AEI Monday morning links 1. Chart of the Day I (above) has been featured before on CD and is worth a re-post. It shows that America’s middle class is disappearing but it’s because they are moving into higher income groups not moving into lower income groups. Between 1969 and 2017, the share of US households making 0,000 or more (in constant 2017 dollars) has more than tripled from 9% to 29.2%, while the share of households making ,000 to 0,000 decreased from 53.8% to 41.3%. And the share of households making ,000 or less decreased from 37.2% to 29.5%. ============================================ 2. Chart of the Day II (above) shows average annual global temperatures from 1880-2015 via Patrick Moore on Twitter who warns “Always remember to check the Y-Axis in graphs meant to
Mark Perry considers the following as important: Assorted links, Carpe Diem, Markets in Everything, Quotations of the day
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1. Chart of the Day I (above) has been featured before on CD and is worth a re-post. It shows that America’s middle class is disappearing but it’s because they are moving into higher income groups not moving into lower income groups. Between 1969 and 2017, the share of US households making $100,000 or more (in constant 2017 dollars) has more than tripled from 9% to 29.2%, while the share of households making $35,000 to $100,000 decreased from 53.8% to 41.3%. And the share of households making $35,000 or less decreased from 37.2% to 29.5%.
2. Chart of the Day II (above) shows average annual global temperatures from 1880-2015 via Patrick Moore on Twitter who warns “Always remember to check the Y-Axis in graphs meant to exaggerate trends. This is the trend in global temperature since 1880 using a Y-Axis that doesn’t even span the full range of temperatures commonly found on Earth (-120F – +130F. Some catastrophe isn’t it!”
3. Markets in Everything. Family says it made $30,000 reselling Trader Joe’s seasoning online.
Update: Just for Trader Joe’s spices, there are more than 300 listings on Ebay.
4. Quotation of the Day I. “As they say about the left – the future is certain, it’s the past that changes.”
5. Quotation of the Day II from Thomas Sowell’s 2000 column “Reparations for slavery?”
Even during the era of slavery, most white people owned no slaves. Are their descendants supposed to pay for the descendants of those who did? Does anyone seriously suggest that blacks in America today would be better off if they were in Africa? If not, then what is the compensation for?
6. Chart of the Day III (above) shows the New York Fed’s probability of a US recession predicted by the Treasury spread (10-year T-bond rate minus the 3-month T-bill rate) 12 months ahead, which is now at 24.6%.
7. The Economic Illiteracy of Alexandria Ocasio-Cortez by Jonathan Church writing in Quillette:
More generally, there is no reason to take AOC seriously when she speaks about economics, whether about the social safety net or any other issue related to economics, even though she studied economics as a college student. The reason is that AOC repeatedly demonstrates a glaring lack of command not only of facts, but of basic economic principles.
She demonstrated her F-grade economic literacy when tweeting about tax incentives and her opposition to Amazon’s attempt to establish offices in Long Island City. She subsequently claimed, “If we’re willing to give away $3 billion for this deal, we could invest those $3 billion in our district ourselves if we wanted to,” as if the $3 billion were a giveaway from funds already available in the tax coffers, rather than “$3 billion that would go back in tax incentives…only after we were getting the jobs and getting the revenue,” as New York City mayor Bill de Blasio (and fellow progressive) explained during an interview with NBC’s Meet the Press.
8. The Economic Illiteracy of Hollywood Actresses Like Amy Poehler on New York’s minimum wage and tip credit:
“The resounding message from servers in New York to these actresses in Hollywood is to just leave us alone,” said Maggie Raczynski, a bartender at an Outback Steakhouse in upstate New York. “These celebrities have literally no idea. I feel like they need to butt out.”
10. Parents Gone Wild is the title of Daniel Henninger’s article in the Wall Street Journal:
In short, college admissions turned into a liberal-progressive black box, which no one but its creators understood. This is the heart of the Asian-American students’ complaint in their lawsuit challenging Harvard’s admissions criteria.
College admissions, with myriad constituencies, is no longer based on any commonly recognizable norms or standards. What weight does the system assign to merit as historically understood? A lot? Not much? Who knows?
As the lawsuit against Harvard makes clear, the universities aren’t about to climb down voluntarily from what they have become. They’re determined to be purveyors of a never-defined model of social justice, no matter how much inevitable cynicism it breeds among parents, professors and increasingly students.
The college-admissions scandal is a cautionary tale about the risks of allowing a system or society to believe that traditional standards such as earned merit can be set aside without incurring costs. The costs are evident: confusion that degrades into cynicism and worse.