BC ECONOMY
Saved by @Alex1Powell

1) Since 1970, the United States has increased its population by 64%.

Northeast Ohio, a 12-county region with more people than Connecticut, has lost 7% of its population over this same time period, shrinking from 4.1 million to 3.8 million people.

 2) In 1970, 1.4 million of those 4.1 million people lived in the four core cities of Cleveland, Akron, Canton, and Youngstown.

Today, barely 700,000 of the 3.8 million people live in those four cities.
3) The region was once a model of working-class prosperity. It was an exemplar of how people who didn't have a college degree could support their families, earn a good salary with good benefits, and have a stable middle-class existence.
4) In 1960, median household income in metro Washington D.C. was only 9% higher than in metro Cleveland.

Today, median household income in metro D.C. is 82% higher than in metro Cleveland.
5) This morning, I read that Ohio is poised to break its all-time annual record for drug overdose deaths.

If you look at this great analysis by @InnovateEconomy you will see that Ohio is one of the worst-performing states in terms of expanding poverty.

https://t.co/ZGoK2qqN1W
6) Much of the spread of concentrated poverty since 1980 has occurred in the very neighborhoods that were once places full of people (black and white) with stable, middle-class jobs that didn't require a college education, and have been systematically destroyed for five decades.
7) They were destroyed, in no small part, by decisions that have been made in Washington, D.C. and on Wall Street, and have had the net-effect of immiserating places like Ohio, while concentrating more wealth and prosperity in fewer places.
8) In 2020, the people of Ohio, just as they did in 2016, gave an 8% margin of victory to Donald Trump.

In 2008, Barack Obama won the 12-county Northeast Ohio region by nearly 400,000 votes.

In 2020, Joe Biden won this heavily-Democratic region by only 92,000 votes.
9) As I said in this post (next tweet), "It doesn’t matter whether you are horrified and scandalized by the willingness of more and more of your fellow Americans to embrace a personality as awful and distasteful as that of Donald Trump when they entered that voting booth."
10) https://t.co/NDcxZNx33B
11) "The fact of the matter is that many people in the working class are angry and mistrustful. They have borne the brunt of this nation’s social and economic decline, as families have disintegrated, communities and neighborhoods have declined. . .
12) . . .and have been ravaged by crime, disinvestment, and drugs; and as blue-collar jobs, pay, and benefits have eroded and have continued to disappear."
13) A lot of people try to explain all of this away - the multi-decade collapse of a once-stable economy and way-of-life here, the concentrating poverty, the urban decline, the drug overdoses.
14) They try to make some sort of theoretical point about how the decisions made by our overlords in D.C. and on Wall Street have actually been beneficial, if you were only smart enough to understand the charts, graphs, and spreadsheets.
15) I'm a data nerd. I love charts, graphs, and spreadsheets. I'm not overly stupid. I understand them perfectly well.

And I live here in urban Ohio. I've lived here for almost 5 decades. I can see what all of this looks like here on the ground.

It doesn't look pretty.
16) Other people don't try to explain any of this away at all. They just don't give a shit. They're perfectly content to watch places like Ohio struggle. Some of them are happy about it because it makes them feel superior; others because they've made a lot money off of it.
17) This isn't a thread about how we need to bring back manufacturing the way that it existed in 1955. It's a thread about the social and economic decline of America's seventh largest state, and about how that should matter to America.
18) My hope is that it will matter to America, and that thoughtful leaders in both parties will begin to work together to do something about the fact that too many people, in too many places, have been left behind.

Because I live here and it matters to me. [end]

More from Economy

Rohit Lamba
Rohit Lamba
@rohlamba
0/ A holiday economic theory reading list. Some of my favorite pieces on theory that can be read with minimal sweat, but with the maximal intellectual reward. In no particular order:

1/ Myerson 1999. "Nash equilibrium & history of economic theory." JEL. Written with characteristic Myersonian elegance. "how a few short papers by a young mathematician achieved one of the great watershed breakthroughs in the history of social

2/ Blackwell & DeGroot 1986. “A conversation with David Blackwell.” Stat Science. After his PhD at 21, "There were 105 black colleges at that time & I wrote 105 letters of application." Beautiful discussion on a gamut of ideas & his intellectual life.

3/ Geanakoplos 1992. “Common Knowledge.” JEP. Zuper piece, lucidly written. Lots of interesting puzzles, great for teaching. When Moriarty says "All I have to say has already crossed your mind," Holmes retorts "then possibly my answer has crossed yours."

4/ Morris 1995. "The common prior assumption in economic theory.” E&P. This beauty was Stephen's first chap of PhD thesis! Does rationality imply CP? Does relaxing CP make theorizing uninteresting? Is failure of CP a failure of information processing?
ECONOMY , ALL
Moses Kagan
Moses Kagan
@moseskagan
1/ How to raise a real estate fund (and, ideally, avoid getting sued)

Have warned everyone it’s better to raise capital deal-by-deal, bc it’s easier to raise & bc it's better for the sponsor. Still, there’s interest in learning how to do a fund… so, here goes.

2/ Don’t think of doing this unless you have a record of successful deals, ideally mostly/all in the same asset class / strategy.

Remember: You will be asking LPs to invest in YOU; they need to feel like you know what you’re doing.

3/ Really helps to have a list of prospective LPs BEFORE you start your raise. The more high-quality leads you have, the more likely you are to succeed. (I built my list via my blog initially; now twitter leads predominate - see my bio.)

4/ Find an experienced attorney. Doesn’t need to be a huge, expensive firm, but you want someone who has done a lot of private offerings before. Don’t agree to a big fee yet… at first, you just want a few hrs of her time for advice.

5/ Find an experienced CPA. Ideally, your existing CPA has worked on a lot of private deals before. If not, get a new one. Prospective LPs need confidence that someone good is overseeing the bookkeeping and doing the tax prep.
ECONOMY
Advertisement
RoyCohnsGhost
RoyCohnsGhost
@DmitrysPlane
@AwBlessYerHeart @Gus_802 Keynesian/demand side economics is what made the Middle Class better off but it was applied at a time when it wasn’t always equitable toward PoC or women. We need to bring back Keynesian policies but that means having Dem Mandates in Congress & WH for more than two short years.

@Gus_802 Ultimately we need to stop having arguments about “capitalism vs socialism” because they are both loaded words and imprecise descriptors of how our economy functions. Capitalism and socialism describe systems which, in their purist forms, don’t exist anywhere in the world

@Gus_802 The developed world and even most of the developing world have mixed economies where elements of what is regarded as socialism and capitalism exist. But the real ISM the drives our economy is consumerism as 2/3 of all economic activity is based on consumer/demand side spending

@Gus_802 When we couch these forces as “socialism” or “capitalism”, we automatically created a conflict and a polarizing zero sum argument which often derails honest discussions about our economic system which stifles discussions on ways to improve it

@Gus_802 We should instead call these forces “public funding” and “private funding” as they are more precise and less heated descriptors. We then make the cogent argument that, to support a consumer based economy, we need both public and private funding to do so effectively
ECONOMY
\u4e00\u5e26\u4e00\u8def Mainlander \U0001f1e8\U0001f1f3 in \U0001f1ed\U0001f1f0
一带一路 Mainlander 🇨🇳 in ...
@InsulaeW
I really think people have a very short-sighted view of the city and its key role in decades to come for the economy of 🇨🇳. Every so often, people have a handful of misconceptions about the city's future because they lack of basics in strategy 👇


https://t.co/6wuRzXGkYZ The West propaganda seems to make people think we are cracking down on 🇭🇰 people because we no longer need them and we will inevitably suppress their rights. Every now and then, I talk with people in 🇭🇰 who think the Great Firewall will extend to 🇭🇰

🇺🇸-led liberal order is very strong to come across 🇭🇰 people and make them believe what they want. Brainwashed people don't think rationally and fall for the lies and propaganda. This guy is one among so many others I met in 🇭🇰 who told me the same thing, that the city is doomed

They couldn't be more ignorant ! Unfortunately they will end up leaving the city and missing out on incredible opportunities... But they don't know that nothing will eventually change after 2047 ? 🙃Let me explain you why

I bet even after 2047 🇭🇰 will still enjoy a high degree of autonomy and freedoms that its mainland counterpart can’t enjoy : an independent legal and financial system, English as one of the official language, an access to the West internet, its traditional medias, etc.
ECONOMY
Peter Foster
Peter Foster
@pmdfoster
🚨🇬🇧🇪🇺💄👠👗💅🏻🕺💃🇪🇺🇬🇧🚨
UK’s £35bn fashion industry warns of “decimation” from #brexit - big names sign open letter to @BorisJohnson urging action. Many of 50,000 SMEs on the rack due to VAT, customs and work permit issues. Stay with me/1


You can read the full text of the letter here, co-ordinated by Fashion Round Table @FashionRoundTab, but tl;dr it says that #Brexit has left a "gaping hole" in an industry that relies of free movement of professionals. It's a familiar cry /2



@FashionRoundTab The industry, already whacked by #COVID19, is now discovering that cross-border sales are a horror (VAT, Customs, long delays) and models, stylists, photographers that used to blat around Europe can't any more. They need permits, for themselves, for their gear /3

It is on one level amazing that this is only just fully dawning - as the musician industry found out recently - but fashion is not just big names and big companies. It's actually a mountain of small companies and sole traders often that feed into a huge (£35bn) industry /4

I've written about fashion models issue before (they need tier-5 sponsorship visas) and how that will erode London's status as a hub, but this goes so much wider than this - hence the #dontmakefashionhistory campaign - and comes down the lack of a mobility chapter in the deal /5
ECONOMY

You May Also Like

Stephen Bush
Stephen Bush
@stephenkb
Some quick thoughts on Sam Gyimah's resignation after conversations with various Conservative MPs: 1) the chances of a second referendum are a lot higher than I thought:

2) At this point, if you are a young and ambitious Tory MP it is now so overwhelmingly in your interest to vote against the withdrawal agreement. V v hard to see how Julian Smith can cap rebellion at under 100:

3) Really just to reiterate 1) Gyimah is the kind of "No, never gonna rebel" vaguely pro-EU Tory you'd need to get on side to outweigh Labour Leavers and Real Concerners.
POLITICS
Kitze @ \U0001f1e9\U0001f1ea\ufe0f
Kitze @ 🇩🇪️...
@thekitze
To people who are under the impression that you can get rich quickly by working on an app, here are the stats for https://t.co/az8F12pf02

📈 ~12000 vistis
☑️ 109 transactions
💰 353€ profit (285 after tax)

I have spent 1.5 months on this app. You can make more $ in 2 days.

🤷‍♂️


I'm still happy that I launched a paid app bcs it involved extra work:

- backend for processing payments (+ permissions, webhooks, etc)
- integration with payment processor
- UI for license activation in Electron
- machine activation limit
- autoupdates
- mailgun emails

etc.

These things seemed super scary at first. I always thought it was way too much work and something would break. But I'm glad I persisted. So far the only problem I have is that mailgun is not delivering the license keys to certain domains like https://t.co/6Bqn0FUYXo etc. 👌

omg I just realized that me . com is an Apple domain, of course something wouldn't work with these dicks
MAKERS
Advertisement
Nick Kapur
Nick Kapur
@nick_kapur
A thread of images from a Japanese illustrated history of America from 1861.

Here is George Washington (with bow and arrow) pictured alongside the Goddess of America. 1/


Here is Christopher Columbus (seated at center) reporting his discovery of America to Queen Isabella of Spain.

So far, kinda normal, but wait for it.... 2/


Now it's the American Revolution. Here is George Washington defending his wife "Carol" from a British official named "Asura" (same characters as the Buddhist deity). 3/


And here is Washington's "second-in-command" John Adams battling an enormous snake. 4/


Here is Washington and his wife "Carol" meeting an extremely youthful Benjamin Franklin, who has an impressive squat. 5/
CULTURE
\u0936\u094d\u0930\u0940\u092e\u093e\u0932\u0940 \u0939\u093f\u0924\u0947\u0936 \u0905\u0935\u0938\u094d\u0925\u0940
श्रीमाली हितेश अवस्थी...
@HiteshAwasthi89
Sri Parasurameswara Swamy Mandir, Gudimallam, Andhrapradesh

Gudimallam is a small village located in Chittoor district. It is seven miles away from Tirupati. This small village came to significance,due to it's very beautiful Shiva Mandir with history of thousands of years. 1/n


The main importance of the mandir lies in the Linga which is housed in the Garbhagriha of the temple & considered as the only one of such type. It is the earliest Linga discovered so far and it has been assigned to the 3rd century BCE.(Satavahana period) 2/n
ALL
Hermann Peterscheck
Hermann Peterscheck
@petershk
For fun I made a Robinhood account. It took me 5 minutes to sign up, get approved and transfer funds for trading...

Here's some details... Read on.

...it took me another 5 minutes to get qualified for options.

If I share a sign up I get "free shares" and I can share as much as I want up to 500$ worth.

The main UI has a prepopulated "list" of stocks/crypto to watch and links to news.


Clicking a stock opens a "trade" button that looks like this.

Notice options is first, buy second.

Options took me to an approval process (which took about a minute) and now away I go trading Baba options.


Buying stock looks like this. It emphasizes fractional shares.
TRADING