First, his proposed tax plan will dramatically increase income inequality in this country. It will be a windfall for elites—particularly the richest 0.1%, America’s corporate executives and Wall Street financiers—who already have rewritten the rules of the economic game to favor them. Meanwhile, it will punish millions of low-income and single-parent families by stripping away some of their tax deductions. (Ironically, the white working class that broke decisively for Trump has been increasingly falling into this latter camp.)
The modern economy privileges the well-educated and highly-skilled, while giving them an excuse to denigrate the people at the bottom (both white and nonwhite) as lazy, untalented, uneducated, and unsophisticated. In a society focused on meritocratic, materialistic success, many well-off Americans from across the political spectrum scorn the white working class in particular for holding onto religious superstitions and politically incorrect views, and pity them for working lousy jobs at dollar stores and fast-food restaurants that the better-off rarely set foot in. And when other sources of meaning are hard to come by, those who struggle in the modern economy can lose their sense of self-worth.
You can read more here. At the moment (before more Trump news pushes it off), it's on The Atlantic's front page.
Increasingly sophisticated data-gathering technologies measure performance across very different domains, from how students score on high-stakes tests at school (or for that matter, how they behave in class), to what consumers purchase and for how much, to how dangerous a risk—or tempting a target—a prospective borrower is, based on whatever demographic and behavioral data the credit industry can hoover up.… Statistical models that measure performance have biases that arise from those of their creators. As a result, algorithms are often unfair and sometimes harmful.… But as serious as their shortcomings are, the widespread use of decision-making algorithms points to an even bigger problem: Even if models could be perfected, what does it mean to live in a culture that defers to data, that sorts and judges with unrelenting, unforgiving precision?
Here’s the full story.
There’s a long line of economic arguments in favor of, and opposed to, increases in the minimum wage. Among other things, opponents say it will raise prices for consumers, cause employers to slash jobs or cut back on workers’ hours, and put many companies out of business. Advocates say it will help the economy by giving workers more money to spend in their communities, encouraging the unemployed to seek out work, and reducing the stress and anxiety the working poor deal with, as well as their reliance on government benefits.
As important as the economic impacts of this policy are, however, it’s even more important to consider its cultural and moral implications. After all, that’s what drives much of the widespread public support for increasing the minimum wage, even among people who have never heard of, say, the elasticities of labor supply and demand. Many Americans just don’t think it is right that people who work hard should have to struggle so hard.
Today, Clinton is the centrist foil to Sanders's bold and radical idealism. She has explicitly described herself that way. "You know, I get accused of being kind of moderate and center," Clinton told supporters last September. "I plead guilty."
According to the Centers for Disease Control, African Americans have been catching up with whites in terms of life expectancy at birth. So things are looking up, right?
Yes, and no. To a sizeable extent, what explains the narrowing of the life-expectancy gap in the last couple decades is not just that things are better for African Americans (though they have improved), but also that things are worse for whites—working-class whites above all.
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And while you contemplate the importance of independent media, check out some of the great articles from around the globe you might have missed in our pages this year. Here are the In The Fray pieces that our editors judged to be the best.
Clearly, America won’t expand its social safety net to anywhere near the scale of Denmark’s over the next president’s time in office. Judging from their rhetoric in the debate, though, Clinton and Sanders both agree that government can and should play an important role in extending economic opportunities more broadly. Canada’s approach to policy shows us some of the practical ways a country can do that—without having to go far from our roots as a New World society of dreamers and strivers.
Page 99 talks about how the unemployed deal with the depression and anxiety that come from losing part of their identities. Work is central to our sense of self—it’s often the first question we ask someone we meet—and during the workday we build friendships that sustain us throughout our lives. Many of the people I interviewed felt isolated. Friends could no longer relate. Relationships with spouses and children became strained. Unable to provide the way they used to, they found themselves mired in blame and doubts.
“What’s also disappearing is a rich culture of brazen bets, flashy trading jackets and kids just out of high school getting a shot at making it big. The pits were a ruthless place, but they were also a proving ground where education and connections counted for nothing next to drive and, occasionally, muscle.…”
When Michael Young coined the term “meritocracy” half a century ago, he meant it to be an insult, not an ideal. In his view, a society where only the best and brightest can advance would soon become a nightmare. Young predicted that democracy would self-destruct as the talented took power and the inferior accepted their deserved place at the bottom.
Of course, the world we live in today is still no meritocracy. If most Americans are expected to go it alone, without the help of government or unions, elites continue to block competitors and manipulate the rules—as Wall Street did in spectacular fashion in the lead-up to the 2008 financial crisis.