BC ECONOMY
Saved by @Mollyycolllinss

1/OK, let's take a little break from Coup Twitter, and think about an economic issue:

How can we build up the wealth of the middle class?

 2/The typical American has surprisingly little wealth compared to the typical resident of many other developed countries.

This is a fact that is not widely known or appreciated.
3/Now, some people argue that stuff like Social Security or social insurance programs should be included in wealth. But I chose to focus on private wealth because I think having assets you can sell whenever you want is important to people.

https://t.co/rcRHSHkTMd
4/For many decades after World War 2, middle-class wealth in America was on a smooth upward trajectory.

Then the housing crash came, and all that changed. Suddenly the rich were still doing well but everyone else was seeing the end of their American Dream.
5/Why the divergence?

Because the American middle class has its wealth in houses -- specifically, in the houses they live in.

It's the rich who own stocks.
6/OK so how do we fix this? How do we get middle-class wealth *back*?

Well, the option we've apparently chosen so far is just to tell people "Suck it up. Start at the bottom, and save it all back."

Seems a bit inadequate, no?
7/Now, we can give people more income -- for example, with UBI -- to help them save faster. I'm certainly not averse to that. But it's going to take a while, and it's politically tough, and it depends on people saving what we give them...
8/We can also have the government save money on people's behalf, with a Social Wealth Fund. But while it's a cool idea, I don't think it would feel like "real wealth" to lots of people, any more than Social Security does. It's more like UBI, really.
9/So that basically leaves: Housing. The way the American middle class traditionally gets its wealth.

Can we still use housing to generate broad middle-class wealth? Should we?
10/Well, the answer to the question of "can we" is "yes". The returns on housing are typically very good, when you include rental yield.

As long as people and companies keep moving to cities, the value of urban location (i.e. land) will appreciate.
11/But SHOULD we distribute that wealth via home values?

Doing so presents some obvious problems. It invites NIMBYism -- homeowners leveraging local government to push up the prices of their homes, even at the expense of the economy.
12/Owner-occupied housing is also an illiquid asset that's hard to diversify.
13/But there are advantages to building wealth through homeownership as well.

For one thing, most people SUCK at stock investing, but most people kinda-sorta understand homeownership.
14/Also, having a mortgage nudges people to save more each month, nudges them to invest in a riskier but higher-return asset class, and allows them to take on leverage -- all of which have their downsides, but which allow middle-class wealth to keep pace with the rich.
15/Finally, it's just...what the American middle class is used to.

It's hard to completely revamp our wealth-building system. We may simply be locked in.
16/But then the next question is: How can we change our housing system so that every generation can build wealth, instead of one generation (cough, Boomers, cough) getting all the wealth and then pulling up the ladder behind them?
17/Well, there's the YIMBY answer: Just make cities allow more private housing development, and more housing wealth will be created, and increased supply will push prices down, allowing young people to buy in.
18/A second idea is down-payment assistance -- having the federal government give first-time homebuyers and low-income homebuyers some money to help them buy a home.
19/The problem is, you have to do both YIMBYism AND down-payment assistance at the same time, so you don't just end up pumping up prices and handing taxpayer money to existing homeowners.

That's a tricky trick to pull off!
20/So I had another idea -- a Modified Singapore System, in which the government actually builds new housing and then sells it at discounted rates to first-time and low-income homebuyers.

https://t.co/2GwiFm7rib
21/This idea has plenty of challenges, of course. And some drawbacks too. But if we want to get wealth into the hands of the American masses fast, and if we're going to do it through housing, this is an idea worth considering.

(end)

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Anyway, now back to your regularly scheduled coup attempt fallout...

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It looks like decolonization just took a few decades to start

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https://t.co/JjjVtWzz5c

Why? Probably because the first countries to discover industrial technologies used them to conquer the others!

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https://t.co/hilDvv0IQV

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Krugman is, of course, right about this. BUT, note that universities can do a lot to revitalize declining and rural regions.


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When Republicans started to believe in racial bloc voting - when they stopped believing that nonwhite people could ever be persuaded to vote Republican - they started to see immigration as an invasion.

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When a slight Dem tilt among Hispanics and Asians caused the GOP to turn against them, Hispanics and Asians shifted more toward the Dems. Etc. etc. A self-reinforcing cycle.

Bush's 2006 amnesty attempt, and the 2013 intra-GOP fight over immigration reform, were two moments when the GOP could have turned back to the approach of Reagan, and courted Hispanics and Asians.

But they decided against this, and...here we are.

What will disrupt this bad equilibrium, and save American politics from being an eternal race war?

Either:
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Facts.


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1/People I know on the Right tend to be obsessed with the idea of "crimethink", taboos, and the (supposedly) oppressive, omnipresent enforcement of liberal cultural norms.

Why?

My new theory: A lot of it is guilt.

2/It's true that in some circles - the media, universities, many big corporations - liberal norms *are* enforced to some degree, and the enforcement has probably gotten stronger in recent years.

But I don't think this explains all of the Right's obsession.

3/The stereotype is that people on the Right tend to be more threat-sensitive. That would help explain the perception that liberal norm-enforcers are lurking everywhere, ready to pounce and anathematize anyone who makes a misstep.

But I don't think that's all of it either.

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But I don't think this is all of it, either.

5/The reason I think it's more than these things is that even *in private*, people on the Right express their "crimethink" ideas very gingerly and hesitantly.

I get the sense that they're not just afraid of external censure, but have also internalized liberal norms.
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🇺🇸-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

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प्राचीन काल में गाधि नामक एक राजा थे।उनकी सत्यवती नाम की एक पुत्री थी।राजा गाधि ने अपनी पुत्री का विवाह महर्षि भृगु के पुत्र से करवा दिया।महर्षि भृगु इस विवाह से बहुत प्रसन्न हुए और उन्होने अपनी पुत्रवधु को आशीर्वाद देकर उसे कोई भी वर मांगने को कहा।


सत्यवती ने महर्षि भृगु से अपने तथा अपनी माता के लिए पुत्र का वरदान मांगा।ये जानकर महर्षि भृगु ने यज्ञ किया और तत्पश्चात सत्यवती और उसकी माता को अलग-अलग प्रकार के दो चरू (यज्ञ के लिए पकाया हुआ अन्न) दिए और कहा कि ऋतु स्नान के बाद तुम्हारी माता पुत्र की इच्छा लेकर पीपल का आलिंगन...

...करें और तुम भी पुत्र की इच्छा लेकर गूलर वृक्ष का आलिंगन करना। आलिंगन करने के बाद चरू का सेवन करना, इससे तुम दोनो को पुत्र प्राप्ति होगी।परंतु मां बेटी के चरू आपस में बदल जाते हैं और ये महर्षि भृगु अपनी दिव्य दृष्टि से देख लेते हैं।

भृगु ऋषि सत्यवती से कहते हैं,"पुत्री तुम्हारा और तुम्हारी माता ने एक दुसरे के चरू खा लिए हैं।इस कारण तुम्हारा पुत्र ब्राह्मण होते हुए भी क्षत्रिय सा आचरण करेगा और तुम्हारी माता का पुत्र क्षत्रिय होकर भी ब्राह्मण सा आचरण करेगा।"
इस पर सत्यवती ने भृगु ऋषि से बड़ी विनती की।


सत्यवती ने कहा,"मुझे आशीर्वाद दें कि मेरा पुत्र ब्राह्मण सा ही आचरण करे।"तब महर्षि ने उसे ये आशीर्वाद दे दिया कि उसका पुत्र ब्राह्मण सा ही आचरण करेगा किन्तु उसका पौत्र क्षत्रियों सा व्यवहार करेगा। सत्यवती का एक पुत्र हुआ जिसका नाम जम्दाग्नि था जो सप्त ऋषियों में से एक हैं।
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