will be permanently going out of business due to the lockdowns (and they include various forms of pork.

“white less well-educated voters didn’t desert the Democratic Party, the Democratic Party deserted them.”

On top of that, in the United States.Many lines of conflict mutually reinforce each other rather than crosscut: Less educated whites tend to be more Evangelical and more racist, and they live in geographical spaces with less economic momentum.

He speaks in a language that ordinary people can understand. He makes fun of the elites who look down on his supporters as a “basket of deplorables” and who think it is a good idea to defund the police who protect them and to prioritize snail darters over jobs. He appoints judges and justices who are true conservatives. He believes more in gun rights than in gay rights. He rejects political correctness and the language-police and woke ideology as un-American. And he promises to reclaim the jobs that previous presidents (of both parties) allowed to be shipped abroad. In sum, he offers a relatively coherent set of beliefs and policies that are attractive to many voters and which he has been better at seeing implemented than any previous Republican president.

What Trump supporters who rioted in D.C. share are the beliefs that Trump is their hero, regardless of his flaws, and that defeating Democrats is a holy war to be waged by any means necessary.

In the end, Grofman said,Trying to explain the violence on the Hill by only talking about what the demonstrators believe is to miss the point. They are guilty, but they wouldn’t be there were it not for the Republican politicians and the Republican attorneys general, and most of all the president, who cynically exaggerate and lie and create fake conspiracy theories and demonize the opposition. It is the enablers of the mob who truly deserve the blame and the shame.

brokered a deal to move the Port of Los Angeles toward 24/7 operations, joining Long Beach, which is already operating around the clock, and that they are encouraging states to accelerate the licensing of more truck drivers.

On Wednesday, the White House will host leaders from the Port of Los Angeles, the Port of Long Beach, and the International Longshore and Warehouse Union to discuss the difficulties at ports, as well as hold a round table with executives from Walmart, UPS and Home Depot.

Imports for the fourth quarter are on pace to be 4.7 percent higher than in the same period last year, which was also a record-breaking holiday season,

Companies are exacerbating the situation by rushing to obtain products and bidding up their own prices.

Administration officials acknowledged on Tuesday in a call with reporters that the $1.9 trillion economic aid package Mr. Biden signed into law in March had contributed to supply chain issues by boosting demand for goods, but said the law was the reason the U.S. recovery has outpaced those of other nations this year.

Consumer demand for exercise bikes, laptops, toys, patio furniture and other goods is booming, fueled by big savings amassed over the course of the pandemic.

The blockages stretch up and down supply chains, from foreign harbors to American rail yards and warehouses.

the average anchorage time had stretched to more than 11 days.

Home Depot, Costco and Walmart have taken to chartering their own ships to move products across the Pacific Ocean.

Companies that had been trying to avoid passing on higher costs to customers may find that they need to as higher costs become longer lived.

worsening supplier delivery times and conditions at ports suggested that product shortages would persist into mid- to late next year.

the pandemic has shut down factories and slowed production around the world. Port closures, shortages of shipping containers and truck drivers, and pileups in rail and ship yards have led to long transit times and unpredictable deliveries for a wide range of products

“But to some extent, they need to let markets do their work,” she said.

a Transportation Department official gathering information on what the administration could do to address the supply chain shortages had contacted his company. Flexport offered the administration suggestions on changing certain regulations and procedures to ease the blockages, but warned that the problem was a series of choke points “stacked one on top of the other.”

from the whole big picture, the supply capacity is really hard to change in a noteworthy way.”

The shortages have come as a shock for many American shoppers, who are used to buying a wide range of global goods with a single click, and seeing that same product on their doorstep within hours or days.

The political risk for the administration is that shortfalls, mostly a nuisance so far, turn into something more existential. Diapers are already in short supply. As aluminum shortages develop, packaging pharmaceuticals could become a problem,

slow deliveries could make for slim pickings this Christmas and Hanukkah.

Consumer price inflation probably climbed by 5.3 percent in the year through September, data from the Bureau of Labor Statistics is expected to show on Wednesday.

They often point out that much of the surge has been spurred by a jump in car prices, caused by a lack of computer chips that delayed vehicle production.

governments around the world could help to smooth some shortages and dampen some price increases, for example by encouraging workers to move into industries with labor shortages, like trucking

Tesla, for instance, had been hoping to reduce the cost of its electric vehicles and has struggled to do that amid the bottlenecks.

If demand slumps as households spend away government stimulus checks and other savings they stockpiled during the pandemic downturn, that could leave purveyors of couches and lawn furniture with fewer production backlogs and less pricing power down the road.

If buying stays strong, and shipping remains problematic, inflation could become more entrenched.

To get their own orders fulfilled, companies have placed bigger orders and offered to pay higher prices.

Some people are trying to figure out the impact from the bottom up, looking at various kinds of work and guesstimating how much of that work can be replaced or augmented by A.I. The most widely circulated numbers come from Goldman Sachs, whose base case has A.I. increasing the growth rate of productivity — output per person-hour — by almost 1.5 percentage points a year over a decade, for a total over that decade of about 15 percent:

By the time the productivity surge tapered off, productivity was about 12 percent higher than the previous trend would have led you to expect it would be. Since A.I. is arguably an even more profound innovation than the technologies that drove the 1995-2005 boom, 15 percent isn’t at all unreasonable.

economists often identify total factor productivity growth with technological progress. That’s sometimes a bit dubious, since T.F.P. is really a “measure of our ignorance,” simply the part of economic growth we can’t explain otherwise. But from 1995 to 2005 it seems fairly clear that the boom was driven by information technology.

Here’s another view of that boom, in which I show the natural log of productivity — so that a straight line corresponds to steady growth — and plot a continuation of the growth rate from 1973 to 1995 (the red line), so that you can see how actual growth compared:

Is this plausible? Actually, yes. One parallel, if you’ve studied the historical relationship between technology and productivity, is the productivity boom from 1995 to 2005, which followed decades of weak productivity growth.

But will higher productivity make us richer or simply reduce the number of jobs? Fears of technological unemployment — a term invented by none other than John Maynard Keynes in 1930 — go back at least to the early 19th century.

While technology has often eliminated some jobs, however, historically this has always been, as Keynes wrote, “a temporary phase of maladjustment,” with other forms of employment rising to replace the jobs lost

while there’s no reason to believe that what we’re calling A.I. will lead to mass unemployment, it may well hurt the people who are displaced from their jobs and either have trouble finding new employment or are obliged to accept lower wages. Who are the potential losers?

The likely answer is that big impacts will fall on relatively high-end administrative jobs, many of them currently highly paid, while blue-collar jobs will be largely unscathed

there are other applications of big data that may affect blue-collar work. For example, with all the buzz around ChatGPT there has been relatively little attention paid to the fact that after years of failed hype, self-driving cars are actually beginning to go into service.

Still, at this point it seems more likely than not that A.I. will, unlike technological progress over the past 40 years, be a force for lower rather than higher income inequality.

rapidly rising interest rates have made debt considerably more worrisome. Conventional estimates of the economy’s long-run sustainable growth rate, like those of the Federal Reserve, tend to put it around 1.8 percent. And real interest rates on federal debt are now above that number:

if optimistic estimates of the boost from the technology are at all right, growth will be much higher than 1.8 percent over the next decade, and debt won’t be a big concern after all — especially because faster growth will boost revenue and reduce the budget deficit.

All of this is, of course, highly speculative. Nobody really knows how big an impact A.I. will have. But again, it doesn’t have to be “true” artificial intelligence to be a big deal for the economy, and the best guess is that it will probably matter a lot.

So fear creates recessions in the long run — and if we continue to have rising fear, the probability of a European recession grows and the probability of a US recession grows. Geopolitics is playing a bigger role in everyone’s equations.”

Geopolitical risk is a major component in shaping all our lives. We are having rising fear throughout the world, and less hope. Rising fear creates a withdrawal from consumption or spending more.

“When the Russian invasion occurred in Ukraine, we said that the peace dividend is over,” Larry Fink, chief executive of investment giant BlackRock, told The Sunday Times. “Now, with the instability in the Middle East, we’re going to almost a whole new future.

Dimon noted that inflation had “levelled off a little bit” overall, but said: “It’s not clear to me that long-term forces are not inflationary … And that’s why I’m saying rates could possibly go up from here. That’s life in the fast lane.”

Higher borrowing costs have started to hit debt-fuelled sectors that boomed in the zero-rates era — such as commercial property, where $80 billion (£65 billion) of assets across the US are in some form of financial distress, according to MSCI, and private equity.

[the legendary investor] Warren Buffett says you see who’s swimming naked when the tide goes out. Not everyone is really ready for 6 or 7 per cent rates, but I wouldn’t rule them out.”

Fink pointed out that the transmission of rate rises into the US economy was less direct than in the UK

“I’m a fundamental believer that we’re going to have higher inflation for longer, and it’s going to require the [Fed] to raise rates higher — probably one or two more tightenings — and that will ultimately be the way we get into recession.”

Many senior figures on Wall Street worry about the US government’s ability to finance itself in the medium term. As in the UK, the market for government debt was underpinned by huge waves of quantitative easing (QE) after the financial crisis, as the Federal Reserve, in effect, bought assets including Treasuries to boost the economy. Following a revival of the programme during Covid, it came to an end in March last year.

The withdrawal of QE, combined with lacklustre appetite for Treasuries among US banks and international investors such as China, could force the government to pay higher prices at a time of near-record borrowing.

“It might be a 20km headwind right now, but next year it’s going to be 25km and it’s going to grow,” a top investor said of the decreasing international demand for US government debt.

US stock market floats and fundraisings, the heartbeat of capital markets, slumped to their lowest level since 1998 last year as the spike in interest rates punctured valuations of growth stocks in sectors such as tech and healthcare.

The cautious mood on Wall Street comes against a backdrop of surprisingly strong US growth. The economy expanded by an astonishing 4.9 per cent in the third quart

the Biden administration is shovelling stimulus into the system via big pieces of legislation promising to accelerate America’s adoption of renewables, rebuild its advanced semiconductor industry and increase its spending on roads, bridges and broadband.

We have huge stimulus,” said Fink. “People are not factoring in the Inflation Reduction Act, the Chips Act and the Infrastructure Act, which are about $970 billion of stimulus. Those are the largest stimuluses ever when there’s not a pandemic or a financial crisis ... And it’s at a time when you can have unions win a 25 per cent labour increase … These are very inflationary, whether it’s the fiscal stimulus or these wage increases.”

It all comes back to that word. Unexpectedly high growth, massive government stimulus and now two wars that threaten to spill out into broader crises — it all spells inflation. The flurry of hope in markets that Fed and the Bank of England have reached the top of their rate-raising cycles may yet prove premature

In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 

Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?

Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry

It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 

some economists, residents and politicians are concerned about the boom’s long-term implications.

The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.

“It is literally, for Americans right now, the place to go,”

One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.

“Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”

Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.

Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,

The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009

Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 

In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 

The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.

Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.

Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”

This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 

Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 

Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.

For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 

“The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  

The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 

Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 

“The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 

A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.

Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 

Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”

Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.

“It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”

Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”

“Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”

For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 

“Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”

Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 

“Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”

In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.

More than one-third of highly qualified Portuguese students leave the country after graduating,

Even higher-paid technology workers have started decamping to cheaper places. 

Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.

While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.

If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”

The rate of firearm homicides was 20 times higher in the United States than in the other countries, according to the report, which cited a 2011 study of 23 countries. And though suicide rates were lower in the United States, firearm suicide rates were six times higher.

Panelists were surprised at just how consistently Americans ended up at the bottom of the rankings. The United States had the second-highest death rate from the most common form of heart disease, the kind that causes heart attacks, and the second-highest death rate from lung disease, a legacy of high smoking rates in past decades. American adults also have the highest diabetes rates.

Youths fared no better. The United States has the highest infant mortality rate among these countries, and its young people have the highest rates of sexually transmitted diseases, teen pregnancy and deaths from car crashes. Americans lose more years of life before age 50 to alcohol and drug abuse than people in any of the other countries.

The United States is a bigger, more heterogeneous society with greater levels of economic inequality, and comparing its health outcomes to those in countries like Sweden or France may seem lopsided. B

the U.S. ranked near and at the bottom in almost every heath indicator. That stunned us.”

The panel sought to explain the poor performance. It noted the United States has a highly fragmented health care system, with limited primary care resources and a large uninsured population. It has the highest rates of poverty among the countries studied.

In the other countries, more generous social safety nets buffer families from the health consequences of poverty, the report said.

Could cultural factors like individualism and dislike of government interference play a role? Americans are less likely to wear seat belts and more likely to ride motorcycles without helmets.  

Americans also had the lowest probability over all of surviving to the age of 50. The report’s second chapter details health indicators for youths where the United States ranks near or at the bottom. There are so many that the list takes up four pages.

the panelists point out that this country spends more on health care than any other in the survey. And as recently as the 1950s, Americans scored better in life expectancy and disease than many of the other countries in the current study.

Perhaps a hundred years ago, America might have rightly claimed to have been the land of opportunity, or at least a land where there was more opportunity than elsewhere. But not for at least a quarter of a century. Horatio Alger-style rags-to-riches stories were not a deliberate hoax, but given how they’ve lulled us into a sense of complacency, they might as well have been.

government support for many state schools has been steadily gutted

the life prospects of an American are more dependent on the income and education of his parents than in almost any other advanced country for which there is data.

Discrimination, however, is only a small part of the picture. Probably the most important reason for lack of equality of opportunity is education: both its quantity and quality

While racial segregation decreased, economic segregation increased. After 1980, the poor grew poorer, the middle stagnated, and the top did better and better. Disparities widened between those living in poor localities and those living in rich suburbs — or rich enough to send their kids to private schools.

A result was a widening gap in educational performance — the achievement gap between rich and poor kids born in 2001 was 30 to 40 percent larger than it was for those born 25 years earlier

there are other forces at play, some of which start even before birth. Children in affluent families get more exposure to reading and less exposure to environmental hazards. Their families can afford enriching experiences like music lessons and summer camp. They get better nutrition and health care, which enhance their learning, directly and indirectly.

the situation is likely to get even worse

Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia.

students are crushed by giant student loan debts

at the same time that a college education is more important than ever for getting a good job.

Young people from families of modest means face a Catch-22: without a college education, they are condemned to a life of poor prospects; with a college education, they may be condemned to a lifetime of living at the brink.

increasingly even a college degree isn’t enough; one needs either a graduate degree or a series of (often unpaid) internships. Those at the top have the connections and social capital to get those opportunities

no one makes it on his or her own. And those at the top get more help from their families than do those lower down on the ladder

Without substantial policy changes, our self-image, and the image we project to the world, will diminish — and so will our economic standing and stability. Inequality of outcomes and inequality of opportunity reinforce each other — and contribute to economic weakness,

Policies that promote equality of opportunity must target the youngest Americans. First, we have to make sure that mothers are not exposed to environmental hazards and get adequate prenatal health care. Then, we have to reverse the damaging cutbacks to preschool education,

The right says that money isn’t the solution. They’ve chased reforms like charter schools and private-school vouchers, but most of these efforts have shown ambiguous results at best. Giving more money to poor schools would help. So would summer and extracurricular programs that enrich low-income students’ skills.

it is unconscionable that a rich country like the United States has made access to higher education so difficult for those at the bottom and middle. There are many alternative ways of providing universal access to higher education, from Australia’s income-contingent loan program to the near-free system of universities in Europe.

A more educated population yields greater innovation, a robust economy and higher incomes — which mean a higher tax base. Those benefits are, of course, why we’ve long been committed to free public education through 12th grade. But while a 12th-grade education might have sufficed a century ago, it doesn’t today

The new hand-wringing stems from a gross misunderstanding of the glacial nature of population change.

Even when the total fertility rate falls below 2.1 children, the “momentum” effects of earlier fertility trends will keep a population growing for many decades. In cases when the absolute size of a national population declines, the drop often turns out to be short-lived, and in aggregate numbers usually is so slight as to be of little significance.

young women especially, but also young men, increasingly see marriage and childbearing as major risks, given high divorce rates and the responsibility to support aging parents, who are enjoying longer lives.

it also can provide substantial benefits that have received less attention.

fertility decline is associated nearly everywhere with greater rights and opportunities for women.

the work forces of societies with low-to-moderate fertility rates often achieve higher levels of productivity than do higher fertility societies.

Substantial fertility declines in southern India, notably in the state of Kerala, have been associated with significant economic and educational gains. It is not hard to figure out why. Children, teenagers and young adults are generally less productive than middle-aged workers with more experience,

The fewer children who need primary and secondary education, the more resources there are that can be invested in higher-quality education per child

by enhancing the employment and career experiences of young adults, lower fertility can also bring about greater social and political stability

There are, in fact, ways that low fertility can be moderated, or even reversed, over time.

lower fertility rates may gradually reduce the incentives that have led a surprisingly large number of governments to encourage the emigration of their own young citizens,

France provides subsidized day care for children, starting at 2 1/2 months. Fees are on a sliding scale based on family income. Other countries have been reconsidering traditional school schedules, such as half-days and early closing times that impose serious work-family conflicts for parents, and housing subsidies for young families.

Some of the highest employment rates in the advanced world are in places with the highest taxes and most generous welfare systems, namely Scandinavian countries.

In Scandinavian countries, working parents have the option of heavily subsidized child care. Leave policies make it easy for parents to take off work to care for a sick child. Heavily subsidized public transportation may make it easier for a person in a low-wage job to get to and from work. And free or inexpensive education may make it easier to get the training to move from the unemployment rolls to a job.

In short, more people may work when countries offer public services that directly make working easier, such as subsidized care for children and the old; generous sick leave policies; and cheap and accessible transportation. If the goal is to get more people working, what’s important about a social welfare plan may be more about what the money is spent on than how much is spent.

, it could mean that more direct aid to the working poor could help coax Americans into the labor force more effectively than the tax credits that have been a mainstay for compromise between Republicans and Democrats for the last generation.

In Denmark, someone who enters the labor force at an average salary loses 86 percent of earnings to a combination of taxes and lost eligibility for welfare benefits; that number is only 37 percent in the United States. Yet the percentage of Danes between the ages of 20 and 59 with a job is 10 percentage points higher than in the United States.

In the United States, the major policies aimed at helping the working poor are devised around tax subsidies that put more cash in people’s pockets so long as they work, most notably through the Earned-income tax credit and Child Tax Credit.

There is a solid correlation, by Mr. Kleven’s calculations, between what countries spend on employment subsidies — like child care, preschool and care for older adults — and what percentage of their working-age population is in the labor force.

Collectively, these policies and subsidies create flexibility such that a person on the fence between taking a job versus staying at home to care for children or parents may be more likely to take a job.

The employment subsidies Mr. Kleven cites surely help coax more Scandinavians into the work force, Mr. Greenstein agrees, but shouldn’t be viewed in isolation.

wages for entry-level work are much higher in the Nordic countries than in the United States, reflecting a higher minimum wage, stronger labor unions and cultural norms that lead to higher pay

There are countless differences between Northern European countries and the rest of the world beyond child care policies and the like. The Scandinavian countries may have cultures that encourage more people to work, especially women.

Every country has a mix of taxes, welfare benefits and policies to promote work that reflects its politics and culture. In the large, diverse United States, there is deep skepticism of social welfare programs and direct government spending, along with a greater commitment to keeping taxes low.

At the risk of oversimplifying, take the example of a family with a diabetic member who must pay for insulin on a regular basis

The family also happens to own stock in the three powerful pharmaceutical companies that manufacture insulin in the United States

price increases have resulted in higher profits for company executives and their shareholders.

Whether those price hikes ultimately harm or benefit the family depends on two factors: how much they spend on insulin and how much of a stake in the insulin companies they own through the stock market.

researchers use data from the federal Survey of Consumer Finances and the Consumer Expenditure Survey to calculate the distribution of corporate equity (e.g., stocks and business equity) and of total consumer expenditures. They find that corporate equity is much more unequally distributed than expenditures.

The top 20 percent of U.S. households own nearly 90 percent of the country’s total equity, according to their calculations. But those households account for a hair under 40 percent of total consumer spending

the bottom 80 percent of the country owns just 10 percent of the equity but spends 60 percent of the money.

On net, that means it’s nearly impossible for the typical U.S. family to make up for higher prices via the performance of their stock portfolio. When prices rise, low- and middle-class families pay. Wealthy families profit

They find that monopolistic pricing takes a bite out of every income group’s share of national income, with the notable exception of the top 20 percent, whose incomes rise. In effect, companies are using their market power to extract wealth from poor and middle-class households and deposit it in the pockets of the wealthy, to the tune of about 3 percent of national household income in 2016.

The implication of these findings is that antitrust enforcement has potential to be a tool in the fight against rising inequality by reducing the ability of large companies to set high prices that primarily benefit the wealthy. Conversely, the findings suggest that a recent lapse in that enforcement is contributing to the growing gap between the rich and poor.

Serious psychological distress and suicide-related thoughts or actions also rose by 70 percent in young adults, from 7.7 percent to 13.1 percent

The percentages for older adults remained stable over the same period, indicating that whatever is driving the changes is disproportionately affecting those who are young

“cultural trends in the last 10 years may have had a larger effect on mood disorders and suicide-related outcomes among younger people

found the greatest upticks in young people who were wealthier and female.

they occurred during a period of economic expansion and at a time when drug and alcohol use among young people has been unchanged or decreasing.

the increases may be linked to increased time spent on social media and electronic communication, along with a decrease in the sleep young people are getting

“Social media has moved from being something that about half of teens were using every day to something almost all teens are doing every day,”

“It used to be an optional thing, and now, especially among girls, it’s virtually mandatory,”

she called social media “the perfect place to be verbally aggressive,” which can contribute to depression and low self-esteem.

Jared Roseman, 20, a German and linguistics major at Georgetown, who described himself as “a generally kind of anxious person,” said constantly viewing the curated images of friends’ lives can skew one’s sense of self. “It creates a false sense of reality so that many people start to doubt themselves.”

The increase in adolescent depression was higher among wealthier people, rising 79 percent between 2010 and 2017 in the highest income bracket, to 14.1 percent, while increasing 55 percent, to 15.3 percent, in the lowest income group during the same period.

“the message being transmitted by parents is that the world is a dangerous place.”

“Children aren’t really being allowed to be exposed to the idea that you can survive stress . . . so all of this could be affecting children’s ability to feel resilient and be resilient to everyday stressors,”

Social media plays into an innate human and animal preoccupation with hierarchy, said Joshua Coleman, a psychologist in Oakland, Calif., and a senior fellow at the Council on Contemporary Families. “It offers almost a minute-to-minute update on your social status,” he said. “Every interaction you have is rated, and that’s basically what life is like for young people these days.

“Maintaining your parents’ standard of living is harder than it was 20 years ago,” she said. “They feel, ‘I have to get into that top university that my parents attended, and if I don’t, I have no life, I will be left behind, I won’t be able to support myself.’ ”

Lydia Turnage, 23, who graduated from Georgetown last year and is now a law student at Columbia University, said among her peers a bachelor’s degree is so common these days that getting one feels less momentous than it might have a generation or two back.

“All this work to try to get to this place, and then it feels like you’re just checking a box; it doesn’t really get you anything meaningful,” she said. “It’s caused a feeling — I don’t want to say hopelessness, but cynicism.”

That feeling is compounded by the pressure to already have a job lined up after college, she said. “It’s definitely a conversation that students are having a lot more.

Despite the increase in distress indicators, he said, the overall percentages are still low.

I’m not willing to say that we have a widespread problem on our hands when it’s only 13 percent of the population.”

“We are living at a time of massive inequality, where the key to social mobility in our country is higher education, but access to higher education has not expanded,” he said. “Kids sense that their futures are very uncertain, and that’s also anxiety-producing.”

Turnage said she wishes there were a better solution to stress than “just Band-Aid fixes.”

“A lot of students feel like that’s not really helpful at the end of the day, like figuring out a way to stop it from happening is more important than trying to do something about it as it’s happening,”

One solution she came up with for herself was quitting Instagram a couple of months ago. “I just felt like every time I went on it, it just made me unhappy,” she said. “I just took it off my phone. And I can tell there’s a big difference in just day-to-day mood. It really does make a difference.”

The most revealing false claim: The flu mortality rate

VirusesAwareness of Ebola in 2014Comparing the coronavirus outbreak with the Ebola situation of 2014, Trump said, "At that time, nobody had ever even heard of Ebola." -- February 25 press conference in New Delhi, India "Nobody knew anything about it. Nobody had ever heard of anything like this." -- February 26 coronavirus press conference Facts First: Some Americans certainly didn't know a whole lot about Ebola before 2014, but the claims that "nobody" had ever even heard of Ebola and that "nobody" knew anything about it are absurd. Ebola was discovered in 1976. It had been the subject of considerable media coverage in the next three decades, not to mention scientific study.

Gupta, CNN chief medical correspondent, told Trump at a press conference, "Mr. President, you talked about the flu and then in comparison to the coronavirus. The flu has a fatality ratio of about 0.1%." Trump said, "Correct." But Trump later disputed the figure, saying, "And the flu is higher than that. The flu is much higher than that." -- February 26 coronavirus press conferenceFacts First: Even if Trump meant that the flu has a "much higher" fatality rate than 0.1% -- rather than meaning that the flu's mortality rate is "much higher" than that of the novel coronavirus -- he was wrong. The mortality rate for seasonal flu is "about 0.1%, 0.2% at the most," Fauci, director of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health -- who appeared with Trump at this same news conference -- told this to USA Today in mid-February, echoing the comments of other experts and Centers for Disease Control and Prevention data since 2010.

Indexing has gone big, very big. For nine in 10 companies on the S&P 500, their largest single shareholder is one of the Big Three. For many, the big indexers control 20 percent or more of their shares. Index funds now control 20 to 30 percent of the American equities market, if not more.

One primary concern comes from the analysts at Bernstein: “A supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active, market-led capital management.”

Passively managed investment options do not just outperform actively managed ones in terms of both better returns and lower fees. They eat their lunch.

Let’s imagine that a decade ago you invested $100 in an index fund charging a 0.04 percent fee and $100 in a traditional mutual fund charging a 1.5 percent fee. Let’s also imagine that the index fund tracked the S&P 500, and that the mutual fund ended up returning what the S&P 500 returned. Your passively invested $100 would have turned into $356.66 in 10 years. Your traditionally invested $100 would have turned into $313.37.

Actively managed investment options could make up for their higher fees with higher returns. And some do, some of the time. Yet scores of industry and academic studies stretching over decades show that trying to beat the market tends to result in lower returns than just buying the market. Only a quarter of actively managed mutual funds exceeded the returns of their passively managed cousins in the decade leading up to 2019,

What might be good for retail investors might not be good for the financial markets, public companies, or the American economy writ large, and the passive revolution’s scope has raised all sorts of hand-wringing and red-flagging. Analysts at Bernstein have called passive investing “worse than Marxism.” The investor Michael Burry, of The Big Short fame, has called it a “bubble,” and a co-head of Goldman Sachs’s investment-management division has warned about froth too. Shortly before his death in 2019, Bogle himself warned that index funds’ dominance might not “serve the national interest.”

The problem is that the public markets have been cornered by a group of investment managers small enough to fit at a lunch counter, dedicated to quiescence and inertia.

Active managers direct investment dollars to companies on the basis of those companies’ research-and-development prospects, human capital, regulatory outlook, and so on. They take new information and price it into a company’s stock when buying and selling shares.

Passive investors, by contrast, ignore annual reports and market rumors. They do nothing with trading-floor gossip. They make no attempt to research what to invest in and what to skip. Whether holding international or domestic assets, holding stocks or bonds, or using a mutual-fund structure or an ETF structure, they just mirror the market. Big U.S.-stock index funds buy big U.S. stocks just because they’re big U.S. stocks.

At least in a Soviet-type centrally planned economy, apparatchiks would be making some attempt to allocate resources efficiently.

Passive management is merely a giant phenomenon, not an all-encompassing one. Hundreds of actively managed mutual funds are still out there, as are legions of day traders, hedge funds, and private offices buying and selling and buying and selling. Stock prices still move around, sometimes dramatically, on the basis of new data and new ideas.

Still, passive investing may well be degrading the informational content of the markets, messing up price signals and making business decisions harder as a result.

When one of these commodities ends up on an index, the firms that use that commodity in their business see a 6 percent increase in costs and a 40 percent decrease in operating profits, relative to firms without exposure to the commodity, the academics found

the price fluctuations of a newly indexed stock “magically and quickly” change. A firm’s shares begin to move “more closely with its 499 new neighbors and less closely with the rest of the market. It is as if it has joined a new school of fish.”

More broadly, the Bernstein analysts, among others, worry that index-linked investing is increasing correlation, whereby the prices of stocks, bonds, and other assets move up or down or sideways together.

Their theory is that ETF trading shifts prices in subtle ways, making it harder for businesses to know when to buy their gold and copper. Corporate executives “are being influenced by what happens in the futures market, and what happens in the futures market is being influenced by ETF trading,”

A far bigger concern is that the rise of the indexers might be making American firms less competitive, through “common ownership,” in which the mega-asset managers control large stakes in multiple competitors in the same industry. The passive firms control big chunks of the airlines American, Delta, JetBlue, Southwest, and United, for instance

The rise of common ownership might be perverting corporate behavior in weird ways, academics argue. Think about the incentives like this: Let’s imagine that you are a major shareholder in a public widget company. We’d expect you to desire—insist, even—that the company fight for market share and profits. But now imagine that you are a major shareholder in all the important widget companies. You would no longer really care which one succeeded, particularly not if one company doing better meant another company doing worse. You’d just care about the widget sector’s corporate profits, which would go up if the widget companies quit competing with one another and started raising prices to pad their bottom line.

one major paper showed that common ownership of airline stocks had the effect of raising ticket prices by 3 to 7 percent.

A separate study showed that consumers are paying higher prices for prescription medicines because generic-drug makers have less incentive to compete with the companies making name-brand drugs.

Yet another study showed that common ownership is leading retail banks to charge higher prices.

Across firms, executive compensation seems to be more closely linked to a company’s performance when its shareholders are not invested in the company’s rivals, the study found. In other words, firms stop paying managers for performance when owned by the same people who own their rivals.

The market clout of the indexers raises other questions too. The actual owners of the stocks—not the index-fund managers but the people putting money into index funds—have little say over the companies they own. Vanguard, Fidelity, and State Street, not Mom and Dad, vote in shareholder elections

In fact, the Big Three cast roughly 25 percent of the votes in S&P 500 companies.

In an interview with The Wall Street Journal, the chief executive officer of State Street said he thought it was “almost inevitable, when you see this kind of concentration, that it probably will make sense to do something about it.”

But figuring out what the appropriate restrictions are depends on determining just what the problem with the indexers is—are they distorting price signals, raising the cost of consumer goods, posing financial systemic risk, or do they just have the market cornered? Then, what to do about it? Common ownership is not a problem the government is used to handling.

, thanks to the passive revolution, a broad variety and huge number of firms might have less incentive to compete. The effect on the real economy might look a lot like that of rising corporate concentration. And the two phenomena might be catalyzing one another, as index investing increases the number of mergers and makes them more lucrative.

In recent decades, the whole economy has gone on autopilot. Index-fund investment is hyperconcentrated. So is online retail. So are pharmaceuticals. So is broadband. Name an industry, and it is likely dominated by a handful of giant players. That has led to all sorts of deleterious downstream effects: suppressing workers’ wages, raising consumer prices, stifling innovation, stoking inequality, and suffocating business creation

The problem is not just the indexers. It is the public markets they reflect, where more chaos, more speculation, more risk, more innovation, and more competition are desperately needed.

“I think often policymakers have often overlooked the substantial tools and abilities the Department of Education has, so I think it’s encouraging to see a broader exploration of what can be done there,” Ben Miller, the vice president for postsecondary education at the Center for American Progress, told Vox.

Still, Warren’s proposal could also serve to shift the debate about what measures are possible to tackle America’s $1.6 trillion student debt crisis — especially if other candidates propose similar plans.

The key question here is whether Congress envisioned the Higher Education Act to be used to give the education secretary such broad power in canceling more than $1 trillion worth of student debt.

This broad executive action could be challenged in court, but because the existing law grants the secretary “absolute” discretion to modify loans, multiple experts told Vox it could be difficult for outside parties to sue. Loan servicers themselves might be in the best position to file a suit.

“The burdens of student debt are not distributed equally across all Americans: our country’s student debt crisis is hitting Black and Latinx communities especially hard,” Warren wrote in her plan. “Half of Black borrowers and a third of Latinx borrowers default on their loans within 20 years.”

That could mean a “redirection of that money spent potentially on housing, a car, large-ticket items where they could take out a loan to finance that rather than the student loan,” said Bill Foster, a vice president with Moody’s and an author of the report, in an interview with Vox. Debt holders “might be more inclined to start a family or buy a house. It could lead to household creation, and when people start families, people spend more.”

Just as canceling the entirety of America’s student loan debt could be an economic boost, it could also raise the federal deficit. Universal student loan debt cancellation would result in about “0.4% of GDP in annual forfeited revenue as the government foregoes debt service collection on forgiven loans,” according to the Moody’s report.

“Medical care is one of the less important determinants of life expectancy,” said Joseph Newhouse, a health economist at Harvard. “Socioeconomic status and other social factors exert larger influences on longevity.”

The United States has relied more on market forces, which have been less effective.

For spending, many experts point to differences in public policy on health care financing. “Other countries have been able to put limits on health care prices and spending” with government policies

One result: Prices for health care goods and services are much higher in the United States.

“The differential between what the U.S. and other industrialized countries pay for prescriptions and for hospital and physician services continues to widen over time,”

The degree of competition, or lack thereof, in the American health system plays a role

periods of rapid growth in U.S. health care spending coincide with rapid growth in markups of health care prices. This is what one would expect in markets with low levels of competition.

Although American health care markets are highly consolidated, which contributes to higher prices, there are also enough players to impose administrative drag. Rising administrative costs — like billing and price negotiations across many insurers — may also explain part of the problem.

The additional costs associated with many insurers, each requiring different billing documentation, adds inefficiency

“We have big pharma vs. big insurance vs. big hospital networks, and the patient and employers and also the government end up paying the bills,”

Though we have some large public health care programs, they are not able to keep a lid on prices. Medicare, for example, is forbidden to negotiate as a whole for drug prices,

once those spending constraints eased, “suppliers of medical inputs marketed very costly technological innovations with gusto,”

, all across the world, one sees constraints on payment, technology, etc., in the 1970s and 1980s,” he said. The United States is not different in kind, only degree; our constraints were weaker.

Mr. Starr suggests that the high inflation of the late 1970s contributed to growth in health care spending, which other countries had more systems in place to control

These are all highly valuable, but they came at very high prices. This willingness to pay more has in turn made the United States an attractive market for innovation in health care.

The last third of the 20th century or so was a fertile time for expensive health care innovation

being an engine for innovation doesn’t necessarily translate into better outcomes.

international differences in rates of smoking, obesity, traffic accidents and homicides cannot explain why Americans tend to die younger.

Some have speculated that slower American life expectancy improvements are a result of a more diverse population

But Ms. Glied and Mr. Muennig found that life expectancy growth has been higher in minority groups in the United States

even accounting for motor vehicle traffic crashes, firearm-related injuries and drug poisonings, the United States has higher mortality rates than comparably wealthy countries.

The lack of universal health coverage and less safety net support for low-income populations could have something to do with it

“The most efficient way to improve population health is to focus on those at the bottom,” she said. “But we don’t do as much for them as other countries.”

The effectiveness of focusing on low-income populations is evident from large expansions of public health insurance for pregnant women and children in the 1980s. There were large reductions in child mortality associated with these expansions.

A report by RAND shows that in 1980 the United States spent 11 percent of its G.D.P. on social programs, excluding health care, while members of the European Union spent an average of about 15 percent. In 2011 the gap had widened to 16 percent versus 22 percent.

“Social underfunding probably has more long-term implications than underinvestment in medical care,” he said. For example, “if the underspending is on early childhood education — one of the key socioeconomic determinants of health — then there are long-term implications.”

Slow income growth could also play a role because poorer health is associated with lower incomes. “It’s notable that, apart from the richest of Americans, income growth stagnated starting in the late 1970s,”

History demonstrates that it is possible for the U.S. health system to perform on par with other wealthy countries

That doesn’t mean it’s a simple matter to return to international parity. A lot has changed in 40 years. What began as small gaps in performance are now yawning chasms

“For starters, we could have a lot more competition in health care. And government programs should often pay less than they do.” He added that if savings could be reaped from these approaches, and others — and reinvested in improving the welfare of lower-income Americans — we might close both the spending and longevity gaps.

“There are a lot of people who came out to vote in this election who frankly did it as their last shot at seeing whether the government can really work for them,

People who go to college “are often from more advantaged backgrounds, and they end up doing very well in the labor market,”

more than 70 percent of currently unemployed workers do not have a bachelor’s degree, and 43 percent did not attend college at all

almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

Without a parallel effort to curb tuition growth, one-time debt relief could actually lead to more higher-education debt in the future as students take on larger loans

Mr. Looney said that canceling $50,000, at a projected cost of $1 trillion, would be “among the largest transfer programs in American history,”

Student debt load has tripled since 2006 and eclipsed both credit cards and auto loans as the largest source of household debt outside mortgages, and much of it falls on Black graduates, who owe an average of $7,400 more than their white peers at the time they leave school.

The legal argument for debt cancellation by executive action hinges on a passage in the Higher Education Act of 1965 that gives the education secretary the power to “compromise, waive or release” federal student loan debts

The government has struggled to get all borrowers who would benefit from income-linked plans enrolled in them, in part because the loan servicers it hired to work with borrowers and collect their payments have not guided people through the complicated process of getting and staying enrolled.

The “benefit of outright cancellation is simplicity,”

“There’s no question that student debt is a problem in this country, but simply forgiving student loans is not the answer,” Mr. Thune said.

D’Errico has developed a scenario to explain how number systems might have arisen through the very act of producing such artefacts. His hypothesis is one of only two published so far for the prehistoric origin of numbers.

It all started by accident, he suggests, as early hominins unintentionally left marks on bones while they were butchering animal carcasses. Later, the hominins made a cognitive leap when they realized that they could deliberately mark bones to produce abstract designs — such as those seen on an approximately 430,000-year-old shell found in Trinil, Indonesia6. At some point after that, another leap occurred: individual marks began to take on meaning, with some of them perhaps encoding numerical information

The Les Pradelles hyena bone is potentially the earliest known example of this type of mark-making, says D’Errico. He thinks that with further leaps, or what he dubs cultural exaptations, such notches eventually led to the invention of number signs such as 1, 2 and 37.

Overmann has developed her own hypothesis to explain how number systems might have emerged in prehistory — a task made easier by the fact that a wide variety of number systems are still in use around the world. For example, linguists Claire Bowern and Jason Zentz at Yale University in New Haven, Connecticut, reported in a 2012 survey that 139 Aboriginal Australian languages have an upper limit of ‘three’ or ‘four’ for specific numerals. Some of those languages use natural quantifiers such as ‘several’ and ‘many’ to indicate higher values

here is even one group, the Pirahã people of the Brazilian Amazon, that is sometimes claimed not to use numbers at all10.

In a 2013 study11, Overmann analysed anthropological data relating to 33 contemporary hunter-gatherer societies across the world. She discovered that those with simple number systems (an upper limit not much higher than ‘four’) often had few material possessions, such as weapons, tools or jewellery. Those with elaborate systems (an upper numeral limit much higher than ‘four’) always had a richer array of possessions.

In societies with complex number systems, there were clues to how those systems developed. Significantly, Overmann noted that it was common for these societies to use quinary (base 5), decimal or vigesimal (base 20) systems. This suggested to her that many number systems began with a finger-counting stage.

This finger-counting stage is important, according to Overmann. She is an advocate of material engagement theory (MET), a framework devised about a decade ago by cognitive archaeologist Lambros Malafouris at the University of Oxford, UK12. MET maintains that the mind extends beyond the brain and into objects, such as tools or even a person’s fingers. This extension allows ideas to be realized in physical form; so, in the case of counting, MET suggests that the mental conceptualization of numbers can include the fingers. That makes numbers more tangible and easier to add or subtract.

The societies that moved beyond finger-counting did so, argues Overmann, because they developed a clearer social need for numbers. Perhaps most obviously, a society with more material possessions has a greater need to count (and to count much higher than ‘four’) to keep track of objects.

An artefact such as a tally stick also becomes an extension of the mind, and the act of marking tally notches on the stick helps to anchor and stabilize numbers as someone counts.

some societies moved beyond tally sticks. This first happened in Mesopotamia around the time when cities emerged there, creating an even greater need for numbers to keep track of resources and people. Archaeological evidence suggests that by 5,500 years ago, some Mesopotamians had begun using small clay tokens as counting aids.

Overmann acknowledges that her hypothesis is silent on one issue: when in prehistory human societies began developing number systems. Linguistics might offer some help here. One line of evidence suggests that number words could have a history stretching back at least tens of thousands of years.

Evolutionary biologist Mark Pagel at the University of Reading, UK, and his colleagues have spent many years exploring the history of words in extant language families, with the aid of computational tools that they initially developed to study biological evolution. Essentially, words are treated as entities that either remain stable or are outcompeted and replaced as languages spread and diversif

Using this approach, Pagel and Andrew Meade at Reading showed that low-value number words (‘one’ to ‘five’) are among the most stable features of spoken languages14. Indeed, they change so infrequently across language families — such as the Indo-European family, which includes many modern European and southern Asian languages — that they seem to have been stable for anywhere between 10,000 and 100,000 years.

In 1981, Huntington predicted that the next moral convulsion would hit America around the second or third decade of the 21st century—that is, right about now.

Trump is the final instrument of this crisis, but the conditions that brought him to power and make him so dangerous at this moment were decades in the making, and those conditions will not disappear if he is defeated.

Social trust is a measure of the moral quality of a society—of whether the people and institutions in it are trustworthy, whether they keep their promises and work for the common g

When people in a society lose faith or trust in their institutions and in each other, the nation collapses.

This is an account of how, over the past few decades, America became a more untrustworthy society

under the stresses of 2020, American institutions and the American social order crumbled and were revealed as more untrustworthy still

We had a chance, in crisis, to pull together as a nation and build trust. We did not. That has left us a broken, alienated society caught in a distrust doom loop.

The Baby Boomers grew up in the 1950s and ’60s, an era of family stability, widespread prosperity, and cultural cohesion. The mindset they embraced in the late ’60s and have embodied ever since was all about rebelling against authority, unshackling from institutions, and celebrating freedom, individualism, and liberation.

The emerging generations today enjoy none of that sense of security. They grew up in a world in which institutions failed, financial systems collapsed, and families were fragile. Children can now expect to have a lower quality of life than their parents, the pandemic rages, climate change looms, and social media is vicious. Their worldview is predicated on threat, not safety.

Thus the values of the Millennial and Gen Z generations that will dominate in the years ahead are the opposite of Boomer values: not liberation, but security; not freedom, but equality; not individualism, but the safety of the collective; not sink-or-swim meritocracy, but promotion on the basis of social justice

A new culture is dawning. The Age of Precarity is here.

I’ve spent my career rebutting the idea that America is in decline, but the events of these past six years, and especially of 2020, have made clear that we live in a broken nation. The cancer of distrust has spread to every vital organ.

Those were the days of triumphant globalization. Communism was falling. Apartheid was ending. The Arab-Israeli dispute was calming down. Europe was unifying. China was prospering. In the United States, a moderate Republican president, George H. W. Bush, gave way to the first Baby Boomer president, a moderate Democrat, Bill Clinton.

The stench of national decline is in the air. A political, social, and moral order is dissolving. America will only remain whole if we can build a new order in its place.