Straight-faced, AP reports 11 year-old “saving for college” by flipping house

Horatio Alger

The 19th-century novelist Horatio Alger had one vein of narrative skill, and he mined it deeply. Alger specialized in stories about young boys who escaped poverty through hard work and/or good character. His fourth book, Ragged Dick, exemplifies the form. At the outset of the novel, Dick is a 14 year-old bootblack living on the streets. Various middle- and upper-class characters note his refusal to steal, supporting him in small ways until he has occasion to rescue a drowning child. The child’s grateful father gives Dick a suit and a job in his firm. Now a respectable member of middle-class society, Dick changes his name to Richard Hunter, Esq., and lives (mostly) happily through six sequels.

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In poll, 85% favor big changes to campaign finance laws

Democracy

Democracy

In a New York Times/CBS poll released yesterday, respondents were split on the issue of campaign finance: 39% favored “fundamental changes” to the way elections are funded, while 46% said the system needed to be “completely rebuilt.” There is too much money in politics, and everyone but the Supreme Court seems to know it. Show me another issue on which 85% of Americans agree. While we’re at it, show me an issue that poses a greater existential threat to our democracy. Forget corruption and the appearance of corruption. When two thirds of respondents say the wealthy have a greater chance to influence elections than ordinary voters, they’re describing a crisis of faith in the American experiment.

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Since 1978, the cost of college tuition has increased 1,225%

Knowledge is good.

Knowledge is good.

According to Bloomberg, the cost of college tuition has increased thirteen-fold since 1978—more than medical care, at nearly five times the rate of CPI. But that’s because a college education is five times as good now, right? Possibly not—anecdotes suggest that our universities have not become dramatically better at teaching than they were four decades ago, and the record number of bachelor degrees we’ve awarded has not necessarily yielded a smarter populace. It has, however, produced an enormous quantity of debt—Americans owe $1.2 trillion in student loans, compared to just under $900 billion in credit-card debt. The class of 2015 is graduating with an average of $35,00 in debt per borrower; meanwhile, 46% of recent college graduates are working jobs that do not require degrees.

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Zinke calls estate tax “tax on the American dream” in House repeal

Yesterday, the US House of Representatives passed HR 1105 to repeal the estate tax. Before we go even one sentence further, know that the estate tax applies only to inheritances greater than $5.43 million. That’s very few; according to the Joint Committee on Taxation, approximately 0.2% of deaths in 2013 involved estates large enough to be taxed. Perhaps that’s why Republicans invariably refer to the estate tax as the Death Tax: 99.8% of Americans will not pass on taxable estates, but everybody dies. On Twitter, Rep. Ryan Zinke (R-MT) called it “a tax on the American Dream.” Speaking in favor of the Death Tax Repeal Act of 2015, he said:

“I rise to bring awareness to a pervasive tax that threatens the very livelihood of the future of generations of Montanans…This tax punishes Americans that have worked hard, played by the rules, and want to pass that legacy on to their children.”

I submit that 0.2% is “pervasive” the same way inheriting more than $5 million is the American dream.

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Does the rhetoric of “privilege” take pressure off the 1%?

white-privelege

There are two ways to read this satisfyingly provocative essay in Jacobin. Connor Kilpatrick argues that the intellectual left’s relentless focus on privilege—white, male, straight, cisgender, able-bodied, college-educated, et cetera—substitutes an abstract problem for the concrete problem of political and economic dominance by the wealthiest 1% of American households. Privilege is a sideshow. At best, it encourages us to ignore the problems of the middle class in favor of the problems of the most destitute. He writes:

[Privilege] is an attempt to shame the middle class—those with some wealth but, relative to the top one or one-tenth of one percent, mere crumbs—to make them shut up about the rich and super rich and, instead, look at those below as a reminder that it could all be much worse.

Kilpatrick cites as an example this article from Vox, which quotes a TED talk by Alex Giridharadas re: who gets to feel indignant for being in the 99%. Infuriating quote after the jump.

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