May 23, 2019

Money

"It's obvious Trump will not release his tax returns, ever. The only way the American public will get them is if someone forces them out."

"Sometimes when an Ollie’s Bargain Outlet opens, the crowd can get large—particularly if Ollie’s arranges for a Nascar star or MLB player to visit—and law enforcement is needed to help manage the situation."

"Unlike previous iterations of socio-economic disruption caused by technological revolutions, the disruptions from advances in AI will be felt by all sectors of the economy—from manufacturing to legal and medical professions and everything between."

"We know from a wide body of research that immigrants on the whole help grow our economy. One of the most compelling data points is that immigrants have provided half of the growth in our workforce over the last decade."

"It is a commonplace observation that the rent is too damn high, at least in Manhattan, San Francisco, London, Vancouver and many of the world’s other glamour spots. Not only is this observation true — it’s worse than you think."

"At the end of last week, the three-month Treasury bills' yield rose above the yield for 10-year Treasuries for the first time since 2007, prompting warnings that the U.S. is headed for recession later this year or in early 2020."

"Democrats and Republicans seem to have irreconcilable views on economics, but on one point they agree: Small business is better than big."

"American landlords derive more profit from renters in low-income neighborhoods, researchers Matthew Desmond and Nathan Wilmers find."

"At the Jewish Museum in London called “Jews, Money, Myth.” The show explores the ways in which Jews have been associated with money over the past 2,000 years."

"America’s now trendy socialists mistake accretion for creation when it comes to wealth. This error of convenience serves as self-justification for the left’s policies, by simply assuming wealth will inevitably result...

"We have tied work closely to our overall life satisfaction — indeed, to our very identities. It isn’t surprising, then, that our jobs are letting us down."

"Ride hailing is going public. According to Reuters, both Uber and Lyft are on course for an initial public offering this year. Lyft will probably debut later this month. Uber is readying the paperwork..."

"What made millennials the way they are? Why are they so burned out? Why are they having fewer kids? Why are they getting married later? Why are they obsessed with efficiency and technology?"

"The Internal Revenue Service (IRS) might have your money. The tax agency has announced that more than $1.4 billion in outstanding refunds remain unclaimed from 2015. Yes, billion."

“For a decade now, the people whose job it is to predict the economy’s performance have made the same mistake, again and again and again. They have been too optimistic.

The pattern started during the 2007-09 financial crisis, of course. But it didn’t end there. In the immediate aftermath, the Federal Reserve was too quick to see “green shoots” sprouting across the economy. And in the years since, forecasters at both the Fed and in the private sector have repeatedly made forecasts that turned out to be too sunny.

I was inspired to dig into these forecasts — and the errors in them — after reading a new academic paper last week, by Lawrence Summers, the former Treasury secretary, and Lukasz Rachel, of the Bank of England. That paper is part of Summers’s continuing argument that the economy is suffering from something called “secular stagnation.” The economy isn’t simply enduring a slow recovery from the crisis. Its problems are deeper, as I lay out in the column.”

"From a retired couple who lived in a tent to a young woman who got divorced, we talked to people about how they stopped the debt spiral."

"If such a thing as American exceptionalism remains, maybe it can be found in this: most Americans still pay their income taxes every year..."

"It’s the empirically verifiable conclusion from the 20th century’s bitter contest between capitalist and socialist states. It’s not a race we should have to run twice."

"So, just how expensive is it? Despite the fact childbirth is one of the most common reasons for hospital admissions in the U.S., it can be difficult for an individual to estimate how much she might end up paying to deliver a baby."

"In 2008 the U.S. economy was collapsing, but I myself was experiencing a brief and temporary period of financial abundance, the first and only time like this I have ever known."

"Tipping is confusing, and paradoxical. We tip some people who provide services but not others who work just as hard for just as little pay."

"Democrats are avoiding questions about how to pay for Medicare for All and the Green New Deal. The answer is quite simple... Polling has shown that raising taxes on the wealthy is popular with a majority of voters."

"Conservatives need to start talking about the rich as ‘fountainheads’ and ‘Atlases,’ individuals who are indispensable to wealth creation and general prosperity."

"“It’s not that children make you unhappy,” Blanchflower told me. “It’s the fact that they bring lots of expenses and difficulties. You have to buy the milk and the diapers. And that financial pressure gets muddled up with this.”"

"I for one believe that commercial drivers licenses are a necessary thing. Ditto the restrictions that we rightly impose upon the ability of any lunatic to declare himself a dentist and start drilling away with the Crafstman in his garage. But hair?"

"Since 1980, the incomes of the very rich have grown faster than the economy. The upper middle class has kept pace with the economy, while the middle class and poor have fallen behind."

"It was just one branch of one company in one city, but Amazon’s cancellation of its planned New York office has cities and companies all over the country rethinking their plans."

"The super-rich are always looking for ways to decrease the amount of taxes they have to pay. But what are the things they do to ease their burden? Experts break down 5 common strategies that help save their clients money."

"Making our choices count is, however, far from straightforward, and this is the subject of Martin Hägglund’s book This Life: Secular Faith and Spiritual Freedom."

"For a decade, the oligarchs of Silicon Valley and Puget Sound worked overtime to win over progressives. For the most part, they enthusiastically back the Left on its immigration, environmental, gender, and racial agendas."

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JJ Editor's Daily Picks

"The results were surprising. The center-right coalition, led by Prime Minister Scott Morrison, remained in power against the opposition Labor party, which had led in every poll for years."

"Anger seldom works against Trump; he owns the currency and can always issue more of it. In addressing the rogue President directly, or speaking about him in the third person, Pelosi usually adopts a tone that is more sorrowful than angry..."

"I am Mizrahi, as are the majority of Jews in Israel today. We are of Middle Eastern and North African descent. Only about 30% of Israeli Jews are Ashkenazi, or the descendants of European Jews."

"Kids are exposed to plenty of controversial social issues on a daily basis. And if parents don’t want their kids to watch “Mr. Ratburn and the Special Someone,” they can turn off the TV."

"Are public-school teachers really underpaid? It’s a claim often made during teacher pay disputes, but the same data and statistical methods that produce the “teacher salary gap” lead to some ridiculous conclusions..."

"Tech companies are getting into the business of making cities. We need to stop Silicon Valley social engineering before things get even worse."

"Having a Library or Cafe Down the Block Could Change Your Life: Living close to public amenities—from parks to grocery stores—increases trust, decreases loneliness, and restores faith in local government."

"“What name . . . shall we give to the darkness of hell...?” The question of how we can name a place such as this is at the center of scholar Scott G. Bruce’s new anthology The Penguin Book of Hell."

"She had all six of her kids — ages 5, 4, 2 (twins) and 10 months (also twins!) in her 10-seater van. To get the kids a quick snack, Curry parked in front of the Cobbler’s Café."

"Nearly three-quarters of those surveyed said they grew up typically eating dinner at a kitchen table, but a little less than half said they do so now when eating at home."

"If you tied a rope tight around the Earth’s equator and then added a single yard of slack, would the extra material make any noticeable difference to someone standing on the ground?"

"While American Jewish women face attacks on our freedom and rising anti-Semitism, abortion opponents are appropriating Jewish history in order to push an agenda that hurts women."