Affordable Care Act / Obamacare

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pages: 554 words: 167,247

America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill

Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional

In the next part of the dream, the gurney and I are about to go through the doors to the operating room when off to the left side I see two cheerful women at a card table under a sign that proclaims “Obamacare Enrollment Center. Sign Up Now Before It’s Too Late. Preexisting Conditions Not a Problem.” Actually, on April 4, 2014, the morning of my surgery, it was already four days too late to sign up for insurance under the Affordable Care Act, or Obamacare. Besides, I already had decent insurance. But at least that dream was more on point with what was happening in my real life. The day I found out about the time bomb in my chest, I was finishing reporting for a book about Obamacare and the fight over how to fix America’s healthcare system. In fact, on March 31, 2014, the day I was told about my aneurysm, I was awaiting the results of the final push by the Obama administration to get people to enroll in the insurance exchanges established under Obamacare. WHAT FOLLOWS IS THE roller-coaster story of how Obamacare happened, what it means, what it will fix, what it won’t fix, and what it means to people like me on that gurney consuming the most personal, most fear-inducing products—the ones meant to keep us alive.

“THE PRESIDENT WAS TRULY FURIOUS” While the site was down on October 29, 2013, NBC News delivered another blow—a lead story on its evening newscast and on its website headlined “Obama Administration Knew Millions Could Not Keep Their Health Insurance.” Senior investigative correspondent Lisa Myers reported: President Obama repeatedly assured Americans that after the Affordable Care Act became law, people who liked their health insurance would be able to keep it. But millions of Americans are getting or are about to get cancellation letters for their health insurance under Obamacare, say experts, and the Obama administration has known that for at least three years. Four sources deeply involved in the Affordable Care Act tell NBC News that 50 to 75 percent of the 14 million consumers who buy their insurance individually can expect to receive a “cancellation” letter or the equivalent over the next year because their existing policies don’t meet the standards mandated by the new health care law.

Nor was it easy to tell what hospitals or doctors were in an insurer’s network, much less whether that insurer had negotiated a better deal with a hospital than another insurer (which would mean that even the same co-insurance percentage could produce a lower out-of-pocket cost). So, yes, Obamacare provided more coverage, but its exchanges aren’t doing for healthcare what travel websites did for buying airplane tickets. In fact, while travel agents have been largely pushed aside by travel websites, the Obamacare exchanges create more need for insurance agents. Beyond all that, does the Affordable Care Act really provide affordable care? Yes, for millions of Americans. But not for everyone. Millions of others, particularly in the middle class, will continue to struggle to pay for healthcare. The huge premium increases that some in the industry and the press speculated would come when the 2015 rates were filed mostly did not materialize.


pages: 446 words: 117,660

Arguing With Zombies: Economics, Politics, and the Fight for a Better Future by Paul Krugman

affirmative action, Affordable Care Act / Obamacare, Andrei Shleifer, Asian financial crisis, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, bitcoin, blockchain, Bonfire of the Vanities, business cycle, capital asset pricing model, carbon footprint, Carmen Reinhart, central bank independence, centre right, Climategate, cognitive dissonance, cryptocurrency, David Ricardo: comparative advantage, different worldview, Donald Trump, Edward Glaeser, employer provided health coverage, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, frictionless, frictionless market, fudge factor, full employment, Growth in a Time of Debt, hiring and firing, illegal immigration, income inequality, index fund, indoor plumbing, invisible hand, job automation, John Snow's cholera map, Joseph Schumpeter, Kenneth Rogoff, knowledge worker, labor-force participation, large denomination, liquidity trap, London Whale, market bubble, market clearing, market fundamentalism, means of production, New Urbanism, obamacare, oil shock, open borders, Paul Samuelson, plutocrats, Plutocrats, Ponzi scheme, price stability, quantitative easing, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, universal basic income, very high income, working-age population

., 150, 208, 302, 320, 362 on health care, 53–55, 66, 339, 361 and international trade, 252 and taxes, 216, 219, 229 Obama administration: on debt and unemployment, 208 “hijacked” commission of, 198–200 and revenue growth, 225 stimulus plan of, 104, 107–8, 113–14, 115–17, 118–20, 131, 193, 206, 362 Obamacare, see Affordable Care Act O’Brien, Michael, 126 Ocasio-Cortez, Alexandria (AOC), 234, 236, 237, 320–21 Occupy Wall Street, 285 O’Connor, Reed, 367, 369 oil shocks, 126 Oklahoma, tax cuts in, 293 Okun’s Law, 113 oligarchy, 283, 349, 350 Olson, Mancur, The Logic of Collective Action, 354–55 Operation Coffee Cup (1961), 322 optimum currency areas, 177 Palin, Sarah, 54 Panama Papers, 349 Pangloss, Doctor (fict.), 135, 140 “paperclip maximizers,” 357 “Paranoid Style in American Politics, The” (Hofstadter), 346 parasites, 354–57 Paulson, Henry, 91 PBS Newshour, 169–71 Pelosi, Nancy: achievements of, 361–63 and Affordable Care Act, 35–36, 55, 361, 367 and financial reform, 362 as House Speaker, 76, 344, 362, 363 on “monstrous endgame,” 367, 369 on Social Security, 15, 35, 306, 361 and stimulus plan, 362 and trade agreement, 372 on the wall as “manhood thing,” 370 Pence, Mike, 73 pensions: defined benefit, 14 defined contribution, 14–15 401(k)-type plans, 31–32 private, decline of, 31–32 Perlstein, Rick, 302, 354, 355 Perot, H.

What happened in the period from 2005 to 2008 was that progressive policy wonks and politicians alike converged on a second-best solution: leave employer-based coverage in place, but rely on a mix of regulation and subsidies to extend coverage to the uninsured. We knew from experience abroad that this can work—Switzerland, for example, uses a decentralized system along these lines to achieve universal coverage. And it looked far closer to political feasibility than Medicare for All. Hence the Affordable Care Act, aka Obamacare. The columns in this section document how the argument evolved, how the plan went, and what happened when Obamacare went into effect. AILING HEALTH CARE April 11, 2005 Those of us who accuse the administration of inventing a Social Security crisis are often accused, in return, of do-nothingism, of refusing to face up to the nation’s problems. I plead not guilty: America does face a real crisis—but it’s in health care, not Social Security.

But it’s a much bigger share of the G.O.P. base, and a solid majority of professional Republican politicians. Which brings me to the campaign against Obamacare after the 2016 election once again briefly gave the G.O.P. unified control of Congress and the White House. Republicans finally had the chance to undo Barack Obama’s most important domestic initiative, repealing the whole Affordable Care Act. Doing so would have made some sense from their point of view, since repeal of the whole act would have meant repealing the taxes on high incomes that paid for the Medicaid expansion and the subsidies to middle-income families. But once it became apparent that repeal would take coverage away from tens of millions, even the G.O.P. balked at the prospect. What was left was a campaign of sabotage: trying to undermine Obamacare by striking at its provisions in ways that didn’t too obviously take away people’s health insurance, but made insurance harder to get, more expensive, or both.


pages: 412 words: 96,251

Why We're Polarized by Ezra Klein

affirmative action, Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, Cass Sunstein, centre right, Climategate, collapse of Lehman Brothers, currency manipulation / currency intervention, David Brooks, demographic transition, desegregation, Donald Trump, ending welfare as we know it, Ferguson, Missouri, illegal immigration, immigration reform, Nate Silver, obamacare, Ralph Nader, Ronald Reagan, Silicon Valley, single-payer health, source of truth

All politics isn’t local Nebraska senator Ben Nelson was the final, crucial vote on the Affordable Care Act. Nelson was an old-school Democratic centrist, a transactional, silver-haired former insurance executive who held on in a red state through acts of ostentatious moderation and a laser-like focus on Cornhusker interests. But he was in a bind. The choice on Obamacare was yes/no. Democrats needed his vote to pass the law. Nelson wanted the law to pass. But Obamacare was unpopular back home, and Nelson was up for reelection in 2012. He was caught between his career, his party, and his conscience. Nelson’s solution was to split the ideological interests of Nebraska’s Republicans from the financial interests of Nebraskans. Obamacare’s Medicaid expansion was built with an unusual structure. Typically, Medicaid is funded by a roughly 60:40 split between the federal government and the states.

The main Democratic holdout was Senator Barack Obama. But by July 2009, President Obama had changed his mind. “I was opposed to this idea because my general attitude was the reason people don’t have health insurance is not because they don’t want it. It’s because they can’t afford it,” he told CBS News. “I am now in favor of some sort of individual mandate.”8 This process led, eventually, to the Patient Protection and Affordable Care Act—better known as Obamacare—which also included an individual mandate. The bill was designed to be a compromise proposal, and for a time, it looked like it was. In June 2009, Senator Chuck Grassley, then the top Republican on the powerful Senate Finance Committee, told Fox News, “I believe that there is a bipartisan consensus to have individual mandates.”9 And then something went wrong. In December 2009, every single Senate Republican voted for a point of order calling the individual mandate “unconstitutional.”

Clicking on a page number will take you to the ebook location that corresponds to the beginning of that page in the print edition. For a comprehensive list of locations of any word or phrase, use your reading system’s search function. Page numbers in italics refer to charts. abortion rights, 15–16, 197 Abramowitz, Alan, 8, 36 academic excellence, 76–77 “access-oriented” donors, 189 Achen, Christopher, 94, 95 activism, identity and, 156 Adams, John, 11 advertising, culture reflected in, 112 Affordable Care Act (Obamacare; 2010), 5, 15, 33, 83, 98–99, 101, 109, 182, 207–9, 212, 256 African Americans, 20, 117, 230–31 bias against, 34, 114 disenfranchisement of, 24–26, 256, 268 Supreme Court protections for, 197 Against Democracy (Brennan), 89 Ahler, Douglas, 148 Alford, John, 44–45 “All About That Base” (Northeastern University study), 173 allegiance, 56–57, 60 Allen, Danielle, 119 Allen, Jon, 212–13 “All Politics Is National” (Abramowitz and Webster), 8 All the News That’s Fit to Sell (Hamilton), 144 alt-right, xii, 156 Amash, Justin, 232, 234 American Enterprise Institute, 225 American National Election Surveys, 16, 37, 73, 94, 173 American Political Science Association (APSA), 2 Americans for Democratic Action, 21 Americans with Disabilities Act (1990), 14 Anderson, Carol, 23 Angelou, Maya, ix–x anger, 263 media reinforcement of, 159, 167–68 in partisan identity, 61–64 anti-lynching legislation, 28, 34, 222 anti-Semitism, 50–51, 178 anti-union legislation, 241, 258 Anton, Michael, 244–45 Applied Population Lab, 104 Arceneaux, Kevin, 161–62 Asch, Solomon, 86 Asian Americans, 104, 108n, 116–17, 230 “Assuring Affordable Health Care for All Americans,” 81 Asymmetric Politics (Grossmann and Hopkins), 232 audience analytics, 150–52 audience-driven media, 144–58 automatic voter registration, 257 Bachmann, Michele, 182 Bagley, Nicholas, 99n Bail, Christopher, 160 Baker, Charlie, 243 Baldwin, James, 106 Barber, Michael, 189, 233 Barr, William, 245–46 Barrett, Ted, 200 Bartels, Larry, xi, xiii, 94, 95 base mobilization theory, 172–76, 179–81 Baucus, Max, 83 Beauchamp, Zack, 122, 168 Bennet, Michael, 224 Bennett, Bill, 198 Bennett, Bob, 83 Bhalla, Pankaj, 112 Bialik, Carl, 56 bias, evolution of, 53, 267–68 Biden, Hunter, 163 Biden, Joe, 15–16, 134, 161, 163 Big Five personality traits, 43 Big Sort, The (Bishop), 41 Bilbo, Theodore, 24 Binder, Sarah, 219–20 bipartisanship, irrationality in, 197–224 birtherism, 103, 113 birth rates, demographics of, 104 Bishop, Bill, 41 Black Belt, 25 Black Panther (film), 110 Bloom, Paul, 101 Blythe, Will, 57 Boatright, Robert, 180 Boehner, John, 228 bombproofing, 251–53 Borah, William, 4 border wall, building of, xii Branscombe, Nyla, 118 Brat, Dave, 181 Breitbart, 163 Brennan, Jason, 89 Brewer, Marilyn, 71 Broder, David, 82 brokered conventions, 178 Broockman, David, 35 Brookings Institution, 39, 41, 225 Brooks, David, 97 Brownstein, Ron, 40 Buckley, William F., 46 bullying, 127 Burger, Warren, 205 Burr, Aaron, 219–20 Bush, George H.


pages: 519 words: 155,332

Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It by Steven Brill

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airport security, American Society of Civil Engineers: Report Card, asset allocation, Bernie Madoff, Bernie Sanders, Blythe Masters, Bretton Woods, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, Credit Default Swap, currency manipulation / currency intervention, Donald Trump, ending welfare as we know it, failed state, financial deregulation, financial innovation, future of work, ghettoisation, Gordon Gekko, hiring and firing, Home mortgage interest deduction, immigration reform, income inequality, invention of radio, job automation, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Mahatma Gandhi, Mark Zuckerberg, mortgage tax deduction, new economy, obamacare, old-boy network, paper trading, performance metric, post-work, Potemkin village, Powell Memorandum, quantitative hedge fund, Ralph Nader, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, telemarketer, too big to fail, trade liberalization, union organizing, Unsafe at Any Speed, War on Poverty, women in the workforce, working poor

By then they would be spending $3.1 billion annually on their registered lobbyists, and maybe as much as double that if the Washington lawyers and consultants who were paid to influence Congress and the executive branch but did not register under the loosely enforced lobbying rules were also counted. The spending was actually higher, $3.5 billion, in 2009 and 2010 when consequential legislation, such as the Affordable Care Act (Obamacare) and the Dodd-Frank financial reform bill, was being debated. All of that lobbying was more directly protected by the First Amendment than Martin Redish’s attenuated use of it to block restrictions on corporate speech or campaign giving. The First Amendment explicitly protects the right “to petition the Government for a redress of grievances.” Thousands of knowledge workers were now climbing into the top one percent by being hired to do that petitioning.

CHAPTER 7 Dysfunctional Democracy The checks and balances that the Founding Fathers wrote into the Constitution have always been considered a masterstroke of ensuring the capacity of a democracy to govern decisively while preserving the input and rights of those who do not enjoy majority support. However, that system depends on people of good will on opposite sides of an issue compromising so that something can get done. If checks and balances instead become tools for one side to refuse to yield any ground to the other, the result is a dysfunctional government. The Republicans’ unanimous, virulent opposition to the Affordable Care Act, or Obamacare, from the day President Obama took office offers a vivid example. The proposal Obama and Democrats in Congress put together in 2009 was not something Republicans should logically have been resisting. In fact, it was easy to imagine that Obama had decided to back Republicans into a corner by daring them to take yes for an answer. For Obama was pushing a more conservative version of health care reform than what Richard Nixon had proposed in 1972, or what Republican governor Mitt Romney had implemented in Massachusetts in 2006.

Luntz and others did, indeed, produce the arguments, in the form of the pungent turns of phrase that had become a Luntz specialty since he had coined “death tax” to demonize the inheritance tax. Obamacare’s “government takeover of health care” would “put some bureaucrat between you and your doctor,” Republicans said. These messages, along with completely fictional claims that the law would establish “death panels” to decide which elderly people were so hopelessly ill that they should be cut off from Medicare, were seized upon by the Tea Party groups that sprang up in the spring and summer of 2009 and made blocking Obamacare their battle cry. At no time did the Republicans offer an alternative to Obamacare, no doubt because Obamacare had always been their alternative—which foretold the embarrassment they would suffer seven years later when they seized control of Congress and the White House and still could not agree on an alternative.


pages: 336 words: 95,773

The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future by Joseph C. Sternberg

Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, Asian financial crisis, banking crisis, Basel III, Bernie Sanders, blue-collar work, centre right, corporate raider, Detroit bankruptcy, Donald Trump, Edward Glaeser, employer provided health coverage, Erik Brynjolfsson, eurozone crisis, future of work, gig economy, Gordon Gekko, hiring and firing, Home mortgage interest deduction, housing crisis, job satisfaction, job-hopping, labor-force participation, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, minimum wage unemployment, mortgage debt, mortgage tax deduction, Nate Silver, new economy, obamacare, oil shock, payday loans, pension reform, quantitative easing, Richard Florida, Ronald Reagan, Saturday Night Live, Second Machine Age, sharing economy, Silicon Valley, sovereign wealth fund, TaskRabbit, total factor productivity, Tyler Cowen: Great Stagnation, uber lyft, unpaid internship, women in the workforce

., 165 Murphy, Patrick, 212 National Center for Education Statistics data analysis, 92–93 National Football League union refs lockout (2012), 49n National Home-ownership Strategy (1995), 123 navigator Millennials, 21–23 NEETs (youths “not in employment, education, or training”), 181 Netherlands minimum wage, 184 New Deal/regulations, 52–53, 148–149 Obama, Barack Boomers and, 64 education policy and, 93–94, 97–101 financial crisis/Great Recession and, 129, 131–132, 132n, 137, 162–164, 223–234 Millennials and, 64, 218–219, 224 policies and, 18, 19, 24, 64, 73, 93–94, 97–101 regulation and, 229 unpaid internships and, 73 See also Affordable Care Act/Obamacare Obamacare. See Affordable Care Act/Obamacare Ocasio-Cortez, Alexandria election to Congress, 211 as Millennial, 211, 219 policy positions/views, 211, 222 taxes and, 195, 197 Occupy Wall Street movement, 130, 214 Ohio Public Employee Retirement Systems (OPERS), 175 Once and Future Worker, The (Cass), 58 Operation Twist, 134 Organization for Economic Cooperation and Development, 61 O’Rourke, Beto, 214 Patel, Suraj, 219 Paul, Ron, 222 Paulson, Hank, 129, 131 peace dividend, 151 Pell Grant program, 97, 99, 100 pension/plans Boomers and, 121, 159, 221 Detroit city government example, 175 European countries, 183, 196, 198, 199, 200 Germany/Millennials and, 199, 200 Japan and, 203, 205, 208n mid-twentieth century, 49 Millennials (US) and, 79–80, 81, 81n, 82 Ohio example, 175 problems with state/local government plans, 150, 158–159, 175 trend in private work, 158 Perot, Ross, 217 politics and Millennials 2018 midterm elections, 213 first nationally-elected officials, 211–212 fixing problems and, 213–214 House Member age statistics, 212 interns and, 213 party support/political views and, 214–216, 217–219, 222–223 political influence and, 213 state offices, 212 stereotypes, 214 trade policy, 217–218 voting and, 213 wants, 220–223, 232–236 working economy, 220–221 Powell, Jerome, 231–232 productivity by the 1970s, 48 investment and, 16, 49 measuring, 48n “qualified mortgage” (QM) standard, 139–140 quantitative easing description, 133 Federal Reserve and, 18–19, 60 housing/global financial crisis, 133, 135, 136, 137 Reagan, Ronald economic policies, 24, 52–54 fixed investment, 53 supply-side economics and, 52, 54–55, 58 support for, 20 taxes and, 52 recession postwar period, 62 See also financial crisis/Great Recession regulation (financial) changes/consequences, 56–57 during Reagan administration, 52, 54 regulations and Trump, 229–230, 234 religion and Millennials, 216–217 Resolution Foundation think tank, 178 retirement finances 401 (k) plans, 80 Millennials as “retirement plans” for parents, 145 Millennials/savings and, 79, 80–81 See also pension/plans; Social Security Revolutionary War/state debts, 147, 147n Romney, Mitt as candidate, 215, 225 manufacturing background, 232n youth vote, 215 Rubin, Robert, 54–55 “Rubinomics” program, 54–55, 124 Ryan, Paul, 231 S&P 500, 10 Sanders, Bernie description/political party and, 219, 222 Millennial support, 195, 214, 219 taxes, 173, 195, 197 savings/Millennials college-educated Millennials and, 78–79 debt and, 81n, 82 defined-contribution plans, 80 description/overview, 77–83 emergency-lending facility use and, 78 job market and, 79 obsession and, 79 parents vs., 77 pension plans and, 79–80 retirement finances and, 79, 80–81 Social Security benefits and, 82–83 statistics on, 78–79, 80–83, 83n Wall Street payback and, 83 worries about, 81–82 Say, Jean-Baptiste, 50n Say’s Law, 50n Schock, Aaron, 211–212 Second Machine Age, The (Brynjolfsson and McAfee), 41 self-employment trends (since 2000), 71 See also gig economy September 11 terror attacks/consequences, 57, 152 Shapiro, Ben, 215, 224–225 “sheepskin effect,” 90 Sixteenth Amendment, 148 Smith, Brad, 71–72 SNAP (Supplement Nutrition Assistance Program), 164 social capital, 22 social programs/benefits consequences/Mulligan and, 165–166 financial crisis and, 163–165 Social Security beginnings, 149 financial problems/Millennials and, 153–161 housing and, 114n insurance comparisons, 154, 157–158 Millennial expectations, 82–83 Millennial resources and, 142 taxes and, 150n, 196 See also entitlements for elderly solar panels installation, 28 Spain and financial crisis, 180 steel industry (1970s to 1990s), 50–51 stock market crash (1929), 10 financial crisis, 10 Strauss, William, 6–7 “structural deficits,” 150–151, 151n Supplement Nutrition Assistance Program (SNAP), 164 supply-side economics, 52, 54–55, 58 TANF, 164 TARP (Troubled-Asset Relief Program), 59, 130, 130n taxes on capital/consequences, 53 Clinton and, 55, 152 cuts with Great Recession, 163 inflation as, 207 myth on, 195 national consumption tax and, 173–174 politicians in Germany/US and, 197 Reagan and, 52 Republicans and, 174 Sixteenth Amendment, 148 tax wedge, 183 Trump and, 227–228 Tea Party movement, 130, 231 technology labor and (mid-twentieth century), 49 role in economic problems, 234–235 See also computer/information technology Thatcher, Margaret, 189 “total-factor productivity,” 48n total number of hours worked in 1970s, 47 as measure of labor market, 47 trade policy and Millennials, 217–218 training investing less, 17, 69, 88 investing more, 228 Millennials wanting, 29, 72 See also internships/Millennials Troubled-Asset Relief Program (TARP), 59, 130, 130n Trump, Donald Affordable Care Act and, 68 description, 19 entitlements and, 231 immigration and, 225–226 interest rates/Federal Reserve and, 19, 231–232 Japan/foreign competition and, 202, 217–218, 225 Millennials and, 214, 215, 217, 224, 225–232 real estate background and, 232n regulations and, 229–230, 234 taxes, 227–228, 234 traits/character, 224 unemployment rate and, 226 Uber, 70, 70n unemployment Britain/Millennials and, 189 NEETs, 181 unemployment-assistance programs (US) creation, 149 financial crisis and, 164 unemployment rate (US) in 1950s and 1960s, 47 in 1970s, 47 in 1980s, 54 changes post-2008 decade, 30, 33 description, 30 global financial crisis/recovery and, 11, 12, 13 Millennials and, 42 Trump and, 226 See also labor-force participation rate union power other countries and, 186 in US, 49, 49n United Kingdom minimum wage, 184 Urban Institute, 139 US Bureau of Labor Statistics, 28, 30, 37, 47 Vance, J.

See GDP (gross domestic product) Gurner, Tim avocado/coffee and, 1, 2, 3 homebuying and, 116 inheritance, 4 Hamilton, Alexander, 147, 147n, 148 Hammond, Darrell, 153 Harris, Kamala, 214 Hawley, Josh, 212 HCAI (Housing Credit Availability Index), 139, 139n health care electronic medical records, 235 See also Affordable Care Act/Obamacare; health insurance health insurance economic security and, 65 employer-based insurance/history, 65, 66 See also Affordable Care Act/Obamacare Hillbilly Elegy (Vance), 45 HOLC (Home Owner Loan Corporation), 119–120 Home Owner Loan Corporation (HOLC), 119–120 housing amortizing mortgage, 120, 120n balloon loans, 119 Boomer ownership, 109, 110, 111 Federal Reserve/mortgage lending and, 61–62 GI Bill and, 120 Great Depression/government response and, 119–121 history, 113–114, 114n, 118–119 Millennial home ownership/education debt and, 94–95 mortgages/taxes and, 120, 126, 127 multigenerational households, 112, 113 ownership value debate, 120n postwar boom and, 121 Housing Credit Availability Index (HCAI), 139, 139n housing/financial crisis bailouts, 130, 130n, 132n bank liquidity and, 129–130 Boomers and, 134, 135 description/consequences, 128–129 foreclosures and, 111, 132, 132n, 135 home equity increase and, 125–128, 126n home equity loss and, 10, 110–111 home ownership decline and, 121, 122 homeowners “lock-in” and, 136 housing debt/policies, 123–127, 125n insolvency crisis and, 129–130 interest rates and, 124–125, 125n, 127–128, 136 managing policies, 129–137 Millennials and, 131, 135–140, 141–143 mobility and, 135–136 mortgage-backed securities (MBS) market and, 124, 125n, 128, 129 mortgage security and, 122–124 press release/beginnings, 128 quantitative easing, 133, 135, 136, 137 quantitative easing dollar amount, 137 regulations following/Millennials and, 137–140 subprime/prime borrowers and, 126–127, 126n housing/Millennial issues economics and, 17, 110, 111, 112–113 expectations, 109–110 living with parents/statistics, 111–113, 114 locations/job locations and, 116, 117–118 multigenerational households, 112, 114n ownership/demographics, 115–116 renting/costs and, 113, 113n, 114, 114n, 141–142, 141n starter homes and, 116, 117 supplies and, 116–118 Howe, Neil, 6–7 HUD (Department of Housing and Urban Development), 123 Iceland and financial crisis, 180 immigration Millennials views, 218, 225–226 Trump, Donald and, 225–226 Immigration and Customs Enforcement (ICE), 211 India, 178, 201 Industrial Revolution, 113 information/computer technology rise, 56, 235 inheritances/Millennials beliefs/estimates, 103–104 Boomers life expectancy/health care finances and, 104–105 feudalism/history and, 106 Fidelity surveys, 105 Millennials retirement and, 107–108 timing and, 105–106 interest rates Bush and, 57 Federal Reserve and, 18, 19, 124 housing/financial crisis and, 124–125, 125n, 127–128, 136 Trump and, 19, 231–232 International Monetary Fund (IMF), 182–183 internships/Millennials numbers, 31 Obama and, 73 overview, 31, 72–73 pay and, 31, 72 work descriptions, 32 investment Boomers childhood and, 49 consumption relationship, 50 costs of labor vs. capital, 63–64, 65–66, 229 during Bush administration, 57 during Reagan administration, 53, 54 fixed investment, 49, 51, 53, 56, 57, 60, 127 growth (mid-twentieth century), 49 need to increase and, 15–17, 51 productivity and, 16, 49 technologies replacing labor and, 62–63 investment-and-productivity boom (1950s/1960s), 49–50 decline (1970s/1980s), 50 Ireland and financial crisis, 180 Italy Millennials and, 184, 201 temporary work, 184 Jackson, Alphonso, 123 Jackson, Andrew, 147 Japan consumption tax, 206 corporate scandals, 202, 202n debt, 205–206 demographic boom, 203n economic growth (1960s/1970s), 201–202 population trend, 207 working mothers and, 209 Japan Millennials delayed marriages/children and, 208–209 economy and, 203, 205, 206–207 inflation and, 207–208 interest rates and, 207–208, 208n job/training investments and, 204–205 lifetime employment deal and, 203–204 regular/nonregular work, 202–203, 202n taxes and, 205 Jeffersonians, 147n job hopping, 37–38 “jobless recovery,” 35, 69 jobs/job market and Millennials age of employee/job losses, 35–39 Boomers vs., 27, 46 company size and, 38–39 economists categories of jobs/job losses and, 33–34 experience requirements and, 37 financial crisis/recession losses distribution, 32–37 “fun/fulfilling” work and, 29 goals/dreams, 31 job losses by skill level, 34 job opportunity losses/time effects, 39–40 jobs replaced by robots, 34, 34n lower-skilled/low-paying employment replacements and, 36–37 mentors vs. bosses, 29–30 overqualification and, 42–43 pay/job losses and, 33–34 recovery from financial crisis and, 35, 59 statistics on white/blue collar jobs, 28 transformed jobs and, 27–29, 27n wants description, 29 See also specific components Johnson, Lyndon, 149 Kander, Jason, 212 Keynes, John Maynard/Keynesian economics, 50n, 58, 163n Kotlikoff, Laurence J., 171–172 labor capital vs. labor costs, 63–64, 65–66, 229 costs, 65–66 costs (by 1990s), 55 replacing labor and, 17, 34, 34n, 62–63 See also union power labor-force participation rate in 1970s, 47 in 1980s, 54 description, 30 Millennials/post-2008 decade, 30–31 labor productivity complementary technologies and, 49 definition, 48n labor hours and, 49 output per hour worked and, 48, 48n, 56, 57 labor share in 1950s/1960s, 47, 50 definition/description, 47 during Clinton presidency, 56 during Reagan presidency, 56 economic theories on, 62 trend past 50 years, 62 Lehman Brothers, 11, 129, 133 Libertarian candidates, 219 McAfee, Andrew, 41 McCain, John, 225 McCain, Meghan, 215 Maloney, Carolyn, 219 Manhattan Institute for Policy Research, 58 ManpowerGroup, 31 manufacturing economy (US) decline, 12, 14 description, 15–16 MBS (mortgage-backed securities) market, 124, 125n, 128, 129 Medicaid Affordable Care Act and, 167 financial problems, 156 role, 149 Medicare for all Americans, 211 financial problems/Millennials and, 153–161 inflation and, 169 insurance comparisons, 154 Millennial resources and, 142 role, 149 See also entitlements for elderly Medicare Part D, 157 Merkel, Angela political party/government and, 197, 200, 200n taxes and, 197 Merrill Lynch, 11, 128–129 Merrill Lynch survey/savings, 78 military spending deficit spending (government) and, 151 generational fairness and, 171 Millennials avocado/coffee debate, 1–3 childhood diseases and, 3–4 definition/description, 5–9, 237 diversity and, 216, 237–238 ethnicity, 9 as immigrants/children of immigrants and, 8–9, 112 material well-being and, 3–5 navigators and, 21–23 numbers, 8 parents/security and, 3–4 as “retirement plans” for parents, 145 second language and, 8 sex and, 217 social questions, 216–217 stereotypes and, 1–3, 29–30, 235 term origins, 6 views of, 1–3, 4–5, 26–27 wars and, 4 minimum wages debates/views on, 185 Europe, 183–184 in US, 183–184 Mondale, Walter, 20 mortgage-backed securities (MBS) market, 124, 125n, 128, 129 Mortgage Servicing Assets (MSAs), 138n Mulligan, Casey B., 165 Murphy, Patrick, 212 National Center for Education Statistics data analysis, 92–93 National Football League union refs lockout (2012), 49n National Home-ownership Strategy (1995), 123 navigator Millennials, 21–23 NEETs (youths “not in employment, education, or training”), 181 Netherlands minimum wage, 184 New Deal/regulations, 52–53, 148–149 Obama, Barack Boomers and, 64 education policy and, 93–94, 97–101 financial crisis/Great Recession and, 129, 131–132, 132n, 137, 162–164, 223–234 Millennials and, 64, 218–219, 224 policies and, 18, 19, 24, 64, 73, 93–94, 97–101 regulation and, 229 unpaid internships and, 73 See also Affordable Care Act/Obamacare Obamacare.

Yet especially under the Obama administration, Boomer politicians and policymakers tried to force the economy to again take on the outward trappings of that earlier, happier era. In the course of doing so, they would make labor ever more expensive, and investments requiring more labor ever less attractive, at precisely the moment capital investment was becoming cheaper and cheaper—at least for some investors in some industries. To see why that approach was such a disaster, look no further than the Affordable Care Act, or Obamacare. Obamacare was an attempt to solve a glaring problem: in a new economy of constant employment churn (and where there were fewer and fewer mid-paying jobs to support health benefits for large tranches of the working population) it just doesn’t make a lot of sense to tie insurance to employment. It never made sense anyway. America’s system of employment-based insurance developed the way it did only by accident.


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Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right by Jane Mayer

affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, corporate raider, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, plutocrats, Plutocrats, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Robert Mercer, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor

Reached later, after the implementation of Obama’s Affordable Care Act, Donald Jacobsen, professor of molecular medicine at the Cleveland Clinic Lerner College of Medicine, who cared for Kendrick, recalled her as a generous donor but dismissed as nonsense her argument that Obama’s health-care plan ever threatened treatment of the kind that she received. “I can assure you that ‘Obamacare’ did not diminish our research efforts in any way,” he said. “However, the sequestration efforts of the right-wing conservatives and their Tea Party colleagues have hampered progress in medical research. The National Institutes of Health is suffering greatly, and it is very difficult for all investigators to obtain funding. You can’t blame the Affordable Care Act, but you certainly can blame the Republicans.” Nonetheless, when Kendrick finished her emotional pitch, there was an awkward silence from the Kochs, according to two sources familiar with the meeting.

For months, the post office box otherwise known as the Center to Protect Patient Rights had been filling with fistfuls of secret cash from Randy Kendrick and other members of the Koch network in an uphill battle to stop the passage of the Affordable Care Act. Noble had redirected much of this money into the front groups spending against Coakley in the Massachusetts special election. The hope was that if Republicans could turn one Senate seat, they could block the health-care bill and mortally wound Obama. So when the plan worked, Brown’s win electrified the donors. Many felt that they had personally turned the tide on Obamacare. “We thought we had it won!” the seminar participant recalled. Obama had been so flummoxed by Brown’s election that at a White House senior staff meeting the next morning he had beseeched his staff accusingly, demanding to know, “What’s my narrative?

Freedom Partners: Stolberg and McIntire, “Federal Budget Crisis Months in the Planning,” suggested that Freedom Partners spent $200 million in the fight against health care, but this figure represents other spending by the group as well. News reports reflected: Jenna Portnoy, “In Southwest Va., Health Needs, Poverty Collide with Antipathy to the Affordable Care Act,” Washington Post, June 19, 2004. As part of that effort: The figure of four million uninsured adults blocked by the states refusing to expand Medicaid comes from the Kaiser Family Foundation. Rachel Garfield et al., “The Coverage Gap: Uninsured Poor Adults in States That Do Not Expand Medicaid—an Update,” Kaiser Family Foundation, April 17, 2015. Meanwhile, the Cato Institute: See Alec MacGillis’s profile of the Cato Institute’s Michael Cannon for a revealing look at the think tank’s behind-the-scenes role. MacGillis, “Obamacare’s Single Most Relentless Antagonist,” New Republic, Nov. 12, 2013. This nonetheless formed: See Robert Pear, “Four Words That Imperil Health Care Law Were All a Mistake, Writers Now Say,” New York Times, May 25, 2015.


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Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American ideology, barriers to entry, Berlin Wall, Bernie Sanders, blue-collar work, Burning Man, centre right, circulation of elites, Clayton Christensen, collective bargaining, Credit Default Swap, David Brooks, deindustrialization, disruptive innovation, Donald Trump, Edward Snowden, Fall of the Berlin Wall, financial innovation, Frank Gehry, full employment, George Gilder, gig economy, Gini coefficient, income inequality, Jaron Lanier, Jeff Bezos, knowledge economy, knowledge worker, Lean Startup, mandatory minimum, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, microcredit, mobile money, moral panic, mortgage debt, Nelson Mandela, new economy, obamacare, payday loans, Peter Thiel, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, postindustrial economy, pre–internet, profit maximization, profit motive, race to the bottom, Republic of Letters, Richard Florida, ride hailing / ride sharing, Ronald Reagan, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, TaskRabbit, Thorstein Veblen, too big to fail, Travis Kalanick, Uber for X, union organizing, urban decay, women in the workforce, Works Progress Administration, young professional

This intricacy does not make Dodd-Frank an outlier among Obama-era reforms; this makes it typical. The Affordable Care Act is even more profoundly dizzying. On the matter of reforming the country’s health care system, there were in 2009 two admirably straightforward proposals on the table: a Canadian-style single-payer system and the briefly popular “public option,” in which the government itself would provide competition to existing health insurance companies. President Obama had publicly declared his support for both these choices over the years. Neither won the favor of Obama’s all-important proxy on this issue, however, by which I mean former Senator Max Baucus, Democrat of Montana, a notable friend of the lobbyist and (as of this writing) the U.S. ambassador to China. Instead we got Obamacare, with its exchanges, its individual and employer mandates, its Cadillac tax, its subsidies to individuals and to the insurance industry, and its thousands of other moving parts, sluicing funding this way and that.

Quality of life metrics: http://www.growdecatur.org/community-assessment-survey.html. Threatened photographer: http://www.illinoisinfocus.com/central-park.html. INDEX The index that appeared in the print version of this title does not match the pages in your e-book. Please use the search function on your e-reading device to search for terms of interest. For your reference, the terms that appear in the print index are listed below. ABInBev Ackman, William Affordable Care ActObamacare” (2009) Afghanistan AFL/CIO Agenda, The (Woodward) Aid to Families with Dependent Children (AFDC) AIG Airbnb Alexander, Michelle Allen, George Allen, Paul All in the Family (TV show) Alter, Jonathan Altman, Roger Amazon American Prospect America: What Went Wrong (Barlett and Steele) Ameriquest Andreessen, Marc antitrust Apple, Inc. Archer Daniels Midland Argentière Capital Arnold, Thurman Atari Democrats Audacity of Hope, The (Obama) Austin, Texas Bai, Matt bailouts Bain Capital Baird, Zoë Balz, Dan banks.

Why not here, too? Had fairness and greater equality been the primary goals of either Obamacare or Dodd-Frank, they would no doubt have been far more straightforward. But complexity allowed Obama to square the circle of modern liberalism. It allowed him to achieve the double mandate of making health care more affordable while preserving existing players at the same time. A single-payer system would obviously have done grave damage to the insurance industry, while a public option would have given it unwelcome competition. But Obamacare did the opposite—it made those insurers into a permanent feature of the economic landscape. Their enthusiasm for the measure was obvious and much discussed at the time, as was that of Big Pharma: Obamacare essentially made our patronage of these industries mandatory. A forgotten school of left-wing historians used to argue that the regulatory state began not with public-minded statesmen cracking the whip and taming big biz, but just the opposite—with business leaders deliberately inviting federal regulation as a way to build barriers to entry and give their cartels the protection of law.


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The Impulse Society: America in the Age of Instant Gratification by Paul Roberts

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, asset allocation, business cycle, business process, Cass Sunstein, centre right, choice architecture, collateralized debt obligation, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, David Brooks, delayed gratification, disruptive innovation, double helix, factory automation, financial deregulation, financial innovation, fixed income, full employment, game design, greed is good, If something cannot go on forever, it will stop - Herbert Stein's Law, impulse control, income inequality, inflation targeting, invisible hand, job automation, John Markoff, Joseph Schumpeter, knowledge worker, late fees, Long Term Capital Management, loss aversion, low skilled workers, mass immigration, new economy, Nicholas Carr, obamacare, Occupy movement, oil shale / tar sands, performance metric, postindustrial economy, profit maximization, Report Card for America’s Infrastructure, reshoring, Richard Thaler, rising living standards, Robert Shiller, Robert Shiller, Rodney Brooks, Ronald Reagan, shareholder value, Silicon Valley, speech recognition, Steve Jobs, technoutopianism, the built environment, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, Tyler Cowen: Great Stagnation, Walter Mischel, winner-take-all economy

That reluctance to accept any disruption, Feder says, is why Democratic lawmakers, once the champions of a single-payer model, now rarely even mention the idea. Consumers, Feder told me, “don’t want that. People with vested interests want to stay where they are.” That’s a big reason that most of the health care measures prior to Obamacare centered not on reforming anything, but on adding benefits—as, for example, the quite popular, and quite expensive, Medicare prescription drug benefit enacted in 2003. This collective reflex of self-preservation helps explain why Barack Obama’s Affordable Care Act (ACA) has provoked such a visceral response—a negative reaction that goes well beyond our antipathy at the botched rollout. Although the ACA leaves intact the basic public-private structure of American health care, the law nonetheless goes after some of the key institutional enablers of bad health care practices.

Jonathan Rowe, “Our Phony Economy,” Harper’s, June 2008, http://harpers.org/print/pid=85583. 16. Interview with author. 17. Jeffrey M. Jones, “Majority in U.S. Favors Healthcare Reform This Year,” Gallup, July 14, 2009, http://www.gallup.com/poll/121664/majority-favors-healthcare-reform-this-year.aspx. 18. Benjamin Zycher, “Obamacare Inhibits Medical Technology,” Washington Times, Jan. 9, 2012, http://www.washingtontimes.com/news/2012/jan/9/obamacare-inhibits-medical-technology/. 19. Thomas B. Edsall, “The Obamacare Crisis,” New York Times, Nov. 19, 2013, http://www.nytimes.com/2013/11/20/opinion/edsall-the-obamacare-crisis.htmlpagewanted=1&_r=2&smid=tw-share&&pagewanted=all. 20. Interview with author. 21. Interview with author. Chapter 8: Forever War 1. Sam Stein, “Robert Draper Book: GOP Anti-Obama Campaign Started Night of Inauguration,” Huffington Post, April 25, 2012, http://www.huffingtonpost.com/2012/04/25/robert-draper-anti-obama-campaign_n_1452899.html. 2.

The program’s current difficulties have the clear potential to replay events of 2010 in 2014 and possibly 2016.”19 In other words, if we imagine that state power could be used to curb the sort of problematic reflexes (be they in health care or finance or personal behavior) that drive the Impulse Society, we shouldn’t be surprised to see some significant pushback. The Impulse Society, in effect, will defend itself. In some respects, the opposition Obamacare has provoked seems relatively mild, given the degree to which it is attempting to shake up the status quo. Liberals may complain that the ACA falls far short of the long-dreamed-of European-style single-payer model. But as far as many conservatives are concerned, Obamacare represents the first effort in decades to shift the country back toward the New Deal program of economic management that was supposed to have been killed off in the 1980s. More fundamentally, the reaction to Obamacare may force us to reassess the cherished idea that Americans will make personal sacrifices to address a broad social problem. Rather, one could argue that, after decades of an increasingly self-centered ideology and a hyper-responsive consumer economy, when it comes to supporting social justice, personal sacrifice may be a deal breaker.


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The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

These middle-aged ladies had flooded congressional offices with phone calls to oppose Trump’s Muslim ban. But that would turn out to be a practice run for Indivisible’s biggest battle of 2017. Shortly after Trump took office, he and the Republican Congress attempted to do what the GOP had been promising for years: repeal and replace Obamacare. It didn’t help their cause that the “replace” part of the promise was empty: for all the rhetoric, the GOP never offered a plan that would include coverage of everyone who was covered by the Affordable Care Act. But the Republicans were hell-bent on repeal, and it looked for months as if they would achieve it. Until Indivisible stepped up. Local groups confronted their senators and representatives at every town hall, forcing them to explain why they would vote to kill a law that might be flawed but was helping millions afford health care.

They watered down the bill and, after weeks of painful wrangling, the Affordable Care Act passed the Senate on Christmas Eve 2009, with sixty Democrats and zero Republicans. Everyone agreed the bill was imperfect, but at least it made it through. Now the challenge would be reconciliation: to get the House and Senate to agree on a version of the bill that could pass both chambers. But Senator Ted Kennedy had died in 2009, and Massachusetts was holding a special election for his seat in January 2010. By then, the public was furious at how the health care reform process had unfolded. After all that partisan wrangling, voters were beginning to think the whole thing was a fiasco. And so, three weeks after the Senate passed the Affordable Care Act, Massachusetts voters elected Republican Scott Brown to what had been a safe Democratic seat.

The surprise upset was partly fueled by rage at the Affordable Care Act, and partly because Democrat Martha Coakley had committed Massachusetts political suicide by insulting die-hard Boston sports fans. No matter the reason, the outcome was the same: with only fifty-nine Democrats in the Senate, Obama had lost his chance at a progressive House-Senate compromise. The only way to salvage the bill was for the House to swallow the Senate’s more conservative bill whole, which it did only after heroic arm-twisting by Speaker Nancy Pelosi. Eric saw the ACA as an example of Obama’s enduring belief that it was better to get something than nothing. If the president had held out for a public option, Eric knew, he likely would have walked away empty-handed. The Affordable Care Act was a huge win for the public: it prohibited insurance companies from applying lifetime caps on coverage or discriminating against people with preexisting conditions, which helped cut medical bankruptcies in half; greatly expanded Medicaid so millions more low-income people could get coverage; and allowed young people to stay on their parents’ health insurance until they were twenty-six (which was especially helpful to underemployed millennials for whom employer-sponsored health insurance seemed like an impossible luxury).


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Equal Is Unfair: America's Misguided Fight Against Income Inequality by Don Watkins, Yaron Brook

3D printing, Affordable Care Act / Obamacare, Apple II, barriers to entry, Berlin Wall, Bernie Madoff, blue-collar work, business process, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, colonial exploitation, corporate governance, correlation does not imply causation, creative destruction, Credit Default Swap, crony capitalism, David Brooks, deskilling, Edward Glaeser, Elon Musk, en.wikipedia.org, financial deregulation, immigration reform, income inequality, indoor plumbing, inventory management, invisible hand, Isaac Newton, Jeff Bezos, Jony Ive, laissez-faire capitalism, Louis Pasteur, low skilled workers, means of production, minimum wage unemployment, Naomi Klein, new economy, obamacare, Peter Singer: altruism, Peter Thiel, profit motive, rent control, Ronald Reagan, Silicon Valley, Skype, statistical model, Steve Jobs, Steve Wozniak, The Spirit Level, too big to fail, trickle-down economics, Uber for X, urban renewal, War on Poverty, wealth creators, women in the workforce, working poor, zero-sum game

Devon Herrick, “FDA Slow to Approve Medical Devices,” National Center for Policy Analysis, December 1, 2010, http://healthblog.ncpa.org/fda-slow-to-approve-medical-devices/ (accessed May 12, 2015). 48. Michael Tennant, “ObamaCare: Stifling Innovation,” National Center for Policy Analysis, April 9, 2015, http://www.ncpa.org/media/obamacare-stifling-innovation (accessed May 26, 2015). 49. Cato Handbook for Policymakers, 7th Edition (Cato Institute, January 16, 2009), http://object.cato.org/sites/cato.org/files/serials/files/cato-handbook-policymakers/2009/9/hb111-16.pdf (accessed May 26, 2015). See also Rituparna Basu, The Broken State of American Health Insurance Prior to the Affordable Care Act: A Market Rife with Government Distortion, 2013, http://www.pacificresearch.org/fileadmin/templates/pri/images/Studies/PDFs/2013-2015/BasuF2.pdf (accessed May 26, 2015). 50.

Essays on Ayn Rand’s ‘The Fountainhead’ (New York: Lexington, 2007), pp. 270–71. Index The index that appeared in the print version of this title does not match the pages in your e-book. Please use the search function on your e-reading device to search for terms of interest. For your reference, the terms that appear in the print index are listed below. Acemoglu, Daron, 166–7 Adams, James Truslow, 5, 118, 218 Affordable Care Act (Obamacare), 126, 134–7, 180 Ake, Christopher, 206 Alfange, Dean, 70 Allison, John, 37 Altner, Doug, 29 American Dream, 4–5, 10, 203 and economic progress, 83 and egalitarianism, 218 and immigration, 28 and inequality argument, 5–7, 17, 19, 21, 48, 117 introduction of the phrase, 5, 118 and opportunity, 5, 138 saving the, 219–28 threat to the, 14–17, 173–4 anti-poverty programs, 31, 138–44.

See also CEOs Manzi, James, 158, 163 Marconi, Guglielmo, 89 Markkula, Mike, 93–4 Marxism, 215–16 Mazumder, Bhashkar, 123 McCandless, Christopher Johnson, 56–7 McCloskey, Deirdre, 104, 165–6 McElwee, Sean, 125, 211, 213 McLaughlin, Patrick, 36 Mead, Lawrence, 140 Medicaid, 35, 134, 136, 138, 183 Medicare, 35, 70, 127, 134–6, 138, 170, 183, 225 merit, 6, 13–16, 114, 118, 120, 145–53, 179, 223 Micklethwait, John, 32 Microsoft, 92, 131–2, 146, 151–2 mobility, 4–5, 20, 63, 117–23, 222–3 “Money-Makers” and “Money-Appropriators,” 149–54 Munell, Alicia, 181 Munkhammar, Johnny, 113 Murphy, Liam, 203–4 Murray, Charles, 75, 139–40, 239n43 Musk, Elon, 28, 91, 130 Nagel, Thomas, 187, 203–4, 217 Nardelli, Robert, 164 New Deal, 28, 38, 174, 185–6 Newcomen, Thomas, 90 Newman, Katherine, 73, 77–8, 141–2 Newton, Isaac, 90, 100 Noah, Timothy, 4, 8, 121 Nolan, Hamilton, 212 Noyce, Robert, 89 Obama, Barack, 4–6, 9, 117, 119, 151–2, 164, 181, 196–7, 210. See also Affordable Care Act (Obamacare) opportunity and barriers to success, 123–9 demands of, 66–70 and economic advancement, 70–8 “equality of opportunity” ruse, 78–82 ideal of, 10–14 and innovation, 129–38 and mobility, 117–23 pursuit of happiness, 51–6 and success, 56–9 and voluntary trade, 59–66 welfare state vs., 138–44 Page, Larry, 103, 137–8 Pasteur, Louis, 90 Perry, Mark J., 39 Petersen, Susan, 66 Pickett, Kate, 7, 79, 118, 121, 123, 211–12 Piketty, Thomas, 9, 20–1, 23, 38, 42, 45–6, 121, 153, 156, 217, 220 Capital in the Twenty-First Century, 4–5, 7, 165–7, 186 on CEO pay, 158, 160–3 on inequality and growth, 110 on inequality of conditions, 192 on inequality of income, 205 on taxation, 212 Piscione, Deborah Perry, 130 Political Action Committees (PACs), 151, 173 political equality, 16, 80, 100, 114, 203, 250n54 and America’s founding, 12–14, 55 and communism, 52 defined, 12 and economic equality, 178–9, 223–4 and freedom, 103–4 and mobility, 118 poverty, 8, 217, 223, 239n43 absolute and relative poverty, 139 antipoverty programs, 45, 138–44 and Cuba, 52–3 and opportunity, 62–3, 73–5, 81, 129, 223 and progress, 98–9 Powell, Benjamin, 64–5 power, 177–85 private property rights, 6, 12–16, 103, 112 privilege, 145–53, 178–81, 223 progress, 89, 144, 212, 223 conditions of, 83–7 and egalitarianism, 216, 218 and entrepreneurship, 90–1 and finance, 93–4, 154 and freedom, 66, 144, 185 and the Gilded Age, 24–5 and harmony of interests, 95–8 human, 5, 80, 90, 98–101, 110, 130, 132, 174, 199, 205, 225 and inequality, 5–7, 107–14 and innovation, 101–7 and intellectual ability, 87–90 and labor, 94–5 and management, 91–3 medical, 136 and stagnation, 41, 43, 47–8 and taxation, 30 Putnam, Robert, 75 Rand, Ayn on American individualism, 55–6 Atlas Shrugged, 96, 227 on collectivism, 54–6, 200 on equality, 206 Fountainhead, The, 197–8 on genius, 199 “Money-Making Personality, The,” 149 on property rights, 202–3 Pyramid of Ability, 95–6 on rationalization, 215 on social systems, 187 on traders, 60 Rauh, Joshua, 160 Rawls, John, 78–80, 186–93, 198, 202, 204, 211, 217 Reagan, Ronald, 20, 32–3 Reich, Robert, 19, 164 Reisman, George, 62 rent-control laws, 129 responsibility, 67–71, 75–8 Reynolds, Alan, 45 Riley, Jason, 140 risk mitigation, 154–5 Roberts, Russ, 110, 157 Robinson, James A., 166–7 Robinson Crusoe (Defoe), 9, 146, 198 Rockefeller, John D., 106, 228 Roebling, John, 105 Romer, Christina, 128–9 Roosevelt, Franklin D., 68 Rose, Stephen J., 42 Rosenberg, Nathan, 99–100, 103–4 Rousseau, Jean-Jacques, 187, 207, 216 Rowe, Mike, 72 Rowling, J.


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Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required by Kristy Shen, Bryce Leung

"side hustle", Affordable Care Act / Obamacare, Airbnb, asset allocation, barriers to entry, buy low sell high, call centre, car-free, Columbine, cuban missile crisis, Deng Xiaoping, Elon Musk, fear of failure, financial independence, fixed income, follow your passion, hedonic treadmill, income inequality, index fund, longitudinal study, low cost airline, Mark Zuckerberg, mortgage debt, obamacare, offshore financial centre, passive income, Ponzi scheme, risk tolerance, risk/return, Silicon Valley, single-payer health, Snapchat, Steve Jobs, supply-chain management, the rule of 72, working poor, Y2K, Zipcar

Finally, since most Americans get their health insurance through their job, the natural question is, “If I leave my job, won’t I lose my health insurance?” The answer is no. You can still have health insurance, and you’ll probably be able to get it far cheaper than when you were working. Here are all the different ways you can reduce your health insurance costs after you retire. Obamacare (ACA) Obamacare, or the Patient Protection and Affordable Care Act, is your first and best line of defense against rising health care costs in retirement. This is because Obamacare ties the amount you pay for insurance to your income. The less you make, the less you pay. And it does this through federal subsidies. Every year the federal government publishes a number it determines as the federal poverty level, or FPL. Based on your income as a percentage of the FPL, you may qualify for a federal subsidy that helps pay for part or all of your health insurance premium.

Moving to a Different State One big caveat to Obamacare is that you need to live in the right state. When the ACA became law in 2010, part of it relied on expanding funding to Medicaid, the health insurance program covering low-income families administered by each state. The idea was that the Obamacare-related subsidies would take care of people from 138 percent to 400 percent of the FPL, while Medicaid would take care of the 0 percent to 137 percent range. Under this system, everybody would have access to health insurance regardless of income. Unfortunately, not all states cooperated. Some states chose not to expand Medicaid, which created a very dangerous situation known as the “Medicaid gap.” In states where Medicaid was not expanded, it’s possible for your income to be too high for Medicaid but too low for Obamacare subsidies to kick in, leaving you to pay the whole premium yourself.

You can withdraw your money tax-free for qualified medical expenses. So an HSA combines the best of the 401(k) and the Roth IRA, in that it allows tax-deductible contributions, tax-free growth, and tax-free withdrawals, but only for medical expenses. HDHP + HSA plans existed before the ACA, and still exist today under Obamacare. This gives us reasonable certainty that even if the ACA were repealed, the HDHP + HSA solution that early retirees used before Obamacare existed would still be a viable solution. We’re only including this policy in case America reverts to its pre-Obamacare health care system. Expat Insurance But now I’d like to talk about my solution. Meaning, this is what we do for health insurance. It may surprise many readers that we have to do anything at all. After all, we are Canadian. Aren’t we supposed to have a gold-plated government-run single-payer health care system at our disposal?


pages: 394 words: 112,770

Fire and Fury: Inside the Trump White House by Michael Wolff

Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, centre right, disintermediation, Donald Trump, drone strike, Edward Snowden, Elon Musk, forensic accounting, illegal immigration, impulse control, Jeff Bezos, Jeffrey Epstein, obamacare, Peter Thiel, Renaissance Technologies, ride hailing / ride sharing, Robert Mercer, Ronald Reagan, Saturday Night Live, self-driving car, Silicon Valley, single-payer health, Travis Kalanick, WikiLeaks, zero-sum game

* * * Trump had little or no interest in the central Republican goal of repealing Obamacare. An overweight seventy-year-old man with various physical phobias (for instance, he lied about his height to keep from having a body mass index that would label him as obese), he personally found health care and medical treatments of all kinds a distasteful subject. The details of the contested legislation were, to him, particularly boring; his attention would begin wandering from the first words of a policy discussion. He would have been able to enumerate few of the particulars of Obamacare—other than expressing glee about the silly Obama pledge that everyone could keep his or her doctor—and he certainly could not make any kind of meaningful distinction, positive or negative, between the health care system before Obamacare and the one after. Prior to his presidency, he had likely never had a meaningful discussion in his life about health insurance.

Pressed in a campaign interview about the importance of Obamacare repeal and reform, Trump was, to say the least, quite unsure of its place on the agenda: “This is an important subject but there are a lot of important subjects. Maybe it is in the top ten. Probably is. But there is heavy competition. So you can’t be certain. Could be twelve. Or could be fifteen. Definitely top twenty for sure.” It was another one of his counterintuitive connections to many voters: Obama and Hillary Clinton seemed actually to want to talk about health care plans, whereas Trump, like most everybody else, absolutely did not. All things considered, he probably preferred the notion of more people having health insurance than fewer people having it. He was even, when push came to shove, rather more for Obamacare than for repealing Obamacare. As well, he had made a set of rash Obama-like promises, going so far as to say that under a forthcoming Trumpcare plan (he had to be strongly discouraged from using this kind of rebranding—political wise men told him that this was one instance where he might not want to claim ownership with his name), no one would lose their health insurance, and that preexisting conditions would continue to be covered.

The two men summed up for Trump—who kept wandering off topic and trying to turn the conversation to golf—seven years of Republican legislative thinking about Obamacare and the Republican alternatives. Here was a perfect example of an essential Trump paradigm: he acceded to anyone who seemed to know more about any issue he didn’t care about, or simply one whose details he couldn’t bring himself to focus on closely. Great! he would say, punctuating every statement with a similar exclamation and regularly making an effort to jump from his chair. On the spot, Trump eagerly agreed to let Ryan run the health care bill and to make Price the Health and Human Services secretary. Kushner, largely staying silent during the health care debate, publicly seemed to accept the fact that a Republican administration had to address Obamacare, but he privately suggested that he was personally against both repeal alone and repeal and replace.


pages: 462 words: 129,022

People, Power, and Profits: Progressive Capitalism for an Age of Discontent by Joseph E. Stiglitz

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, barriers to entry, basic income, battle of ideas, Berlin Wall, Bernie Madoff, Bernie Sanders, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, central bank independence, clean water, collective bargaining, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crony capitalism, deglobalization, deindustrialization, disintermediation, diversified portfolio, Donald Trump, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, Firefox, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, George Akerlof, gig economy, global supply chain, greed is good, income inequality, information asymmetry, invisible hand, Isaac Newton, Jean Tirole, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John von Neumann, Joseph Schumpeter, labor-force participation, late fees, low skilled workers, Mark Zuckerberg, market fundamentalism, mass incarceration, meta analysis, meta-analysis, minimum wage unemployment, moral hazard, new economy, New Urbanism, obamacare, patent troll, Paul Samuelson, pension reform, Peter Thiel, postindustrial economy, price discrimination, principal–agent problem, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, Richard Thaler, Robert Bork, Robert Gordon, Robert Mercer, Robert Shiller, Robert Shiller, Ronald Reagan, secular stagnation, self-driving car, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, South China Sea, sovereign wealth fund, speech recognition, Steve Jobs, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, two-sided market, universal basic income, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, War on Poverty, working-age population

But the greater the divergence in beliefs, interests, and preferences, the more likely is it that large inconsistencies appear. 20.With decisions undermining, for instances, key provisions of the Voting Rights Act and the Affordable Care Act. The latter, National Federation of Independent Business v. Sebelius, is mostly remembered for upholding most provisions of Obamacare in 2012. However, the decision also allowed states to opt out of the Medicaid expansion that the Affordable Care Act originally mandated. Nineteen states did that, resulting in some 2.2 million people winding up without health insurance, disproportionately African Americans. In the 2018 election, voters in Idaho, Nebraska, and Utah reversed those decisions. See, for example, Scott Lemieux, “How the Supreme Court Screwed Obamacare,” The New Republic, June 26, 2017. In June 2013, the Supreme Court (in a five-to-four decision) ruled that a central piece of the 1965 Voting Rights Act was unconstitutional—a provision which had played a key role in restoring voting rights to African Americans; the decision was reminiscent of the 1883 decision of the Supreme Court that struck down the Civil Rights Act of 1875.

., 210 noncompete clauses, 65–66 nongovernmental organizations, 148–49, 245 norms fragility of, 230–36 Republican violation of, 166–67 and revolving door, 173 not-for-profit universities, 148–49 “notice and comment,” 146 Nuance, 286n34 nutrition, access to, 203 OASDI (Old Age, Survivors, and Disability Insurance), 13 Obama, Barack, and administration antitrust actions, 62 bank bailout (2008), 102–3, 113–14 Merrick Garland nomination, 166–67 inequality issue, 39–40 public option for Affordable Care Act, 211 Obamacare (Affordable Care Act), 40, 211–13 obesity, 146–47, 277–78n37 OECD (Organization of Economic Cooperation and Development), 36 oil industry, 168 oligopoly, in academic publishing, 76 on-call scheduling, 66, 197 1 percent and country’s overall growth, 19 income growth, 33, 103, 192 and public well-being, 244 share of nation’s wealth, 38, 43 strategies to maintain power, 27 Open Internet Order, 147 open society, 185 opportunity government involvement to promote, 142 inequality in, 44–45 intergenerational transmission of advantage/disadvantage, 199–201 restoring, 197–201 Opportunity Insights, 44–45 organized labor, 66–67, 86–87 “originate-to-distribute” banking model, 110 Orwell, George, 128 oversight, judicial/congressional, See regulation overtime, 66 ownership of data, 129–30 Oxfam, 43 PACs, See political action committees Pai, Ajit, 147 Paris Agreement, 207 part-time work, 66, 193, 214 patents, 59, 74–75, 126–27 patent trolls, 286n34 pattern of trade, 90–91 Paul, Rand, xix Paxton, Robert O., 15–16 per capita income, China, 37, 96 perfect competition, monopoly vs., 56 perfect price discrimination, 318n17 Petersen, Matthew Spencer, 17 Pew Mobility Project, 45 pharmaceutical companies, See Big Pharma Phishing for Phools: The Economics of Manipulation and Deception (Akerlof and Shiller), 63–64 Piketty, Thomas, 278n38 place-based policies, 187–88 Pledge of Allegiance, 202 polarization, of job market, 119 political action committees (PACs), 169, 171, 172 political manipulation, 128 political opinion, 75 political parties, public disenchantment with, 174 political power, market power and, 77 politics failures of, 5–7 to manage economic consequences of innovation, 121 power of financial sector in, 116 reforming rules of, xxvi pollution, 143; See also environment population growth, 9, 11 populism, 26 postindustrial world, facilitating transition to, 186–88 poverty education and, 200 and inequality of opportunity, 44–45 intergenerational transmission of, 200 life expectancy and, 41 power abuses of, See abuses of power competition vs., 22, 23 market, See market power PPP (purchasing power parity), 272n12 predatory behavior, 145 predatory pricing, 69 pre-distribution, xxv, 198 preemptive mergers, 60–61, 70, 73 price discrimination, 57, 64, 125 pricing power, 48, 50 principal agent problem, 291n58 prisons, See incarceration privacy, 127–30, 135 private equity, 258n6 private prisons, 323n8 private sector, government’s efficiency compared to, 142 productivity human/physical capital investment and, 36–37 improving, 182–83 knowledge and, xxiv, 183–86 restoring, 181–86 in US vs. other advanced countries, 36–37 wages no longer correlated with, 38 wealth of nations and, 9 working hours and, 191 profits from bank fees, 110 in China, 95 competition as threat to, 48 explaining increase in, 54–62 fractional reserve banking and, 111 globalization and, 80 from mergers, 107–8 as source of rent wealth, 54 progressive agenda and party reform/rebuilding, 175–76 in Preamble to the Constitution, 242 to promote general welfare, 242–47 Progressive Era, 12 progressive movements, 175–76 progressive taxation, 198 property rights, trade agreements and, 83, 84 protectionism, 35, 79, 89–92, 94, 240 Protestant Reformation, 10 public education, 200–201 public good(s) data as, 131 markets’ failure to provide, xxiii, 140–41 media as, 11, 133 nongovernmental organizations and, 148–49 research and, 184 public institutions, fragility of, 230–36 Public Interest Doctrine, 352n21 public option(s), 210–11, 220 and Affordable Care Act, 213 for mortgages, 216–18 for retirement savings, 215–16 public–private partnerships, 142 public sector, 115–16; See also government public transit, returns on, 195 public utility, reclassifying Facebook as, 134 purchasing power parity (PPP), 272n12 Putin, Vladimir, 235 Qualcomm, 59 quality of life; See also standards of living access to health care, 212–13 education, 219–20 ensuring decent life for all, 209–21 home ownership, 216–18 secure retirement, 214–16 racial discrimination, 40, 125, 180–81, 201–4; See also discrimination racial inequality, 40 racial justice, economic justice and, 176, 203–4 racism, 203, 241; See also discrimination; racial discrimination rate of return on capital, 53 Reagan, Ronald, and administration economic dogma, 112 financial liberalization, xiii and growth of inequality, 45 laws enabling greater market power, 78 redirection of values, 28 tax cuts, 25 Trump’s parallels with, xvi Reaganomics, xiv–xv, 26–27; See also supply-side economics real estate interests, 168–69 real estate taxes, 206 reason, 11, 228–29 Reconstruction, 241 redistribution, xxv, 122, 156, 198 regressive taxation, 267–68n41 regulation checks and balances on, 232–33 of data, 128–31 failure to keep pace with changing economy, 146–47 2008 financial crisis and, 101–2 financial sector, 115 freedom and, 144 government and, 143–48 importance of, 150 innovation and, 134 process of, 145–46 restoration of, 146–48 of social media, 134–35 of tech giants, 124–25 trade agreements and, 83, 84 regulatory harmonization, 88 regulatory takings, 301n8 relationship banking, 110 religion, 10, 145 religious Right, 223 Renaissance, the, 8 rents and appropriation of wealth by the 1 percent, 244 capitalized, 282n17 failure to share with workers, 282n19 and national income pie, 51–52, 54 profits as source of, 54 taxation of, 206 rent-seeking, xxiv, 52, 113, 169, 229, 244 representative democracy, 6 Republican Party and Affordable Care Act, 213 anti-science stance, 20 and Citizens United, 170 composition of, 175 and corporate tax rates, 85 fiscal stimulus during Great Recession, 121 and gerrymandering, 6, 159 indifference to those left behind by globalization/technology, 186 and lack of consequences for elites in Great Recession, 152 and money in politics, 168 power-seeking objectives, 160 and Supreme Court’s loss of status as fair arbiter, 165–67 and 2017 tax bill, 237 Trump vs.

Yet, in American politics and economics, there seemed to be even more pressing issues—the recovery from the Great Recession was going more slowly than Obama and his economic team had expected, and the Republicans in Congress had taken a recalcitrant stance that made passing any legislation beyond simply keeping the government open almost impossible. During his presidency, Obama did not, perhaps could not, deal with the issue of inequality, even as he recognized its importance. He deserves credit, however, for the Affordable Care Act (“Obamacare”), which helped deal with one of the cruelest manifestations of inequality, the lack of access to decent health care. Not surprisingly, the problem of inequality did not heal itself on its own—and could not have. Quite the contrary. Matters got worse. Inequalities in race, ethnicity, and gender The inequalities just described do not fully describe the deep divides in the country, for it is riven too by those based on race, ethnicity, and gender, no small part of which arises from brutal discrimination.


pages: 332 words: 89,668

Two Nations, Indivisible: A History of Inequality in America: A History of Inequality in America by Jamie Bronstein

Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, basic income, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, longitudinal study, low skilled workers, low-wage service sector, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, plutocrats, Plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Sam Peltzman, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration

Some states refused to create the competitive insurance exchanges, hoping instead that the Supreme Court would find Obamacare unconstitutional. States with Republican governments refused to expand Medicaid as the ACA intended, thus leaving some of their poorest residents with no health care. Many people who could have benefited from the availability of health insurance under Obamacare, or from subsidies based on income, made the economically irrational decision to reject it rather than to embrace a conflict with economic individualism. The rise of the Tea Party, with its polarizing rhetoric about federal overreach, transformed what should have been a popular policy initiative into a nonstarter. By January 2016, the House of Representatives had taken over 60 votes attempting to repeal the Affordable Care Act.76 Despite all this, it is possible that Obamacare, as feeble a step in the right direction as it may be, will contribute to an equalization of life chances in the United States that has been going on for more than 100 years.

., 98, 101–102 Nat Turner’s Rebellion (1831), 32 National Association for the Advancement of Colored People (NAACP), 53, 72–73, 84 National Industrial Recovery Act (NIRA), 81–82, 89, 94 National Labor Relations Board (NLRB), 90 National Reform Association, 17, 27, 82 National Union of Manufacturers, 74 National War Labor Board, 73 National Welfare Rights Organization (NWRO), 110 Native Americans, 13, 26, 33, 58, 103, 131 Neoliberalism, 117, 124, 133 New Deal, 77–78, 80–84, 95, 108; African Americans and, 82–84; banking, 81, 89; business regulation, 81–82; labor regulation, 83–84, 90; legacy of, 91, 131; opposition to, 89–90; relief programs, 82 New Federalism, 118–120, 122–124 New Nationalism, 60–61 Nixon, Richard M., 108–110, 128 Noble, Robert, 87 Norquist, Grover, 119 North American Free Trade Agreement (NAFTA), 130 Nozick, Robert, 98, 112–114 Obama, Barack, 138, 149–150 Obamacare, 148–150 Office of Economic Opportunity (OEO), 105–106, 116 Occupy Wall Street, 133, 140–142 Office of Faith-Based and Community Initiatives (OFBCI), 134–135 Olney, Richard, 54–55 Omaha Platform (1892), 43–44 Oxley, Lawrence, 84 Paine, Thomas, 6, 11–13, 49, 68 Palmer, A. Mitchell, 74 Panic of 1819, 14 Panic of 1873, 35, 38–40 Panic of 1893, 35, 53–55 Patient Protection and Affordable Care Act (2010), 148–150 People’s Party, 35, 43–44 Piketty, Thomas, 138 Program for Better Jobs and Income (PBJI), 111–112, 116 Progressive Party, 61, 63 Progressivism, 57–67, 76, 153; African Americans, 70–73; education and, 60; government and, 60–62; journalism, 59–60, 67–70; protective legislation, 64–65; racism, 70–72, 95; voluntary organizations, 65–67 Populist movement, 35, 43–44 Pound, Roscoe, 90 Poverty: antebellum, 19–20; elders and, 85, 87–88, 103; Great Recession and, 134, 139; marriage and, 121, 126, 134; post–World War II, 99, 101, 103–104, 121–123; Progressive Era, 65; rates, 106–108; War on, 98, 104–108 Powderly, Terence, 41 Public Works Administration (PWA), 82 Pullman Strike, 55 Racism, 70, 82, 93, 103 Radical Republicans, 36–39 Railway workers, 40, 82 Randolph, A.

Sam Peltzman, “Mortality Inequality,” Journal of Economic Perspectives vol. 23 no. 4 (Fall 2009): 175–190. 74. David K. Jones, Katharine W. V. Bradley, and Jonathan Oberlander, “Pascal’s Wager: Health Insurance Exchanges, Obamacare, and the Republican Dilemma,” Journal of Health Politics, Policy and Law vol. 39, no. 1 (2014): 97–137. 75. James Tobin, “The Case for an Income Guarantee.” The Public Interest vol. 4 (1966): 31–41, at 40. 76. Jones, Bradley, and Oberlander, “Pascal’s Wager,” 127; Deirdre Walsh, “House Sends Obamacare Repeal Bill to White House,” available online at http://www.cnn.com/2016/01/06/politics/house-obamacare-repeal-planned-parenthood/, accessed February 1, 2016. 77. Ron Haskins, “Moynihan Was Right: Now What?” Annals of the American Academy of Political and Social Science vol. 621 no. 1 (January 2009); 281–314, at 306. 78.


pages: 434 words: 117,327

Can It Happen Here?: Authoritarianism in America by Cass R. Sunstein

active measures, affirmative action, Affordable Care Act / Obamacare, airline deregulation, anti-communist, anti-globalists, availability heuristic, business cycle, Cass Sunstein, David Brooks, Donald Trump, Edward Snowden, Estimating the Reproducibility of Psychological Science, failed state, Filter Bubble, Francis Fukuyama: the end of history, ghettoisation, illegal immigration, immigration reform, Isaac Newton, job automation, Joseph Schumpeter, Long Term Capital Management, Nate Silver, Network effects, New Journalism, night-watchman state, obamacare, Potemkin village, random walk, Richard Thaler, road to serfdom, Ronald Reagan, the scientific method, War on Poverty, WikiLeaks, World Values Survey

Just like in Granovetter’s model, if other countries hold firm, the impact of the US withdrawal may be minimal. But if even a few other countries use the US withdrawal as an excuse to withdraw themselves, then Trump’s action could trigger a cascade of defections leading to the complete unraveling of the pact. Likewise, the stability of the health insurance marketplaces under the Affordable Care Act (otherwise known as ACA or Obamacare) depends on essentially the same dynamics. If, say, Congress takes away subsidies and the individual mandate, the cost of health insurance will rise, leading healthier people to drop their insurance. The costs of covering the remaining, sicker, people will then also rise, causing some companies to raise prices or to drop out of the market, thereby reducing competition and raising prices even further.

For example, of all recent administrations Obama’s placed a lot of weight on expert opinion, but that didn’t stop them from staging a disastrous intervention in Libya, where toppling a ruthless dictator led to an even worse situation than existed before. And then, having presumably absorbed that lesson, they declined to intervene aggressively in Syria, only to watch helplessly as that ruthless dictator proceeded to unleash the world’s worst humanitarian crisis since World War II—a crisis that is now fueling terrorist actions far beyond the region. Even in the matter of his signature domestic achievement—the Affordable Care Act (aka Obamacare)—Obama failed to anticipate the relentless hostility with which it would be greeted by conservatives, and which at the time of writing continues to threaten its survival. Obama himself seems to have recognized the difficulty of his approach to problem solving, conceding in an interview (Lewis 2012), “Nothing comes to my desk that is perfectly solvable. Otherwise, someone else would have solved it.

California, 274 US 357, 375 (1927) (Brandeis, J., concurring). Index The pagination of this digital edition does not match the print edition from which the index was created. To locate a specific entry, please use your ebook reader’s search tools. Abrams, Jacob, 437 Ackerman, Bruce, 459–60 “States of Emergency,” 221–31 Adams, John, 430, 431, 432 Adventurism, 421–22 Affirmative action, 241, 243, 256, 320 Affordable Care Act. See Obamacare Agenda-setting, 89 Albright, Jonathan, 88 Alien Act of 1798, 430–32 Alien Registration Act, 442 Alliance for Securing Democracy, 95–96 American Civil Liberties Union (ACLU), 315, 319 American Civil War, 139, 432–33 American exceptionalism, 57–58, 142, 170–71 Amidala, Padmé, 392 Analogies, 303 Analogies at War (Khong), 303 Anarchy, 42–43 Anceau, E., 287, 296, 298, 300, 301, 303, 306–7 Andic, Suphan, 45–46 Andrew, Christopher, 84 Andropov, Yuri, 82, 85 “Another Road to Serfdom: Cascading Intolerance” (Kuran), 233–75 Antifederalists, 62–64, 66, 75–76 Arab Spring, 140, 388 Articles of Confederation, 59–61, 64 Associations, 236, 237, 263 Attack on Pearl Harbor, 318, 438, 439 Atwood, Margaret, 138–39 Austria, 177 Authoritarian dynamic, 179–81, 185–86 EuroPulse survey and analysis, 188–209 Authoritarianism civil liberties vs., 429 conservatism compared with, 181–84 impact on populism, 201–3 steps to, 365–66 what it does, 184–85 when it does this, 185–88 “Authoritarianism Is Not a Momentary Madness, but an Eternal Dynamic within Liberal Democracies” (Stenner and Haidt), 175–219 Authoritarian Personality, The (Adorno), 183 Authoritarian predisposition, 179, 180, 187, 191–94, 196, 197, 203, 215–16, 219n Authoritarian rule, and Trump, 2–16 Authorization for Use of Military Force (AUMF), 224 Authorization of Regulatory Force and Adjustment (ARFA), 136–37, 144 Autocracy, 24, 140, 154, 267 psychology of, 279–84 Availability cascade, 251 Availability chambers, 249–58, 261–62 Availability heuristic, 251–52 Background circumstances, 344, 348 Balkin, Jack M., 452 “Constitutional Rot,” 19–35 Bannon, Steve, 41 “Basket of deplorables,” 242 Bastid, P., 296, 297, 300 Beattie, James, 335–36, 338 Beaumont, Gustave de, 291–92 Beck, Glenn, 243 Behavioral economics, 341–43 Berlusconi, Silvio, 147, 277 Berton, H., 296 “Beyond Elections: Foreign Interference with American Democracy” (Power), 81–103 Biases, 341–43, 348 Bicameralism, 70, 71, 72 Biddle, Nicholas, 221, 440 Big Five personality traits, 183 Big government, 38, 47, 50–53, 268 Bill of Rights, 79 Black, Hugo, 442 Black Lives Matter, 93, 190, 258 Black sites, 115, 124 Blanc, Louis, 286 Born rulers, 280–82 Brandeis, Louis, 437, 445 Brandenburg v.


pages: 424 words: 119,679

It's Better Than It Looks: Reasons for Optimism in an Age of Fear by Gregg Easterbrook

affirmative action, Affordable Care Act / Obamacare, air freight, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Branko Milanovic, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, coronavirus, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, Elon Musk, Exxon Valdez, factory automation, failed state, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, Indoor air pollution, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, labor-force participation, liberal capitalism, longitudinal study, Lyft, mandatory minimum, manufacturing employment, Mikhail Gorbachev, minimum wage unemployment, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plutocrats, Plutocrats, Ponzi scheme, post scarcity, purchasing power parity, quantitative easing, reserve currency, rising living standards, Robert Gordon, Ronald Reagan, self-driving car, short selling, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, Steve Wozniak, Steven Pinker, supervolcano, The Chicago School, The Rise and Fall of American Growth, the scientific method, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transaction costs, uber lyft, universal basic income, War on Poverty, Washington Consensus, WikiLeaks, working poor, Works Progress Administration

Many contemporary social welfare programs have this result—voters want both low taxes and expensive benefits that from their point of view are free or nearly so, resulting in voters showing anger toward government even as life gets better. During the Barack Obama presidency, the Affordable Care Act sought to expand health insurance support to the working class and lower middle class; like Medicare and Medicaid, functionally ObamaCare was an income-transfer program in which the wealthy are taxed so working-class and lower-middle-class persons can avoid an expense. Little commentary took into consideration that the economic role of ObamaCare was to increase the buying power of the working- and lower middle classes by covering a cost they previously paid. Under Obama, eligibility for food stamps and disability subsidies was broadened, transferring more income; a 1994 requirement that welfare recipients make a bona fide attempt to find work was suspended; federal subsidies for unemployment compensation were increased, while the benefit period was extended from half a year to two years, a major act of assistance to the working class that many Americans don’t even know occurred.

* * * WHY HAS PUBLIC HEALTH STEADILY improved? High-quality hospitals and health clinics, once mainly for the privileged, increasingly are open to everyone: in most of the European Union and in Japan, sick people are admitted to hospitals regardless of ability to pay, while in the United States, emergency rooms accept patients regardless of ability to pay. During the US debate about the Affordable Care Act, popularly known as ObamaCare, commentators on both sides referred to the legislation as providing health care. What it provides is insurance coverage; health care is already provided, at least to anyone in medical distress. That anyone can get high-quality health care, rather than the rich being in teaching hospitals while the poor are in dingy charity institutions, has been a boon to public health. As more workers in nearly all nations, including China and India, shift from manual labor to white-collar or service industry employment, public health improves.

When I wrote this paragraph in mid-2017, the count was up to 16,165 nearby asteroids: Check the Jet Propulsion Laboratory’s asteroid-discovery inventory at https://cneos.jpl.nasa.gov/stats/totals.html for the total on the day you encounter this passage. (Google “jpl neo cumulative totals” to avoid having to retype the URL.) In the sixty days between when I wrote the reference to space rocks in the main text and when I wrote this footnote, 282 near-Earth asteroids were discovered. Index acid rain, 242 cap-and-trade system and, 45, 46 market forces and, 46 sulfur dioxide as, 49 Adams, Henry, 197, 198 Affordable Care Act. See ObamaCare Africa disease in, 25, 39 food production in, 9–11 longevity in, 32 aging, 203, 271–272 air pollution, 236, 242 car emission controls and, 60–61, 147 in China, 19, 58 Clean Air Act and, 62 coal-fired power plants and, 58–59 death from, 30 in India, 19, 59 in Iran, 59 reformulation of fuel and, 59–60 in Seoul, 58 sulfur dioxide in, 49 in US, 60–63 See also acid rain; greenhouse gas air travel Boeing and, 64, 73, 276 intercontinental, 25 manufacturing improvements and, 73 safety of, 154 technology and, 154–155 Allison, Graham, 133 American Civil War, 18 anecdotes, 218–220 Angell, Norman, 131–132, 133–134 animals, 42, 47–48 asteroids, 279–280 Ausubel, Jesse, 15 on carbon dioxide, 235–236 resource use and, 161 speed of travel for, 162–163 on technology, 161–162 authoritarianism, 167–168, 182 Autor, David, 79 Bar-Tal, Daniel, 283–284 Bastiat, Frédéric, 104 Bazelon, Emily, 221 Beck, Ulrich, 141, 144, 147 Big Sort communities, 222–223 Bill and Melinda Gates Foundation, 9–10 bird species, 42, 47–48 black-taggers, 264 Boeing, 64, 73, 276 Borlaug, Norman, 3 career of, 6 high-yield agriculture of, 7–8, 9 organic fertilizers for, 7 wheat cross-breeding by, 6–7 Brexit referendum, 204, 209, 217 buying power, 85–86, 87, 246, 249 capital punishment, 116, 155–156 carbon dioxide, 50, 231–232 Ausubel on, 235–236 public health and, 62 carbon tax, 240–242 Carnation Revolution, 165 cars, 52, 65, 141 developing world and, 142–143 drunken driving, 145 emission controls on, 60–61, 147 fossil fuels and, 147–148 gas mileage of, 147–150 greenhouse gas emissions for, 147, 148, 151 Honda manufacturing, 75 horsepower reduction for, 150–151 reformulation of fuel for, 59–60 road-rage behavior and, 151 self-driving, 152–154 Sivak on, 147–148, 149 technology and, 143–149, 152–154, 162 traffic deaths, 28, 142–143, 145–146 Carter, James, 56 catastrophism, 20–21, 221, 283 Cather, Willa, 225 CEO pay, 252–254 chemical and biological weapons, 26–27 China, 133–134, 283 air pollution in, 19, 58 coal-fired power plants in, 58–59 democracy and education in, 170 extreme-poverty in, 20 greenhouse emissions in, 50–51 inequality in, 245–246 internet in, 176 life expectancy in, 32 manufacturing employment in, 78 Paris Agreement and, 243 Shenzhen, 15–16 smoking in, 35 water in, 13 CIMMYT.


pages: 267 words: 70,250

Defending the Free Market: The Moral Case for a Free Economy by Robert A. Sirico

Affordable Care Act / Obamacare, barriers to entry, Berlin Wall, corporate governance, creative destruction, delayed gratification, Fall of the Berlin Wall, George Gilder, Gordon Gekko, greed is good, happiness index / gross national happiness, Hernando de Soto, informal economy, Internet Archive, liberation theology, means of production, moral hazard, obamacare, On the Revolutions of the Heavenly Spheres, profit motive, road to serfdom, zero-sum game

See also freedom economic personal Lima loans Los Angeles Lutherans M Mackinac Island, Michigan Maimonides, Moses Manichaeism Mao Zedong Marcuse, Herbert market, the Marx, Karl Marxism materialism Matthew, Gospel of Medicaid Medicare mercy Methodists Michelin Company, The Michelin, Francois Middle East, the missionaries Missionary Earthkeeping Model T, the Monopoly Moore, Michael morality mortgages Mother Teresa Muraya, Eva Mystery of Capital, The N National Institutes of Health Nazism New England New Testament, the New York City Nicaragua Nobel Prize, the North Korea North Vietnamese Communism O Obama, Barack Obamacare Occupy Wall Street Olasky, Marvin Opitz, Reverend Edmund P paganism Parris, Matthew Patient Protection and Affordable Care Act. See Obamacare Paul (apostle) pension plan Peru Peter (apostle) philanthropy PICO National Network Pilgrims, the Pinckaers, Servais-Théodore Plague of Cyprian, the Plato Pol Pot Pope Benedict XVI Pope John Paul II (the Great) population poverty PovertyCure profit property prosperity Protestantism Proudhon, Pierre Pyongyang Q Qwest R Rand, Ayn Rachmaninoff reason (intellectual sense) Reeves, Thomas redistribution refugees regulations relativism resources Revelation, book of rights to health care human rights personal rights vs. privileges to property Rise of Christianity, The Risse, Guenter B.

How many of us know physicians who have retired early because they were sick of dealing with labyrinthine federal regulations handed down by distant bureaucrats without a tenth of the medical training of the physicians? The government attempts to distribute scarce health care resources without allowing a free market to set prices—and ends up creating more scarcity as it drives a physician’s career into an early grave! If this is what compassion looks like, heaven save us from it. In 2009, when health care reform was in the air but before the passage of the Patient Protection and Affordable Care Act (what became known as Obamacare), business executive David Goldhill wrote a provocative article in the Atlantic magazine.5 Goldhill had lost his father to an infection acquired at a hospital in New York City. Goldhill’s experience and subsequent investigation alerted him to major problems in American health care, problems that persisted amidst enormous financial and technological riches. In the essay he underscored this paradox through a series of pointed questions:How can a facility featuring state-of-the-art diagnostic equipment use less-sophisticated information technology than my local sushi bar?

Consider the mandate issued by the Obama administration’s Department of Health and Human Services in early 2012, requiring religious institutions to provide abortifacient drugs, sterilization, and contraception coverage as part of their health insurance programs even if those religious groups are morally opposed to doing so. The fact that a seventh of the nation’s economy had already been placed under the control of the federal government by Obamacare—the fact that so many in our culture were comfortable with such a massive government intervention in the private sector—made it much easier for HHS to issue such a mandate. It is very instructive to review the progress of the passage of Obamacare. It was initially supported by the American Bishops’ conference, but eventually lost their support out of fear that it lacked a sufficient “conscience clause” exempting Church institutions from covering services deemed immoral by the Church. Independence of conscience is not so easy to maintain when you aren’t independent of government purse strings.


pages: 238 words: 68,914

Where Does It Hurt?: An Entrepreneur's Guide to Fixing Health Care by Jonathan Bush, Stephen Baker

Affordable Care Act / Obamacare, Atul Gawande, barriers to entry, Clayton Christensen, commoditize, informal economy, inventory management, job automation, knowledge economy, lifelogging, obamacare, personalized medicine, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Steve Jobs, web application, women in the workforce, working poor

Our cloud-based service handles much of the paperwork, billing, and electronic patient records for more than fifty thousand medical providers nationwide. Athenahealth thrives because we fulfill the mission we laid out at the very beginning: We handle the busywork that doctors absolutely hate—the stuff they suck at. Through this on-the-job education, I have developed ideas about how to remake health care in America—or at least how to start. The Affordable Care Act—commonly known as Obamacare—is widely referred to as health care “reform.” But it has focused the nation’s attention largely on the demand side of the issue: providing health care for another 30 million or 40 million people. Most of the reforms, however, were watered down by lobbyists protecting the incumbents. So we’re still left with fundamental questions around the supply side, namely how we can ensure affordable, quality care at something less than ruinous cost.

Some of what they bought provides some value. But a lot of it is technology they never really wanted, which they’ll eventually throw out. While I was working on this chapter, I had a chance to talk with Bob Kocher. He’s a doctor and is now a partner at the venture firm Venrock, working on health care tech investments. In 2009, he worked for the Obama administration and wrote most of the original Affordable Care Act. You might be surprised to learn that Bob and I agree broadly about the market reforms needed for health care (though he sees a larger role for government than I do). In any case, I wanted to hear it from Bob: What went wrong? Here are some excerpts of our conversation. Bush: Why does the ACO have to be 75 percent owned by doctors? You’re allowed to build a new entity to disrupt the market, but you have to be 75 percent owned— Kocher: And report sixty-five quality measures, and get paid eighteen months later.

Without Todd, there would be nada. INDEX The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader. Accountable Care Organization (ACO), 71–72, 74–75 Adirondacks, 10, 84, 122–24, 130, 132 Affordable Care Act, 5–6, 74, 78 aging population, 188, 205–6 Aidin, 205 Albany Medical Center, 132 Albuquerque, New Mexico, 38–39, 53 Alderman, Frank, 109 Amazon.com, 29, 89, 154, 161 ambulance service, 1–3, 9, 18–19, 75, 106, 152–53, 160, 205 American College of Emergency Physicians, 110 American College of Obstetricians and Gynecologists, 35–36 American Medical Association, 175 Amgen, 76 antikickback laws, 58, 70–71, 126, 195–97 AOL, 150 Apple Inc., 42, 95, 99, 102, 107, 150, 154–55, 176, 203 apps.


Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America by Matt Taibbi

addicted to oil, affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Bretton Woods, buy and hold, carried interest, clean water, collateralized debt obligation, collective bargaining, computerized trading, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, desegregation, diversification, diversified portfolio, Donald Trump, financial innovation, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, illegal immigration, interest rate swap, laissez-faire capitalism, London Interbank Offered Rate, Long Term Capital Management, margin call, market bubble, medical malpractice, money market fund, moral hazard, mortgage debt, obamacare, passive investing, Ponzi scheme, prediction markets, quantitative easing, reserve currency, Ronald Reagan, Sergey Aleynikov, short selling, sovereign wealth fund, too big to fail, trickle-down economics, Y2K, Yom Kippur War

No, what the near failure of Obamacare represented instead was a colossally depressing truth about the American political system, which is that our government is so dysfunctional that it can no longer even efficiently sell out to the private interests that actually run things in this country. Taylor was wrong about the bill. But he was right, too. Something was long gone. Obamacare had been designed as a coldly cynical political deal: massive giveaways to Big Pharma in the form of monster subsidies, and an equally lucrative handout to big insurance in the form of an individual mandate granting a few already-wealthy companies 25–30 million new customers who would be forced to buy their products at artificially inflated, federally protected prices. The essence of Obamacare was two ruthless power plays fused at the hip.

The result was a new law that will radically remake the faces of both the federal government and the private economy and also ratify the worst paranoid fears of both ends of the political spectrum. The right-wing teabagger crowd spent all of 2009 protesting Obamacare as a radical socialist redistribution, and you know what? They weren’t all wrong, although the people who wrote this bill were about as far from being socialists as people can be. Meanwhile the castrated left wing, the constituency that worked so hard to get Barack Obama elected in the first place, suddenly perceived Obamacare as a crypto-fascist fusing of state and private power, an absurdly expensive capitulation of democratically elected officials to concentrated private interests. And they weren’t wrong, although whatever negative ideology they thought they were protesting in the bill was mostly in there by accident. Really Obamacare was designed as a straight money trade. The administration meant to deal away those billions in subsidies and the premiums from millions of involuntary customers in exchange for the relevant industries’ campaign contributions for a few election cycles going forward.

The system is designed to give regional insurers the power to coerce and intimidate customers in exactly this manner, and also to force them to pay inflated rates. This is thanks to one of the worst pieces of legislation in American history, a monster called the McCarran-Ferguson Act that just might be a more shameful chapter in our legal history than the Jim Crow laws—and you won’t understand exactly how bad a deal Obamacare is until you can grasp the subtext of the whole so-called health care reform effort, which was to pass a “health care reform bill” without touching McCarran-Ferguson. Almost everyone in America is familiar with the Sherman Antitrust Act, and most people have a fairly good idea of why it was enacted. The law was passed in 1890 (sponsored, ironically, by a predecessor of Max Baucus, a Senate Finance Committee chairman named John Sherman) and was designed to curtail the power of the monopolistic supercompanies that were beginning to dominate American business.


pages: 323 words: 95,492

The Rise of the Outsiders: How Mainstream Politics Lost Its Way by Steve Richards

Affordable Care Act / Obamacare, Airbnb, banking crisis, battle of ideas, Bernie Sanders, Boris Johnson, call centre, centre right, collapse of Lehman Brothers, David Brooks, Dominic Cummings, Donald Trump, Etonian, eurozone crisis, falling living standards, full employment, housing crisis, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, Neil Kinnock, obamacare, Occupy movement, Ronald Reagan, Silicon Valley

Trump was adamant that Flynn had done nothing wrong, but was compelled to accept his resignation. The following month, in March 2017, Trump was forced to drop his plans to scrap Obamacare – Barack Obama’s attempt to make healthcare more freely available to those on lower incomes. Before his election victory, and in the immediate aftermath, Trump had proclaimed confidently that the scrapping of Obamacare would be ‘easy’ and ‘immediate’. That was when he was an outsider, free to say what he wanted when he wanted. By the spring of 2017 Trump was an insider discovering the powerlessness of power. As a mighty president, he was made powerless because of internal divisions amongst Republicans in Washington. Moderate Republicans feared that Trump’s muddled plans to replace Obamacare would leave many of their constituents without health provision, while right-wing Republicans decided the repeal did not go far enough.

Parties are often divided and must somehow or other be bound together. In addition, proclaiming an aspiration is much easier than putting together a detailed policy that will work, when implemented. Democratic politics is demanding. As The New York Times columnist David Brooks noted in the aftermath of Trump’s failure to secure support from Congress for scrapping Obamacare: ‘The new elite is worse than the old elite – and certainly more vapid.’1 Brooks was not a supporter of Obamacare, but in suggesting that Trump and his entourage were part of the Washington ‘elite’, he has wounded Obama’s successor with a near-fatal blow. Trump the outsider is condemned as being part of an elite that he views with an anti-politics disdain. As an added insult, the columnist suggested that Trump is seen as leading an incompetent elite.

Partly she herself was responsible for the paralysis, in becoming trapped by unfocused detail. But the opposition to the principle of reform was always going to be too great. Obama’s biggest achievement was passing reforms to healthcare, but it took a titanic effort, and compromises that threatened to render the changes next to useless. As it turned out, the reforms were more substantial than Obama’s right-wing opponents had hoped, and some still have their eye on dismantling the Affordable Care Act that was passed in 2010. Trump has his eye on it, too. Republicans, with their newly discovered ideological zeal, never let go, even once the law had passed. ‘Why is there still such a fuss? Well, part of the problem is the fact that a Democratic president named Barack Obama passed the law,’ Obama himself declared, during various speeches towards the end of his second term, conveying a frustration at odds with the perceptions of a US president being the most powerful leader in the world.


pages: 1,066 words: 273,703

Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze

Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, break the buck, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, dark matter, deindustrialization, desegregation, Detroit bankruptcy, Dissolution of the Soviet Union, diversification, Doha Development Round, Donald Trump, Edward Glaeser, Edward Snowden, en.wikipedia.org, energy security, eurozone crisis, Fall of the Berlin Wall, family office, financial intermediation, fixed income, Flash crash, forward guidance, friendly fire, full employment, global reserve currency, global supply chain, global value chain, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, Hyman Minsky, illegal immigration, immigration reform, income inequality, interest rate derivative, interest rate swap, Kenneth Rogoff, large denomination, light touch regulation, Long Term Capital Management, margin call, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, mittelstand, money market fund, moral hazard, mortgage debt, mutually assured destruction, negative equity, new economy, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, old-boy network, open economy, paradox of thrift, Peter Thiel, Ponzi scheme, predatory finance, price stability, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, reserve currency, risk tolerance, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, structural adjustment programs, The Great Moderation, Tim Cook: Apple, too big to fail, trade liberalization, upwardly mobile, Washington Consensus, We are the 99%, white flight, WikiLeaks, women in the workforce, Works Progress Administration, yield curve, éminence grise

Bush administration, Brad DeLong had wondered what was the right strategic and tactical course for the Democrats, “when there is no guarantee that any Republican successors will ever be ‘normal’ again.”54 Nine years on the question was more pressing than ever. Since 2009 the congressional Republicans had been waging relentless political war, first against the stimulus, then the Affordable Care Act, also known as Obamacare. Twice in 2011 and 2013 they had taken the debt ceiling hostage. Now, with control of both the presidency and Congress, what would they do? Obamacare was the scalp they wanted most and it ought to have been easy. As it had emerged from its congressional ordeal in March 2010, the Affordable Care Act was mangled and flawed. But for all their grim determination, in the critical first six months of the Trump presidency the Republicans could neither replace nor repeal it. What stood in their way was the inherent complexity of the subject matter and deep divisions within their party.

See National Economic Council (NEC) neoliberalism, 10, 396–97 Netherlands, 167, 193, 421 New Century Financial, 144 New Deal, 279, 280, 372 New Democracy, 323–24, 425, 429, 435, 516 9/11 terrorist attacks, 28, 115–16 Nissan, 558 Nixon, Richard, 11, 30–31, 44, 92 Norilsk, 223 North American Free Trade Agreement (NAFTA), 123, 158, 457, 571, 591, 592–93 Northern Rock, 145–46, 541 Noyer, Christian, 406 NSA, 484, 499 Nuland, Victoria, 497 Obama, Barack, 18, 35, 265, 267, 446, 565 bank CEOs meet with, 296 on bank nationalization, 293–94 Brexit and, 551 Hamilton Project appearance of, 25, 26–27 on decay of American dream, 456 economic team of, 200–201 election of, 200, 277 Eurogroup-Syriza debt restructuring confrontation and, 523–24 eurozone crisis and, 384, 412–13, 433, 434 fiscal responsibility and, 351–52 G20 Cannes meeting and, 412–13 G20 London summit and, 268, 271 reelection of, 445 on Trump election, 576 Obama administration budget compromise with Republicans, 390–92 China containment strategy of, 486–89 contingency plans for bond market panic, 284–85 debate bank nationalization, 294–95 eurozone crisis, 2010–12 and, 335–36, 338–39, 344–45, 365, 384–85, 394, 404–5, 412–13, 433–35, 440–41, 523-24 fiscal responsibility and, 350–53 home-owner relief, failure to provide, 281, 321 partisan hostility to, 278 Russian “reset” and, 488 stimulus package, passage of, 277–79, 280–82, 289–90 Obamacare. See Affordable Care Act Occupy Wall Street, 394–95, 459 oil and commodity price collapse of 2008, 222–23 of 2014, 503–4, 601 OMT. See Outright Monetary Transactions (OMT) 1Malaysia Development Bank (1MDB), 259–60 O’Neill, Paul, 36 opioid epidemic, deaths from, 457 Orban, Viktor, 492 originate-to-distribute mortgage lending system, 48 Orszag, Peter, 25, 26, 29, 30, 35, 200, 284, 290, 352, 461, 464 Osborne, George, 348–49, 350, 405, 550 Outright Monetary Transactions (OMT), 441, 442 Pàf, 535–36 Palin, Sarah, 3, 175, 368 Panasonic, 159 Pandit, Vikram, 197, 198 Papademos, Lucas, 410, 425 Papandreou, George, 325, 409–10 Papoulias, Karolos, 340, 409 PASOK, 323–24, 330, 357, 376, 409, 428, 435, 516 passporting agreements, 548–49, 558 Paul, Ron, 217 Paulson, Hank, 41, 137, 138, 162, 573, 609 Fannie Mae/Freddie Mac bailout and, 172–73 Lehman collapse and, 176, 177 TARP and, 180–81, 183, 195, 196, 197 Paulson, John, 379 PDCF.

Even an institution as deeply disappointing as the ACA was hard to budge once tens of millions of people came to depend on it and hundreds of billions of dollars began to flow through its channels. Indeed, among the states that benefited most from the extension of health coverage under Obamacare were Kentucky and West Virginia, diehard Trump country.55 As Trump took office, support for the ACA among the most important group of voters, Independents, had risen from 36 percent in 2010 to 53 percent.56 By the summer, when the desperate Republican congressional leadership made a last bid simply to repeal Obamacare without replacement, they had the support of only 13 percent of Americans.57 Not surprisingly, sufficient Republican moderates refused to go along. If they couldn’t repeal and replace Obamacare, what could they do? By the summer of 2017 it seemed that the incoherence of the Republicans, when faced with the complex reality of modern government, might prevent them from taking any effective action.58 The ACA fight had left little room on the legislative agenda.


pages: 393 words: 115,263

Planet Ponzi by Mitch Feierstein

Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Bernie Madoff, break the buck, centre right, collapse of Lehman Brothers, collateralized debt obligation, commoditize, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, disintermediation, diversification, Donald Trump, energy security, eurozone crisis, financial innovation, financial intermediation, fixed income, Flash crash, floating exchange rates, frictionless, frictionless market, high net worth, High speed trading, illegal immigration, income inequality, interest rate swap, invention of agriculture, light touch regulation, Long Term Capital Management, low earth orbit, mega-rich, money market fund, moral hazard, mortgage debt, negative equity, Northern Rock, obamacare, offshore financial centre, oil shock, pensions crisis, plutocrats, Plutocrats, Ponzi scheme, price anchoring, price stability, purchasing power parity, quantitative easing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, too big to fail, trickle-down economics, value at risk, yield curve

The average employer-sponsored family health plan costs almost $14,000 a year, the highest rate in the nation.33 In short, the likely effect of Obamacare, based on the closest statewide model in existence today, is that public costs will be substantially larger than anticipated while private costs will also grow more rapidly. In short, Obamacare has taken the single worst-controlled area of government (and private) spending and severely exacerbated the problem, in the midst of recession and unrelenting funding pressures. It’s insanity cubed. * The themes explored in this chapter‌—‌the fantasy figures on which the federal budget is based, the too-low taxes, the colossal waste of the Pentagon, the fearsome costs of Obamacare‌—‌these things go a long way to explain why we are currently spending a trillion and a half dollars more per annum than we are raising in tax.

What’s needed is a period of retrenchment. A focus on costs. A reformulation of strategic purposes and priorities. If these things are done right, the result will be a re-energized military. Leaner, stronger, more purposeful, more focused. Better able to carry out the tasks we assign it, less distracted by nonsense. Obamacare The Pentagon, however, is like some kind of budgetary Walmart, some fuel-sipping Japanese mini-car, in comparison with the beast which is health care. Even in those far-off days before Obamacare, the situation was appalling. Over successive administrations, through countless reforms, despite constant legislative attention, health care in the United States failed to deliver. Take, for example, the most basic duty of a healthcare system: that it extends life. Of course we want other things too: we want our healthcare services to reduce pain, to respect our dignity, to discuss clinical choices.

The coming old age of the baby boomers is like a cost tsunami, still a few miles offshore but moving fast and heading straight toward us. Faced with this clear and present danger, the government needed to act. It needed to get a grip on costs first, deal with universal coverage second. What we got was the inverse of that. In Obamacare, we got a plan that aimed to ensure near-universal health coverage for Americans but one in which cost control was nowhere to be seen. It wasn’t even part of the design. In frank comments made after he had left Capitol Hill, David Bowen, the former health staff director of the Senate Health, Education, Labor, and Pensions Committee, said: ‘This [Obamacare] is a coverage bill, not a cost reduction bill. There is stuff here that will begin to address the issue of cost, but this is not a cost reduction bill with a bit of coverage on it‌—‌it is really trying to get coverage first.’29 Increasing the scope of health care before tackling the critical question of cost was always bound to be expensive, yet the CBO estimated that the reform would reduce the budget deficit by $119 billion over ten years.30 Now that makes no sense.


pages: 296 words: 78,112

Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency by Joshua Green

4chan, Affordable Care Act / Obamacare, Ayatollah Khomeini, Bernie Sanders, business climate, centre right, Charles Lindbergh, coherent worldview, collateralized debt obligation, conceptual framework, corporate raider, crony capitalism, currency manipulation / currency intervention, Donald Trump, Fractional reserve banking, Goldman Sachs: Vampire Squid, Gordon Gekko, guest worker program, illegal immigration, immigration reform, liberation theology, low skilled workers, Nate Silver, Nelson Mandela, nuclear winter, obamacare, Peace of Westphalia, Peter Thiel, quantitative hedge fund, Renaissance Technologies, Robert Mercer, Ronald Reagan, Silicon Valley, social intelligence, speech recognition, urban planning

Over the summer, Mark Meadows, a North Carolina representative and founding member of the HFC, filed a motion that would trigger what amounted to a vote of no confidence in Boehner. It was a move that expressed the profound anger and frustration that had been building up in the party since at least the Tea Party wave of 2009. Republican leaders had repeatedly promised voters that if handed power they would unwind the major Obama achievements, from the Affordable Care Act to the Dodd-Frank financial reforms. And although they had gone so far as to shut down the government in 2013 in a failed bid to defund Obamacare, Republicans had controlled the House for almost five years and Obama’s programs remained intact. Republican voters had cynically been promised fast, easy solutions—so when Boehner couldn’t deliver, they were primed to chalk it up to betrayal. As the Summer of Trump carried into the fall, and Republican fascination with the norm-smashing front-runner kept growing, taking down a major party leader came to seem like a measure of the new populist strength.

Conway’s memo read: Heading into his re-election year, New York Governor Andrew Cuomo enjoys robust favorability and job approval ratings, but those belie some electoral vulnerability. Likely voters across New York who are upset with high taxes, poor business and economic climate, and the price tag associated with Medicaid expansion/Obamacare are open to real solutions and a job-creating governor with business leadership experience. Conway noted that while Cuomo’s favorability ratings were high, the percentage of New Yorkers who wanted to see him reelected was “at a dangerous low.” She highlighted his vulnerability on Obamacare and taxes, adding, in bold, underlined text: Cuomo’s re-elect score is positive in New York City (47%) and in the areas surrounding the city (45%), but a hypothetical “new person” wins the rest of the state by twenty points or more. Most voters agree (70%) and a near-majority “strongly agrees” (49%) that New York needs “a Governor who has created jobs, balanced budgets, and run successful businesses in the private sector.”

During the GOP primary, Trump had shrewdly sensed its weak point: Ryan’s desire to finance tax cuts for the rich by cutting programs such as Social Security and Medicaid harmed the party’s white, blue-collar base. Trump told me he’d made this point to Ryan directly: “I said, ‘There’s no way a Republican is going to beat a Democrat when the Republican is saying, “We’re going to cut your Social Security” and the Democrat is saying, “We’re going to keep it and give you more.”’” Yet Trump’s first legislative push was for Ryan’s bill repealing the Affordable Care Act, which would eliminate health insurance coverage for twenty-four million people, cutting Medicaid, which benefits Trump’s working-class voters, to pay for high-end tax cuts. Not only was the bill deeply unpopular—a Quinnipiac poll in March found that only 17 percent of Americans supported it—but it galvanized grassroots Democratic opposition to Trump. Bannon went along because he thought Ryan had become a convert to nationalism, in the belief that it could give the GOP an electoral hammerlock on the upper Midwest.


pages: 297 words: 84,009

Big Business: A Love Letter to an American Anti-Hero by Tyler Cowen

23andMe, Affordable Care Act / Obamacare, augmented reality, barriers to entry, Bernie Sanders, bitcoin, blockchain, Bretton Woods, cloud computing, cognitive dissonance, corporate governance, corporate social responsibility, correlation coefficient, creative destruction, crony capitalism, cryptocurrency, dark matter, David Brooks, David Graeber, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, experimental economics, Filter Bubble, financial innovation, financial intermediation, global reserve currency, global supply chain, Google Glasses, income inequality, Internet of things, invisible hand, Jeff Bezos, late fees, Mark Zuckerberg, mobile money, money market fund, mortgage debt, Network effects, new economy, Nicholas Carr, obamacare, offshore financial centre, passive investing, payday loans, peer-to-peer lending, Peter Thiel, pre–internet, price discrimination, profit maximization, profit motive, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, risk tolerance, Ronald Coase, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, The Nature of the Firm, Tim Cook: Apple, too big to fail, transaction costs, Tyler Cowen: Great Stagnation, ultimatum game, WikiLeaks, women in the workforce, World Values Survey, Y Combinator

In addition to causing higher prices, this makes it harder to go elsewhere if you are frustrated by the quality of hospital service, as many Americans are.6 These developments, to me, are the single greatest market concentration issue in the United States today, and I think the critics are on the right track there. I would suggest, however, that to some extent this market concentration is the result of heavy regulation rather than a natural development from the nature of business. Observers differ on whether we should blame Obamacare or blame Republicans for not supporting Obamacare properly (or a bit of both), but still there is no market-based reason health insurance should have become so concentrated in this fashion. Insurance companies have consolidated to deal with costly regulations, which is easier for large companies to do, and because of economies of scale in lobbying government, an increasingly important activity in America’s politicized health care sector.

And then we are never happy, because corporations don’t provide health insurance for every worker, and sometimes they lay people off because it is not profitable to keep them on, thereby severing many individuals from a lot of their benefits, and also from their social networks. I’m not saying that bundling all of those services into companies is necessarily a bad idea, and in any case it may be too late to undo each and every part of what the American system already has wrought. Many commentators, from both left and right, expected that Obamacare would bring a large-scale shedding of health insurance coverage away from companies and toward the Obamacare exchanges, but that hasn’t happened, and it suggests that employer-provided health insurance in America may be quite robust, for better or worse. In any case, looking to companies to provide these social welfare functions reflects yet another way we think of corporations as people or as like people in some emotionally resonant manner. Corporations already do so much to take care of us—with varying results in terms of efficacy—that they slip very easily into personified roles as parents, caretakers, and guardians.

Although they have recently faced extreme criticism and scrutiny, Facebook and Google and smartphones remain conduits for much of the information coming in and going out of our lives every day. On the macro side, if the American government really, truly wants something done, very often it turns to business. Corporations produce most of the American military’s weapons systems and most of the country’s roads and infrastructure, and it was the tech companies that helped the government fix the initially malfunctioning Obamacare website. On top of that, if it weren’t for business, how easily could you get your Unicorn Frappuccino or whatever else has become the sweet caffeinated beverage du jour? In fact, business is just getting started. In the not too distant future, we can expect business to drive our cars for us, to manage more of our lives for us through online personal assistants, and to run our homes through sophisticated appliances that connect to the internet and talk to each other.


pages: 324 words: 80,217

The Decadent Society: How We Became the Victims of Our Own Success by Ross Douthat

Affordable Care Act / Obamacare, AI winter, Bernie Sanders, bitcoin, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, centre right, charter city, crack epidemic, crowdsourcing, David Graeber, Deng Xiaoping, Donald Trump, East Village, Elon Musk, Flynn Effect, Francis Fukuyama: the end of history, Francisco Pizarro, ghettoisation, gig economy, Haight Ashbury, helicopter parent, hive mind, Hyperloop, immigration reform, informal economy, Intergovernmental Panel on Climate Change (IPCC), Islamic Golden Age, Jeff Bezos, Joan Didion, Kevin Kelly, Kickstarter, knowledge worker, life extension, mass immigration, mass incarceration, means of production, megacity, move fast and break things, move fast and break things, multiplanetary species, New Journalism, Nicholas Carr, Norman Mailer, obamacare, Oculus Rift, open borders, out of africa, Panopticon Jeremy Bentham, Peter Thiel, plutocrats, Plutocrats, pre–internet, QAnon, quantitative easing, rent-seeking, Robert Bork, Robert Gordon, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, Silicon Valley ideology, Snapchat, social web, Steve Jobs, Steven Pinker, technoutopianism, the built environment, The Rise and Fall of American Growth, Tyler Cowen: Great Stagnation, wage slave, women in the workforce, Y2K

These patterns explain why even government programs that seem to work well enough when they are first implemented tend over time—over say, the eighty years from FDR’s heroic age of liberalism to Obama’s age of liberal frustration—to devolve into what Jonathan Rauch, in his Clinton-era book Government’s End, described as a “large, incoherent, often incomprehensible mass that is solicitous of its clients but impervious to any broad, coherent program of reform.” The Obamacare case study is useful here, not least because it’s a rare example where a meaningful reform, as opposed to just a deficit-funded tax cut or spending boost, did ultimately pass—unlike Clinton’s health care fiasco, or Bush’s doomed Social Security reform effort, or the Trump administration’s Obamacare repeal-and-replace effort, or every attempted immigration reform deal. The opposition to the Obama health care bill was obviously ideological, reflecting a clash between libertarian and social democratic principles. But most Americans aren’t thoroughgoing libertarians; indeed, even most Tea Partiers weren’t thoroughgoing libertarians. The real reason that Obamacare opposition became so fierce, and the debate so toxic, was that the health care system as it exists is as Rauch described government as a whole: a huge sprawl of client populations and powerful interest groups, all of which have a strong financial stake in the existing system, and all of which have spent decades building up the lobbying shops and inner-ring knowledge required to either frustrate or redirect reform.

Index A note about the index: The pages referenced in this index refer to the page numbers in the print edition. Clicking on a page number will take you to the ebook location that corresponds to the beginning of that page in the print edition. For a comprehensive list of locations of any word or phrase, use your reading system’s search function. Abe, Shinzo, 25, 86–87 abortion, 99, 100, 149–50 decrease in, 150 as hidden violence, 150 Achebe, Chinua, 209 ADHD, 126 Affordable Care Act, 68, 69–70, 73–74, 76 Afghanistan War, 70, 150 Africa: birthrates in, 197, 198, 207 Christianity in, 228–29 desertification of, 196 mass migration from, 196, 197–99, 208 political turbulence in, 194, 199 as uniquely nondecadent, 192, 197–99, 207 aging populations, 181 of China, 167 of developed world, 34, 56–58, 60, 66 of Europe, 198 of Japan, 125 productivity and, 57 of US, 60, 193 see also demographic change, weight of Alexander, Scott, 24 Al Qaeda, 113, 114, 160 Altman, Robert, 95 Alzheimer’s disease, 211 Amazon, 105 American Challenge, The (Servan-Schreiber), 42 American exceptionalism, 25 Anders, Bill, 231 Anderson, Kurt, 91–93, 104 animism, 225 antidecadence, political and social risks of, 178–80, 182–83 antidepressants, 126 Antifa, 113, 133 anti-inflationary policies, 28, 29 antitrust policy, 28, 29 antiwar protests, of 1969, 129, 131 anxiety, among teenagers, 123 apocalyptic thinking, 98 Apocalypto (film), 189–90 Apollo moon program, 1–2, 38, 90, 213, 236 criticisms of, 5–6 as economic turning point, 24 and sense of religious mission, 231–32 technological stagnation since, 36–37, 46 “Are Ideas Getting Harder to Find?

I’m being hard on Obama, so it’s important to stress that this is what success looks like. The last American president really did expand health insurance coverage, however inefficiently and at however much political cost, and if the health care law has not lived up to the administration’s projections, it also hasn’t had the budget-busting effects that its critics feared. But the fact that a law as messy in its design and modest in its effects as Obamacare might be the best-case scenario for reform in an advanced and complex welfare state is an illustration of the larger point. At a certain size and scale of state spending and administrative complexity, and after a sufficient period of time has elapsed from the initial founding of the system (whether you date it to the progressive era, or the New Deal era, or the Great Society), sclerosis becomes the default state, interest-group conspiracies the default mode of governance, regulatory capture the default fate of attempted reforms, and any attempt to sweep the money changers from the temple will last, at best, a year or three before they find a way to rush back in.


pages: 596 words: 163,682

The Third Pillar: How Markets and the State Leave the Community Behind by Raghuram Rajan

activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airline deregulation, Albert Einstein, Andrei Shleifer, banking crisis, barriers to entry, basic income, battle of ideas, Bernie Sanders, blockchain, borderless world, Bretton Woods, British Empire, Build a better mousetrap, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, computer vision, conceptual framework, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, data acquisition, David Brooks, Deng Xiaoping, desegregation, deskilling, disruptive innovation, Donald Trump, Edward Glaeser, facts on the ground, financial innovation, financial repression, full employment, future of work, global supply chain, high net worth, housing crisis, illegal immigration, income inequality, industrial cluster, intangible asset, invention of the steam engine, invisible hand, Jaron Lanier, job automation, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, labor-force participation, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, means of production, moral hazard, Network effects, new economy, Nicholas Carr, obamacare, Productivity paradox, profit maximization, race to the bottom, Richard Thaler, Robert Bork, Robert Gordon, Ronald Reagan, Sam Peltzman, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, South China Sea, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, superstar cities, The Future of Employment, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transaction costs, transfer pricing, Travis Kalanick, Tyler Cowen: Great Stagnation, universal basic income, Upton Sinclair, Walter Mischel, War on Poverty, women in the workforce, working-age population, World Values Survey, Yom Kippur War, zero-sum game

Instead of fiscally healthy governments, with their debt reduced by economic growth, it created yet more debt for already-strapped governments. Instead of an electorate hopeful that beneficial change was around the corner, it created one that feared change and did not trust the ruling upper-middle-class elite to look beyond their own interests. Populist politicians only needed an issue to fan the smoldering rage into flames. In the United States, it was the Affordable Care Act, also known as Obamacare. In Europe, it was immigration. We will look at all this more closely in this chapter. THE MANY FACES OF POPULISM A populist movement, as we have seen, is one that believes the ruling elite are corrupt and undemocratic, that the masses have been treated poorly, and that the system ought to be changed because the general will of the people demands it. Populist protest movements, however nativist or racist in parts, can play a valuable role.

With entrepreneurial political leaders sensing opportunity and articulating such grievances aloud, and social media making it easy for aggrieved groups to organize and spread messages that the elite would have disregarded or even blocked in the past, it was not surprising that many people were convinced the system was broken. Indeed, the financial crisis triggered two essential factors that researchers find explains increased votes for populism across developed countries—economic distress as measured by an increase in unemployment and distrust in the political institutions of the country.40 All that was needed was a spark. THE AMERICAN TRIGGER In the United States, the Affordable Care Act, or Obamacare, was an important catalyst in the organizing of the Tea Party movement, a forerunner of the populist nationalist movement. Berkeley sociologist Arlie Russell Hochschild, who studied blue-collar workers in Louisiana, offers an account of Tea Party supporters’ views. As she surmises through her interviews, the white Southern male believed he had been trudging steadily in line toward the American dream, respecting the rules of the game.41 The line moved more slowly than it had in his father’s days, as economic opportunity dwindled.

., 1963): 358–73. ABCDEFGHIJKLMNOPQRSTUVWXYZ INDEX The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader. Acemoglu, Daron, 94, 185 Adele, 193 affirmative action, 300–302 Affordable Care Act (Obamacare), 144, 214, 239–41 African Americans, 137, 157–58, 229–31 Civil Rights movement and, 138, 157, 229, 230, 235 agglomeration economies, 220–21 aging populations, 260, 284, 286, 292–93, 324, 342–43, 348, 396 agriculture, 78, 121, 148–49, 152, 184, 275 AIDS, 183, 184 airlines, 161, 165, 166, 197–98 Alesina, Alberto, 137 Amazon, 178, 384 Ambedkar, B.


pages: 1,104 words: 302,176

The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War (The Princeton Economic History of the Western World) by Robert J. Gordon

"Robert Solow", 3D printing, Affordable Care Act / Obamacare, airline deregulation, airport security, Apple II, barriers to entry, big-box store, blue-collar work, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Charles Lindbergh, clean water, collective bargaining, computer age, creative destruction, deindustrialization, Detroit bankruptcy, discovery of penicillin, Donner party, Downton Abbey, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, feminist movement, financial innovation, full employment, George Akerlof, germ theory of disease, glass ceiling, high net worth, housing crisis, immigration reform, impulse control, income inequality, income per capita, indoor plumbing, industrial robot, inflight wifi, interchangeable parts, invention of agriculture, invention of air conditioning, invention of the sewing machine, invention of the telegraph, invention of the telephone, inventory management, James Watt: steam engine, Jeff Bezos, jitney, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, labor-force participation, Loma Prieta earthquake, Louis Daguerre, Louis Pasteur, low skilled workers, manufacturing employment, Mark Zuckerberg, market fragmentation, Mason jar, mass immigration, mass incarceration, McMansion, Menlo Park, minimum wage unemployment, mortgage debt, mortgage tax deduction, new economy, Norbert Wiener, obamacare, occupational segregation, oil shale / tar sands, oil shock, payday loans, Peter Thiel, pink-collar, Productivity paradox, Ralph Nader, Ralph Waldo Emerson, refrigerator car, rent control, Robert X Cringely, Ronald Coase, school choice, Second Machine Age, secular stagnation, Skype, stem cell, Steve Jobs, Steve Wozniak, Steven Pinker, The Market for Lemons, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, transaction costs, transcontinental railway, traveling salesman, Triangle Shirtwaist Factory, undersea cable, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban sprawl, washing machines reduced drudgery, Washington Consensus, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, working poor, working-age population, Works Progress Administration, yellow journalism, yield management

Other complaints include ever-changing lists of drugs that are covered, that require high copays, or that are not covered at all.127 The complexity and restrictions of Obamacare contrast notably with the simplicity of Medicare and its single-payer system, from which most doctors and hospitals accept payments. In its effort to obtain passage of the Affordable Care Act in 2010, the Obama administration did not attempt to base the plan on the single-payer model or even to provide a public payer option, apparently fearing an onslaught of opposition from lobbyists for the private insurance industry. Although it is much too soon to gauge the effects of Obamacare on health wellness indicators such as life expectancy, it is encouraging that, as shown in figure 14–7, the long-term increase in the share of medical care spending in GDP appears to have stopped, at least temporarily, during 2010–13, even before Obamacare enrollments began in 2014.

And they agree with Dranove that despite cost savings and no adverse impact on health, “managed care is not very popular.”123 The long evolution of managed care with all its complexity did not change the basic facts that the U.S. medical care system remained by far the most expensive in the world while providing only partial coverage. On the eve of the passage of the Patient Protection and Affordable Care Act of 2010, better known as Obamacare, 16 percent of U.S. citizens lacked health coverage, higher than the 12 percent who had lacked insurance in 1987.124 The burden of lack of coverage has mostly, contrary to the popular narrative, fallen not on the unemployed or extremely poor, but instead on the working poor. Thanks to a steady decline in employment-based health insurance, by the early 2000s about 80 percent of the uninsured were working Americans who were neither poor enough to qualify for Medicaid nor in a position to bargain for a job with health benefits.125 Among those were citizens who needed and were willing to pay for insurance to cover a pre-existing condition but who were denied coverage because of that very condition.

., 196, 414 music, 411; digital media for, 435–38; on phonograph records, 186–90, 204, 411; post-World War II, 427–29, 439; on radio, 192, 195, 196, 421 Myspace (social network), 456 Nader, Ralph, 400 nails, 110 narcotic drugs, 222–23 National Broadcasting Company (NBC), 194, 413 National Bureau of Casualty and Surety Underwriters, 309 National Bureau of Standards, 562 National Cancer Act (1971), 470 National Industrial Recovery Act (1933–1935), 542 National Labor Relations Act (Wagner Act; 1935), 543 natural gas, 634 NBC Symphony, 196 Nelson, Richard, 573 Netflix, 436–37 net investment, 586–87 networks: for cell phones, 430–31; Internet as, 442–43, 453–57; for medical care, 494–95; radio, 194; social, 456–57; television, 416–17, 425–26 Newcomen,, Thomas, 568 New Deal, 15, 18; legislation and programs of, 315–17; Social Security during, 516; wages increased during, 541–43, 548 new molecular entities (NMEs), 479 New Orleans, Battle of, 4 news, 433–35; Internet for, 443; movie newsreels, 200; post-World War II broadcasting of, 411; radio broadcasting of, 196; World War II broadcasts of, 413–14 newspapers, 172, 174–77; in 1870, 49; decline of, 433–35 Newsweek (magazine), 434 New York (New York): air travel between Chicago and, 396–97; air travel between Los Angeles and, 398; bacteriological laboratory in, 218; buses in, 160; early television in, 415–16; elevated trains in, 147; General Slocum disaster in, 239; housing in, 102–3; Ladies’ Protective Health Association in, 221; long-distance telephone service for, 183, 185; omnibus service in, 143–44; rail transport between Chicago and, 133, 135, 136, 140; subways in, 130, 148; tenements in, 97; Triangle Shirtwaist Factory fire in, 272; World’s Fair (1939–1940) in, 356, 363, 413, 592 New York Stock Exchange, 582 nickelodeons, 198–99, 205 Nixon, Richard, 357, 419 nonwhites: life expectancy of, 212; See also blacks Nordhaus, William: on global warming, 634; on Moore’s Law, 446; on price of light, 119; on value of health and life expectancy, 242–44, 323 nursing schools, 230 nutrition. See diet; food Obama, Barack, 628–29 Obamacare (Patient Protection and Affordable Care Act; 2010), 493–95, 496–97 obesity, 345–47, 371, 469 O’Brien, Jeffrey, 479 occupations: from 1870 to 2009, 254–56; distribution of, 52–54; gender differences in, 509–10; licensing of, 649; polarization hypothesis on, 615–16; transformations in, 249 O’Conner, Sandra Day, 505–6 The Official Guide of the Railways, 138 oil changes, for automobiles, 386 old age. See elderly people Oldsmobile, 152 Olney, Martha, 297, 298 omnibus service, 143–44 opium, 222–23 Oregon (Illinois), 151, 164 Osborne, Frank, 429–30 Otto, Nicolaus, 149 outlet substitution bias, 80–81, 343 Pacific Southwest Airlines (PSA), 403–4 paper, 580–81 Parcel Post service, 137, 180 party lines, 184–85 Pasteur, Louis, 232, 590; germ theory of disease of, 21, 207, 213, 218–19, 222, 242, 245 patent medicines, 222 patents, 312–13, 318; for canned foods, 72; as data, 556–57; for frozen foods, 74; history of, in U.S., 570; for individuals, versus for firms, 572–74; for radio, 21, 191; for rubber tires, 150; on software and business methods, 649; for telegraph, 177; for telephone, 181, 183, 204; for television, 413 Patient Protection and Affordable Care Act (Obamacare; 2010), 493–95, 496–97 Patients’ Bill of Rights, 477 paved roads, 157–59 pawnbrokers, 292, 296 peddlers, 78, 88, 295 penicillin, 224, 324, 465–66, 525 Pennsylvania Turnpike, 390 penny arcades, 198 Pension Benefit Guaranty Corporation, 516–17 pensions, 500, 515–18, 521; unfunded, 630 personal computers, 442, 459, 580; history of, 452–54, 572 personal travel, 242, 322, 374, 392 petroleum industry, 560–61, 634; See also gasoline Pfizer (firm), 479, 486 pharmaceutical industry, 594, 643; See also drugs pharmacies, 222–24, 342, 476 Philadelphia (Pennsylvania), 308, 368 phonograph, 173, 187–90, 204; after 1940, 411, 427–28; decline of, 429; invention of, 174, 186–87 photocopying, 451 photography, 197 pianos, 188 Pickford, Mary, 199 Piggly-Wiggly (supermarket chain), 334 Piketty, Thomas, 608, 610–12 Pincus, Gregory, 486 Pinker, Steven, 241, 475–76 Pittsburgh (Pennsylvania), 45, 151; first commercial radio station in, 192; industrial deaths in, 270–71; wages in, 279 Planned Parenthood (organization), 486 plastics, 561, 565 player pianos, 187–88 plows, 263 plumbing fixtures, 124–25; See also indoor plumbing pneumonia, 465–66 polarization hypothesis, 615–16 polio vaccine, 467–68 population: in 1870, 31–36; demographic inequality in, 607; density of, 104, 366; urbanization of, 97–100, 266, 320–21 pork, 39, 66, 334 Post, C.


pages: 372 words: 92,477

The Fourth Revolution: The Global Race to Reinvent the State by John Micklethwait, Adrian Wooldridge

Admiral Zheng, affirmative action, Affordable Care Act / Obamacare, Asian financial crisis, assortative mating, banking crisis, barriers to entry, battle of ideas, Berlin Wall, Bernie Madoff, Boris Johnson, Bretton Woods, British Empire, cashless society, central bank independence, Chelsea Manning, circulation of elites, Clayton Christensen, Corn Laws, corporate governance, credit crunch, crony capitalism, Deng Xiaoping, Detroit bankruptcy, disintermediation, Edward Snowden, Etonian, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, income inequality, Khan Academy, Kickstarter, knowledge economy, Kodak vs Instagram, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, Martin Wolf, means of production, minimum wage unemployment, mittelstand, mobile money, Mont Pelerin Society, Nelson Mandela, night-watchman state, Norman Macrae, obamacare, oil shale / tar sands, old age dependency ratio, open economy, Parag Khanna, Peace of Westphalia, pension reform, pensions crisis, personalized medicine, Peter Thiel, plutocrats, Plutocrats, popular capitalism, profit maximization, rent control, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Coase, Ronald Reagan, school choice, school vouchers, Silicon Valley, Skype, special economic zone, too big to fail, total factor productivity, War on Poverty, Washington Consensus, Winter of Discontent, working-age population, zero-sum game

Billions have been spent on new computers with, outside the armed forces, very little impact on efficiency. In 1958, when the first primitive computers were being deployed, it cost the UK tax authorities about £1.16 to collect £100 of tax. Today, with computing power cheap and ubiquitous, it costs £1.14.21 Many of the worst technological foul-ups have involved health care: The rollout of Obamacare turned into a debacle because the Web site was plagued by glitches. Only six people succeeded in signing up for Obamacare on the site’s first day in operation. For the past twenty years, health departments have spent fortunes on PCs, without fundamentally changing the way they work: Most of the new gadgets were in effect slightly faster typewriters or virtual filing cabinets. They certainly did little to reduce paperwork. America’s semiprivate insurance system involves far more form filling than Europe’s nationalized ones.

In fact, the Left has more to gain than the Right from improving the management of government for the simple reason that the Left invests more hope in the capacity of government to improve people’s lives, especially the lives of the poor. It cannot make sense for people who believe in the benevolence of government to prevent government from hiring the best people (or firing the worst), or to allow the government machine to be run by vested interests. Consider a startling fact that emerged during America’s fevered national discussion over the botched rollout of Obamacare: 94 percent of federal IT projects over the past ten years have failed—more than half were delayed or over budget and 41.4 percent failed completely. The Pentagon spent over $3 billion on two health-care systems that never worked properly. They failed partly because the government’s rigid employment rules prevent it from hiring IT experts and partly because its even more rigid rules about contracting out mean that it is a captive of the few suppliers who have the resources to navigate the eighteen hundred pages of legalese in the Federal Acquisition Regulation.

By law government departments have to publish new regulations in the Federal Register. In the 1950s the register expanded by an average of 11,000 pages a year. In the first decade of the twenty-first century it expanded by an ­average of 73,000 pages a year. From 2009 to 2011 the Obama administration produced 106 major regulations, with “major” defined as having an expected economic impact of at least $100 million a year, and thousands of minor regulations. The Obamacare health bill was over 2,000 pages long; the Dodd-Frank law on finance is 800 pages long and has 400 subsidiary regulations. The federal government requires hospitals to use 140,000 codes for the ailments they treat, including one for injuries from being hit by a turtle.19 Much of this is just Olson’s law at work—industries lobby for ­exceptions or regulations that, once created, justify jobs.


On the Road: Adventures From Nixon to Trump by James Naughtie

Affordable Care Act / Obamacare, Alistair Cooke, anti-communist, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, centre right, collapse of Lehman Brothers, Donald Trump, Ferguson, Missouri, Haight Ashbury, illegal immigration, immigration reform, Julian Assange, Mikhail Gorbachev, Norman Mailer, obamacare, plutocrats, Plutocrats, post-work, Ronald Reagan, Ronald Reagan: Tear down this wall, South China Sea, trickle-down economics, white flight, WikiLeaks, Yom Kippur War, young professional, zero-sum game

Bobby Alexander, in his early sixties, had recently retired from the army, and was helping to organise the Northern Kentucky Tea Party, appalled by Obama and all his works, especially the Affordable Care ActObamacare! – which had been passed six months earlier, a significant extension of healthcare benefits to millions of Americans who had no insurance, though a long way from the universal cover many reformers wanted. To Bobby it was socialism, pure and simple. We had a friendly conversation in which I asked him in passing why he thought Margaret Thatcher – a hero, of course – had made a point in her three winning election campaigns of pledging faith in the National Health Service. This proved to be a conundrum that he couldn’t fathom. It troubled him, but certainly didn’t change his view of Obamacare, which, alongside infringements of gun rights, any liberalisation of abortion, gay marriage and increased federal spending on anything, was for him an assault on the freedoms in defence of which he’d worn his uniform.

Every cross, every Jewish Star of David. Muslims weren’t mentioned, naturally. He didn’t provide any evidence, but was believed. ‘We’re only one justice away,’ he told them. ‘One justice away!’ Apocalyptic stuff. Coming back to earth, one questioner who told a story, tentatively, of a family member facing critical illness who had been able to have medical treatment that he couldn’t have afforded without Obamacare, was firmly put down. It was a revivalist meeting, and that was all. A few days afterwards, at Cruz headquarters as the votes came in, they celebrated victory over Trump (‘To God be the glory!’ were the first words of the candidate when he appeared for the crowd). But the euphoria didn’t last. In New Hampshire, where economic concerns were more important to most Republican voters than moral renewal, Trump crushed his opponents with a promise to breathe fire into the economy.

And, with an intimate knowledge of the Mexican border from his own state of Arizona, McCain didn’t think that the wall was a solution to anything. To Trump, heresy. McCain, Trump complained, shouldn’t be considered a war hero, because he was taken prisoner after he was shot down near Hanoi in 1967. That was a sign of failure; this president preferred people who weren’t captured. McCain’s vote against the wholesale repeal of ‘Obamacare’, when his brain cancer was at an advanced stage, was the last straw for Trump, who ignored his frailty. ‘He was horrible,’ he said after his death, and during McCain's funeral service at the National Cathedral in Washington in September 2018, Trump took himself off to play golf on one of his own courses. There could hardly be a more public expression of contempt from the White House. By that time, most Republican senators, though deeply embarrassed by the McCain episode, had evidently decided that there was nothing they could do to moderate Trump’s language or change his style and they went along with it, with varying degrees of comfort, in the hope that they’d be spared an assault from the White House that might bring an end to their careers in some future Republican primary through a confrontation with a Trumpist insurgent.


Undoing the Demos: Neoliberalism's Stealth Revolution by Wendy Brown

Affordable Care Act / Obamacare, bitcoin, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, corporate governance, credit crunch, crowdsourcing, David Brooks, Food sovereignty, haute couture, immigration reform, income inequality, invisible hand, labor-force participation, late capitalism, means of production, new economy, obamacare, occupational segregation, Philip Mirowski, Ronald Reagan, sexual politics, shareholder value, sharing economy, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trickle-down economics, Washington Consensus, Wolfgang Streeck, young professional, zero-sum game

Margaret Thatcher, “Speech to Australian Institute of Directors Lunch,” September 15, 1976, Margaret Thatcher Foundation, http://www. margaretthatcher.org/document/103099. 45. While its critique is supremely important, contemporary prescriptive posthumanism expresses this historical conjuncture and colludes with it. 280 notes Index adjunct teaching, 194, 197–98. Adorno, Theodor, 119–20. Affordable Care Act (Obamacare), 168, 254 n. 2. Agamben, Giorgio, 19, 232 n. 45. Alienation, 38, 65, 77, 96, 209. Allende, Salvadore, 20, 151. Arendt, Hannah, 32, 43, 92, 233 n. 45. See also good life, the; “mere life.” AT&T Mobility LLC v Conception, 152. Austerity politics: as contemporary era of neoliberalism, 49, 71–72, 210, 213, 219; connection to sacrifice, 71–72, 134, 210, 212–13, 216, 232 n. 44, 276 n. 21; in Southern Europe, 38, 212; responsibilization and, 232 n. 44.

Neoliberalism: austerity and, 49, 71–72, 210, 213, 219; best practices and, 131–39; capitalism and, 39, 44, 47, 50, 75, 49, 209, 111, 218–20, 224 n. 6, 232 n. 44; citizenship and, 39–40, 109, 177, 179, 211–12, 218, 220; contradictions of, 47–48; definition of, 20–21; domination and, 75–77, 119; economization and, 33–34; education and, 176, 183, 192, 199–200; Foucault on, 47–48; gender and, 99–107; governance and, 20–35, 47–48, 122–32; homo oeconomicus and, 10, 31–34, 39, 42–44, 65–66, 70, 78–80, 83–85, 109–11, 177, 244 n. 59, 280 n. 43; individual sovereignty and, 42, 78–79, 109–10; inequality and, 28–29, 42, 56, 64–65, 219, 226 n. 22, 260 n. 4; law and, 142–56, 162–67; legal reason and, 148–56, 172–73; political rationality and, 62, 115–16; popular sovereignty and, 35, 39, 44, 49, 65, 79, 108–10, 161, 172–73, 177, 207; sacrifice and, 109–11, 213–16; the good life and, 43–44, 189–90; the public good and, 39, 43, 108, 127, 159, 168–69, 172; variability of, 47–49. Newfield, Christopher, 188, 192, 261 n. 6, 264 n. 20. Nietzsche, Friedrich, 133. Normative order of reason, 117–18. See also political rationality. obama, barack, 49; 2013 State of the Union address, 24–27, 40, 226 n. 13, 226 n. 23; college rating scheme, 178, 225 n. 11; on sacrifice, 276 n. 21. See also sacrifice; austerity. Obamacare, see Affordable Care Act. Occupy Wall Street, 24, 30, 203, 217, 219, 232 n. 40; UC Berkeley and, 250 n. 43. Offe, Claus, 68. “Omnes et singulatim,” 71, 130. See also governmentality; Foucault, Michel. Ordoliberalism, 49, 59, 60, 64, 66; diferences from Chicago School, 59–60; Hayek and, 59; historical inf luences on, 59–60, 213. See also Chicago School. patriotism, 212, 215, 218. Peck, Jamie, 48. Pelosi, Nancy, 276 n. 21.

Graham Burchell (New York: Picador, 2004), p. 163; Terry Flew, “Michel Foucault’s The Birth of Biopolitics and Contemporary Neo-liberalism Debates,” Thesis Eleven 108.1 (2012), p. 60. 2. Jack Jackson notes that this is not an even or consistent process. Obamacare, he argues, was a significant challenge to neoliberalization. Jack Jackson, “Not Yet an End: Neoliberalism and the Jurisprudence of Obamacare,” unpublished paper presented at the 2013 Annual Meeting of the American Political Science Association. Certainly, Jackson has a point, but the neoliberal form of Obamacare as a national health plan can be lost on no one. There is also a question of whether it will survive. 3. Citizens United v. Federal Election Commission, 130 S. Ct. 876, 558 U.S. 310, 175 L. Ed. 2d 753 (2010). 4. AT&T Mobility LLC v. Concepcion, 130 S.


pages: 409 words: 125,611

The Great Divide: Unequal Societies and What We Can Do About Them by Joseph E. Stiglitz

"Robert Solow", accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Asian financial crisis, banking crisis, Berlin Wall, Bernie Madoff, Branko Milanovic, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computer age, corporate governance, credit crunch, Credit Default Swap, deindustrialization, Detroit bankruptcy, discovery of DNA, Doha Development Round, everywhere but in the productivity statistics, Fall of the Berlin Wall, financial deregulation, financial innovation, full employment, George Akerlof, ghettoisation, Gini coefficient, glass ceiling, global supply chain, Home mortgage interest deduction, housing crisis, income inequality, income per capita, information asymmetry, job automation, Kenneth Rogoff, Kickstarter, labor-force participation, light touch regulation, Long Term Capital Management, manufacturing employment, market fundamentalism, mass incarceration, moral hazard, mortgage debt, mortgage tax deduction, new economy, obamacare, offshore financial centre, oil shale / tar sands, Paul Samuelson, plutocrats, Plutocrats, purchasing power parity, quantitative easing, race to the bottom, rent-seeking, rising living standards, Ronald Reagan, school vouchers, secular stagnation, Silicon Valley, Simon Kuznets, The Chicago School, the payments system, Tim Cook: Apple, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Turing machine, unpaid internship, upwardly mobile, urban renewal, urban sprawl, very high income, War on Poverty, Washington Consensus, We are the 99%, white flight, winner-take-all economy, working poor, working-age population

Today, access to health care is among the most universally accepted rights, at least in the advanced countries. America, despite the implementation of the Affordable Care Act, is the exception. It has become a country with great divides in access to health care, life expectancy, and health status. In the relief that many felt when the Supreme Court did not overturn the Affordable Care Act, the implications of the decision for Medicaid were not fully appreciated. Obamacare’s objective—to ensure that all Americans have access to health care—has been stymied: 24 states have not implemented the expanded Medicaid program, which was the means by which Obamacare was supposed to deliver on its promise to some of the poorest. We need not just a new war on poverty but a war to protect the middle class. Solutions to these problems do not have to be newfangled.

Many factors contribute to America’s health lag, with lessons that are relevant for other countries as well. For starters, access to medicine matters. With the U.S. among the few advanced countries that does not recognize access as a basic human right, and more reliant than others on the private sector, it is no surprise that many Americans do not get the medicines they need. Though the Patient Protection and Affordable Care Act (Obamacare) has improved matters, health-insurance coverage remains weak, with almost half of the 50 U.S. states refusing to expand Medicaid, the health care financing program for America’s poor. Moreover, the U.S. has one of the highest rates of childhood poverty among the advanced countries (which was especially true before austerity policies dramatically increased poverty in several European countries), and lack of nutrition and health care in childhood has lifelong effects.

Similar stories could be told about each of the dimensions of America’s outsized inequality. Take health care. America is unique among the advanced countries in not recognizing access to health care as a basic human right. And that means if you are a poor American, your prospects of getting adequate, let alone good, medical care are worse than in other advanced countries. Even after passage of the Affordable Care Act (ACA), almost two dozen states have rejected expanding vitally needed Medicaid, and more than forty million Americans still lacked health insurance at the beginning of 2014. The dismal statistics concerning America’s health care system are well known: while we spend more—far more—on health care (both per capita and as a percentage of gross domestic product) than other countries, health outcomes are worse.


pages: 526 words: 160,601

A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney

1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, Bretton Woods, business cycle, buy and hold, carbon footprint, Charles Lindbergh, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Haight Ashbury, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Kitchen Debate, labor-force participation, Long Term Capital Management, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, neoliberal agenda, Network effects, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Plutocrats, Ponzi scheme, price stability, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game

It is a liability made larger by the Boomers’ lack of antitrust enforcement, which permitted huge consolidation in drug, insurance, and hospital companies. As for Obamacare, which barely squeaked through, it is too soon to tell. Certainly, Obamacare’s implementation has been rocky, and it appears that the law could be significantly less effective than anticipated, though it does seem to be improving matters meaningfully. Despite its compromises, Obamacare may be the one truly significant social accomplishment of the Boomers, and perhaps their only substantial gift to young people, as it allows those under twenty-six to remain on parental policies. At least for now, Obamacare should not be discounted in the moral calculus, whatever its practical results and likely gutting post-2016. Privacy: We Can Hear You Thinking Privacy once held great value for Americans; in California, it’s enshrined in the very first paragraph of that state’s Constitution.33 No similarly explicit right to privacy appears in the federal Constitution; it was “discovered” by pre-Boomer Justices.

Most studies conclude that about half of households are materially underprepared for retirement, and surveys show that only 17–25 percent of workers are very confident in their retirement planning versus 35 percent who aren’t confident (the rest either being “somewhat” confident or not knowing or refusing to answer).22 Moreover, any major illness could exhaust private savings, and even for the reasonably healthy, old age will also be exceedingly expensive, driven by the generally rapid rise in health-care prices. Since the period 1982–1984, health-care costs have more than quadrupled in gross terms and have been rising faster than inflation overall.23 Medical inflation has slowed over the past few years because of involuntary sequestration and Obamacare’s mandated prices, which over the long term will be roughly as effective as ordering the earth to stand still. The Medicare Trustees accordingly believe Obamacare’s price fiats “are uncertain,” will “probably not be viable indefinitely,” with their actuaries being blunter, saying the price limits have a “strong possibility” of “not be[ing] viable in the long range,” and the government’s overall auditor says the same thing.24 Why? Because medicine is in large part a service business, and service businesses are hard to make more productive, especially without the R&D the Boomers have assiduously defunded.

Under Nixon, an already sizable government grew to the point where almost no aspect of American life remained untouched. Nixon helped regulate the environment through legislation and by establishing the Environmental Protection Agency. He supported safer working conditions by creating the Occupational Safety and Health Administration. He proposed health-care reform, suggesting expansion of state-administered programs to offer insurance to all Americans, which—Obamacare notwithstanding—remains a dream unfulfilled. With the Fair Labor Standards Act, he increased the minimum wage, and he supported the Equal Rights Amendment, which would have helped ensure wage parity between men and women. Even the arts, the habitat of pinko intellectuals Nixon so detested, received enormous increases in federal funding. Perhaps his boldest idea was to scrap welfare in favor of a guaranteed minimum income for all Americans, an experiment so radical that it has never been adopted by any major nation.


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The Vanishing Middle Class: Prejudice and Power in a Dual Economy by Peter Temin

"Robert Solow", 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, anti-communist, Bernie Sanders, Branko Milanovic, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, corporate raider, Corrections Corporation of America, crack epidemic, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Ferguson, Missouri, financial innovation, financial intermediation, floating exchange rates, full employment, income inequality, intangible asset, invisible hand, longitudinal study, low skilled workers, low-wage service sector, mandatory minimum, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, means of production, mortgage debt, Network effects, New Urbanism, Nixon shock, obamacare, offshore financial centre, oil shock, plutocrats, Plutocrats, Powell Memorandum, price stability, race to the bottom, road to serfdom, Ronald Reagan, secular stagnation, Silicon Valley, Simon Kuznets, the scientific method, War on Poverty, Washington Consensus, white flight, working poor

African Americans and recent Latino immigrants have been denied Medicaid benefits by lack of funds after the 2008 financial crisis and by state politicians objecting to the Affordable Care Act. The Affordable Care Act that President Obama signed into law in 2009 was approved by the Supreme Court in 2012 with the caveat that states could opt out of the part that was run through an expansion of Medicaid. Many states chose to deny the expansion of Medicaid to their residents even though the federal government would pay all the costs for the first few years and most of the costs thereafter. The states that opted out of the free extension of Medicaid were clustered in the South, reflecting again the racecraft involved in such decisions on compensation of care. Part of the anger against the Affordable Care Act, popularly known as “Obamacare,” is because its benefits are seen in racist terms by some critics as gifts from one black man—who happens to be the president—to the black population.

New York Times, May 11. Chyn, Eric. 2016. “The Long-Run Effect of Public Housing Demolition on Labor Market Outcomes of Children.” Economics Department, University of Michigan, Ann Arbor, MI, March 27. Clotfelter, Charles T. 2004. After Brown: The Rise and Retreat of School Segregation. Princeton: Princeton University Press. CNN. DATE. “Poll: ‘Obamacare’ vs. ‘Affordable Care Act.’” CCN Political Unit. http://politicalticker.blogs.cnn.com/2013/09/27/poll-obamacare-vs-affordable-care-act/. Accessed September 22, 2016. Coates, Ta-Nehisi. Between the World and Me. New York: Spiegel and Grau, 2015. Cohen, Patricia. 2015a. “Gasoline-Tax Increase Finds Little Support.” New York Times, January 2. Cohen, Patricia. 2015b. “For-Profit Colleges Accused of Fraud Still Receive U.S. Funds.” New York Times, October 12. Cohen, Patricia. 2016a.

Part of the anger against the Affordable Care Act, popularly known as “Obamacare,” is because its benefits are seen in racist terms by some critics as gifts from one black man—who happens to be the president—to the black population. This factor may be most important to less educated whites. Another reason for the anger is that Obamacare raised taxes on the very rich. In fact, the Obama administration raised taxes in two ways: by letting some tax breaks for people earning over half a million dollars to expire, and by the Affordable Care Act provisions raising taxes on the rich to support healthcare for the poor. Some among the very rich, as noted in chapter 7, do not take well to having their taxes increase.6 Falling ill is something that happens after being born, but there are additional risks in being born. Perhaps the biggest birth risk we take is in the identity of our parents. We do not choose our parents, and John Rawls, the author of A Theory of Justice, suggested that we think of a random process assigning children to parents.


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The Populist Explosion: How the Great Recession Transformed American and European Politics by John B. Judis

affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Boris Johnson, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, plutocrats, Plutocrats, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent

They saw themselves as having to pay higher taxes in order to cover for other people’s mistakes in buying mortgages they couldn’t afford. The Tea Party position was summed up in a bumper sticker that read, “You are not entitled to what I have earned.” The Tea Party also viewed the Affordable Care Act that Congress passed in 2010 as a program aimed at getting people who already had insurance to pay higher premiums and co-payments, so that those who didn’t have insurance could afford it. Seniors on Medicare, who had paid for their insurance, would also see their benefits reduced in order to cover the cost of the Affordable Care Act. Emily Ekins, who did extensive interviews with Tea Party members, writes that the Tea Partiers “tended to view the ACA as a redistributive transfer program that they would be disproportionately responsible for funding.” Tea Partiers viewed illegal immigration the same way.

Judis, “America the Liberal,” The New Republic, Nov. 19, 2008. 55prepare the nation for a new age: https://www.whitehouse.gov/blog/2009/01/21/president-barack-obamas-inaugural-address. 55did not prosecute: http://www.g-a-i.org/u/2012/08/DOJ-Report-8-61.pdf. 55shake business confidence: See Noam Scheiber, The Escape Artists: How Obama’s Team Fumbled the Recovery, Simon & Schuster, 2011, pp. 170–8. 55growth of Medicare spending: See Thomas B. Edsall, “The Obamacare Crisis,” The New York Times, November 19, 2013 and “Is Obamacare Destroying the Democratic Party,” The New York Times, December 2, 2014. 56“Chicago Tea Party”: See John B. Judis, “Tea Minus Zero,” The New Republic, May 10, 2010. 56160,000 members: Theda Skocpol and Vanessa Williamson, The Tea Party and the Remaking of Republican Conservatism, Oxford University Press, 2012, p. 22. 57“You are not entitled to what I have earned”: Skocpol and Williamson, p. 66. 57ACA as a redistributive transfer program: Emily Elisabeth Ekins, “Tea Party Fairness: How the Idea of Proportional Justice Explains the Right-Wing Populism of the Obama Era,” UCLA diss., 2015, pp. 74–75. 57services by illegal immigrants: Skocpol and Williamson, p. 71. 57took jobs from native-born Americans: See Kazin, pp. 35–36. 58sending him big checks: John B.

The exact referents of “the people” and “the elite” don’t define populism; what defines it is the conflictual relationship between the two—or in the case of rightwing populism the three. The conflict itself turns on a set of demands that the populists make of the elite. These are not ordinary demands that populists believe will be subject to immediate negotiation. The populists believe the demands are worthy and justified, but they don’t believe the establishment will be willing to grant them. Sanders wants “Medicare for all” and a $15 minimum wage. If he wanted the Affordable Care Act to cover hearing aids, or to raise the minimum wage to $7.75, that wouldn’t define a clash between the people and the establishment. If Trump were to demand an increase in guards along the Mexican border, or if Denmark’s People’s Party campaigned on a reduction in asylum-seekers, these would not open up a gulf between the people and the elite. But promising a wall that the Mexican government will pay for or the total cessation of immigration—that does establish a frontier.


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The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, Bernie Madoff, Bernie Sanders, blockchain, Bretton Woods, business cycle, capital controls, central bank independence, collective bargaining, COVID-19, Covid-19, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, decarbonisation, deindustrialization, discrete time, Donald Trump, eurozone crisis, fiat currency, floating exchange rates, Food sovereignty, full employment, Gini coefficient, global reserve currency, global supply chain, Hyman Minsky, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, Jeff Bezos, liquidity trap, Mahatma Gandhi, manufacturing employment, market bubble, Mason jar, mortgage debt, Naomi Klein, new economy, New Urbanism, Nixon shock, obamacare, open economy, Paul Samuelson, Ponzi scheme, price anchoring, price stability, pushing on a string, quantitative easing, race to the bottom, reserve currency, Richard Florida, Ronald Reagan, shareholder value, Silicon Valley, trade liberalization, urban planning, working-age population, Works Progress Administration, yield curve, zero-sum game

Another telling example of the underinsurance problem comes from the policy analyst Matt Bruenig. His findings show that if the Republicans had succeeded in annulling the Affordable Care Act in 2017, 540,000 people would have died over the next decade because they would have lacked health-care coverage—but an additional 320,000 would die from lack of coverage even if the Republican effort was unsuccessful. That’s an important point: even under Obamacare, millions of Americans are still uninsured.26 Add it all up, and it shouldn’t be surprising the US still lags well behind similar developed countries in access to care, even after passage of the Affordable Care Act in 2010. Our health-care deficit leads to lost time for work and for play, but also to the worst lost time of all: the years with friends and loved ones that so many people lose because they die too soon.

In fact, the number of people with health insurance here in the US is actually on the decline because of Republican efforts to weaken the Affordable Care Act. Moreover, even people with health-care coverage often strain to afford the care they need, due to the inadequacy of the coverage offered. That’s called the underinsurance problem. And when you combine it with the people who are completely uninsured, the total number of Americans who don’t have the health-care coverage they need reached 87 million in 2019.21 Plenty of people with health insurance plans—even “good” employer-based coverage—are often forced to pay thousands of dollars in deductibles and copayments out of their own pocket if they need medical care. Under the Affordable Care Act, for example, the average individual deductible was over $6,000 for a bronze plan in 2017, and the average family deductible was nearly $12,400.22 In an unexpected medical emergency, those individuals or families would have to pay up to $6,000 or $12,400, respectively.

News & World Report, February 7, 2019, www.usnews.com/news/healthiest-communities/articles/2019-02-07/lack-of-health-insurance-coverage-leads-people-to-avoid-seeking-care. 22. Tami Luhby, “Is Obamacare Really Affordable? Not for the Middle Class,” CNN, November 2016, money.cnn.com/2016/11/04/news/economy/obamacare-affordable/index.html. 23. Boesler, “Almost 40% of Americans Would Struggle to Cover a $400 Emergency.” 24. Bob Herman, “Medical Costs Are Driving Millions of People into Poverty,” Axios, September 2019, www.axios.com/medical-expenses-poverty-deductibles-540e2c09-417a-4936-97aa-c241fd5396d2.html. 25. Lori Konish, “137 Million Americans Are Struggling with Medical Debt. Here’s What to Know if You Need Some Relief,” CNBC, November 12, 2019, ww.cnbc.com/2019/11/10/americans-are-drowning-in-medical-debt-what-to-know-if-you-need-help.html. 26. Matt Bruenig, “How Many People will Obamacare and AHCA Kill?” (blog), MattBruenig Politics, mattbruenig.com/2017/06/22/how-many-people-will-obamacare-and-ahca-kill/. 27.


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How to Run a Government: So That Citizens Benefit and Taxpayers Don't Go Crazy by Michael Barber

Affordable Care Act / Obamacare, Atul Gawande, battle of ideas, Berlin Wall, Black Swan, Checklist Manifesto, collapse of Lehman Brothers, collective bargaining, deliberate practice, facts on the ground, failed state, fear of failure, full employment, G4S, illegal immigration, invisible hand, libertarian paternalism, Mark Zuckerberg, Nate Silver, North Sea oil, obamacare, performance metric, Potemkin village, Ronald Reagan, school choice, The Signal and the Noise by Nate Silver, transaction costs, WikiLeaks

It will never make the news, and most journalists would have no inclination to understand it, but the crucial (and prosaic) truth is that if this process, or something like it, is working, delivery is highly likely; without it, much less so. It has to be one of the classic tales of defeat snatched from the jaws of victory. In the autumn of 2013, President Obama faced down the Republicans who had forced him to close government. He refused to buckle to their blackmail; he would not concede on his vaunted health reform, popularly known as Obamacare. After all, he pointed out, Congress had passed Obamacare into law; to allow a congressional minority to overturn it through a blackmail threat would undermine American democracy and future administrations of whatever party. Polls showed that the American people were behind the president, leaving the Tea Party no option but to beat a shame-faced retreat. Political victories don’t come much bigger than this. Unfortunately, behind the scenes the president was just becoming aware – and very soon America would become aware too – that his victory would be snatched away, not by a competing issue of major political principle, but by, of all things, a website.

Zients, troubleshooter and former chief performance officer, was put in charge of sorting out the mess. As the story unfolded in a blaze of talk shows, the president’s political victory disintegrated. Trust in Obamacare unravelled as his personal promises turned out to be unfulfilled. Jeffrey D. Zients, an extremely competent operator whom I had met previously and come to admire, made good progress, but the president suffered excruciating months of delay and took a blow to his credibility from which he may never recover. And in spite of Zients’s excellent efforts, the website remains, shall we say, suboptimal, and the timetable has slipped. Not just Obamacare, but the Obama presidency had been damaged, perhaps irreparably, by what in this book we would call a ‘delivery failure’. The president himself realized this in that fateful meeting on 15 October: ‘We created this problem we didn’t need to create … it’s of our own doing, and it’s our most important initiative.’20 As the president understood, it did not need to be like this.

There would not have been a catastrophe. There may be something close to gridlock in modern Washington, but that is no excuse. As Governor Martin O’Malley put it at a seminar in London in 2014, ‘Failure to drive delivery contributes to gridlock, not the other way round.’ Profound, generational reforms such as Obamacare are too important to be left to government by spasm. They depend on government by routine. If the Obama administration had put the routines in place, not just on Obamacare but across, say, four or five priorities of personal importance to the president, they would also have developed the capacity to learn from delivery in one sphere lessons applicable in others. Arne Duncan, for example, has been the most successful education secretary in US history, a point acknowledged across the political divide in Washington.


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The Politics Industry: How Political Innovation Can Break Partisan Gridlock and Save Our Democracy by Katherine M. Gehl, Michael E. Porter

Affordable Care Act / Obamacare, barriers to entry, business cycle, capital controls, carbon footprint, collective bargaining, coronavirus, COVID-19, Covid-19, David Brooks, deindustrialization, disintermediation, Donald Trump, first-past-the-post, future of work, guest worker program, hiring and firing, illegal immigration, immigration reform, Joseph Schumpeter, Kickstarter, labor-force participation, Menlo Park, new economy, obamacare, pension reform, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Upton Sinclair, zero-sum game

Greg Orman, A Declaration of Independents: How We Can Break the Two-Party Stranglehold and Restore the American Dream (Austin, TX: Greenleaf Group Book Press, 2016), 61. 28. Lee Drutman, Breaking the Two-Party Doom Loop: The Case for Multiparty Democracy in America (New York; Oxford: Oxford University Press, 2020), 31. 29. Russell Berman, “Cruz: Political ‘Tsunami’ Needed to Win Fight to Defund Obamacare,” The Hill, August 25, 2013, https://thehill.com/video/sunday-shows/318647-cruz-tsunami-needed-to-defund-obamacare. 30. For overview of the shutdown, see Walter J. Oleszek, “The Government Shutdown of 2013: A Perspective,” in Party and Procedure in the United States Congress, 2nd Edition, ed. Jacob Straus and Matthew Glassman (2017). 31. Leigh Ann Caldwell, “Architect of the Brink: Meet the Man behind the Government Shutdown,” CNN, updated October 1, 2013, http://www.cnn.com/2013/09/27/politics/house-tea-party/index.html. 32.

“Social Security,” Social Security History, https://www.ssa.gov/history/fdrsignstate.html. 33. With the exception of Republican Senator Jim Bunning of Kentucky, who did not vote. United States Senate. “Roll Call Vote 11th Congress – 1st Session,” https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00396. 34. Tessa Berenson, “Reminder: The House Voted to Repeal Obamacare More Than 50 Times,” Time, March 24, 2017, http://time.com/4712725/ahca-house-repeal-votes-obamacare/. 35. For a great analysis of show votes, see Frances Lee, Insecure Majorities: Congress and the Perpetual Campaign (Chicago: The University of Chicago Press, 2016). 36. Former Republican Senator Olympia Snowe put it best when she said, “Much of what occurs in Congress today is what is often called ‘political messaging.’ Rather than putting forward a plausible, realistic solution to a problem, members of both sides offer legislation that is designed to make a political statement.

Each year, Congress must set a budget for the federal government. If no agreement is reached before the new fiscal year begins, parts of the government are shut down. In 2013, both a divided government and increased polarization around health-care reform gripped Washington. While Democrats controlled the Senate and the White House, Republicans held the House of Representatives and were determined to repeal and replace the Affordable Care Act (ACA).29 No Republican could survive a primary without pledging to do absolutely everything in his or her power to undo the act.30 In late 2013, that promise came due. As the end of the fiscal year approached, Republican forces were mobilizing for the standoff. In August, eighty House members signed a letter urging Speaker of the House John Boehner to use the budget appropriations process to defund the ACA.31 A legion of industry interest groups fell into line.


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Stress Test: Reflections on Financial Crises by Timothy F. Geithner

Affordable Care Act / Obamacare, asset-backed security, Atul Gawande, bank run, banking crisis, Basel III, Bernie Madoff, Bernie Sanders, break the buck, Buckminster Fuller, Carmen Reinhart, central bank independence, collateralized debt obligation, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Doomsday Book, eurozone crisis, financial innovation, Flash crash, Goldman Sachs: Vampire Squid, housing crisis, Hyman Minsky, illegal immigration, implied volatility, Kickstarter, London Interbank Offered Rate, Long Term Capital Management, margin call, market fundamentalism, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, Nate Silver, negative equity, Northern Rock, obamacare, paradox of thrift, pets.com, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, RAND corporation, regulatory arbitrage, reserve currency, Saturday Night Live, savings glut, selection bias, short selling, sovereign wealth fund, The Great Moderation, The Signal and the Noise by Nate Silver, Tobin tax, too big to fail, working poor

Of course, nothing could be agreed to until everything was agreed to, and we had no evidence Boehner had the support of his caucus. The Speaker and his staff kept insisting they needed a scalp for the right; at one point, he proposed we scrap Obamacare’s individual mandate for health insurance, an obvious nonstarter. We were getting a bit nervous about our side, too. Harry Reid and Nancy Pelosi had told the President they could support a grand bargain, but the outlines of the deal made the Democratic leaders uncomfortable. It would raise substantially less revenue than Simpson-Bowles or a draft proposal by a bipartisan Senate group known as the Gang of Six. And the entitlement reforms were going to be a tough vote for Democrats, especially with Republicans still insisting on some kind of Obamacare scalp. I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when Dan Pfeiffer wanted me to say Social Security didn’t contribute to the deficit.

(Data as of June 30, 2008; Government Sponsored Enterprises include only Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, and do not include other GSEs or Ginnie Mae.) I sometimes wondered where this newfound right-wing enthusiasm for fiscal discipline had been during the Bush years, when unfunded wars, tax cuts, and a new Medicare prescription drug benefit had helped turn the Clinton surpluses into deficits. By contrast, Obamacare included reforms aimed at reining in the rising medical costs that threatened our fiscal future, and the Congressional Budget Office estimated that it would reduce future deficits overall despite its subsidies to extend care to the uninsured. Then again, the original Tea Party protested an unelected king who raised taxes, while Obama was an elected president who had lowered taxes, so consistency wasn’t really the point.

The impossibility of achieving true bipartisanship in Congress meant the President had to keep the Democrats with him if he wanted to pass anything. This was especially true in the Senate, where Republicans were using the filibuster with unprecedented regularity, blocking just about anything that didn’t have the sixty votes needed to overcome it. For the second half of 2009, the Democrats had exactly sixty senators, which led to side deals like the “Cornhusker Kickback” that clinched Nebraska Senator Ben Nelson’s vote on Obamacare. But as the President’s policies became less popular, many Democratic senators began keeping their distance. Moderates from Republican states didn’t want to look like big spenders. Liberals thought we were too restrained in our spending and too close to Wall Street. With lockstep opposition from Republicans, it became increasingly difficult to get anything through Congress. The President was often blamed for gridlock in Washington, but I thought he got a remarkable amount done despite a polarized Congress.


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The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen

affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, business cycle, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, The Rise and Fall of American Growth, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey

See also internet dating matching assortative mating and book sellers and choice and class and crime and dating and eBay effects of influence of and jobs and living standards and marketing and music industry and pets and segregation and strivers Medicaid Medicare Mellander, Charlotta Melville, Herman Merkel, Angela Mexico and migration and outsourcing middle class and the Complacent Class and democracy income and wages and mobility Middle East migration African American and education history of interstate as investment and matching and Mexico and Millennial Generation and regional specialization and Texas See also immigration; mobility Millennial Generation and car culture and entrepreneurialism and grand projects and matching Million Man March Minsky, Hyman mobility and African Americans and American South and childrenn cross-generational cross-state and dynamic society and education effects of mobility decline history of American mobility income and innovation labor in media and the arts and politics reasons for migration reasons for mobility decline and segregation symbolism of Tocqueville on See also migration Moby-Dick (Melville) monopolies Moretti, Enrico Morrison, Van Mortensen, Dale multiculturalism Murray, Charles A. music industry Musk, Elon neo-Nazi movement Newton, Huey P. Nigeria NIMBY (Not In My Backyard) mentality North Africa Obama, Barack Obamacare. See Affordable Care Act Occupy Wall Street movement oil industry oil price shock (1973) On the Road (Kerouac) outsourcing pantheism Pareto, Vilfredo patents Patriot Act pets philanthropy Pinker, Steven Pissarides, Christopher play, outdoor polarization policing political science poverty and mobility and segregation Princeton University prison riots productivity and cities diffusion problem firm-specific productivity and innovation and the internet and matching and mobility productivity per worker hour total factor productivity (TFP) worker productivity profiling progress and the Complacent Class and democracy and innovation and mobility model of history and segregation progressivism protests.

On that project we have seen a miserable failure, and with the rise of ISIS and the collapse of Syria, the situation is becoming much worse yet. So the post-1990 era for the United States is scored at one out of two. I don’t, by the way, count Obamacare on this list of grand projects. No matter what you think of it as policy, it provided health insurance to about 10 to 15 million of America’s previously uninsured 40 million–plus population, with the exact number for new coverage still evolving. That helps many of those individuals, but it is hardly a game-changer in terms of a broader social trajectory, especially since many of those people already were receiving partial health care coverage and, furthermore, the Obamacare exchanges are experiencing some serious problems. If anything, Obamacare has locked in the basic features of the previous U.S. health care system rather than revolutionizing them. On the issue of grand projects, it is wrong to think there is nothing to say on behalf of the contemporary world.

The United States has only two major cell phone carriers, and American cell phone markets are less competitive and more expensive than those in most of Western Europe. The American market also has consolidated toward four major airlines, a far cry from the 1980s deregulatory dream of a large number of small budget airlines competing fiercely across most major routes. Pending mergers are likely to bring the number of major health insurance companies, in the aftermath of the Affordable Care Act, from five to three, with hospitals undergoing significant consolidation as well. All of these corporate changes are yet another way of measuring a status quo that is pretty comfortable, stable, and inert.9 Those are only a few examples, and clearly some sectors have become far more competitive. Restaurant or grocery store choice is much better than in the past, and you can choose from many more computer games than ever before, to name just a few examples.


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Deaths of Despair and the Future of Capitalism by Anne Case, Angus Deaton

Affordable Care Act / Obamacare, basic income, Bertrand Russell: In Praise of Idleness, business cycle, call centre, collapse of Lehman Brothers, collective bargaining, Corn Laws, corporate governance, correlation coefficient, crack epidemic, creative destruction, crony capitalism, declining real wages, deindustrialization, demographic transition, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Elon Musk, falling living standards, Fellow of the Royal Society, germ theory of disease, income inequality, Jeff Bezos, Joseph Schumpeter, Kenneth Arrow, labor-force participation, low skilled workers, Martin Wolf, Mikhail Gorbachev, obamacare, pensions crisis, randomized controlled trial, refrigerator car, rent-seeking, risk tolerance, shareholder value, Silicon Valley, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, universal basic income, working-age population, zero-sum game

Lobbyists oppose one another, but there are no effective lobbyists, or lobbyists of comparable power and size, who are arguing the case for the people who are paying for the enrichment of the healthcare industry or who can act as a countervailing power against it. During periods of legislative activity, the healthcare lobbyists have sometimes been singularly effective. Obamacare was passed without consideration of a single-payer system or a public option, and the US has nothing like the British system of evaluation. Hospitals, doctors, and pharma companies were effectively paid off in order to support the passage of the Affordable Care Act.54 This was necessary to get more uninsured people into the system, but it prevented any cost saving, a trade-off that was almost certainly necessary then given the power of the lobbies. Other good examples of legislative protection for the industry are the twin requirements that Medicare pay for any drug that has been approved by the Food and Drug Administration, and that it not negotiate on price.

See also drug overdoses; opioids acetaminophen, 117 Achenbach, Joel, 267n2 addiction, x, 2, 4, 37, 95–96, 115–16, 120, 261; black market and, 124; characteristics of, 39; costs of, 104; cures for, 129; depression and, 212; developing, 117; hangover of, 69; to heroin, 122, 123; medication-assisted treatment for, 109; opioids and, 112, 122; pain and, 4; people predisposed to, 192; risk for, 118; seen as moral weakness, 28; suicide and, 84; treating, 247 Advil, 117 advocacy organizations for pain sufferers, 124 Affordable Care Act, 210. See also Obamacare Afghanistan, 125 African Americans, 5, 8, 38, 68, 140, 148, 172–73, 174, 224, 275n25; black culture, 189; contrasting outcomes for, 183; drug overdoses and, 119; exclusion of, 166; fentanyl and, 114, 188; happiness and, 181; heart disease and, 44; improvements in lives of, 186; inner-city, 67; job loss and, 258; life expectancy of, 27; misfortunes of, 69; mortality rates and, 6, 31, 62; mortality rates for white Americans and, 64–65; pain and, 90–91; poverty and, 137; religion and, 178; social protection and, 225 age effects, 35; deaths of despair and, 59; drinking and, 106; life evaluation and, 182; mental health and, 78; pain and, 87–89; poor health and, 76 aging, 84, 88, 90 Aid to Families with Dependent Children program, 172 airlines, 231, 233; increasing concentration of, 235 Akcigit, Ufuk, 285n2 Alabama, 43, 100, 140, 268n5 Al-Anon, x alcohol: average drinks per occasion, 106; social life and, 103; in Soviet Union, 106–7; taxes on, 104–5.

Doctors try not to prescribe to such people, but it is unclear how they are supposed to know, particularly given the time pressure that they face, and even people who are at risk and have a previous history of abuse can be in real pain. Doctors were being asked to police and prevent abuse in a way that was beyond their ability under the circumstances in which they work. Some commentators have argued that the rollout of Obamacare was in part responsible for the epidemic, that the expansion of Medicaid made opioids more widely available. But the timing on this is wrong, because the epidemic was in full swing before any Medicaid expansion. By contrast, Medicaid has played an important role in making available affordable treatment for people with opioid abuse disorder, with levels of therapy much higher in states that expanded Medicaid after 2014.31 The producers, directly and through prescription benefit managers, did everything possible to increase sales and profits, even when it was clear that the drugs were being abused.


pages: 463 words: 105,197

Radical Markets: Uprooting Capitalism and Democracy for a Just Society by Eric Posner, E. Weyl

3D printing, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, anti-communist, augmented reality, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, business process, buy and hold, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collective bargaining, commoditize, Corn Laws, corporate governance, crowdsourcing, cryptocurrency, Donald Trump, Elon Musk, endowment effect, Erik Brynjolfsson, Ethereum, feminist movement, financial deregulation, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, guest worker program, hydraulic fracturing, Hyperloop, illegal immigration, immigration reform, income inequality, income per capita, index fund, informal economy, information asymmetry, invisible hand, Jane Jacobs, Jaron Lanier, Jean Tirole, Joseph Schumpeter, Kenneth Arrow, labor-force participation, laissez-faire capitalism, Landlord’s Game, liberal capitalism, low skilled workers, Lyft, market bubble, market design, market friction, market fundamentalism, mass immigration, negative equity, Network effects, obamacare, offshore financial centre, open borders, Pareto efficiency, passive investing, patent troll, Paul Samuelson, performance metric, plutocrats, Plutocrats, pre–internet, random walk, randomized controlled trial, Ray Kurzweil, recommendation engine, rent-seeking, Richard Thaler, ride hailing / ride sharing, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Rory Sutherland, Second Machine Age, second-price auction, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, special economic zone, spectrum auction, speech recognition, statistical model, stem cell, telepresence, Thales and the olive presses, Thales of Miletus, The Death and Life of Great American Cities, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, trickle-down economics, Uber and Lyft, uber lyft, universal basic income, urban planning, Vanguard fund, women in the workforce, Zipcar

To test whether QV manages to solve the problems with Likert, in 2016 Decide’s chief data scientist and now professor of mathematics education David Quarfoot, along with several co-authors, ran a nationally representative survey with thousands of participants that took versions of the same poll using Likert, QV, or both depending on which group they were assigned to.43 Figure 2.4 pictures a representative set of responses, on the question of repealing Obamacare, with the Likert survey on the left (with its signature W-shape) and the results from QV on the right. Two things are noteworthy. First, QV produces a roughly bell-shaped distribution, the sort of distribution of responses that characterizes most individual preferences. The QV results are thus much more plausible as a representation of population preferences than is the artificial W shape from Likert.44 Second, while Likert conceals the range of intensity of preferences by grouping all, or nearly all, of the responses at the extremes, QV reveals these gradations. QV shows, for example, the greater intensity of preferences for repealing Obamacare, compared to those for retaining it, which helped fuel the success of Republicans in the 2016 election.

QV shows, for example, the greater intensity of preferences for repealing Obamacare, compared to those for retaining it, which helped fuel the success of Republicans in the 2016 election. FIGURE 2.4: Participant opinions on Obamacare under a standard Likert (left) and QV (right) survey. “Vote strength” in both graphs represents degree of support (on left) or opposition (on right) for Obamacare. Source: Adapted from David Quarfoot, Douglas von Kohorn, Kevin Slavin, Rory Sutherland, David Goldstein, & Ellen Konar, Quadratic Voting in the Wild: Real People, Real Votes, 172 Pub. Choice 283 (2017), p. 6. A nice illustration of this second point is figure 2.5, which shows the voting patterns for two different voters who expressed the most extreme preference on almost every issue under Likert. The survey involved ten public policy questions, and the respondents in both cases gave in to the temptation, possible under Likert, to say that they cared maximally (either pro or con) about nearly all of them.

If a respondent truly cares about only one issue (which is very unlikely), she will spend her entire budget to buy relatively few votes to take a position on one issue. If she cares about many issues, she must decide how to allocate her votes across them. She may discover, for example, that while she cares a lot about abortion rights, she doesn’t want to use up so many credits to vote in favor of them that she can’t even buy one vote in order to take a position on Obamacare or the minimum wage. Typically, respondents (especially those with less formal training in mathematics) quickly run into a constraint, running out of credits, and then returning to correct course. Economist Sendhil Mullainathan and psychologist Eldar Shafir have shown in their 2013 book that running into this type of “scarcity” quickly focuses the minds of participants so that they complete the survey carefully.42 In practice, it also seems to deeply engage users: they typically spend a third longer working on QV surveys than a standard Likert survey, even though the same fraction in both cases completed the survey.


pages: 493 words: 98,982

The Tyranny of Merit: What’s Become of the Common Good? by Michael J. Sandel

affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, centre right, coronavirus, COVID-19, Credit Default Swap, Deng Xiaoping, Donald Trump, ending welfare as we know it, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, global supply chain, helicopter parent, High speed trading, immigration reform, income inequality, Khan Academy, laissez-faire capitalism, meta analysis, meta-analysis, Nate Silver, new economy, obamacare, Occupy movement, plutocrats, Plutocrats, Ronald Reagan, smart grid, Steve Jobs, Steven Levy, the market place, The Wealth of Nations by Adam Smith, Washington Consensus

Higher premiums for the sick would reduce the cost “to those people who lead good lives, they’re healthy, they’ve done the things to keep their bodies healthy. And right now, those are the people—who’ve done things the right way—that are seeing their costs skyrocketing.” 44 The congressman’s case against Obamacare reiterates the harsh meritocratic logic that runs from the Puritans to the prosperity gospel: If prosperity is a sign of salvation, suffering is a sign of sin. This logic is not necessarily tied to religious assumptions. It is a feature of any ethic that conceives human freedom as the unfettered exercise of will and attributes to human beings a thoroughgoing responsibility for their fate. In 2009, as Obamacare was first being debated, John Mackey, the founder of Whole Foods, wrote an op-ed in The Wall Street Journal arguing against a right to health care. His argument relied on libertarian not religious assumptions.

Illness, when it comes, is not merely a misfortune but a verdict on our virtue. Even death adds insult to injury. “If a believer gets sick and dies,” Bowler writes, “shame compounds the grief. Those who are loved and lost are just that—those who have lost the test of faith.” 42 The harsh face of prosperity gospel thinking can be seen in the debate about health care. 43 When Donald Trump and Republicans in Congress attempted to repeal and replace Obamacare, most argued that their market-friendly alternative would increase competition and reduce costs, while protecting people with pre-existing conditions. But Mo Brooks, a conservative Republican congressman from Alabama, made a different argument. He acknowledged that the Republican plan would require those with greater health needs to pay more. But this was a virtue, not a vice, because it would reward those who led good lives.

Bowler, Blessed , p. 226. 41. Ibid. 42. Bowler, “Death, the Prosperity Gospel and Me.” 43. See Vann R. Newkirk II, “The American Health Care Act’s Prosperity Gospel,” The Atlantic , May 5, 2017. 44. Brooks quoted in Newkirk, ibid., and in Jonathan Chait, “Republican Blurts Out That Sick People Don’t Deserve Affordable Care,” New York , May 1, 2017. 45. John Mackey, “The Whole Foods Alternative to ObamaCare,” The Wall Street Journal , August 11, 2009. See also Chait, ibid. 46. Mackey, ibid. 47. Hillary Clinton, “Address Accepting the Presidential Nomination at the Democratic Convention in Philadelphia, Pennsylvania,” July 28, 2016, at presidency.ucsb.edu/documents/address-accepting-the-presidential-nomination-the-democratic-national-convention . 48. President Dwight D. Eisenhower, “Address at the New England ‘Forward to ’54’ Dinner,” Boston, Massachusetts, September 21, 1953, at presidency.ucsb.edu/documents/address-the-new-england-forward-54-dinner-boston-massachusetts . 49 .


pages: 209 words: 53,236

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, bank run, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, Home mortgage interest deduction, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, Jeff Bezos, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, money: store of value / unit of account / medium of exchange, mortgage tax deduction, obamacare, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, smart grid, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game

Declaring that the Internet has passed beyond its entrepreneurial phase, a bureaucracy of lawyers and accountants at the Federal Communications Commission is taking it over, putting the net in “neutral,” where the government can follow it better, probing all its nodes and prices as a public utility under Title II of the Communications Act of 1934, like an old telephone or railroad monopoly. The Dodd-Frank Act is an invitation to nationalize the large banks as too big to fail and to marginalize the small ones as too little to succeed. Free of all legislative constraint, the federal Consumer Financial Protection Bureau is regulating all consumer finance, from investment advisors to pawn shops. Obamacare (also known as the Affordable Care Act) is extending its web of taxation and control over all healthcare, requiring sixteen thousand new Internal Revenue Service agents to make it all work. Redressing the crisis of inequality will be expanded taxation of capital and savings capped by a progressive wealth tax—a program that may begin with Hillary Clinton’s proposed hike in the tax on capital gains. Redressing the diminishing returns of education, under the Democrats’ trickle-down education theory, is $350 billion more for educators.

Keynes and the Reshaping of the Global Economy (New York, NY: Pegasus Books, 2015), epilogue. 4.Maurice McTigue, “Rolling Back Government, Lessons from New Zealand,” Hillsdale College Imprimis 33, no. 4 (April 2004). 5.George Gilder, The Israel Test: Why the World’s Most Besieged State Is a Beacon of Freedom and Hope for the World Economy (New York, NY: Encounter Books, 2012). 6.Steve Forbes with Elizabeth Ames, Reviving America: How Repealing Obamacare, Replacing the Tax Code, and Reforming the Fed will Restore Hope and Prosperity (New York, NY: McGraw Hill Education, 2016), 124 and passim. 7.Metcalfe’s Law ordains that the power and value of a network rises roughly by the square of the number of compatible devices linked to it. 8.Judy Shelton, Fixing the Dollar Now: Why U.S. Money Lost Its Integrity and How We Can Restore It (Washington, DC: Atlas Economic Research Foundation, 2011). 9.Ibid., 40–44. 10.Ibid., 48, citing Alan Greenspan, “Can the U.S. Return to a Gold Standard?,” Wall Street Journal, September 1, 1981. Index A Access to Energy, 48 Affordable Care Act, 6 Allied Powers, 151 Amazon, 119, 122, 160, 170 America, Americans, 55 economy and, xii, xvii–xviii, 5, 15, 25, 51, 54, 58, 66–68, 88–89, 107–8, 115, 121, 128, 150, 154, 160 GDP and, xiii, 130.

See Hayek money hedge funds, 4, 11, 102, 104, 129, 170 Heritage Foundation, xiv Hezbollah, 46 high-powered money, 32, 36, 53 Holdren, John, 3 Homo economicus, xvii–xx Hong Kong, 30, 36, 42, 49, 106 Huawei, 158 hypertrophy of finance, 13, 57, 87–89, 95, 97–111, 125, 132, 167–68, 170–71 I Iceland, 94, 117 Iger, Robert, 122 Immelt, Jeffrey, 130 income taxes, 91, 152 index funds, 131, 171 India, 45, 106, 118, 158 Indonesia, 110 Industrial Revolution, xx, 100, 158 second industrial revolution, 8 inequality, 3–6, 11, 23, 43, 53, 59, 87–92, 95–96, 106, 125 inflation, xi, 36–37, 62, 78–80, 85, 92, 138, 142, 146–47, 149, 153, 155–57, 159, 162 China and, 29–30 correctives to, 81–82, 92, 152, 157 debtors and, 80, 116 departure from gold standard and, 11 gold and, 22, 111–12, 158 Japan and, 108 monetarism and, 30, 33, 35, 53, 61, 79 recovery from Great Recession and, xvi, 56, 58 Volcker and, xv, 110 information age, 106 information economy, 1, 9, 93, 100, 149, 172 information theory, xviii, 20, 24, 31, 59, 62, 64, 71–72, 77, 84, 93, 95, 133, 138, 140, 143–44, 163, 168–69, 171, 174 initial public offerings (IPOs), 49–50, 115, 119–22, 154 injustice, 25–26 Institute for New Economic Thinking (INET), 88–89 Intel, 8, 119, 121, 169 interest rates, 19–20, 22, 35, 66, 109 Fed control of, 15, 24, 80, 114, 123, 132 financial recoveries and, xv high rates, xi, xv–xvi immorality of, 141–42 index of time, 14, 21, 24, 61, 113, 124–25, 141–42, 170 instability of, 11, 13–14, 155 low rates, xvii, 155 zero interest rates, 15, 24, 26, 54, 61, 92–94, 108, 110, 114, 123–25, 132, 142 Internal Revenue Service, 6 International System of Units (SI), 144–46 Internet, the, xviii, 13, 50, 53, 63–64, 73, 78, 80–81, 103, 113, 139, 144, 153, 170, 174 China and, 46–48 digital currencies and, 44, 67, 69–70, 72, 158–61, 163, 172 economy of, 13, 160–61 “internet of things,” 70 Internet Protocols, 8, 71 regulation of, xxii, 5 software stack, xxi, 170 spam, 70 iPhones, 18, 84, 153 Iran, 46 Ireland, 55, 57 Islam, 47, 141 Ivy League, xiv, 26 J Jackson Hole, WY, xvii Janszen, Eric, 107 Japan, 30, 36, 40, 88, 94, 99, 108 Jiang Mianheng, 43 Jiang Zemin, 42–43, 48–49, 51 JPMorgan Chase, 127 K Kahneman, Daniel, xx Keynes, John Maynard, 10, 49, 98 Keynesians, Keynesianism, xviii, xx, 34, 59, 147, 150, 154, 171–72 Kling, Arnold, 150 knowledge, xvii, 17, 93, 129, 131 learning and, 9 source of growth, 9, 14 suppression of, 15 wealth as knowledge, 17–18, 23–24, 31, 64, 100, 106, 108, 117, 124, 132–34, 140, 161, 163, 167–69, 172 Knowledge and Power (Gilder), 17 Koch brothers, xiv Krugman, Paul, xiv–xvii, 35, 54–56, 89, 98–99, 150 Kurzweil, Ray, 18, 169 Kwarteng, Kwasi, 10, 66 L Las Vegas, NV, xiv Laughlin, Robert, 133–34 learning, 127, 129 crucial to knowledge and wealth, 1, 9, 17–18, 23, 32, 64, 108, 124, 145, 163, 169 source of growth, 17, 22, 24, 26, 84–85, 100, 108, 117, 131, 134, 138, 140, 158, 169, 172 suppression of, 21, 24, 62, 67, 128–29, 131, 133, 144, 155 learning curves, xix, 18–19, 22, 37, 63, 75, 84–85, 95, 130, 155–56, 160–61, 169 Left, the, xx, 4, 86–87, 89 Lehrman, Lewis, 37 Lenovo, 158 libertarians, xiv–xvii, 30–31, 51, 53, 81 Likud Party, 153 Linear Technology, 119 Lipsky, Seth, 13 London, 8, 105, 134–35 M Mach, Ernst, 144 Main Street, xvii, xxii, 56, 87, 113–25, 127–29, 132, 149, 164, 170–71 Malpass, David, 58 Malthusianism, 3–4 Maoism, 30 Mao Zedong, 42, 47, 154 Marxism, Marxists, xviii, 3–4, 6 Mauldin, John, 40 McAdam, Lowell, 122 McKinnon, Ronald, 31, 97 McTigue, Maurice, 152 Medicaid, 15, 123 Medicare, 15 mergers and acquisitions (M&As), 121 Microsoft, 8, 119–20, 122, 160 middle class, the, 4, 118 anxieties in, xiii Chinese members of, 116 economic well-being of, xxii, 115, 120 harmed by economic policies, xxii, 15, 58–59, 66, 91–92, 95, 113–14, 119–20, 128 Mises, Ludwig von, xx, 102, 139–40 monetarism, monetarists Chinese rejection of, 38, 43–44, 51, 154 Milton Friedman and, 29, 32 tenets of theory, 32–38, 59, 92, 156, 171–72 versus information theory of money, 31, 61, 155 Monetary History of the United States (Friedman), 99 money connection to time, 9, 14, 17, 21–24, 61–68, 70–72, 74, 85–86, 93–96, 113, 134, 137–47, 150, 154–55, 157–58, 160–61, 163, 170–73 as measuring stick, 9, 21, 24, 49, 59, 63–64, 67, 73, 75, 78, 96, 108–9, 144–46, 157, 160, 173 money supply, 20, 29–37, 58, 80, 92–93, 98–99, 158 monopoly money, xxii, 1, 34, 53, 58, 81, 92, 124, 149, 155, 157, 163–64, 167, 170–72 Moore, Gordon, 169 Moore, Steve, xiv–xv, xvii Moore’s Law, 18, 64, 160, 169 Morgan Stanley, 127 Mundell, Robert, 43–44, 51 Mundell International University of Entrepreneurship, 44 mutual funds, 130 N Nadella, Satya, 122 NASDAQ exchange, 49, 121 National Bureau of Economic Research, 56 National Interstate and Defense Highways Act, xxii National Review, 35 Netflix, 122 Netscape, 115 Nevada, 55 New Deal, 87 New Hampshire, 2, 41 Newton, Isaac, xx, 63, 136 New York, NY, 74, 95 New York Times, xiv, 54, 122 New Zealand, 152–53 Nixon, Richard, 9–10, 12, 41, 98–99 Nobel Prize, xx, 29, 31, 36, 43, 89, 133, 150 Nordhaus, William, 19 North America, 118 North Dakota, 55 North Korea, 46 O Obama, Barack, xi–xii, xv–xvi, xxi, 4 economy under, xi–xiii, xvi presidential administration of, 3, 40, 99 Obamacare, 6 Office of Price Administration, 150 oil, 11–12, 81, 83, 116, 158, 168 One Percent, xvii, 3 Oracle, 119 Organisation for Economic Co-operation and Development, 82 P Page, Larry, 122 Palantir, 121 Palo Alto, CA, 118, 171 Parks, Larry, 157 People’s Bank of China, 48 People’s Liberation Army, 42 Piketty, Thomas, 3–6, 9, 15, 19, 87–96, 110, 141–42, 150 polymerase chain reaction (PCR), xxi, 8 Ponnuru, Ramesh, 35 Popper, Karl, 89, 169 Popular Economics (Tamny), 11 Portugal, 55 principal trading funds (PTFs), 102, 104 producer price index (PPI), 81 Progress and Poverty (George), 90 Q Qualcomm, 115, 119, 160 quantitative easing, 14, 54, 80, 114, 123, 147, 157 R Rand, Ayn, xviii, 137 Reagan, Ronald, xi, xiv–xvii, 12, 40–41, 51, 115 real estate, xvi–xvii, 11, 13, 26, 37, 55, 66, 88, 90, 92–95, 117, 168, 173 Reason, 63 regulation, xiii–xiv, xvi, xix, xxii, 6, 26, 29, 31, 35, 39, 50, 57, 80, 88, 91, 93–94, 96, 122, 128, 130, 151, 154, 167 Reich, Robert, xxi Republican Party, Republicans, xii–xiv, xvii, 25, 35, 150 Right, the, 40, 89 Robinson, Arthur, 48 Romer, Christina, 99–100 Rueff, Jacques, 36–37 S Samsung, 158 Samuelson, Paul, 10, 150 Sanders, Bernie, xxii San Francisco, CA, 95 Sarbanes-Oxley, 49, 122 Satoshi Nakamoto, 64, 72–73, 172 Schacht, Hjalmar, 110 Schiff, Peter, 53 Schumpeter, Joseph, 83 science of information, 17 second industrial revolution, 8 second law of thermodynamics, 62, 142 secular stagnation, 3, 26, 56, 89, 91–92, 150–51.


pages: 309 words: 114,984

The Digital Doctor: Hope, Hype, and Harm at the Dawn of Medicine’s Computer Age by Robert Wachter

"Robert Solow", activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, AI winter, Airbnb, Atul Gawande, Captain Sullenberger Hudson, Checklist Manifesto, Chuck Templeton: OpenTable:, Clayton Christensen, collapse of Lehman Brothers, computer age, creative destruction, crowdsourcing, deskilling, disruptive innovation, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Google Glasses, Ignaz Semmelweis: hand washing, Internet of things, job satisfaction, Joseph Schumpeter, Kickstarter, knowledge worker, lifelogging, medical malpractice, medical residency, Menlo Park, minimum viable product, natural language processing, Network effects, Nicholas Carr, obamacare, pattern recognition, peer-to-peer, personalized medicine, pets.com, Productivity paradox, Ralph Nader, RAND corporation, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, six sigma, Skype, Snapchat, software as a service, Steve Jobs, Steven Levy, the payments system, The Wisdom of Crowds, Thomas Bayes, Toyota Production System, Uber for X, US Airways Flight 1549, Watson beat the top human players on Jeopardy!, Yogi Berra

Reproduced with permission. Index Please note that index links point to page beginnings from the print edition. Locations are approximate in e-readers, and you may need to page down one or more times after clicking a link to get to the indexed material. accountable care organizations, 59, 188 ACOs. See accountable care organizations Adams, Timothy, 231 Adler-Milstein, Julia, 248 Affordable Care Act (ACA), 15, 16, 239 See also Obamacare AI. See artificial intelligence (AI) AI winter, 102, 107 AIDS activists, 195–196 alerts, 134, 143–153, 251 ignoring, 135–137 ways to safely reduce number of alerts, 145–146 Althaus, Deb, 86 Altmann, Erik, 83 American College of Surgeons, 36 APIs, 192–193, 216 application programming interfaces. See APIs Arenson, Ron, 59, 61 Arizona General Hospital, 73 artificial intelligence (AI) AI winter, 102, 107 computers replacing the physician’s brain, 93–104 little AI, 113 See also medical AI athenahealth, 89, 215, 217, 226–231, 233 Augmedix, 180, 240, 241, 242 auscultation, 32, 33 automation hazards of overreliance on, 162–163 irony of, 162 Avrin, David, 50, 51 Bainbridge, Lisanne, 162 Baker, Stephen, 53 bar-coded medication administration (BCMA), 130 Baron, Richard, 68–69, 76–77 Batalden, Paul, 19 Bates, David, 222, 224 Baucus, Max, 16 Bayes, Thomas, 99 Bayes’ theorem, 99 bedside teaching, 35 Bell, Joseph, 97 Benioff, Marc, 233 Berwick, Don, 232 Beth Israel Deaconess Medical Center, 172, 176, 178, 186, 231 big data, 7, 115–123 biometric identifiers, 190 Birkmeyer, John, 79 Blair, Tony, 10, 17 blood tests, 32 bloodletting, 33 Bloom, Paul, 156 Blumenfeld, Barry, 67 Blumenthal, David, 15, 205–208, 235–236, 243–244, 268 Bolten, Josh, 11–12 Boston Children’s Hospital, 144 Brailer, David, 10–14, 18–19, 68, 207, 212 Brigham & Women’s Hospital, 87, 88, 187 Brown, Eric, 103, 118–119, 123 Brynjolfsson, Erik, 94, 250 productivity paradox, 244–245 bundled payments, 59 Burton, Matthew, 1–8, 10, 113 Bush, George W., 9–10, 11–12, 17 Bush, Jonathan, 89, 226–233 Carr, Nicholas, 275 case-mix adjustment, 40 Cedars-Sinai Medical Center, 67–68 CellScope, 240–241, 242 Cerner, 8, 86, 187, 222, 231 Chan, Benjamin, 139–141, 149–153, 155–157 Chang, Paul, 53, 62 the chart, 44–45 The Checklist Manifesto (Gawande), 121–122 Christensen, Clay, 12, 61, 217, 229 clinical research, 263–264 clinical trials, 33 clinicopathologic correlation, 31 Clinton, Hillary, 11 Clinton, William “Bill”, 9, 189 Code Blue, 2–4 Codman, Ernest, 36 cognitive computing, 146 cognitive load, 150–151 complementary innovations, 245 computer systems, replacing the physician’s brain, 93–104 computerized decision support for clinicians, 248, 251, 260 computerized provider order entry (CPOE), 130 “Connecting for Health” initiative, 10, 17 cookbook medicine, 120 Cramer, Jim, 233 creative destruction, 250–251 The Creative Destruction of Medicine (Topol), 250 CT scans, 50–51 quality of images, 52–53 stacking, 53 data.

., 47–48 Milstein, Arnie, 273–274 mismanagement, 249 mode error, 140–141 modern therapeutic distancing, 33 Morgagni, Giovanni, 31 Mosier, Kathleen, 162–163 Mostashari, Farzad, 208, 210–211, 230 motion artifacts, 145 multitasking, 150–151 Murnane, Richard, 94 My Health Manager, 184 MyChart portal, 133 Myers, Bob, 83, 147–149 NEMO syndrome, 127, 128, 165, 166 New England Journal of Medicine, 23–24 nighthawks, 60–61 nondisclosure clauses, 88–90 nonnormal situations, 78 Northwestern Memorial, 71–72 NPs. See nurse practitioners Nuland, Sherwin, 97 numerical method, 33 nurse practitioners, 7–8 Obama, Barack, 7, 9, 15, 247 Obamacare, 188, 207 See also Affordable Care Act (ACA) Occam’s Razor, 98, 102 Office of the National Coordinator for Health Information Technology, 10, 14, 15, 17, 18, 89, 115, 192, 207 budget, 11–12 controversy over Meaningful Use, 208–213 ONC. See Office of the National Coordinator for Health Information Technology ONCHIT. See Office of the National Coordinator for Health Information Technology ONCOCIN, 120 OpenNotes, 176–181 ophthalmoscopes, 32 Ornish, Dean, 185 Osler, William, 23, 35 otoscopes, 32, 240 overdoses, 127–130 See also Pablo Garcia medical error case Pablo Garcia medical error case the alerts, 143–153 the doctor, 135–137 the error, 127–130 the nurse, 159–164 the pharmacist, 139–141 the robot, 155–157 the system, 131–134 PACS, 51 finding old films, 53 quality of images, 52–53 Page, Larry, 186 Palin, Sarah, 15 paper charts, 43–44 “paperless” office, 84–86 Parasuraman, Raja, 163 Park, Todd, 228 patient communication, 178 See also doctor-patient relationships patient communities, 195–201 patient portals, 189–193 MyChart portal, 133 patient privacy, 13–14 See also Health Insurance Portability and Accountability Act (HIPAA) patient safety, Institute of Medicine report, 132 patient summary screens, 8 patients, role of in the future, 264 patients’ rights, and medical records, 171–172 payment systems, 249, 265, 271 Peabody, Francis, 42 Pearl, Raymond, 42 personal health records.

“She was always bashing her head against the wall, saying, ‘Why is Angry Birds so beautifully designed, whereas most healthcare apps are absolutely horrible?’” recalled Gross. In seeking the answer to that question, Gross and Tecco interviewed dozens of venture capitalists and entrepreneurs. Each interview brought them closer to understanding the obstacles to IT innovation in healthcare. They boiled the problem down to three main issues. The first was investor uncertainty: at the time, nobody knew whether the Affordable Care Act would pass and what its real impact on the healthcare marketplace would be. Until things settled out, healthcare’s longstanding market problems, particularly the lack of incentives for patients and clinicians to invest in tools that might improve quality or efficiency, would continue to cast a pall on IT investments large (EHRs) and small (wellness apps). (It should be noted that there were exceptions to this rule.


pages: 104 words: 30,990

The Centrist Manifesto by Charles Wheelan

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bernie Madoff, Bretton Woods, centre right, clean water, creative destruction, David Brooks, delayed gratification, demand response, Home mortgage interest deduction, housing crisis, income inequality, invisible hand, obamacare, profit maximization, Ralph Nader, rent-seeking, Report Card for America’s Infrastructure, Ronald Reagan, Ronald Reagan: Tear down this wall, stem cell, the scientific method, transcontinental railway, Walter Mischel

The mortgage meltdown and the subsequent financial crisis suggest that our complex economy needs more adult supervision. America’s major entitlement programs—Social Security, Medicare, and Medicaid—are unsustainably expensive. The longer we go without addressing the problem, the more dangerously indebted the nation will become. The only way to preserve America’s important safety net is to fix it. Our health-care system is inefficient and expensive—with or without Obamacare. We spend significantly more on medical care than all other developing countries, but we get significantly less in terms of good health. Life expectancy in the United States is lower than the average for all other developed countries—and the gap is growing, not shrinking.3 Our infrastructure is crumbling. The American Society of Civil Engineers has estimated that the United States needs to spend two trillion dollars just to fix the roads, bridges, and rail lines we have—let alone expand things that will be necessary to support the world’s most vibrant economy over the next century, such as airport capacity and high-speed rail.4 As the British news magazine The Economist noted recently in a report on America’s transport infrastructure, “America, despite its wealth and strength, often seems to be falling apart.”5 We have done nothing to address climate change, other than cling to the delusional hope that it is not happening.

The United States needs to change the way medicine is practiced so that the emphasis is on prevention, wellness, and cost-effective treatments. The Obama health-care reforms did not do this. Although there are many potentially sensible ideas tucked in the details of the law, the thrust of the reform was to make an unaffordable system bigger. Meanwhile, the Republicans have no meaningful plan for cost containment at all. Mitt Romney repeatedly vowed to repeal Obamacare on “Day One” of his administration. We never heard much about what would happen on “Day Two”—when he would still have faced an inefficient and unaffordable system, albeit one that no longer promised insurance to all Americans. The idea that competition among private insurers can be used to drive down public health expenditures is completely untested, has not worked in the private sector, and has not been embraced by any serious health economist.

Worse still, the Republicans have strenuously opposed any efforts to use cost-effectiveness as a criterion for public health expenditures because this would be the first step toward “death panels” (Sarah Palin’s one enduring contribution to our national health-care discussion). To get our budget back in order, we have to reform Medicare and Medicaid. And to do that, we need to reform health care in general, which would have enormous benefits for the private sector as well. The nasty debate around Obamacare has proved how hard this will be. Health-care reform is a policy area where Centrist voices can add great value. It is also one of the few places where—with sensible policy changes—we might actually spend less and get more. Rebuild our international institutions. We need a revamped set of international institutions to handle all of the modern issues that transcend national borders. The institutions developed after World War II laid the groundwork for decades of prosperity and global cooperation.


pages: 119 words: 36,128

Dead People Suck: A Guide for Survivors of the Newly Departed by Laurie Kilmartin

Affordable Care Act / Obamacare, Airbnb, call centre, Elon Musk, epigenetics, Mark Zuckerberg, Minecraft, obamacare, Peter Thiel, Ronald Reagan, Silicon Valley, Skype, Snapchat, TaskRabbit, telemarketer, Uber for X

REMEMBER: If the dead were to confirm that reincarnation is real, why would we ever get out of bed? Your entire to-do list can be postponed until your next life. YOUR UNENDING RAGE WTF—My Dad Is Dead and [fill in the blank, I like Dick Cheney] Is Still Alive? When Dad was alive and healthy, he railed against Obamacare. He believed Sarah Palin, who said a death panel would come for him. In reality, Medicare covered his entire treatment, and his caretakers tried to keep him alive for as long as possible. I think Dad would have loved actual Obamacare—the health care that President Obama (and every modern president) receives. Do these people ever die? In 2016, Jimmy Carter was cured from brain cancer at age 92. And 76-year-old Dick Cheney, who was probably the president, has had five heart attacks and a heart transplant. As of this writing, both men are still alive.

My 79-year-old mother can’t walk up a flight of stairs without her hip popping out of its socket, but President George H. W. Bush celebrated his 90th birthday by skydiving. That’s right, someone pushed a president out of an airplane, and he still lived. Both Ronald Reagan and Gerald Ford were 93 when they died and I’m sure their doctors were fired for incompetence. If Dad had been given Obama’s actual care, he’d be alive today, complaining about Obamacare. Sometime after your loved one dies, you’ll hear the name of a famous person who is alive and older than your dead person, and you will be struck with envy and bitterness. Thank God. Any emotion that’s not sadness is a gift. Enjoy it, use it. Go for a run, clean out a closet. But keep it aimed at a faraway target—a celebrity or a Nazi. For example, a 95-year-old former SS officer named Gerhard Sommer is still alive.


pages: 435 words: 120,574

Strangers in Their Own Land: Anger and Mourning on the American Right by Arlie Russell Hochschild

affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, clean water, collective bargaining, Deep Water Horizon, desegregation, Donald Trump, ending welfare as we know it, equal pay for equal work, Exxon Valdez, feminist movement, full employment, greed is good, guest worker program, invisible hand, knowledge economy, McMansion, minimum wage unemployment, new economy, obamacare, oil shock, payday loans, Richard Florida, Ronald Reagan, school vouchers, Silicon Valley, sovereign wealth fund, Thorstein Veblen, urban sprawl, working poor, Yogi Berra

Residents spent a great deal of time waiting; time was “oriented to and by others.” 4: The Candidates 57curious what differences between the two men would emerge WWL-TV Staff, “Poll: Obama Loses Support in La.; Perry, Romney, Cain Close on GOP Side,” WWL-TV, October 13, 2011, http://www.wwltv.com/story/news/politics/2014/08/29/14408560. WWL-TV polled 602 likely Louisiana voters. 57and voted for the Keystone pipeline Ibid. 57“If it ain’t good for y’all, I ain’t voting for it” Scott Lewis, “Boustany and Landry Fight over Obamacare, Medicare, Negative Campaigns and Oilfield Jobs [Audio],” Cajun Radio, October 31, 2012, http://cajunradio.com/boustany-and-landry-fight-over-obamacare-medicare-negative-campaigns-and-oilfield-jobs-audio/?trackback=tsmclip. 59the EPA listed eight as “impaired” and the ninth as “unassessed” A January 24, 2015, search for Lafayette, LA, using the EPA’s “MyEnvironment” tool yielded these findings. See http://www.epa.gov/myenvironment. 59eighty-nine with “formal enforcement actions in the last five years” This data comes from the EPA’s ECHO database, which tracks compliance with various environmental regulations.

The Whites of Their Eyes: The Tea Party’s Revolution and the Battle over American History. Princeton, NJ: Princeton University Press, 2010. Lester, James, James Franke, Ann Bowman, and Kenneth Kramer. “Hazardous Wastes, Politics, and Public Policy: A Comparative State Analysis.” Western Political Quarterly 36 (1983): 255–85. Lewis, Scott. “Boustany and Landry Fight Over Obamacare, Medicare, Negative Campaigns and Oilfield Jobs [Audio].” Cajun Radio (October 31, 2012). http://cajunradio.com/boustany-and-landry-fight-over-obamacare-medicare-negative-campaigns-and-oilfield-jobs-audio/?trackback=tsmclip. Little, Amanda. “Will Conservatives Finally Embrace Clean Energy? New Yorker (October 29, 2015). Lindsey, Hal. The Late Great Planet Earth. Grand Rapids, MI: Zondervan, 1970. Liptak, Adam. “Supreme Court Blocks Louisiana Abortion Law.” New York Times (March 4, 2016). http://www.nytimes.com/2016/03/05/us/politics/supreme-court-blocks-louisiana-abortion-law.html.

But now Mike’s new environmental comrades were 99 percent liberals—with their own different deep story, as I’ll suggest later. “I’d be okay with 70–30,” he says. He agreed with them that Louisiana “gave out drilling permits like candy.” He agreed with them on fracking, and on getting industry to repair the coast their actions had destroyed. He agreed on alternative energy. Louisiana was 42nd out of 50 states on that one. He didn’t agree with liberals on funding Head Start, Pell college grants, Obamacare, or Social Security. And that was fine. But in the back of his mind, Mike wanted to add the environment to the agenda of the Tea Party. How tough a sell would that be? He wanted to find out. The Disaster Before the Sinkhole Disasters could occur, get forgotten, and occur again. Like Harold and Annette Areno, Mike was now a rememberer. And the challenge he faced was how to make Bayou Corne the last accident of its kind, one everyone would remember.


pages: 319 words: 75,257

Trumpocalypse: Restoring American Democracy by David Frum

Affordable Care Act / Obamacare, anti-globalists, Bernie Sanders, centre right, coronavirus, currency manipulation / currency intervention, decarbonisation, Donald Trump, Edward Snowden, employer provided health coverage, illegal immigration, immigration reform, labor-force participation, manufacturing employment, mass immigration, Mikhail Gorbachev, Nate Silver, obamacare, offshore financial centre, Peter Thiel, plutocrats, Plutocrats, QAnon, rent-seeking, Ronald Reagan, Saturday Night Live, Silicon Valley

Yet it is all but impossible to muster political mandates for action to squeeze the abuses out of the system. Why do Americans find it so uniquely difficult to act effectively in the public interest? We saw an answer during the Obamacare debate of 2010. Obamacare was attacked as “socialism.” Yet the people most responsive to these attacks—older voters—were themselves already enrolled (or looking forward soon to enrolling) in Medicare, a system much more socialistic than anything contemplated by the Affordable Care Act. In fact, a lot of the anger against the Affordable Care Act flowed from seniors’ and soon-to-be-seniors’ anxiety lest the Affordable Care Act cut into the funding for their socialized medicine. In other countries, the health-care system supports social unity. In Britain, the National Health Service tops the list of things that define what it means to be British.

Frum, Twitter, January 20, 2017, 8:06 a.m., https://twitter.com/davidfrum/status/822430065208291328. Index The pagination of this digital edition does not match the print edition from which the index was created. To locate a specific entry, please use your ebook reader’s search tools. Abadi, Haider al-, 40 abortion, 43, 123 abuse of power, 127 Adenauer, Konrad, 178 Affordable Care Act (ACA, 2010; “Obamacare”), 129–30, 134–36, 138, 140 Afghanistan, 41, 43, 45, 172 Africa, 108, 157, 166, 174 African Americans, 16, 80, 107, 117–18, 123, 150, 182 agriculture, 13, 122, 161, 163 AIVD (Dutch intelligence), 45 Alabama, 80, 123, 184 Alaska, 122, 123 Alfa Bank, 126 Alinsky, Saul, 19 allies, 127, 171, 177, 180 al-Qaeda, 96 Al Smith dinner, 100–101 Alternative for Germany, 66 Amazon rain forest, 161 America First, 47, 49–50 America First Action SuperPAC, 64 American Conservative, 59 American Enterprise Institute, 147–48 American exceptionalism, 175–76 American Spectator, 176 Americans with Disability Act (1990), 130 Anderson, John, 105 Angola, 108 animal rights movement, 61 Anti-Defamation League (ADL), 57 Antifa, 60, 69 anti-majoritarianism, 71–86 anti-Semitism, 56–57, 61, 197 anti-vaxxers, 66, 196–97 Appalachia, 138 Applebaum, Anne, 174 AR-15 rifles, 106 Arab Barometer, 172–73 Arendt, Hannah, 147 Arizona, 81–82, 99, 118, 123, 185 Assad, Bashar al-, 88–89 Assange, Julian, 196 Associated Press, 55 asylum seekers, 22, 108, 145 Atatürk, Kemal, 88 Atlantic, 20, 33 Australia, 41, 44–45, 162, 177 authoritarianism, 44–45, 48–49, 61–62, 70, 145, 176–77, 189, 193, 199 Axios, 40 baby boomers, 14, 77, 135–36, 142, 150 Baghdad, embassy attacks, 172 Baghdadi, Abu Bakr al-, 95–97 Bahrain, 26 Baier, Bret, 48 Baker, Howard, 85 banking and finance, 25–26, 174 Bannon, Steve, 88–89, 113 Barr, Bill, 36, 125 Baton Rouge, 80 Beck, Glenn, 75, 83, 149–50 Benczkowski, Brian, 126 Bennet, Michael, 107 Bevin Matt, 138 Biden, Hunter, 89 Biden, Joe, 88, 107, 113, 126 bigotry, 6, 111–12, 118 birth rates, 147–48, 167–68 Black Panthers, 61 Blasey Ford, Christine, 109 Bolsonaro, Jair, 64–65, 162 Bolton, John, 189 Boston Globe, 43 Bowers, Robert, 56–57 Brazil, 65, 161–62, 179 Breitbart, 58, 59, 63, 149 Brexit, 41, 45, 63, 143, 173 Bridgeland, John, 151 Britain (United Kingdom), 36, 40–42, 44–45, 64, 97, 143, 156, 160, 162, 177 British Crown Prosecution Service, 36 British National Health Service, 135, 137, 140 British Parliament, 98 British Royal Society, 151 Bruce Mansfield plant, 118 bubonic plague, 156 Buchanan, James, 198 Burisma company, 89 Bush, George H.W.

As recently as 2007, future Democratic presidential candidate Senator Bernie Sanders opposed the Kennedy-McCain immigration reform as too likely to undercut American workers’ wages. The parties hardened their positions on these core issues only after 2008, a sign of the post-recession era’s ultra-polarization. The consequence has been the frustration of both parties’ highest hopes. The Democrats did enact the Affordable Care Act in 2010, but they have not been able to protect it from Republican sabotage at the federal and state level. Nor have they themselves clutched the program to their hearts. Through 2019, insurgent Democrats like Bernie Sanders and Elizabeth Warren criticized the Affordable Care Act almost as savagely as any Republican. They promised to replace the ACA with a wholly new approach to health care, a universal federally managed “Medicare for All.” A decade after the enactment of Social Security in 1935 and Medicare in 1965, those two programs might as well have been written into the Constitution, they were so secure.


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Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy by Cathy O'Neil

Affordable Care Act / Obamacare, Bernie Madoff, big data - Walmart - Pop Tarts, call centre, carried interest, cloud computing, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, Emanuel Derman, housing crisis, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, illegal immigration, Internet of things, late fees, mass incarceration, medical bankruptcy, Moneyball by Michael Lewis explains big data, new economy, obamacare, Occupy movement, offshore financial centre, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price discrimination, quantitative hedge fund, Ralph Nader, RAND corporation, recommendation engine, Rubik’s Cube, Sharpe ratio, statistical model, Tim Cook: Apple, too big to fail, Unsafe at Any Speed, Upton Sinclair, Watson beat the top human players on Jeopardy!, working poor

Health Spending Hits $3 Trillion as Obamacare and Rising Drug Costs Kick In,” Los Angeles Times, December 2, 2015, www.​latimes.​com/​business/​healthcare/​la-​fi-​health-​spending-​increase-​20151202-​story.​html. Nearly one dollar of every five: Scott Thomas, “Nation’s Total Personal Income Approaches $13 Trillion,” Business Journals, December 4, 2012, www.​bizjournals.​com/​bizjournals/​on-​numbers/​scott-​thomas/​2012/​12/​nations-​total-​personal-​income.​html. The Affordable Care Act, or Obamacare: US Department of Labor, “The Affordable Care Act and Wellness Programs,” fact sheet, accessed January 9, 2016, www.​dol.​gov/​ebsa/​newsroom/​fswellnessprogram.​html. as high as 50 percent of the cost of coverage: US Department of Labor, “Affordable Care Act.” more than half of all organizations: Soeren Mattke, Hangsheng Liu, John Caloyeras, Christina Huang, Kristin Van Busum, Dmitry Khodyakov, and Victoria Shier, “Workplace Wellness Programs Study,” Rand Corporation Research Report, 2013, www.​rand.​org/​content/​dam/​rand/​pubs/​research_​reports/​RR200/​RR254/​RAND_​RR254.​sum.​pdf.

Employers, which have long been nickel and diming workers to lower their costs, now have a new tactic to combat these growing costs. They call it “wellness.” It involves growing surveillance, including lots of data pouring in from the Internet of Things—the Fitbits, Apple Watches, and other sensors that relay updates on how our bodies are functioning. The idea, as we’ve seen so many times, springs from good intentions. In fact, it is encouraged by the government. The Affordable Care Act, or Obamacare, invites companies to engage workers in wellness programs, and even to “incentivize” health. By law, employers can now offer rewards and assess penalties reaching as high as 50 percent of the cost of coverage. Now, according to a study by the Rand Corporation, more than half of all organizations employing fifty people or more have wellness programs up and running, and more are joining the trend every week.

Good credit, they argue, is an attribute of a responsible person, the kind they want to hire. But framing debt as a moral issue is a mistake. Plenty of hardworking and trustworthy people lose jobs every day as companies fail, cut costs, or move jobs offshore. These numbers climb during recessions. And many of the newly unemployed find themselves without health insurance. At that point, all it takes is an accident or an illness for them to miss a payment on a loan. Even with the Affordable Care Act, which reduced the ranks of the uninsured, medical expenses remain the single biggest cause of bankruptcies in America. People with savings, of course, can keep their credit intact during tough times. Those living from paycheck to paycheck are far more vulnerable. Consequently, a sterling credit rating is not just a proxy for responsibility and smart decisions. It is also a proxy for wealth.


Power Systems: Conversations on Global Democratic Uprisings and the New Challenges to U.S. Empire by Noam Chomsky, David Barsamian

affirmative action, Affordable Care Act / Obamacare, Albert Einstein, American ideology, Chelsea Manning, collective bargaining, colonial rule, corporate personhood, David Brooks, discovery of DNA, double helix, drone strike, failed state, Howard Zinn, hydraulic fracturing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, land reform, Martin Wolf, Mohammed Bouazizi, Naomi Klein, Nelson Mandela, new economy, obamacare, Occupy movement, oil shale / tar sands, pattern recognition, Powell Memorandum, quantitative easing, Ralph Nader, Ralph Waldo Emerson, single-payer health, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, Tobin tax, union organizing, Upton Sinclair, uranium enrichment, WikiLeaks

The United States is not totally off the spectrum, but it’s close to the edge. Concern in the United States is notably less than in comparable countries. And the drop that Klein is describing is exactly what they report. It’s very hard to doubt that that’s connected with the propaganda campaign that has been quite openly conducted. In fact, a couple of years ago, right after the insurance company victories on the health reform bill, so-called Obamacare, there was a report in the New York Times about leaders of the American Petroleum Institute and other business groups looking to the victory in the health care campaign as a model to undermine concern about global warming.34 In the Republican presidential debates, for example, even to mention global warming would be to commit political suicide. Some of the candidates have remarkable positions on climate change.

., 72, 85, 174–75 consumerism, 36, 37, 80 corporations, 10, 24, 26, 27, 31–32, 38, 41, 76–77, 81, 103, 119, 152, 174 piracy issue, 107–8 Cuba, 4, 160, 161 culture, and language, 138–40 deaf-blind, 134–35 debt, 8, 87, 152, 168 student, 152 decolonization, 5, 46 democracy, 47, 54, 62, 79–81, 84–85, 109, 112, 143–44, 150, 151, 158–59, 172 Democratic Party, 32, 41–42 demonstrations, 29–33, 35, 40–43, 73–77 Arab Spring, 44–55, 60–64, 67, 112–13, 168 civil rights, 24, 30–31, 45, 65–66, 72, 150, 167, 176 Occupy, 47, 65–69, 74–77, 118–21, 146, 168, 177 student, 73–74 Depression, 23, 27, 28 deregulation, 48, 173–74 Dewey, John, 147, 148, 149 Dink, Hrant, 89, 91 dissidents, 144–45 doctrinal system, 8, 10, 36, 38, 158, 159 Dönitz, Karl, 116 Draghi, Mario, 169 drugs, 160–62 Durand Line, 99 Duvalier, Jean-Claude, 17 Economic Policy Institute, 168 economy, 4, 32, 76–78, 97, 121, 168, 171 Arab Spring, 44–55, 60–64, 67 Chinese, 7–10 financial crisis, 23, 48, 86–89, 168–69 global shift of power, 5–13, 58, 76–77 Indian, 7, 10–11, 20–23 stimulus, 33 U.S. decline, 4–10, 56, 59–60 education, 37, 82, 147–56, 165–68 battle over, 147–56 higher, 150–53, 165–68 K-to-12, 153–56 privatization of, 38–39, 156, 167–68 public, 37–39, 147–48, 153–56, 166–68 science, 154–55 Egypt, 35, 51, 53, 61, 67 Arab Spring, 44–49, 54, 60–64, 67, 168 Einstein, Albert, 143 Eisenhower, Dwight, 125 electoral politics, 102–13, 117–19 electronic books, 104 Ellsberg, Daniel, 15, 113 El Salvador, 145 Emerson, Ralph Waldo, 148, 156 Enlightenment, 116, 147, 148 environment, 12, 75, 121–25, 158–59, 163–65, 176 climate change, 75, 121–25, 159 fracking, 164–65 Erdoan, Recep Tayyip, 89, 90, 93 Europe, 5, 6, 9, 47, 51, 58, 161 economic crisis, 47, 86–89, 168–69 European Central Bank (ECB), 86–87, 169 European Union, 87, 89, 92 evolution, 128, 129, 137–38 Facebook, 145, 146 Federal Bureau of Investigation (FBI), 15, 71, 73 Federal Reserve, 86–87 financial crisis, 23, 48, 86–89, 168–69 Financial Times, 66, 76, 78, 123 Finland, 153, 154 Foreign Affairs, 59, 61 fossil fuels, 21, 22, 49–55, 122–24, 164, 165 fracking, 123, 164–65 France, 46, 50, 52, 68, 112–13, 170 Fraser, Doug, 25 Freedom of Information Act, 110 Gadhafi, Mu’ammar, 50, 53 Galileo, 143, 144 Gates, Bill, 11 Gaza, 93 General Motors, 33, 80 genetics, 126–27, 129, 140 Germany, 15, 27, 51, 58, 118, 153 economic policy, 88 Nazism, 28–29, 115–16 Weimar Republic, 25, 27–29 World War II, 115–16 GI bill, 152 Ginsberg, Benjamin, The Fall of the Faculty, 168 globalization, 5, 20–22, 170 financial crisis, 86–89, 168–69 labor, 9–12, 76–77, 169–70 shift of power, 5–13, 58, 76–77 Goldman Sachs, 42 Google, 107 government, 78–85, 150, 158 big, 81, 82 security, 107–13 “Grand Area” planning, 57 Great Britain, 5, 8–9, 16, 17, 21, 35, 50, 52, 61, 79, 107, 139, 172 colonialism, 9, 20 government, 79 slavery, 36 World War II, 115, 116 Greece, 87 Guantánamo, 72–73 Guatemala, 21 gun culture, 162–63 Gwadar, 22 Haiti, 11, 13–14, 17 Hale, Kenneth, 136, 139–41 Hanif, Mohammed, A Case of Exploding Mangoes, 106 Haq, Abdul, 16 Harvard University, Institute of Politics, 158 Havel, Václav, 145 health care, 24, 76, 82, 157 Obamacare, 124 Heilbrunn, Jacob, 111 Hindenburg, Paul von, 27–28 historical amnesia, 97–98 Hitler, Adolf, 28–29, 32, 88 Holder v. Humanitarian Law Project, 70–71 Honduras, 7, 110–11 House of Representatives, U.S., 85 Human Development Index, 13 “Human Intelligence and the Environment” (Chomsky), 42 Humanitarian Law Project, 70–71 human rights, 109, 113 violations, 89–92, 95–96, 145 Humboldt, Wilhelm von, 149 Hume, David, 79, 81 Hussein, Saddam, 17, 71, 95 imperialism, 1–33 saltwater fallacy, 3–4 terminology, 3 India, 7, 9, 10–11, 17–23, 38, 50, 51, 107, 164 Bhopal explosion, 174 British rule, 20 -China relations, 20–22 economic growth, 7, 10–11, 20–23 -Israel relations, 20, 21 natural resources, 17–20 neoliberalism and, 19–22 TAPI pipeline and, 17–18 -U.S. relations, 20–22 war, 20 indignados, 47 Indonesia, 17 intellectual culture, 79, 81, 104–6, 141 intellectual property rights, 107–8 International Energy Association (IEA), 121–22 International Monetary Fund (IMF), 47 International Organization for a Participatory Society, 171 international relations (IR) theory, 8, 63 Internet, 105–13 security, 107–13 iPhone, 145–46 Iran, 18, 60, 62, 63, 90–91, 93, 95–98, 111, 112, 114 nuclear threat, 112 TAPI pipeline and, 18 Iran-Iraq War, 97 Iraq, 16–17, 21, 60, 61 Kurds, 95–96 nationalism, 55–56 U.S. war in, 16–17, 55–56, 62–63, 114–16 Islam, 60 political, 49, 61 radical, 61, 100 Israel, 20, 21, 96, 112 -India relations, 20, 21 -Lebanon relations, 63 Palestinian conflict, 46 -Turkey relations, 92–94 -U.S. relations, 21 Jacob, François, 129 James, William, 130 Japan, 5, 8, 58, 131, 139 Jefferson, Thomas, 3, 172 job creation, 76, 87 Kagan, Elena, 70 Karachi, 22 Keller, Bill, 144 Keller, Helen, 134, 135 Kennan, George, 57 Kennedy, John F., 2–3 Vietnam policy, 2–3, 97 Khadr, Omar, 72–73 King, Martin Luther, 30–31, 66, 105 Klein, Naomi, 123, 124 Kurds, 21, 89–92, 95–96 labor, 38, 81, 87, 169 anti-labor movements, 40 Arab Spring, 44–55, 60–64, 67 Chinese, 9–10, 11–12 collective bargaining, 40–41 demonstrations and strikes, 29, 33, 35, 40–43, 68, 120, 146 Depression-era, 23, 40, 67–68 global, 9–12, 76–77, 169–70 organized, 23–25, 39–41, 67–68, 147, 171 rustbelt, 11–12 solidarity, 39–41 unemployment, 22–23, 38, 66, 76 unions, 24–26, 33, 39–41, 68, 79, 147, 171 language, 126–42 biological acquisition of, 129–36 culture and, 138–40 sensory deprivation and, 134–35 similarity of, 140–41 study of, 137–38, 142 universal grammar, 126–59 Latin America, 4–7, 22, 61, 160–62, 164 drugs, 160–62 integration of, 6–7, 47, 161 U.S. military bases in, 6–7 Laxness, Halldór, 106 Lebanon, 63 Lee, Ching Kwan, 11 Left, 23, 25, 32–33, 59, 117, 147, 149, 150, 151 student, 73–74 Left Forum, 25, 27, 33 libertarianism, 157, 158, 163 Libya, 50–54, 91 no-fly zone, 50–52 Lippmann, Walter, 81 Madison, James, 84, 85 Magna Carta, 59, 72, 116 Mandela, Nelson, 71 Manning, Bradley, 113, 114 Marcos, Ferdinand, 17 market system, 80–81 Marx, Karl, 173, 175 Massachusetts Institute of Technology, 13, 37, 105, 122, 134, 136, 149 mathematics, 137, 138 McCain, John, 103 McCarthyism, 24 McKiernan, Kevin, 95 media, 32, 66, 150, 151 mental slavery, 34–35, 101–25 Mexico, 11, 152–53, 162, 175 Middle East, 17, 44–64, 89–100, 111 Arab Spring, 44–55, 60–64, 67, 112–13, 168 oil, 21, 49–55 Turkish-Israeli relations, 92–94 uprisings, 44–64 military, 5, 98 Arab Spring, 44–55, 60–64 detention, 70–73 police, 119–20 U.S. bases in Latin America, 6–7 Mobutu Sese Seko, 17 Mondragon, 171 Montgomery, David, The Fall of the House of Labor, 23 Morgenthau, Hans, 63–64 The Purpose of American Politics, 64 Morocco, 46 Mubarak, Hosni, 45, 47, 62 Nader, Ralph, 150 NAFTA, 163, 175 Nasser, Gamal Abdel, 61 National Defense Authorization Act, 70 Native Americans, 22 natural gas, 17–18, 164–65 natural resources, 17–22, 164–65 Navy, U.S., 6–7, 14, 52, 116 Nazism, 28–29, 115–16 New Deal, 23, 82 New York, 67, 100, 166 New York Times, 60, 81, 89–91, 124, 144–45, 160 Ngo Dinh Diem, 2, 3 Ngo Dinh Nhu, 2, 3 Nicaragua, 7 9/11 attacks, 14, 15–16, 139 Nixon, Richard, 125, 150 No Child Left Behind, 153 Non-Proliferation Treaty, 18 North Africa, 46–48, 57, 60 North Atlantic Treaty Organization (NATO), 50, 51, 91, 92 Norway, 115 nuclear weapons, 97, 98, 100, 110, 112, 176 Nuremberg Trials, 115–16 Nystrom, Paul, 36 Obama, Barack, 7, 33, 63, 90–91, 93, 110, 111, 114, 153, 162, 164 Afghanistan War and, 14–15 civil liberties and, 70–73 Libya and, 51–52 organized labor and, 41–42 2008 election, 102–3 Obamacare, 124 Occupy movements, 47, 65–69, 74–77, 118–21, 146, 168, 177 oil, 21, 22, 49–55, 124 Orwell, George, 19, 97 Pakistan, 16, 17, 22, 61, 98–100, 110 drone attacks on, 18–19, 98–99 nuclear industry, 98–100, 110 TAPI pipeline and, 18 Palestine, 46, 72 -Israel conflict, 46 Palmer raids, 68 Pamuk, Orhan, 91 Panama, 7 Panetta, Leon, 114 Pashtuns, 99 Patterson, Anne W., 99, 110 Paul, Rand, 157, 162, 163 Paul, Ron, 75, 124–25, 157, 163 pensions, 12, 22, 24, 26 Peres, Shimon, 93 Peshawar, 16 pharmaceutical companies, 107–8 Philippines, 4, 17 Pinochet, Augusto, 61 piracy, 107–8 political Islam, 49, 61 Political Science Quarterly, 82 police repression, 119–20 politics, 32, 41, 57, 59, 121, 142–45, 171 electoral, 102–3, 117–19 labor demonstrations and, 41–43 poverty, 6, 66, 82, 84 Powell, Colin, 115 Powell, Lewis, 150–51 Powell memorandum, 150–51 power systems, 34–35, 69 aristocrats and democrats, 160–78 chains of submission and subservience, 34–43 global shift, 5–13, 58, 76–77 language and education, 126–59 mental slavery, 101–25 new American imperialism, 1–33 uprisings, 44–64 privatization, 11, 38, 39, 40, 156–57, 167 Progressive Labor (PL), 73 propaganda system, 35–40, 66, 80, 82, 102, 119, 122–24 property rights, 84, 85 public, power of the, 78–81 public education, 37–39, 147–48, 153–56, 166–68 public relations, 35, 79–81, 102–3 Qasim, Abd al-Karim, 61 Race to the Top, 153 racism, 3, 31, 92 Ravitch, Diane, 154 Reagan, Ronald, 62, 71, 82, 95, 99 recession, 23, 48, 86–89 Red Scare, 23, 68, 120 Reich, Robert, 170, 172 Reilly, John, 122 Republican Party, 41, 57, 75, 76, 124, 125 Revolutionary Armed Forces of Colombia (FARC), 72 Ribbentrop, Joachim von, 115 Right, 23, 32, 150–51 Riyadh, 52 Romney, Mitt, 57–58, 75 Roosevelt, Franklin D., 14, 23, 54 Roy, Arundhati, 22, 29, 31 Russia, 17–18, 20, 50, 61, 98, 102, 145 rustbelt, 11–12 Saharawi movement, 46 saltwater fallacy, 3–4 Saudi Arabia, 21, 49, 52, 61, 99, 111, 144 science, 142–43, 144 education, 154–55 modern, 143 sectarianism, 73–74 Seib, Gerald, 54 self-destruction, 42–43 Senate, U.S., 63, 85 sensory deprivation, 134–35 Shiites, 52–53 Singh, Manmohan, 19 Sino-Indian War, 20 slavery, 3, 34, 36, 51 end of, 34, 35, 36 mental, 34–35, 101–25 Slim, Carlos, 11 Smith, Adam, 8–9 social Darwinism, 157 social media, 105, 107, 145–47 Social Security, 39, 156–57 solidarity, 38–41, 146–47, 159 South Africa, 21, 50–51 apartheid, 71 South America, 6, 7, 57, 60, 161 Southeast Asia, 4, 60 South Korea, 9, 17 Spain, 4, 6, 33, 87 sports, college, 154–55 Stack, Joseph, 25–26, 29 Stalin, Joseph, 61 Stohl, Bev, 105 Stop Online Piracy Act, 107 strategic hamlets, 2 student activism, 73–74 submission and subservience, chains of, 34–43 Summit of the Americas (2012), 160–61 sunbelt, 11, 12 Sunnis, 52–53 Supreme Court, U.S., 70, 150 Buckley v.

., 6–7, 14, 52, 116 Nazism, 28–29, 115–16 New Deal, 23, 82 New York, 67, 100, 166 New York Times, 60, 81, 89–91, 124, 144–45, 160 Ngo Dinh Diem, 2, 3 Ngo Dinh Nhu, 2, 3 Nicaragua, 7 9/11 attacks, 14, 15–16, 139 Nixon, Richard, 125, 150 No Child Left Behind, 153 Non-Proliferation Treaty, 18 North Africa, 46–48, 57, 60 North Atlantic Treaty Organization (NATO), 50, 51, 91, 92 Norway, 115 nuclear weapons, 97, 98, 100, 110, 112, 176 Nuremberg Trials, 115–16 Nystrom, Paul, 36 Obama, Barack, 7, 33, 63, 90–91, 93, 110, 111, 114, 153, 162, 164 Afghanistan War and, 14–15 civil liberties and, 70–73 Libya and, 51–52 organized labor and, 41–42 2008 election, 102–3 Obamacare, 124 Occupy movements, 47, 65–69, 74–77, 118–21, 146, 168, 177 oil, 21, 22, 49–55, 124 Orwell, George, 19, 97 Pakistan, 16, 17, 22, 61, 98–100, 110 drone attacks on, 18–19, 98–99 nuclear industry, 98–100, 110 TAPI pipeline and, 18 Palestine, 46, 72 -Israel conflict, 46 Palmer raids, 68 Pamuk, Orhan, 91 Panama, 7 Panetta, Leon, 114 Pashtuns, 99 Patterson, Anne W., 99, 110 Paul, Rand, 157, 162, 163 Paul, Ron, 75, 124–25, 157, 163 pensions, 12, 22, 24, 26 Peres, Shimon, 93 Peshawar, 16 pharmaceutical companies, 107–8 Philippines, 4, 17 Pinochet, Augusto, 61 piracy, 107–8 political Islam, 49, 61 Political Science Quarterly, 82 police repression, 119–20 politics, 32, 41, 57, 59, 121, 142–45, 171 electoral, 102–3, 117–19 labor demonstrations and, 41–43 poverty, 6, 66, 82, 84 Powell, Colin, 115 Powell, Lewis, 150–51 Powell memorandum, 150–51 power systems, 34–35, 69 aristocrats and democrats, 160–78 chains of submission and subservience, 34–43 global shift, 5–13, 58, 76–77 language and education, 126–59 mental slavery, 101–25 new American imperialism, 1–33 uprisings, 44–64 privatization, 11, 38, 39, 40, 156–57, 167 Progressive Labor (PL), 73 propaganda system, 35–40, 66, 80, 82, 102, 119, 122–24 property rights, 84, 85 public, power of the, 78–81 public education, 37–39, 147–48, 153–56, 166–68 public relations, 35, 79–81, 102–3 Qasim, Abd al-Karim, 61 Race to the Top, 153 racism, 3, 31, 92 Ravitch, Diane, 154 Reagan, Ronald, 62, 71, 82, 95, 99 recession, 23, 48, 86–89 Red Scare, 23, 68, 120 Reich, Robert, 170, 172 Reilly, John, 122 Republican Party, 41, 57, 75, 76, 124, 125 Revolutionary Armed Forces of Colombia (FARC), 72 Ribbentrop, Joachim von, 115 Right, 23, 32, 150–51 Riyadh, 52 Romney, Mitt, 57–58, 75 Roosevelt, Franklin D., 14, 23, 54 Roy, Arundhati, 22, 29, 31 Russia, 17–18, 20, 50, 61, 98, 102, 145 rustbelt, 11–12 Saharawi movement, 46 saltwater fallacy, 3–4 Saudi Arabia, 21, 49, 52, 61, 99, 111, 144 science, 142–43, 144 education, 154–55 modern, 143 sectarianism, 73–74 Seib, Gerald, 54 self-destruction, 42–43 Senate, U.S., 63, 85 sensory deprivation, 134–35 Shiites, 52–53 Singh, Manmohan, 19 Sino-Indian War, 20 slavery, 3, 34, 36, 51 end of, 34, 35, 36 mental, 34–35, 101–25 Slim, Carlos, 11 Smith, Adam, 8–9 social Darwinism, 157 social media, 105, 107, 145–47 Social Security, 39, 156–57 solidarity, 38–41, 146–47, 159 South Africa, 21, 50–51 apartheid, 71 South America, 6, 7, 57, 60, 161 Southeast Asia, 4, 60 South Korea, 9, 17 Spain, 4, 6, 33, 87 sports, college, 154–55 Stack, Joseph, 25–26, 29 Stalin, Joseph, 61 Stohl, Bev, 105 Stop Online Piracy Act, 107 strategic hamlets, 2 student activism, 73–74 submission and subservience, chains of, 34–43 Summit of the Americas (2012), 160–61 sunbelt, 11, 12 Sunnis, 52–53 Supreme Court, U.S., 70, 150 Buckley v.


pages: 504 words: 147,722

Doing Harm: The Truth About How Bad Medicine and Lazy Science Leave Women Dismissed, Misdiagnosed, and Sick by Maya Dusenbery

Affordable Care Act / Obamacare, Atul Gawande, equal pay for equal work, feminist movement, gender pay gap, Joan Didion, longitudinal study, meta analysis, meta-analysis, obamacare, phenotype, pre–internet, RAND corporation, randomized controlled trial, selection bias, selective serotonin reuptake inhibitor (SSRI), sexual politics, Skype, stem cell, women in the workforce

Kaiser Family Foundation, Women’s Health Insurance Coverage, The Henry J. Kaiser Family Foundation, October 21, 2016, http://kff.org/womens-health-policy/fact-sheet/womens-health-insurance-coverage-fact-sheet/. Health care reform also corrected . . . Jessica Arons and Lucy Panza, “Top 10 Obamacare Benefits at Stake for Women,” ThinkProgress, May 24, 2012, https://thinkprogress.org/top-10-obamacare-benefits-at-stake-for-women-5ff541dfdf53#.36n0gciws. Insurers are now required . . . “Preventive Services Covered Under the Affordable Care Act,” U.S. Department of Health and Human Services, September 23, 2010, www.hhs.gov/healthcare/facts-and-features/fact-sheets/preventive-services-covered-under-aca/. Still, 11.2 million women, many of them low-income women of color . . . The Henry J. Kaiser Family Foundation, Women’s Health Insurance Coverage.

And putting comparatively less effort into understanding the bodies of one half of the population, and the ailments that happen to especially affect them, has left gaps in our scientific knowledge that have deprived us all. BARRIERS TO ACCESS This book focuses on how gender bias affects medical knowledge and the care women receive when they enter the medical system, but it is worth spending some time considering the obstacles that many women have to overcome to access the medical system at all. The Affordable Care Act provided some key benefits to women especially, which, as of this writing, they still have. Before it went into effect, approximately 20 percent of women ages eighteen to sixty-four were uninsured. By 2015, that figure had dropped to about 11 percent. Health care reform also corrected some long-standing unjust practices of the insurance industry. Insurers are now required to cover basic preventive care that’s critical to women’s health, like contraception, annual well-woman visits, testing for sexually transmitted infections, breastfeeding support and supplies, and domestic violence screenings, without any co-pays or deductibles.

Rehmeyer, Through the Shadowlands, 99. she “felt like a refugee . . . Rehmeyer, Through the Shadowlands, 246. Index The pagination of this digital edition does not match the print edition from which the index was created. To locate a specific entry, please use your ebook reader’s search tools. abortion, 16–17, 23, 26, 63 addiction, 47, 55 Addison’s disease, 148 adverse childhood experiences (ACE), 89 Affordable Care Act (ACA), 13–14, 17 Albee, Robert, Jr., 224 allergies, 297–98 All in My Head (Kamen), 195 Alzheimer’s disease, 3, 20, 27, 47, 243 Ambien (zolpidem), 43–44 American Association of Clinical Endocrinologists, 160 American Autoimmune Related Diseases Association (AARDA), 2, 138, 140, 142, 144, 145, 147, 148 American College of Obstetricians and Gynecologists, 26, 52 American College of Rheumatology, 200 American Gynecological Society, 214 American Heart Association, 110 American Medical Association (AMA), 7, 16, 52, 141; AMA Journal of Ethics article, 77; English’s open letter, 263; JAMA studies on gender pay gap and gender bias, 10 American Psychological Association (APA), Personality Characteristics of Patients with Pain, 195 American Thyroid Association, 159 anesthesia, 43, 53 anti-NMDA receptor encephalitis, 167–69 anxiety, 50, 70, 91; misdiagnosis of other diseases as, 122–24, 146, 151, 154, 159; panic disorder, 124–25, 277; POTS undifferentiated from, 277; somatization and, 78, 82, 89, 92; symptoms attributed to, 61–62, 78, 80–82, 89, 122–24, 126–29, 151, 199 Aronowitz, Robert A., 288 arrhythmias, 110–11 Association of American Medical Colleges, online curriculum database, 54 asthma, 41, 73, 241, 242, 297, 302 Atkins, Chloë, My Imaginary Illness, 102, 103 attention deficit disorder, 117 Aucott, John, 291–92 Authors of Our Own Misfortune?


pages: 367 words: 117,340

America, You Sexy Bitch: A Love Letter to Freedom by Meghan McCain, Michael Black

Affordable Care Act / Obamacare, carbon footprint, Columbine, fear of failure, feminist movement, glass ceiling, income inequality, obamacare, Ronald Reagan, Silicon Valley, Tony Hsieh, too big to fail, white picket fence

They live in a comfortable but creaky townhouse on the south side of London, and every summer they come to the States to summer at an old beach house her family has had since the thirties. I’m curious to hear about the British National Health Service, a single-payer system, which has become a bogeyman here in the United States. The Republicans routinely point to Canada and England as examples of the path on which Obamacare is leading us, and never in a complimentary fashion. They never say, for example, “Obamacare will make our health care system like England’s! And it will be great! Cucumber sandwiches for everybody!” Whether or not we are ultimately headed for a single-payer system I have no idea, but I am curious to hear what Jessica’s experience with it is like, since she’s dealt with both the American and British systems. To the disappointment of my liberal heart, Jessica is quite critical of the NHS.

Depending on which civic organization you choose to believe, the world’s first rodeo was either in Payson, Arizona, in 1884, Pecos, Texas, in 1883, or Deer Trail, Colorado, in 1869. But I’m not going to quibble with the residents of Prescott because I am a guest in their town and because they all have guns. While we’re cleaning up after lunch, the conversation turns to health care, or specifically “Obamacare,” which Jackie hates. Jackie hates Obama generally and his new health care law specifically. Even Jackie, hard ass Jackie, is willing to concede that there are parts of the Obama health care plan she likes. The preexisting condition stuff, for example. But she worries that our health care system, “the finest in the world,” will become like Mexico’s. Or Canada’s. Jackie doesn’t seem to think the people she sees in her ER night after night—the illegals, the meth heads, the wife beaters—are going to purchase health insurance just because the government says they have to.

I’m in no mood, so of course the minute my butt hits the cushiony blue seats, Michael starts spewing some nonsense about health care and we begin the morning by bickering like an old married couple. By now he must be fully aware that health care and national defense are possibly the two issues that I am most conservative and he is most liberal about. Well, even though I’m pretty sure there’s a big brick wall in my future, we start discussing Obamacare on the bus on the way to the swamp tour. Michael’s argument starts with Republicans being heartless, and that we all need “to give a little more for the common good,” and that “health care should be free to every American.” I naturally feel like Uncle Scrooge when I say that universal health care would bankrupt this country if enacted into law. Of course I think all Americans should have access to health care, however, the concept of free health care is unrealistic.


pages: 87 words: 25,823

The Politics of Bitcoin: Software as Right-Wing Extremism by David Golumbia

3D printing, A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, bitcoin, blockchain, Burning Man, crony capitalism, cryptocurrency, currency peg, distributed ledger, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Extropian, fiat currency, Fractional reserve banking, George Gilder, jimmy wales, litecoin, Marc Andreessen, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, new economy, obamacare, Peter Thiel, Philip Mirowski, risk tolerance, Ronald Reagan, Satoshi Nakamoto, seigniorage, Silicon Valley, Singularitarianism, smart contracts, Stewart Brand, technoutopianism, The Chicago School, Travis Kalanick, WikiLeaks

The journalist Mark Ames explains how apparently disparate political interests, especially in the context of Silicon Valley, can be seen to work together. Reflecting on some surprising alliances between today’s technology giants and the lobbying groups and of the world’s major extractive resource companies, Ames (2015) writes that even if we still give Google and Facebook the benefit of the doubt, and allow that their investments in the Cato Institute and the Competitive Enterprise Institute weren’t directly motivated by killing Obamacare and throwing millions of struggling Americans back into the ranks of the uninsured and prematurely dying—nevertheless, they are accessories, and very consciously so. Big Tech’s larger political goals are in alignment with the old extraction industry’s: undermining the countervailing power of government and public politics to weaken its ability to impede their growing dominance over their portions of the economy, and to tax their obscene stores of cash.

Robinson (2014) is the best introduction to the general system of beliefs found among Bitcoin promoters. Bibliography Abel, Andrew B., Ben S. Bernanke, and Dean Croushore. 2008. Macroeconomics. 3rd ed. Boston: Pearson. Allen, Katie. 2013. “Gold Price Volatility Hits Pawnbroker’s Profits.” The Guardian (September). http://www.theguardian.com/. Ames, Mark. 2015. “Google Is Helping to Fund the Group That’s Trying to Kill Obamacare in the Supreme Court.” Pando Daily (March 18). http://pando.com/. Andolfatto, David. 2013. “Why Gold and Bitcoin Make Lousy Money.” Economist’s View (April). http://economistsview.typepad.com. Andreessen, Marc. 2014. “Why Bitcoin Matters.” New York Times (January). http://dealbook.nytimes.com/. Antonopoulos, Andreas M. 2014. Mastering Bitcoin. Sebastopol, Calif.: O’Reilly Media. Aziz, John. 2013.


pages: 441 words: 124,798

Dopesick: Dealers, Doctors, and the Drug Company That Addicted America by Beth Macy

Affordable Care Act / Obamacare, centre right, crack epidemic, deindustrialization, Donald Trump, invisible hand, labor-force participation, mandatory minimum, mass incarceration, McMansion, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, RAND corporation, rent-seeking, single-payer health, urban renewal, War on Poverty, working poor

a former pro baseball player who’d progressed: Author interviews, Terrence Engles, Jan. 4, 2016, and subsequent interviews. “RomneyCare”: Kenneth Rapoza, “If ObamaCare Is So Bad, How Does RomneyCare Survive?,” Forbes, Jan. 20, 2012. sacrificing $6.6 million a day in federal funds: “McAuliffe Pushes Virginia Medicaid expansion After GOP’s Failure to Repeal Obamacare,” CNN Wire, March 27, 2017. Republican House of Delegates speaker William Howell claimed an expansion would take state resources from education, transportation, and public safety, even though 90 percent of the bill would be footed by the federal government. In states where Medicaid expansions were passed: Noam N. Levey, “Tens of Thousands Died Due to an Opioid Addiction Last Year. With an Obamacare Repeal, Some Fear the Number Will Rise,” Los Angeles Times, June 21, 2017. It gave coverage to an additional 1.3 million: Sally Satel, “Taking On the Scourge of Opioids,” National Affairs, Summer 2017: 21.

No comparable treatment was available locally, only short-term detox programs and one privately owned facility that accepted only insurance and cash (a twenty-eight-day stay ran around $20,000), and it didn’t allow patients to take maintenance medications. Unlike Campanello’s Massachusetts, Virginia could not rely on anything close to RomneyCare, the 2006 initiative signed into law by then–Bay State governor Mitt Romney, guaranteeing insurance coverage to 99 percent of the state. Virginia’s legislature had repeatedly turned down attempts to pass Medicaid expansion in the wake of the Affordable Care Act, sacrificing $6.6 million a day in federal funds and insurance coverage for four hundred thousand low-income Virginians—a frequent source of frustration for opioid-affected families and health care advocates. In states where Medicaid expansions were passed, the safety-net program had become the most important epidemic-fighting tool, paying for treatment, counseling, and addiction medications, and filling other long-standing gaps in care.

With no money for repairs, school administrators resorted to temporary measures to divert the vultures, erecting giant inflatable tube men, the silly beacons you see waving from car dealerships. The fifty-four-year-old teacher hadn’t had insurance in decades, not since she was pregnant and qualified for Medicaid; her husband, a former Walmart worker disabled by a series of strokes, was on Medicare. Because Virginia hadn’t approved the Affordable Care Act Medicaid expansion, she patched together free coverage at RAM events and occasional visits to Tyson’s mobile unit when it came to town. She had to be practically dying before she went to see her family doctor, who accepted cash at a discount rate of $63 per visit. * In a state with an increasingly flimsy safety net, people like Tyson had been left to clean up the politicians’ mess. As the health care debate over repeated attempts to repeal the ACA raged in Washington and opioid activists waited for President Trump to declare the epidemic an official national emergency—to free up immediate federal disaster relief funds for cities and states—between patients Tyson followed the machinations on her phone, fuming as she scrolled.


Humble Pi: A Comedy of Maths Errors by Matt Parker

8-hour work day, Affordable Care Act / Obamacare, bitcoin, British Empire, Brownian motion, Chuck Templeton: OpenTable:, collateralized debt obligation, computer age, correlation does not imply causation, crowdsourcing, Donald Trump, Flash crash, forensic accounting, game design, High speed trading, Julian Assange, millennium bug, Minecraft, obamacare, orbital mechanics / astrodynamics, publication bias, Richard Feynman, Richard Feynman: Challenger O-ring, selection bias, Tacoma Narrows Bridge, Therac-25, value at risk, WikiLeaks, Y2K

As a teacher, I used to give my Year 7 students questions like ‘If a plank is 3 metres (to the nearest metre) long, how long is it?’ Well, it could be anything from 2.5 metres to 3.49 metres (or maybe something like 2.500 metres to 3.499 metres, depending on rounding conventions). It seems some politicians are as smart as a kid in Year 7. In the first year of Donald Trump’s presidency, his White House was trying to repeal the Affordable Care Act (ACA), or Obamacare, as it had been branded. When doing this through legislation proved harder than they seem to have expected, they turned to rounding. For while the ACA laid down the official guidelines for the healthcare market, the Department of Health and Human Services was responsible for writing the regulations based on the ACA. In February 2017 the now-Trump-controlled Department of Health and Human Services wrote to the US Office of Management and Budget with proposed changes to the regulation.

Convenient multiples are units in their own right, but when dealing with something like metres and kilometres people tend to take them as different units. Kilometres are actually a combination of the distance unit of a metre with the ‘size unit’ of one thousand. But with money, these size units cause problems. This was the basis of a meme passed around in 2015 when Obama’s Affordable Care Act was up and running, but not without teething problems (and the ACA Marketplace insurance plans don’t all cover dental work). An easy target for criticism was the cost of setting up Obamacare. A figure of $360 million was passed around as the cost of introducing the program, which is a large amount of money: over a third of a billion dollars. So people on the right of the political spectrum looked for ways to highlight just how much money it was. And this meme was born: It is easy enough to see what is wrong here. $360 million between 317 million people is not $1 million each, it’s roughly $1 each.

I appreciate that people are far less critical when it comes to evidence which supports their political beliefs, but I’d like to believe that even the most self-affirming pieces of evidence must at least pass some rudimentary sense-check filter before being promulgated. I cling to the theory that at least the threat of public embarrassment will stop people from endorsing patently implausible claims. Part of me cannot be convinced that anyone arguing for this Obamacare meme is not a troll and in it for the lulz. But to give them the benefit of the doubt, let’s try to work out why this false assertion was so tenacious. My favourite version of this argument online has the protagonist back up the claim that $360 million divided by 317 million people is a million dollars each (with cash to spare) by breaking it down like this: There are 317 people and you have 360 chairs.


pages: 313 words: 91,098

The Knowledge Illusion by Steven Sloman

Affordable Care Act / Obamacare, Air France Flight 447, attribution theory, bitcoin, Black Swan, Cass Sunstein, combinatorial explosion, computer age, crowdsourcing, Dmitri Mendeleev, Elon Musk, Ethereum, Flynn Effect, Hernando de Soto, hindsight bias, hive mind, indoor plumbing, Isaac Newton, John von Neumann, libertarian paternalism, Mahatma Gandhi, Mark Zuckerberg, meta analysis, meta-analysis, obamacare, prediction markets, randomized controlled trial, Ray Kurzweil, Richard Feynman, Richard Thaler, Rodney Brooks, Rosa Parks, single-payer health, speech recognition, stem cell, Stephen Hawking, Steve Jobs, technological singularity, The Coming Technological Singularity, The Wisdom of Crowds, Vernor Vinge, web application, Whole Earth Review, Y Combinator

NINE Thinking About Politics Few recent issues have excited Americans (and American political candidates) as much as the Affordable Care Act (more familiar as Obamacare) that became law in 2010. This law has been the subject of numerous debates and served as one of the pillars of the Republican attack on Barack Obama’s presidency. The Republicans in Congress voted multiple times to repeal or change the law. Yet, even though it has engendered much excitement and posturing on both sides, few people actually understand the law. In fact, a survey by the Kaiser Family Foundation in April 2013, found that more than 40 percent of Americans were not even aware that the Affordable Care Act is law (12 percent thought that it had been repealed by Congress—it hadn’t). But this doesn’t stop ordinary citizens from having strong opinions about it.

Cognitively speaking, the individual has become the movement and gets lone credit for complicated historical events involving millions of others. Our tendency to mentally substitute individuals for complicated entities can be seen in how we talk about institutions. Americans talk about the Eisenhower administration or the Kennedy administration as if the president of the United States personally carries out all the functions of the executive branch of government. The Affordable Care Act runs to about 20,000 or so pages of legalese. It is commonly referred to as Obamacare. How much of it do you think Barack Obama himself wrote? Our guess is none. Our presidents may or may not be great leaders, but they are definitely human beings. It is certainly fair to hold them responsible for the actions of their administrations, but not because they actually performed those actions. For the vast majority of decisions, they are merely symbols, the faces of those administrations.

See artificial intelligence (AI) machines and widgets problem from Cognitive Reflection Test, 82 The Matrix (film), 261 McGaugh, James, 38 McHargue, Mike (“Science Mike”), 160–62 McKenzie, Craig, 235 mechanical adjustments, difficulty making, 70–71 mechanic example of education’s purpose, 219–20 medical information example of accessible knowledge, 125 memory AJ (memory case study), 38–40, 96 estimating the size of human, 25–26 “Funes the Memorious” (Borges), 37–39 hyperthymesia, 38–40, 47–48, 96 storing details, downside of, 47–48 Mendeleev, Dmitri, 199–200 military strategy example of complexity, 32–33 mind location of the, 101–05 watering can handle example, 101–02 Minsky, Marvin, 86 modus ponens reasoning, 54, 58 moral dumbfounding, 181–82 moving text window example of human cognition, 93–95 Ms. Y’s lethargy example of causal reasoning, 59–61 Musk, Elon, 141 natural world example of complexity, 29–31 Newton, Isaac, 69–70 nudges, behavioral, 248–49 Nyhan, Brendan, 159 Obama, Barack, 197 Obamacare. See Affordable Care Act On Motion (Galilei), 66 opposition to science and technology Bodmer Report, 156–59 food irradiation, 167–68 genetically modified organisms (GMOs), 155, 165–67 vaccination, 155–56 optic flow, 98–100 bee example, 100 doorway example, 99–100 highway lines example, 99 wheat field example, 98–99 organ donation example of libertarian paternalism, 248–49 ox’s weight example of crowdsourcing, 148 Pallokerho-35 Finnish soccer club example of crowdsourcing, 148 Parker, Elizabeth, 38 Pavlov, Ivan, 50 perception, 46–47 Perkins, David, 222 phobias, 104 physics curving bullets example, 69–70 Newton’s laws of motion, 69–70 placeholders, knowledge, 125–26 plants vs. animals, 40–42.


pages: 479 words: 113,510

Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth

Affordable Care Act / Obamacare, asset-backed security, bank run, barriers to entry, Basel III, Bernie Sanders, break the buck, Bretton Woods, business cycle, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, greed is good, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, liquidity trap, London Whale, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, negative equity, new economy, Northern Rock, obamacare, price stability, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve

Why, then, had the Texas economy surpassed: FRBD: Richard Fisher, “The Limits of the Powers of Central Banks (With Metaphoric References to Edvard Munch’s Scream and Sir Henry Raeburn’s The Reverend Robert Walker Skating on Duddingston Loch (speech, St. Andrews University, June 5, 2012), www.dallasfed.org/news/speeches/fisher/2012/fs120605.cfm. In addition to businesses: Obamacare bill: The Patient Protection and Affordable Care Act, obamacarefacts.com/obamacarebill/. Even before the August 2012: Jon Hilsenrath, “How Bernanke Pulled the Fed His Way,” Wall Street Journal, September 28, 2012. “They have gone about their usual”: Mamta Badkar, “Stephen Roach: WSJ Report Jon Hilsenrath Is the Chairman of the Fed,” BusinessInsider.com, July 25, 2012. “These leaks are co-opting Fed policy”: Jim Bianco, e-mail to Danielle DiMartino Booth, July 26, 2012, used by permission.

Central bankers have invited politicians to abdicate their leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: “groupstink.” Annual borrowing costs for the United States since 2008 have hovered around 1.8 percent, thanks to an overly accommodating Fed, which allowed a dysfunctional Congress and the administration of former President Barack Obama to kick the responsibility down the road. Massive spending programs, however ill conceived, got funded with little opposition. Obamacare, anyone? According to the Congressional Budget Office (CBO), since 2008 federal debt held by the public has nearly doubled and now stands at 75 percent of gross domestic product (GDP). If this lunacy doesn’t end, debt will be 110 percent of GDP by 2036, exceeding the post–World War II peak of 106 percent. And yet feckless politicians get to brag that they’ve cut the deficit, a distinction lost on too many of us.

Oil accounted for some of the effect; but only 2 percent of employment in Texas was directly generated by energy. Fisher credited state and local governments whose tax, spending, and regulatory policies were oriented toward job creation. But the Fed continued to look at the nation’s unemployment metrics as a whole without examining what was working at the state level. In addition to businesses not knowing what the Fed was going to do, Obamacare, signed into law by the president on March 23, 2010, added another level of uncertainty, encouraging businesses to wait until the dust settled. Even before the August 2012 FOMC meeting, Bernanke began making dozens of phone calls to FOMC members to gather support for a proposal he planned to present at the September meeting. To continue downward pressure on long-term rates, Bernanke wanted to extend Operation Twist.


pages: 90 words: 27,452

No More Work: Why Full Employment Is a Bad Idea by James Livingston

Affordable Care Act / Obamacare, business cycle, collective bargaining, delayed gratification, full employment, future of work, Internet of things, John Maynard Keynes: Economic Possibilities for our Grandchildren, labor-force participation, late capitalism, liberal capitalism, obamacare, post-work, Project for a New American Century, Ralph Waldo Emerson, Robert Gordon, Ronald Reagan, Silicon Valley, surplus humans, The Future of Employment, union organizing, working poor

Here is how Edsall, the New York Times columnist, summarized the progressive political morality of full employment in December 2013: The economics of survival have forced millions of men, women, and children to rely on “pity-charity liberal capitalism” [Edsall is here quoting Konczal]. The state has now become the resource of last resort, consigning just the people progressives would like to turn into a powerful force for reform to a condition of subjugation—living out their lives on government subsidies like Medicaid, the Earned Income Tax Credit, and now Obamacare.1 The only alternative to this vaguely, benignly fascistic version of liberalism, according to Edsall and Konczal, is a “bold” public policy commitment to full employment, presumably because more jobs mean less dependence on the state for income supplements, aka transfer payments, entitlements, and government subsidies. Now, Edsall and Konczal are no reactionaries. Neither are Baker and Bernstein.

Notice, to begin with, how the welfare state appears in Edsall’s paragraph exactly as it does in Paul Ryan’s Republican dream world, as the oppressor of the poor—an insatiable bureaucracy that produces dependence. Then notice how a potential “force for reform” is made pliant, docile, and inert because it doesn’t just receive, it relies on government subsidies. If you didn’t know any better, you’d think a Tea Party enthusiast wrote this paragraph after finishing Atlas Shrugged, particularly in view of the reference to Obamacare as a government subsidy that will subjugate the poor, to be sure, but also create a permanent constituency for the Democrats, the party of “pity-charity liberal capitalism.” From this standpoint, there’s no middle ground between work, on the one hand, and dependence on the other—between having a job and being subjugated by the state (or the party). But let’s grant the advocates of full employment their most basic assumption, that a “bold public policy commitment” to job creation through public spending is only a temporary expedient that can be dismantled once a normal rate of growth returns, post recession.


pages: 128 words: 28,129

Exercise Every Day: 32 Tactics for Building the Exercise Habit (Even If You Hate Working Out) by S.J. Scott

Affordable Care Act / Obamacare, fear of failure, Inbox Zero, Kickstarter, obamacare, Skype

My advice is to spend what you can afford on exercise clothing and equipment, and nothing more. While I do recommend joining a gym to have an alternative solution for when the weather is inclement, you should always be budget-conscious. When the cost of shoes or exercise equipment makes you balk, compare it to the medical costs people incur because they have neglected their bodies and avoided exercise for a lifetime. Even in the days of Obamacare (or specifically in the days of Obamacare, depending upon your financial situation), healthcare can be really, really, really expensive. How much better is it to invest in your health and well-being now than to pay for painful and expensive medical care in the years to come? HOW TO IMPLEMENT Step One: Use sites like eBay and Craigslist to search for lightly used equipment or check with family and friends to see if they happen to have stuff in their basement you could borrow or purchase on the cheap.


pages: 667 words: 149,811

Economic Dignity by Gene Sperling

active measures, Affordable Care Act / Obamacare, autonomous vehicles, basic income, Bernie Sanders, Cass Sunstein, collective bargaining, corporate governance, David Brooks, desegregation, Detroit bankruptcy, Donald Trump, Double Irish / Dutch Sandwich, Elon Musk, employer provided health coverage, Erik Brynjolfsson, Ferguson, Missouri, full employment, gender pay gap, ghettoisation, gig economy, Gini coefficient, guest worker program, Gunnar Myrdal, housing crisis, income inequality, invisible hand, job automation, job satisfaction, labor-force participation, late fees, liberal world order, longitudinal study, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, mental accounting, meta analysis, meta-analysis, minimum wage unemployment, obamacare, offshore financial centre, payday loans, price discrimination, profit motive, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, single-payer health, speech recognition, The Chicago School, The Future of Employment, The Wealth of Nations by Adam Smith, Toyota Production System, traffic fines, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, working poor, young professional, zero-sum game

Similarly, the 2015 repeal bill Senators Rubio and Sasse voted for would have led to higher premiums, the collapse of the individual market, and more than 20 million people losing health insurance. Matt Broaddus and Edwin Park, “Affordable Care Act Has Produced Historic Gains in Health Coverage,” Center on Budget and Policy Priorities, December 15, 2016, https://www.cbpp.org/research/health/affordable-care-act-has-produced-historic-gains-in-health-coverage. 18. Robert Pear, “Marco Rubio Quietly Undermines Affordable Care Act,” New York Times, December 9, 2015, https://www.nytimes.com/2015/12/10/us/politics/marco-rubio-obamacare-affordable-care-act.html. 19. Paul Ryan famously warned that low-income workers face marginal tax rates of 80 or 90 percent from taxes and loss of benefits. Paul Ryan, “#ConfidentAmerica: Speaker Ryan’s Address at the Library of Congress,” streamed live December 3, 2015, YouTube video, https://www.youtube.com/watch?

See Chapter Twelve for further discussion; see also Rebecca Vallas, Shawn Fremstad, and Lisa Eckman, A Fair Shot for Workers with Disabilities (Washington, DC: Center for American Progress, January 2015), https://www.americanprogress.org/issues/poverty/reports/2015/01/28/105520/a-fair-shot-for-workers-with-disabilities/. 30. Gene Sperling, “If You Like Choice, Competition, and Entrepreneurship, You Should Like Obamacare,” Forbes, March 28, 2014, https://www.forbes.com/sites/theapothecary/2014/03/28/if-you-like-choice-competition-and-entrepreneurship-you-should-like-obamacare/. 31. Linda J. Blumberg, Sabrina Corlette, and Kevin Lucia, “The Affordable Care Act: Improving Incentives for Entrepreneurship and Self-Employment,” Timely Analysis of Immediate Health Policy Issues (Washington, DC: Urban Institute, May 2013), 1, https://www.urban.org/research/publication/affordable-care-act-improving-incentives-entrepreneurship-and-self-employment. 32. A 1.4 percentage point decline in the likelihood of starting a business out of average entrepreneurship rate of 19 percent.

United States, 72, 116 Norway, GDP, 5 Nozick, Robert, 224, 340n Nussbaum, Martha, 44 Obama, Barack (Obama Administration), 85 American Recovery and Reinvestment Act of 2009, 221, 266–67 Auto Task Force, 137–38, 139–40 combating discrimination against long-term unemployed, 52–53, 213 Clean Power Plan, 141 Cummings’s funeral eulogy, 224 Executive Order 13563, 135 expansion of EITC, 160 gainful employment regulations, 113–14 international tax policy, 124 mortgage forbearance, 132, 137 proposal related to UBI to Rise, 143 Sperling as national economic adviser, xiii–xiv, xix, 37–38, 39–40, 52–53, 132, 143, 213, 250, 290 State of the Union address (2014), 46 Obama, Michelle, 214 Obamacare. See Affordable Care Act Obergefell v. Hodges, 18 Ocasio-Cortez, Alexandria, 103 Occupational Safety and Health Administration (OSHA), 71, 73, 74–75, 235 OECD (Organisation for Economic Cooperation and Development), 35, 50, 96, 121, 129, 132, 183–84, 198, 249, 285 offshoring, 128, 139–41, 295 oil, 5, 71–72, 116 Oldham, Greg, 226–27 Oliver, John, 238 Oman–United States Free Trade Agreement, 123 On the Clock (Guendelsberger), 236–37 opioid addictions, 60, 61, 96, 206, 315n Opportunity@Work, 284 Oreopoulos, Philip, 273 Orszag, Peter, 9, 247 Osterman, Paul, 283 Oxfam, 80, 81, 249 paid family and medical leave, 34–37, 96, 310n Palladino, Lenore, 119, 121 Parks, Rosa, xviii patents, 98–99, 124 “pattern bargaining,” 253–54 Paul, Rand, 93 Paycheck, Johnny, 243–44 payday lending, 84–85 Pell Grants, 54, 55, 111, 275 Pelosi, Nancy, 166, 179 Pepsi, 263 Perkins, Frances, 69–71, 158 personal bankruptcies, 9, 49–50 personal care aides, 217–20 pesticide use, 76 Petersen, Anne Helen, 238 Petronijevic, Uros, 273 Philippon, Thomas, 115 Phillips curve, 266–67 Piche-Lichtman, Michelle, 92–93 Pinto, Sergio, 60 Pisano, Gary, 140 Pittston Coal strike, 68 Platform to Employment (P2E), 213–14 Pollock v.


pages: 254 words: 68,133

The Age of Illusions: How America Squandered Its Cold War Victory by Andrew J. Bacevich

affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, clean water, Columbian Exchange, Credit Default Swap, cuban missile crisis, David Brooks, deindustrialization, Donald Trump, Fall of the Berlin Wall, Francis Fukuyama: the end of history, friendly fire, gig economy, global village, Gordon Gekko, greed is good, illegal immigration, income inequality, Jeff Bezos, Kickstarter, Marshall McLuhan, mass incarceration, Mikhail Gorbachev, Monroe Doctrine, Norman Mailer, obamacare, Occupy movement, planetary scale, plutocrats, Plutocrats, Potemkin village, price stability, Project for a New American Century, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, school choice, Silicon Valley, Thomas L Friedman, too big to fail, trickle-down economics, WikiLeaks

In a sense, this was the misfortune that befell Obama upon his departure from office. His successor immediately set out to dismantle most of what comprised his legacy. Whether motivated by principle, petulance, or ill-disguised racism, Republican efforts to undo all that Obama had accomplished require us to reinterpret his presidency—even before the initial interpretation has fully formed. If Obamacare, the Paris accord on climate change, the Iran nuclear deal, and restoring U.S. diplomatic ties with Havana don’t define his legacy, what does? Allow me to suggest one possibility: Our forty-fourth president’s signature achievement was to briefly prolong the life of the Emerald City consensus. He did this by temporarily propping up elements of that consensus already showing signs of impending failure and pivoting toward a domestic freedom agenda to which his immediate predecessors had given only intermittent attention.

Recall as well the button-pushing provocations that candidate Trump employed to incite establishment outrage, thereby delighting those holding that establishment in contempt. He promised to reauthorize torture and “load up” the U.S. military prison at Guantánamo “with some bad dudes.”23 He vowed to quit NATO, abandon the Iran nuclear deal, move the American embassy in Israel to Jerusalem, and jettison every trade deal that did not demonstrably benefit the U.S. economy. He would terminate Obamacare on “day one,” appoint pro-life judges, and revive “Merry Christmas” as a holiday greeting. By unfurling the black banner of “America First,” he implicitly subverted the foundational myth of contemporary history—World War II as a “Good War” that gave credence to America’s providentially assigned liberating mission. How seriously Trump himself expected any of those promises to be taken is anyone’s guess.

See globalized neoliberalism neo-populism Neptune Spear, Operation New Deal New Hampshire primary New Orleans, Battle of New Republic new world order Bill Clinton and Buchanan and Bush Jr. and Bush Sr. and globalization and Wilson and New York Daily News New York Times Niebuhr, Reinhold Nixon, Richard Nobel Peace Prize Noriega, Manuel North American Free Trade Agreement (NAFTA) North Atlantic Treaty Organization (NATO) North Korea Novak, Robert nuclear arms Iran and North Korea and Nuremberg tribunal Obama, Barack accomplishments of Afghanistan and bin Laden and economy and election of 2008 and freedom and Hillary Clinton and Iraq and Nobel Prize and primaries of 2016 and ranking of RMA and Trump and Obamacare Obergefell v. Hodges Occupational Safety and Health Administration (OSHA) Occupy Movement opioid crisis Oslo Peace Accords Paine, Thomas Pakistan Panama Paris Accord on climate change Partisan Review Pataki, George patriarchy Paul, Rand Pax Americana globalized capitalism and policing of peace dividend peace-through-dominion Pearl Harbor attacks pensions People Perot, H.


pages: 250 words: 64,011

Everydata: The Misinformation Hidden in the Little Data You Consume Every Day by John H. Johnson

Affordable Care Act / Obamacare, Black Swan, business intelligence, Carmen Reinhart, cognitive bias, correlation does not imply causation, Daniel Kahneman / Amos Tversky, Donald Trump, en.wikipedia.org, Kenneth Rogoff, labor-force participation, lake wobegon effect, Long Term Capital Management, Mercator projection, Mercator projection distort size, especially Greenland and Africa, meta analysis, meta-analysis, Nate Silver, obamacare, p-value, PageRank, pattern recognition, publication bias, QR code, randomized controlled trial, risk-adjusted returns, Ronald Reagan, selection bias, statistical model, The Signal and the Noise by Nate Silver, Thomas Bayes, Tim Cook: Apple, wikimedia commons, Yogi Berra

,” CNBC, accessed August 16, 2015, http://www.cnbc.com/2015/08/13/are-red-or-blue-states-better-job-creators.html; “Climate Battle Will Likely Divide Red States and Blue States Down a Green Line,” National Journal, accessed August 15, 2016, http://www.nationaljournal.com/next-america/newsdesk/climate-epa-regulation-obama-states-20150803; Steve Benen, “‘Obamacare’ Thrives in Nation’s Largest Blue State,” the Maddow Blog, accessed August 16, 2015, http://www.msnbc.com/rachel-maddow-show/obamacare-thrives-nations-largest-blue-state. 4. All maps are from http://www-personal.umich.edu/~mejn/election/2012/. Mark Newman, “Maps of the 2012 US Presidential Election Results,” from the personal page associated with the University of Michigan website, updated November 8, 2012, http://www-personal.umich.edu/~mejn/election/2012/.

And so Romney got all of Texas’s electoral college votes. The Electoral College is an example of aggregated data—a type of summary statistic that can often be misleading because it can mask variation in the data. You’ve probably seen media reports that analyze all of the supposed differences between red states and blue states, with stories highlighting differences in everything from job creation to environmental regulations to Obamacare.3 But is there really that much of a divide in terms of the way we think, act, and vote? Or will we see a different story as we go deeper into the data? Let’s take a closer look at the voting data, starting with a map of the 2012 election results (figure 3-1) from Mark Newman at the University of Michigan (note that red is light gray and blue is dark gray in this map).4 When you look at red states versus blue states, you see lots of divisions.


pages: 363 words: 92,422

A Fine Mess by T. R. Reid

Affordable Care Act / Obamacare, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Donald Trump, Double Irish / Dutch Sandwich, game design, Gini coefficient, High speed trading, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial robot, land value tax, loss aversion, mortgage tax deduction, obamacare, Occupy movement, offshore financial centre, oil shock, plutocrats, Plutocrats, race to the bottom, Ronald Reagan, seigniorage, Silicon Valley, Skype, Snapchat, sovereign wealth fund, Tesla Model S, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, We are the 99%, WikiLeaks

Members of Congress love to harangue the IRS bureaucrats about lengthy tax forms and unfair rules and complex instructions—but of course the IRS isn’t responsible for the length, the fairness, or the complexity of our tax code. It is Congress that writes the tax laws. It’s Congress that adds hundreds of new exemptions, allowances, credits, and calculations to the tax code every year. It was Congress that decided to give the IRS responsibility for managing the health insurance subsidies flowing to millions of Americans under the Affordable Care Act (ObamaCare)—and then cut the agency’s staff after assigning it this major new task. It was Congress that assigned to the IRS the management of the earned income tax credit (EITC), which has become one of the nation’s largest support programs for low-income Americans. It was Congress that crafted the much-hated alternative minimum tax, which spawned whole new dimensions of complexity, and hours of additional work, for millions of families.

IRS Publication 525, Taxable and Nontaxable Income, 23. Index The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader. Abbott, Tony, 190 AbbVie, 157 accelerated depreciation, 55, 62 Affordable Care Act, 209, 218, 246 Afghanistan, 79, 167 Africa, 152, 201, 228 airline industry, 189–90 Alaska Permanent Fund, 192–93 alcohol tax, 37–38, 40, 105 Alliance Boots, 157–58 allowances, 2, 52–53, 60–61, 70, 72, 74, 165–66, 209. See also depletion/depreciation allowances; tax breaks alternative minimum tax, 210, 255 Amawhe, Achilles, 35, 47 American Jobs Creation Act, 168–69 Americans for Tax Reform, 245 America We Deserve, The (Trump), 98 ancient Rome, 30, 34 Andorra, 194–95 Apple Inc., 145, 148–51, 153–54, 161, 164, 170, 229 appraisers/appraisals, 83–84, 124, 129–30 Argentina, 145, 239 art, 83–84, 124, 133 Asia, 59, 201 audits, 40, 55, 143–44, 161, 163, 211, 223, 255 Austen, Jane, 121 austerity measures, 34, 42, 52, 112, 127, 129 Austin, Texas, 26 Australia and carbon tax, 8, 189–91 tax deductions in, 36, 41, 89–90 tax rates of, 19, 21, 146, 175 tax revenues of, 15, 17 VAT in, 228, 239, 243, 255 Austria, 14, 17, 19–20, 44, 78, 86, 132, 146 automobile industry, 21, 39–40, 71–74, 156, 164.

The whole thing is so complicated that the error rate is 27%, which means one out of four filers, and the IRS, have to spend even more time trying to get it right. This has prompted a mini-industry of tax fraud, with shysters going door-to-door in low-rent neighborhoods offering to fill out the EITC forms (for a fee, of course) whether the client actually qualifies or not. Similarly, the tax credits for people buying health insurance on the ObamaCare exchanges are generally aimed at low-income taxpayers and are also ridiculously complicated. There’s another significant cost as well to all this complexity. A tax code so byzantine that people can’t understand how much they have to pay badly undermines the spirit of voluntary payment that is essential to a successful tax regime. Economists talk about a concept called “tax morale,” which means people’s willingness to pay for the services government provides.


pages: 348 words: 99,383

The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy's Only Hope by John A. Allison

Affordable Care Act / Obamacare, American ideology, bank run, banking crisis, Bernie Madoff, business cycle, clean water, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, disintermediation, fiat currency, financial innovation, Fractional reserve banking, full employment, high net worth, housing crisis, invisible hand, life extension, low skilled workers, market bubble, market clearing, minimum wage unemployment, money market fund, moral hazard, negative equity, obamacare, Paul Samuelson, price mechanism, price stability, profit maximization, quantitative easing, race to the bottom, reserve currency, risk/return, Robert Shiller, Robert Shiller, The Bell Curve by Richard Herrnstein and Charles Murray, too big to fail, transaction costs, yield curve, zero-sum game

Dennis Cauchon, “Federal Workers Earning Double Their Private Counterparts,” USA Today, August 13, 2010, http://www.usatoday.com/money/economy/income/2010-08-10-1Afedpay10_ST_Nhtm. 4. For further analysis and a well-thought-out plan for privatizing social security by two long-term experts, see Peter Ferrara and Michael Tanner, A New Deal for Social Security (Washington, DC: Cato Institute, 1998). 5. For a detailed examination and critique of the Patient Protection and Affordable Care Act (Obamacare), see Michael tanner, Bad Medicine: A Guide to the Real Costs and Consequences of the New Health Care Law (Washington, DC: Cato Institute, 2011). 6. See, for example, Brian Riedl, “A Guide to Fixing Social Security, Medicare, and Medicaid,” Heritage Foundation, Backgrounder #2114, March 2008, http://www.heritage.org/research/reports/2008/03/a-guide-to-fixing-social-security-medicare-and-medicaid. 7.

However, in 20 to 30 years, the increased productivity created by real savings from allowing individuals to invest privately will cover a substantial portion of the existing social security shortfall.4 The real capital from private savings will increase the productivity of American workers and raise our standard of living. Medicare and Medicaid are much bigger problems than social security. Unless there are changes, the cost of Medicare and Medicaid will consume our total GNP by 2050. The system will have to be fixed. The new healthcare program (Obamacare) only aggravates the problems in the system by promoting more healthcare demand and spending while curbing incentives for the providers of healthcare. I will not offer a diagnosis of Obamacare except to state that, as designed, it is mathematically certain to fail.5 It creates massive incentives for private employers to push their employees onto the government program. It will increase, not decrease, cost. We need a new answer. Offering a solution to the Medicare problem is beyond the scope of this book.


pages: 470 words: 148,730

Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee, Esther Duflo

"Robert Solow", 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, basic income, Bernie Sanders, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, charter city, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, endowment effect, energy transition, Erik Brynjolfsson, experimental economics, experimental subject, facts on the ground, fear of failure, financial innovation, George Akerlof, high net worth, immigration reform, income inequality, Indoor air pollution, industrial cluster, industrial robot, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jean Tirole, Jeff Bezos, job automation, Joseph Schumpeter, labor-force participation, land reform, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, Network effects, new economy, New Urbanism, non-tariff barriers, obamacare, offshore financial centre, open economy, Paul Samuelson, place-making, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, technology bubble, The Chicago School, The Future of Employment, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, total factor productivity, trade liberalization, transaction costs, trickle-down economics, universal basic income, urban sprawl, very high income, War on Poverty, women in the workforce, working-age population, Y2K

Mayawati, the leader of one of those parties, decided to rebrand herself as the leader of all poor people, including poor upper castes, and won the 2007 Uttar Pradesh state elections on that basis. She went for broad inclusivity, not narrow sectarianism. More recently, in the United States we are struck by the curious history of the once much hated Affordable Care Act, or Obamacare. As the signal policy initiative of the much despised black Kenyan Muslim Barack Obama, it was something that many Republican governors refused to have anything to do with, and many refused federal subsidies to expand Medicaid, a key mechanism to extend health care coverage under the Affordable Care Act. Yet by the 2018 midterm election initiatives to expand Medicaid were on the ballot in the deep-red states of Utah, Nebraska, and Idaho. They were approved in all three. Kansas and Wisconsin also elected new Democratic governors who vowed to expand Medicaid where their Republican predecessors had not.

So not only did the United States not come close to compensating the workers who lost out, but what little help people could get through the existing social protection apparatus seemed designed to make them feel denigrated. Partisan politics has played a role in this disaster. When someone who has lost their job needed healthcare, a recourse was supposed to be Obamacare. Unfortunately, many Republican states like Kansas, Mississippi, Missouri, and Nebraska decided to make a show of resisting the federal government by denying their citizens this option. This pushed some people to apply for disability status in order to get healthcare. Indeed, after the adoption of the Affordable Care Act (a.k.a. Obamacare), disability claims increased by 1 percent in states that refused to expand Medicaid, while they decreased by 3 percent in expansion states.55 But the causes run deeper. US politicians are wary of subsidizing specific sectors (since others would feel slighted and would lobby for their own protection), which is probably partly the reason why TAA has remained such a small program.

In fact, Democrats and Republicans do not even speak the same language anymore.62 Matthew Gentkzow and Jesse Shapiro, two economists who are leading scholars of the media, write about members of the US House of Representatives: “Democrats talk about ‘estate taxes,’ ‘undocumented workers’ and ‘tax breaks for the wealthy,’ while Republicans refer to ‘death taxes,’ ‘illegal aliens,’ and ‘tax reform.’ The 2010 Affordable Care Act was ‘comprehensive health reform’ to Democrats and a ‘Washington takeover of health care’ to Republicans.” It is now possible to predict the political affiliation of a congressman simply by listening to the words they use. Unsurprisingly, partisanship (defined as the ease with which an observer can infer a congressperson’s party from a single sentence) has exploded in recent decades. Between 1873 to the early 1990s, it did not change, increasing from 54 percent to just 55 percent during this period.


pages: 486 words: 150,849

Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

affirmative action, Affordable Care Act / Obamacare, airline deregulation, airport security, always be closing, American ideology, American Legislative Exchange Council, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, computer age, coronavirus, corporate governance, corporate raider, COVID-19, Covid-19, creative destruction, Credit Default Swap, cryptocurrency, deindustrialization, Donald Trump, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, game design, George Gilder, Gordon Gekko, greed is good, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Peter Thiel, Picturephone, plutocrats, Plutocrats, post-industrial society, Powell Memorandum, pre–internet, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, strikebreaker, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

Without them—money, planning, talking points, facilities, transportation, almost everything—the Tea Party movement, despite its authentic financial-crash-and-black-president-induced hysteria, might have fizzled out quickly and accomplished little. Instead, the aroused and properly coordinated Tea Party was crucial to hobbling the Obama presidency. A year after the movement arose, the Affordable Care Act was passed—but barely, thanks to full-bore work by the economic right’s hydra-headed political operation. Even though the new law wouldn’t go into effect for four years—and would enable 20 million more Americans to have health coverage, nearly half of them as new customers of private insurance companies—the political operation nevertheless convinced millions of Americans to be frightened of the prospect, to hate Obamacare. That project was helped, as if providentially, by a signature success of the right’s judicial long game: at the beginning of the year, the Supreme Court issued its Citizens United v.

He often rhetorically and sincerely attacked federal programs for the poor—they engaged in “paternalism, social exploitation and waste” of a “seemingly inexhaustible flood” of money—but it was just lip service. During his five and a half years in office, federal spending on social services doubled. He would have gone even further if Congress had cooperated. Democrats controlled the House and Senate, but with smaller majorities than during the Kennedy and Johnson administrations. Nixon proposed a universal health insurance plan not unlike Obama’s Affordable Care Act, which Republicans forty years later would call socialism. Still more remarkably, his administration pushed a grand welfare reform plan that would have provided a guaranteed basic family income equal to around $16,000, thereby tripling the number of Americans receiving public assistance and quadrupling federal social welfare spending altogether.*2 I’ve catalogued this despised Republican president’s leftish policies in the early 1970s to suggest how accustomed Americans had become over the previous forty years to their national government cushioning them from some of the sharpest insecurities and injustices of raw capitalism.

Federal Election Commission decision, effectively prohibiting serious election finance laws and giving big business (and unions, as if) free rein to spend money on campaigns.* And in that fall of 2010, Democrats lost their large majorities in both the Senate and House. Extremely reasonable, extremely center-left Obama horrified the Kochs and their friends, in particular his successful passage of the Affordable Care Act after a year in office. When the Republicans won back Congress—that is, saved America from Obama—Charles told a reporter that while “I’m not saying he’s a Marxist, he’s internalized some Marxist models—that is, that business tends to be successful by exploiting its customers and workers.” In the same article, his brother called Obama “the most radical president we’ve ever had as a nation” who, in less than two years, had “done more damage to the free enterprise system and long-term prosperity than any president we’ve ever had.”


pages: 160 words: 6,876

Shaky Ground: The Strange Saga of the U.S. Mortgage Giants by Bethany McLean

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, collateralized debt obligation, crony capitalism, housing crisis, mortgage debt, negative equity, obamacare, race to the bottom

The market was crashing, home prices were plummeting, and almost everyone thought Fannie and Freddie would be an endless black hole. Quarter after quarter, they posted stunning multibillion-dollar losses, which required huge draws from Treasury. In early 2009, the Treasury amended its agreement to increase the total amount of funding available for Fannie and Freddie from $200 billion to $400 billion—half the 10-year estimated cost of Obamacare. On Christmas Eve, 2009, the Treasury amended the agreement again to remove any cap on the funding for the next three years. In addition, the Federal Reserve began to buy Fannie and Freddie securities to help the perception that they were safe. According to Paul Willen, a senior economist at the Boston Federal Reserve, between 2008 and 2014 the Fed would purchase $2.8 trillion of agency mortgage-backed securities.

“Our investment was predicated on a simple thesis: there are no substitutes. Fannie and Freddie provide services that are absolutely essential to the American way of life,” he wrote in the fund’s annual report. “They help make the popular 30-year fixed-rate mortgage available and affordable. They provide liquidity and stability to the nation’s housing finance system—during good and, especially, in bad times. No one does it better.” He compares housing reform to Obamacare. “Obama can get a do-over when he says, ‘You can keep your insurance!’ ‘Oops, you can’t keep your insurance!’” he says. “But you cannot mess up the plumbing of housing finance. If you do, within two weeks, credit will totally dry up. No one will be able to get a mortgage.” There is disagreement among investors on many details of how a plan would work. But there’s a general consensus about this.


pages: 457 words: 125,329

Value of Everything: An Antidote to Chaos The by Mariana Mazzucato

"Robert Solow", activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, bank run, banks create money, Basel III, Berlin Wall, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, business cycle, butterfly effect, buy and hold, Buy land – they’re not making it any more, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, cleantech, Corn Laws, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, debt deflation, European colonialism, fear of failure, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, full employment, G4S, George Akerlof, Google Hangouts, Growth in a Time of Debt, high net worth, Hyman Minsky, income inequality, index fund, informal economy, interest rate derivative, Internet of things, invisible hand, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, laissez-faire capitalism, light touch regulation, liquidity trap, London Interbank Offered Rate, margin call, Mark Zuckerberg, market bubble, means of production, money market fund, negative equity, Network effects, new economy, Northern Rock, obamacare, offshore financial centre, Pareto efficiency, patent troll, Paul Samuelson, peer-to-peer lending, Peter Thiel, profit maximization, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, rent control, rent-seeking, Sand Hill Road, shareholder value, sharing economy, short selling, Silicon Valley, Simon Kuznets, smart meter, Social Responsibility of Business Is to Increase Its Profits, software patent, stem cell, Steve Jobs, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, transaction costs, two-sided market, very high income, Vilfredo Pareto, wealth creators, Works Progress Administration, zero-sum game

Kirkwood, G. and Pollock, A. M., ‘Patient choice and private provision decreased public provision and increased inequalities in Scotland: A case study of elective hip arthroplasty', Journal of Public Health, 39(3) (2017), pp. 593-60. Kliff, S., ‘Meet Serco, the private firm getting $1.2 billion to process your Obamacare application', Washington Post, 16 July 2013: https://www.washingtonpost.com/news/wonk/wp/2013/07/16/meet-serco-the-private-firm-getting-1-2-billion-to-process-your-obamacare-application/?utm_term=.33eeeadf4a01 Kokalitcheva, K., ‘Uber now has 40 million monthly riders worldwide', Fortune, 20 October 2016: http://fortune.com/2016/10/20/uber-app- riders/ Krueger, A. O., ‘The political economy of the rent-seeking society', American Economic Review, 64(3) (1974), pp. 291-303. Kuznets, S., National Income: A Summary of Findings (New York: National Bureau of Economic Research, 1946).

Capita, G4S and Serco continue to win contracts in both the UK and US, even though they have all been fined for improper management.60 In 2016, for example, an investigative article revealed that G4S has been fined for at least 100 breaches of prison contracts between 2010 and 2016, including ‘failure to achieve search targets, smuggling of contraband items, failure of security procedures, serious cases of “concerted indiscipline”, hostage taking, and roof climbing. Other cases include failure to lock doors, poor hygiene and a reduction in staffing levels.'61 The fines, however, are minuscule in proportion to the profits made by both Serco and G4S - and such companies, rather than being penalized for carelessness and reckless cost-cutting, are being rewarded with more contracts. The applications procedures for Obamacare were outsourced in 2013 to Serco in a $1.2 billion contract.62 Indeed, US Federal government outsourcing contracts to such companies are rapidly rising. A recent GAO report shows that in 2000 contract spending was $200 billion, while in 2015 it was $438 billion.63 This amount represented almost 40 per cent of government's discretionary spending. The GAO report also distinguished spending on contracts for goods from contracts for services.

fileID=3B9725EA-E444- 5C6C-D28A3B3E27195B57 59. Ibid. 60. C. Crouch, The Knowledge Corrupters: Hidden Consequences of the Financial Takeover of Public Life (Cambridge: Polity Press, 2016). 61. https://www.theguardian.com/society/2016/apr/15/g4s-fined-100-times-since-2010-prison-contracts 62. https://www.washingtonpost.com/news/wonk/wp/2013/07/16/meet-serco-the-private-firm-getting-1-2-billion-to-process-your-obamacare-application/?utm_term=.0ffc214237a8 63. United States Government Accountability Office, ‘Contracting data analysis; Assessment of government-wide trends', March 2017: https://www.gao.gov/assets/690/683273.pdf. 64. As reported in J. A. Sekera, The Public Economy in Crisis: A Call for a New Public Economics (Springer International Publishing, 2016); J. Dilulio, Bring Back the Bureaucrats: Why More Federal Workers Will Lead to Better (and Smaller!)


pages: 138 words: 43,748

Conscience of a Conservative: A Rejection of Destructive Politics and a Return to Principle by Jeff Flake

4chan, Affordable Care Act / Obamacare, battle of ideas, Berlin Wall, cognitive dissonance, crony capitalism, David Brooks, Donald Trump, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global supply chain, immigration reform, impulse control, invisible hand, Mark Zuckerberg, obamacare, Potemkin village, race to the bottom, road to serfdom, Ronald Reagan, Silicon Valley, uranium enrichment, zero-sum game

It was Nixon who made the mistake of hiking the capital gains tax, which had a stultifying effect on the economy, only to be corrected, interestingly enough, when Jimmy Carter signed into law a massive capital gains tax cut, which resulted in an explosion of venture capital in the late 1970s. Politics, then, is highly paradoxical. Any honest appraisal of history shows us that it is not at all a zero-sum exercise and that the battle lines are seldom drawn straight. Some of the ideas in what became known as Obamacare were conceived by scholars at the Heritage Foundation as “conservative” ideas, and even Hayek was in favor of some form of what might be called universal health care. All of which is proof that conservatives can have honest differences of opinion on policy matters, among themselves and with others—or be open to entirely new ideas—without being thought heretical. But there is a vast difference between policy and principle.

I am very proud of the Gang of Eight immigration bill (even though it failed in the House after passing the Senate with overwhelming bipartisan support) and the bipartisan war powers bill. That is the way the system once worked and is how it has worked when we are at our best. But if those might be considered examples of how the legislative process works when it works best, there are many more examples of the system at its abysmal worst. For instance, just because the deliberations over Obamacare in 2009 were a thoroughly partisan affair—and they were—does not mean that Republicans should compound the mistake by planning its repeal behind closed doors. Legislation executed without hearings and written by only one side is always a bad idea, regardless of who does it. It is, simply put, no way to do important work. The resulting policy will almost certainly be met with rage by half the country.


pages: 362 words: 83,464

The New Class Conflict by Joel Kotkin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bob Noyce, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, creative destruction, crony capitalism, David Graeber, deindustrialization, don't be evil, Downton Abbey, Edward Glaeser, Elon Musk, energy security, falling living standards, future of work, Gini coefficient, Google bus, housing crisis, income inequality, informal economy, Internet of things, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John von Neumann, Joseph Schumpeter, Kevin Kelly, labor-force participation, low-wage service sector, Marc Andreessen, Mark Zuckerberg, mass affluent, McJob, McMansion, medical bankruptcy, Nate Silver, New Economic Geography, new economy, New Urbanism, obamacare, offshore financial centre, Paul Buchheit, payday loans, Peter Calthorpe, plutocrats, Plutocrats, post-industrial society, RAND corporation, Ray Kurzweil, rent control, rent-seeking, Report Card for America’s Infrastructure, Richard Florida, Silicon Valley, Silicon Valley ideology, Steve Jobs, technoutopianism, The Death and Life of Great American Cities, Thomas L Friedman, too big to fail, transcontinental railway, trickle-down economics, Tyler Cowen: Great Stagnation, upwardly mobile, urban planning, urban sprawl, War on Poverty, women in the workforce, working poor, young professional

This is reflected by increasing alienation not only from the Republicans, who remain enormously unpopular, but increasingly from President Obama and the Democrats as well.108 According to generational chronicler and long-time Democratic activist Morley Winograd, this alienation stems in part from millennials’ experience with government, which often seems clunky and ineffective. “Millennials,” he notes, “have come to expect the speed and responsiveness from any organization they interact with that today’s high tech makes possible.” Experiences from the NSA scandal to long lines at the DMV to the botched website rollout for Obamacare, he suggests, cause “millennials to be suspicious of, if not downright hostile to, government bureaucracies.”109 Ultimately, most Americans, not only millennials, express concern about the evolving class structure, but they remain skeptical about the government’s ability to do much about it. Less than one in five Americans trusts the federal government. Concern over inequality is widespread, but barely two in five see strong federal action as a reasonable way to address it.

., Enterprise and Secular Change: Readings in Economic History (Homewood, IL: Irwin, 1953), p. 28; Henri Pirenne, Economic and Social History of Medieval Europe (New York: Harcourt Brace and World, 1937), p. 45; Carlo Cipolla, Before the Industrial Revolution: European Society and Economy, 1000–1700 (London: Metheun, 1976), p. 182. 44. Pew Charitable Trusts, Economic Mobility Project, http://www.pewstates.org/projects/economic-mobility-project-328061. 45. Richard Henderson, “Industry Employment and Output Projections to 2020,” Monthly Labor Review, vol. 135, no. 1 (January 2012): 65–83. 46. Phillip Longman and Paul S. Hewitt, “After Obamacare,” Washington Monthly, January/February 2014, p. 39. Dan Mangan, “Medical Bills Are the Biggest Cause of U.S. Bankruptcies: Study,” CNBC.com, June 25, 2013, http://www.cnbc.com/id/100840148; Christina LaMontagne, “NerdWallet Health finds Medical Bankruptcy Accounts for Majority of Personal Bankruptcies,” NerdWallet, March 26, 2014, http://www.nerdwallet.com/blog/health/2014/03/26/medical-bankruptcy. 47.

Michael Lind, Land of Promise: An Economic History of the United States (New York: HarperCollins, 2012), pp. 400–2; Harrington, Toward a Democratic Left: A Radical Program for a New Majority (New York: Macmillan, 1968), pp. 77–100. 26. Charles Murray, Losing Ground: American Social Policy 1950–1980 (New York: Basic Books,1984), pp. 14, 25. 27. Harrington, Towards a Democratic Left. 28. Galbraith, The New Industrial State, pp. 32–33, 288–89; Bell, The Coming of Post-Industrial Society, p. 41. 29. Callahan, Fortunes of Change, p. 13; Kathy Robertson, “Obamacare Means Big Business for Lawyers,” Sacramento Business Journal, February 15, 2013; Elizabeth Lesly Stevens, “Will Law School Students Have Jobs after They Graduate?” Washington Post, October 31, 2012. 30. Chris Moody, “Washington, D.C. Area Now the Richest in the Nation,” Yahoo News, October 19, 2011, http://news.yahoo.com/blogs/ticket/washington-d-c-area-now-richest-nation-191806412.html; Chris Edwards, “Overpaid Federal Workers,” Downsizing the Federal Government (Cato Institute), August 2013, http://www.downsizinggovernment.org/overpaid-federal-workers; Charles Lane, “Federal Washington Cashes in on Connections,” Washington Post, January 6, 2014. 31.


pages: 581 words: 162,518

We the Corporations: How American Businesses Won Their Civil Rights by Adam Winkler

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, anti-communist, Bernie Sanders, British Empire, Cass Sunstein, clean water, collective bargaining, corporate governance, corporate personhood, corporate social responsibility, desegregation, Donald Trump, financial innovation, glass ceiling, income inequality, invisible hand, joint-stock company, laissez-faire capitalism, land reform, obamacare, offshore financial centre, plutocrats, Plutocrats, Powell Memorandum, profit maximization, profit motive, race to the bottom, Ralph Nader, Ralph Waldo Emerson, refrigerator car, Robert Bork, Ronald Reagan, Rosa Parks, shareholder value, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, the scientific method, too big to fail, trade route, transcontinental railway, Unsafe at Any Speed, Upton Sinclair, yellow journalism

Rather, Romney and the justices used the language of personhood but employed the logic of piercing. They called corporations “people,” yet pierced the corporate veil, looking right through the corporate form to base the decision on the rights of the corporations’ members. The centerpiece of Romney’s presidential campaign was a promise to repeal and replace President Obama’s signature legislation: the Patient Protection and Affordable Care Act. Popularly known as “Obamacare,” the healthcare law triggered a wave of legal challenges, including a historic, high-profile Supreme Court case on the law’s mandate that nearly all individuals have or buy health insurance. In a 2012 decision that surprised many court watchers, the court upheld the health insurance mandate in a narrow 5–4 decision in which Chief Justice John Roberts sided with the court’s four liberal justices.

Perhaps Roberts was not willing to go along again with such an aggressive approach in another highly politically charged case that threatened to undermine his stated desire for a legacy as a minimalist who kept the court out of politics.2 AT THE IOWA STATE FAIR SOAPBOX, PRESIDENTIAL CANDIDATE MITT ROMNEY SAID, “CORPORATIONS ARE PEOPLE, MY FRIEND.” There was, however, one legal challenge to a smaller piece of Obamacare that succeeded, and it involved the rights of corporations. Hobby Lobby Stores, Incorporated, a national chain of craft stores with over 23,000 employees, filed suit against an Obamacare regulation that required large employers to include birth control in their employees’ health insurance plans. The owners of Hobby Lobby, David and Barbara Green and their three children, were Evangelical Christians who believed some of the mandated forms of birth control caused abortion, which the Greens opposed on religious grounds.

These are both excellent sources on Conkling generally. 2. See Conkling, The Life and Letters of Roscoe Conkling, 3:451, 462, 676–677. 3. For a thorough account of the controversy, see Howard Jay Graham, Everyman’s Constitution: Historical Essays on the Fourteenth Amendment, the “Conspiracy Theory,” and American Constitutionalism (1968); Malcolm J. Harkins III, “The Uneasy Relationship of Hobby Lobby, Conestoga Wood, the Affordable Care Act, and the Corporate Person: How a Historical Myth Continues to Bedevil the Legal System,” 7 Saint Louis University Journal of Health Law & Policy 201 (2014). 4. On the Supreme Court’s courtroom in the 1880s and the society women who attended oral argument, see Clare Cushman, Courtwatchers: Eyewitness Accounts in Supreme Court History (2011), 20, 105–106. 5. See Graham, Everyman’s Constitution, 409–413.


Bit by Bit: How P2P Is Freeing the World by Jeffrey Tucker

Affordable Care Act / Obamacare, Airbnb, airport security, altcoin, bank run, bitcoin, blockchain, business cycle, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Fractional reserve banking, George Gilder, Google Hangouts, informal economy, invisible hand, Kickstarter, litecoin, Lyft, obamacare, Occupy movement, peer-to-peer, peer-to-peer lending, QR code, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, sharing economy, Silicon Valley, Skype, TaskRabbit, the payments system, uber lyft

What else is possible? Entrepreneurs are already experimenting with an Uber model of delivering some form of healthcare online. In some areas, they will bring a nurse to you to give you a flu shot. Other health services are on the way, causing some to speculate on the return to at-home medical visits paid out of pocket (rather than via insurance). 7 What does this innovation do for centralist solutions like Obamacare? It changes the entire dynamic of service provision. The medical establishment is already protesting that this consumer-based, one-off service approach runs contrary to primary and preventive care—a critique that fails to consider that there is no reason why P2P technology can’t provide such care. The world of publishing and movie distribution has had to adapt to the pressure against copyright, which, after all, is a state-created restriction on information sharing.

The difference is that these covers were essentially home productions by regular people, not well-funded, wellconnected artists. The producer-consumer relationship is direct, or, at least, much more so than in the past. Anyone can be a news broadcaster. If you don’t like what that news broadcaster is saying, you can make a response news broadcast and post it right where it can be seen by the same people. We can safely predict that under Obamacare, P2P relationships in health-care provision are going to become more common. With insurers under ridiculous amounts of pressure to provide every conceivable service at controlled prices, service is going to decline, giving rise to direct fiduciary relationships between patients and caregivers. We are going to be cooperating directly. The most radical application of this idea concerns money and finance.


pages: 320 words: 90,526

Squeezed: Why Our Families Can't Afford America by Alissa Quart

Affordable Care Act / Obamacare, Airbnb, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, Donald Trump, Downton Abbey, East Village, Elon Musk, full employment, future of work, gig economy, glass ceiling, haute couture, income inequality, Jaron Lanier, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, Ponzi scheme, post-work, precariat, price mechanism, rent control, ride hailing / ride sharing, school choice, sharing economy, Silicon Valley, Skype, Snapchat, surplus humans, TaskRabbit, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, women in the workforce, working poor

Presser, “The Economy That Never Sleeps,” Contexts 3, no. 2 (2004): 42. The average American adult: Lydia Saad, “The ‘40-Hour’ Workweek Is Actually Longer—by Seven Hours,” Gallup News, August 29, 2014, http://news.gallup.com/poll/175286/hour-workweek-actually-longer-seven-hours.aspx. the number of part-timers working: Ben Casselman, “Yes, Some Companies Are Cutting Hours in Response to ‘Obamacare,’” FiveThirtyEight, January 13, 2015, https://fivethirtyeight.com/features/yes-some-companies-are-cutting-hours-in-response-to-obamacare/. According to U.S. Bureau of Labor Statistics: “Employment Projections,” U.S. Bureau of Labor Statistics, Washington, D.C., https://data.bls.gov/projections/occupationProj. one such company, Kid Care Concierge: Kid Care Concierge, http://kidcareconcierge.com/. As Rachel Cusk writes Rachel Cusk, A Life’s Work: On Becoming a Mother (New York: St.

Internationally, such a grant is the norm: in Sweden, for instance, the kid allowance is considered money for rent, smorgasbords, or additional baby furniture. How barbaric that in our country many of us get so little support for raising our children. Beyond a broad allowance for families, the elemental solution would be high-quality, across-the-board, way-better-subsidized day care. For families headed by one parent or where parents both work, the need for a day-care system is clear—something akin in philosophy and reach to the much-embattled Obamacare—for the adequate nurturance of children across our land. That decent child care is currently a sign of social privilege is simply outrageous. Broad-based, accessible, adequately subsidized day care would also make the lives of day-care workers like those you’ve met in Squeezed more secure as well; the women earning their livings in the child-care field are usually subsisting in dedicated poverty.


The End of Accounting and the Path Forward for Investors and Managers (Wiley Finance) by Feng Gu

active measures, Affordable Care Act / Obamacare, barriers to entry, business cycle, business process, buy and hold, Claude Shannon: information theory, Clayton Christensen, commoditize, conceptual framework, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, disruptive innovation, diversified portfolio, double entry bookkeeping, Exxon Valdez, financial innovation, fixed income, hydraulic fracturing, index fund, information asymmetry, intangible asset, inventory management, Joseph Schumpeter, Kenneth Arrow, knowledge economy, moral hazard, new economy, obamacare, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, race to the bottom, risk/return, Robert Shiller, Robert Shiller, shareholder value, Steve Jobs, The Great Moderation, value at risk

This, along with our first proposal to avoid the valuation in financial reports of nontraded assets/liabilities, will go a long way to restore the reliability of financial information.30 And now for our third and last proposal. III. MITIGATE ACCOUNTING COMPLEXITY Here is the Lev-Gu law of the dynamics of regulation: Regulatory systems strive to be even more complex than the structures or institutions they were charged to regulate. A race to the bottom, so to speak. If you doubt the universality of our law, think of the 1,990 pages of the original 2009 Affordable Health Care Act (Obamacare), ballooning to about 20,000 pages four years later,31 or the Dodd–Frank Wall Street Reform and Consumer Protection Act, originally at 848 pages, and mushrooming to 13,789 pages as of July 2013 (and still going strong—the length, we mean).32 And not only in America: No regulatory agency rivals the European Union in scope, intrusion, and complexity of regulation. Accounting is no exception. The organization and operations of business enterprises, particularly the global ones, are obviously quite complex, but the regulations concerning the accounting and reporting on these operations exceed even business complexity.

He proposed providing a triple-column income statement: a column informing on fact-based revenues and expenses, a second to summarize the estimates in revenues and expenses, and a “totals” column, identical to today’s income statement (see Yuji Ijiri, Cash Is a Fact, but Income Is a Forecast, working paper (Pittsburgh: Carnegie Mellon University, 2002)). No doubt, such a clear separation of facts from estimates will be highly informative to investors. 31. The 1,990-page number is from Computational Legal Studies, November 8, 2009. Rep. Richard Hudson (R-NC.) speaking on “Fox and Friends” on May 13, 2013, said: “Implementation [of Obamacare] has also become a bureaucratic nightmare, with some 159 new government agencies, boards, and programs busily enforcing the 20,000 pages of rules and regulations already associated with this law.” 32. Joe Mont, “Three Years in, Dodd-Frank Deadlines Missed as Page Count Rises,” Compliance Week (July 22, 2013). 33. A demonstration: Barron’s (July 27, 2015, p. 20) wrote the following about the transportation ticketing company Cubic Corp.: “Earnings are expected to drop 30 percent in the fiscal year ending September . . . .

AARP members, impact 149 Acceleration (operations) 7 Accounting 31–32 advocacy 240 bottom line 116–117 complexity 61 fighting 223–224 mitigation 221–222 reasons 222 complication 61–62 contribution, trivialization 46–47 decline 81 defense 70 estimates domination 95–96 impact 98–100 increase 100–101 problems 79 proliferation, reversal 219–221 reliability, enhancement 98 events 105–107 expenses, breakdown (usage) 175–176 facts 94 absence 79 fairness 35–36 fault 50 fiction 94 graveyards 86 impact, intention 17–18 information (usefulness loss), investor interest 68–70 link, absence 104–105 losses 57–58 procedures, structure (impact) 35 recognition, delay 105–106 records, triggers 79–80 reform agenda 213 regulations, proliferation 56–57 relevance decrease 37, 41, 89f loss 88–90 reporting, direction (change) 214 revitalization 213–214 ROE 22 rules, change (demand) 90 Strategic Resources & Consequences Report issue 197 treatment. See Intangible assets. uncertainty/vagueness, example 94–95 usefulness, quest 62 Accounts receivable 96 Acquired intangibles, certainty 84 Adjusted coefficient of variation (R2 ) 33, 89, 108 Affordable Health Care Act (Obamacare) 221 Agent-driven policies 152 Agents, importance 152–153 All-in sustaining costs (AISC) 204 Allstate advertising campaign 155 Drive Wise car device 152 online customers 156 rate-increasing policy 151 Alphabet (Google) 120 Amazon, patents 78 247 248 Ambiguity, increase 68–69 American Airlines, balance sheet 87 Amgen, Inc. market share data, inconsistency 169 sales 169 Amortization 95 estimate 79 Analyst forecasts 45, 46f performance-related information source 44 release 46–47 Analysts ambiguity, increase 64f guidance 15–17 impact 62 pipeline questions, Pfizer response 200–201 pipeline-related questions, number/percentage 202f questions 114–115 Annual earnings releases 44 Annual report, extensiveness 5 Apple brand, value 234 car streaming market 140 patents 78 problem 90 Arm’s-length transactions 83–84 Assets amortization 216–217 conceptual assets 82 deployment, outcomes 125 fair valuation 37–38 fair values 61 obsolescence 124 real assets 82 recognition 78 treatment (intangible assets) 214–217 write-downs 109 write-offs 37, 97 AstraZeneca 166 Actavis acquisition 164 drug extension 174 stock price loss 104–105 Auden McKenzie 164 SUBJECT INDEX Bad debt expense 220 Bad-debt reserve 79 Balance sheet 4, 5 corporate balance sheets, recognition 78 distortion 37 usage 7 Bayer, brand (value) 234 Berkshire Hathaway 153 Beta tests 105 Biotech, Strategic Resources & Consequences Report 163 Blackberry patents, problem 90 Blue Book 97 Boeing, innovation strategies 85 Book-to-bill ratio 204 Book value impact 31f investor usage 32–33 problems 34–35 regression 89f relevance-loss 34–35 share 35f Book value of equity (BV) 38 Bottom line 116–117 Brands 234 creation 134 development 153 enhancement 175 British Petroleum (BP) household name 180 problems 189 Buffett, Warren 37, 53, 97, 153 Build-to-order business model 232 Businesses enterprises evolution 53 long-term objective 119–120 failure 90 fundamentals 58 organization, change 6–7 processes 78, 83 IT support 122–123 volatility, decrease 71–73 BV.


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Melting Pot or Civil War?: A Son of Immigrants Makes the Case Against Open Borders by Reihan Salam

Affordable Care Act / Obamacare, Bonfire of the Vanities, charter city, delayed gratification, Donald Trump, Edward Glaeser, ghettoisation, guest worker program, illegal immigration, immigration reform, income inequality, income per capita, industrial robot, interchangeable parts, job automation, low skilled workers, low-wage service sector, mass immigration, megacity, new economy, obamacare, open borders, race to the bottom, self-driving car, Silicon Valley, special economic zone, two tier labour market, upwardly mobile, urban decay, working poor

Drawing on data from the 2011 American Community Survey and the 2008 Survey of Income and Program Participation, the Migration Policy Institute released a detailed profile of the unauthorized population in 2013,22 and the results were eye-opening. Just under one third (32 percent) of unauthorized immigrant adults lived in families below the poverty level, and 62 percent lived in families earning less than 200 percent of the poverty level. Only 14 percent lived in families earning more than 400 percent of the federal poverty level, the cutoff for Obamacare subsidies. A narrow 51 percent majority of unauthorized children lived in families earning less than the federal poverty level, 78 percent lived in families earning less than 200 percent of the poverty level, and only 8 percent lived in families earning more than 400 percent. This is despite the fact that employment among unauthorized immigrants is high: 79 percent of men and 48 percent of women were employed in 2011.23 This makes for a total of just under 7.25 million unauthorized laborers in the U.S. workforce, a figure that doesn’t include those who do informal work.

., 138–39 U.S. retirees in, 135–38 midcentury America, 16–17, 79, 80 middle-class melting pot, 26–29 migrant worker programs, 58–60, 98–99, 111–14 minimum wage, 47–48, 97, 107 model minority illusion, 38–44 monogenerational immigration systems, 57–61, 102 multigenerational immigration systems, 57–61 Muslim immigrants, 3–4, 89–90 Napoleonic Wars, 73 National Academies of Sciences, Engineering, and Medicine (NAS), 53–55, 56 National Affairs, 162 nativism, 91, 105 naturalization, 23 New Deal, 14, 16–17, 80 New York City attempted bombing of 2017, 2–3, 4, 6–7 author’s immigrant story, 63–64, 67–68, 75–76 Bangladeshi community, 64, 74–78 civil unrest in, 181–82 New York Times, The, 61 New York University, 121 Nigeria per capita income, 132–33 population growth, 140 “non-zero-sum mobility,” 79 Northwestern University, 52 Obama, Barack, 9–11, 49 Obamacare, 174 offshoring, 12–13, 94–96, 102–7, 123, 135 of caregiving, 137–38 South Korean model, 103–4 virtual immigration, 148–50 Okun, Arthur, 118 open border advocates, 4–5, 8–11, 84, 113, 115, 188. See also immigration advocates open borders immigration policies, 59, 108–9 open vs. closed borders, 11 Page, Marianne, 178 parental leave, 47 people smuggling, 82, 134 per capita income, 131–33 Perdue, David, 169 Personal Responsibility and Work Opportunity Act of 1996, 50–51 Peters, Margaret E., 105 Pethokoukis, James, 117 “place discount,” 149 points-based immigration system, 4, 169–73 population growth, 140–41 Posner, Eric, 113–14, 128, 162, 171 Postel, Hannah, 111–12 postwar America, 16–17, 79, 80 poverty rates, 22–25, 34, 35–36, 43 presidential election of 2016, 90–91, 157–58, 159–60 Princeton University, 168 Pritchett, Lant, 108–9, 111, 113 productivity, 28, 80, 96, 156 progressive tax code, 55–56 pro-immigration advocates.


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The Patient Will See You Now: The Future of Medicine Is in Your Hands by Eric Topol

23andMe, 3D printing, Affordable Care Act / Obamacare, Anne Wojcicki, Atul Gawande, augmented reality, bioinformatics, call centre, Clayton Christensen, clean water, cloud computing, commoditize, computer vision, conceptual framework, connected car, correlation does not imply causation, creative destruction, crowdsourcing, dark matter, data acquisition, disintermediation, disruptive innovation, don't be evil, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Firefox, global village, Google Glasses, Google X / Alphabet X, Ignaz Semmelweis: hand washing, information asymmetry, interchangeable parts, Internet of things, Isaac Newton, job automation, Julian Assange, Kevin Kelly, license plate recognition, lifelogging, Lyft, Mark Zuckerberg, Marshall McLuhan, meta analysis, meta-analysis, microbiome, Nate Silver, natural language processing, Network effects, Nicholas Carr, obamacare, pattern recognition, personalized medicine, phenotype, placebo effect, RAND corporation, randomized controlled trial, Second Machine Age, self-driving car, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, Snapchat, social graph, speech recognition, stealth mode startup, Steve Jobs, the scientific method, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Turing test, Uber for X, uber lyft, Watson beat the top human players on Jeopardy!, WikiLeaks, X Prize

In 2014, the Institute of Medicine issued a report on medical education, assessing the physician workforce with a key conclusion about the looming shortage: “does not find any credible evidence to support such claims.”106e Echoing this conclusion, a most unlikely bipartisan combination of authors—Scott Gottlieb and Ezekiel Emanuel—representing extreme views of the Republican and Democratic parties, respectively, wrote a pointed piece, “No, There Won’t Be a Doctor Shortage.”107 While acknowledging the aging of the population and the increased demand related to thirty million newly insured Americans via the Affordable Care Act, they declared: “The road to Obamacare has seen its share of speed bumps, as well as big potholes. But a physician shortage is unlikely to be one of its roadblocks.”107 Beyond echoing the use of nurses, pharmacists, dieticians, health aides, and other nonphysicians, and the profound waste in American health care (as reviewed in Chapter 8), they aptly point out: “Innovations, such as sensors that enable remote monitoring of disease and more timely interventions, can help pre-empt the need for inpatient treatment.”107 And that is just the beginning of how innovative technology and unplugged medicine can markedly improve the efficiency of physicians.

So although the AMA has more than 100,000 practicing physicians in its ranks, it represents only 15 percent of practicing physicians in the country.26 This reflects substantial attrition from the 1950s when the AMA had roughly 75 percent of American physicians as members. Despite representing only a minority of physicians in the United States, the AMA has immense lobbying power with the government and a history of exerting this force on health care policy, such as with the Affordable Care Act, the origins of Medicare, and the influence of health maintenance organizations. In the interest of full disclosure, back in 2012, I had a bit of a flap with the AMA after the Wall Street Journal published an interview with me on innovation in medicine, which contained the following: WSJ: What are roadblocks for moving to this new world? DR. TOPOL: But what has really gotten me stirred up is the issue of whether patients should have access to their own health data.

Now we’re ready to move on to the specific types of information that will be increasingly accessible for any individual, and that will irrevocably alter one’s medical future. * She became one of about 250,000 women each year who have such testing. At the time this was done, there was only one company that did sequencing of BRCA genes—Myriad Genetics—and the cost was between $3,000 and $4,500. Health insurance companies would have defrayed this cost because of fulfilling coverage criteria. In 2014, with the implementation of the Affordable Care Act in the United States, insurers are now required to fully reimburse the cost of BRCA sequencing for women with qualifying risk. † And while on the subject of family, it will be important for Jolie’s three biologic children to have BRCA genomic screening. Someday one of them, when having children of their own, could have their eggs or embryos screened for in vitro fertilization to be certain the BRCA mutation is not passed along


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Work Optional: Retire Early the Non-Penny-Pinching Way by Tanja Hester

"side hustle", Affordable Care Act / Obamacare, Airbnb, anti-work, asset allocation, barriers to entry, buy and hold, crowdsourcing, diversification, estate planning, financial independence, full employment, gig economy, hedonic treadmill, high net worth, index fund, labor-force participation, longitudinal study, medical bankruptcy, mortgage debt, obamacare, passive income, post-work, remote working, rent control, ride hailing / ride sharing, risk tolerance, stocks for the long run, Vanguard fund

It’s an odd arrangement, to have our employers dictate to us what plans we can choose from and how much they cost, but it’s the system we have. And until recently, this system made early retirement and all forms of work-optional living much more challenging than they are now, because people younger than Medicare-qualification age (65) had few options for obtaining health insurance on their own. That all changed with the passage of the Affordable Care Act (ACA) in 2010, also known as Obamacare. In addition to creating an individual marketplace that allows people to buy plans directly from insurers instead of having to go through an employer or expensive insurance broker, the ACA also made most types of preventive care entirely free, it allowed kids to stay on their parents’ insurance until age 26, and it outlawed old practices of denying coverage for preexisting conditions.

While the appeal of robo advisors is obvious, setting up an index fund investment strategy is no more difficult and will save you fees. Health Savings Accounts (HSAs) Though it’s called a savings account, an HSA can be an excellent investment vehicle for early retirement and traditional retirement because it can function as both a savings account and an investment account in which you allocate funds to the investment vehicles of your choice based on what your account provider offers. The Affordable Care Act (ACA) includes a provision that allows employers to offer high-deductible health plans and allows individuals to buy similar plans on the health care exchanges that then allow the individual to open an HSA, a portable investment account that allows individuals to save for large health care expenses. An HSA can have significant tax benefits, but it is not without some major drawbacks. On the benefits side, HSAs are the rare investment vehicle that are triple tax advantaged: Dollars contributed to the accounts are either tax-deductible if saved by an individual or pretax if deducted from an employee’s payroll, the interest earned on the account will never be taxed, and account holders can withdraw money tax-free to pay for qualified medical expenses.

Maintain the Right Insurance While insurance is not a guarantee that you’ll never have large, out-of-pocket expenses, carrying the right insurance in early retirement will insulate you financially against some of the worst challenges. We’ve discussed at length the importance of maintaining excellent health insurance. According to Families USA, two-thirds of medical bankruptcies happen among people with health insurance—and that’s a stat that reflects the passage of the Affordable Care Act, when many more people are insured now. It’s a critical reminder not just to stay insured but also to keep yourself protected by solid insurance with good coverage levels and a reasonable out-of-pocket maximum that you could theoretically afford to pay every year. If paying a particular plan’s out-of-pocket maximum for a few years would devastate your early retirement finances, find another insurance plan with a lower max.


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Dual Transformation: How to Reposition Today's Business While Creating the Future by Scott D. Anthony, Mark W. Johnson

activist fund / activist shareholder / activist investor, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, Amazon Web Services, autonomous vehicles, barriers to entry, Ben Horowitz, blockchain, business process, business process outsourcing, call centre, Clayton Christensen, cloud computing, commoditize, corporate governance, creative destruction, crowdsourcing, death of newspapers, disintermediation, disruptive innovation, distributed ledger, diversified portfolio, Internet of things, invention of hypertext, inventory management, Jeff Bezos, job automation, job satisfaction, Joseph Schumpeter, Kickstarter, late fees, Lean Startup, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Minecraft, obamacare, Parag Khanna, Paul Graham, peer-to-peer lending, pez dispenser, recommendation engine, self-driving car, shareholder value, side project, Silicon Valley, Skype, software as a service, software is eating the world, Steve Jobs, the market place, the scientific method, Thomas Kuhn: the structure of scientific revolutions, transfer pricing, uber lyft, Watson beat the top human players on Jeopardy!, Y Combinator, Zipcar

One of the most seminal was his theory that outperformance comes from picking industry circumstances in which five forces (barriers to entry, supplier power, buyer power, competitive rivalry, and threat of substitution) support success. In 2011, health insurance companies certainly appeared to have the Porterian wind at their backs. Spending on health care had grown from roughly 6 percent of gross domestic product in the 1960s to almost 20 percent, a number that dwarfs the spending of any other country in both absolute and relative terms. Although the 2010 Affordable Care Act, colloquially known as Obamacare, had the potential to put pricing pressures on pharmaceutical and medical device companies, it looked like a panacea to insurance companies. After all, a key provision of the act was that every American needed to have health insurance, which meant that roughly fifty million uninsured people became target customers. In the face of all of this, Aetna CEO Mark Bertolini decided to blow the company up.

TABLE 5-1 Early signals of disruption at three companies Early warning sign Aetna (2010) Netflix (2008) Turner (2007) Change in customer loyalty Not material, but insurance providers generally are not “loved” brands Not material Channel proliferation driving decrease in ratings Venture funding Health care IT had been funded aggressively for 10+ years New content models had been funded aggressively New content models had been funded aggressively Policy change Affordable Care Act Nothing material Nothing material Emergence of disruptors at the fringes Google and Microsoft attempting to create electronic medical records, new online-only insurance models YouTube, Hulu, and other online streaming services emerging Netflix, YouTube, and Facebook present but nascent Customer habit change Customers using web to diagnose; postrecession cost consciousness Fringe customers with high bandwidth watching on laptops and phones vs.

Index AbbVie, 19 Ablaza, Gerry, 111, 127–128, 142, 184–185, 189 on aligning leadership and boards, 193 on importance of senior support, 192–193 acquisitions for capability development, 66–69 crises of commitment and, 158–163 pharmaceutical industry, 22–23 at SingPost, 51, 52–53 at Singtel, 145 ACS, 67 additive manufacturing, 202–203 adjacencies, 22–23 Adobe acquisitions and partnerships at, 67 business model innovation at, 40, 42 commitment to transformation A at, 44 experimentation at, 148–149 focus at, 117 postdisruption job to be done at, 39 transformation A at, 31–32, 33 transformation journey at, 181 AdSense, 48 Adult Rock Band, 186 advertising at Google, 48, 61, 77 at Manila Water, 127 newspapers and, 3, 77 at Turner, 96, 99 AdWords, 48, 61 Aetna, 23, 87, 182–183 crises of conflict at, 168 decision making at, 99–102 early warning signs at, 108 purpose at, 177 Affiliated Computer Services (ACS), 14, 64 Affordable Care Act, 100 Alibaba Group, 52–53, 67, 201–202, 203 “aliens,” in transformations, 68–69 alignment, 193–194 overestimation of, 119 transformation blurbs and, 129 Alipay, 201–202 Alliance Boots, 60 Alphabet, 47–48, 54 Altman, Elizabeth, 62 Amara, Roy, 104 Amazon, 53–55, 66 business model of, 106 drone-based deliveries, 203 statement of purpose, 178 Amazon Web Services (AWS), 53–55 America Online, 27 Amobee, 145, 188 Andreessen, Marc, 2–3, 206 Andreessen Horowitz, 206 Android, 4, 92 Anthony, Scott D., 62–63, 72–73, 81 on disruptive potential of YouTube, 108 on risk management, 65 Apple, 4, 8 acquisitions and partnerships at, 67 developer kit, 152 focus at, 116, 132 influence of Xerox on, 13 iPhone, 4, 92–93 transformation journey at, 181–182 arbitration, 86–87 Arizona State University (ASU), 56–57, 59, 183–184 partnerships with, 67 Arrested Development, 35 Ayala Corporation, 117, 143–144 Ayala Group, 184 Aztec empire, conquest of, 43 Baffrey, Robert “Boogz,” 127 Baier, Wolfgang, 52, 53 balance in capabilities link, 75 crises of commitment and, 158–160 curiosity to explore and, 139 between transformations A and B, 173–175 Balsillie, Jim, 4 banking, 151–152, 200–202 Barnes & Noble, 12–13 barriers to consumption, identifying, 61–62 Baxter International, 64, 86 behavior celebrating desired, 149–150 changes in customer, 105 predictors of, 63 Bell Labs, 115 Benioff, Marc, 27–28, 151 Berkshire Hathaway, 156 Berners-Lee, Tim, 3 Bertolini, Mark, 23, 87, 100–102, 168, 182–183 on aligning leadership and boards, 193 on communication, 195 on crises of commitment, 187 on crises of conflict, 190 on focus, 194 on quieting critics, 191–192 Bezos, Jeff, 53–55 BlackBerry, 4 Blank, Steve, 65, 153 Blockbuster Video, 32–33, 34 boards, 11, 166–167, 193–194 Boeing Planner, 78 Bohm, David, 130 Borders, 12–13 Boston Red Sox, 1, 3 boundaries, determining, 121–123, 215 Brigham Young University-Idaho (BYU-Idaho), 9, 59 business model at, 41, 42 commitment to transformation A at, 44 exchange team at, 84 identity change at, 170 the job to be done at, 37–38 postdisruption job to be done at, 39 superheroes at, 174–175 transformation B at, 57–58 Bryan, J.


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Doctored: The Disillusionment of an American Physician by Sandeep Jauhar

Affordable Care Act / Obamacare, delayed gratification, illegal immigration, income inequality, Induced demand, medical malpractice, moral hazard, obamacare, profit motive, randomized controlled trial, source of truth, stem cell, The Wealth of Nations by Adam Smith, Yogi Berra

This case, in which expert consultations sprouted with little rhyme, reason, or coordination, reinforced a lesson I learned many times in my first year as an attending: In our health care system, if you have a slew of physicians and a willing patient, almost any sort of terrible excess can occur. There are many downsides to having too many doctors on a case. Specialists’ recommendations are often at cross-purposes. The kidney doctor advises “careful hydration”; the cardiologist, discontinuation of intravenous fluid. Because specialists aren’t paid to confer with one another or coordinate care—at least as of this writing; Obamacare is looking to put into place payment systems that will do just this—they often leave primary attendings without a clear direction as to what to do. More important, patients don’t always require specialists. Patients often have “overlap syndromes” (we used to call it aging), which cannot be compartmentalized into individual problems and are probably best managed by a good general physician. When specialists are called in, they are apt to view each problem through the lens of their specific organ expertise.

Nevertheless, many self-employed doctors recoil at the idea of institutional employment and intrusion on their decision-making authority. Another option is to use bundled payments. A major driver of overutilization is that doctors are paid piecework. There is less of an incentive to increase volume if payments are packaged (e.g., for an entire hospitalization) rather than discrete for every service. Yet another possibility is “accountable care organizations” advanced by Obamacare, in which teams of doctors would be responsible (and paid accordingly) for their patients’ clinical outcomes. Of course, such a scheme would force doctors to work together and to coordinate care. Unfortunately, most doctors, notoriously independent and already smothered in paperwork, have generally performed poorly in this regard. However, if we want to maintain the current fee-for-service system, reforms will have to focus less on payment models and more on education.

A physician recently wrote online: “The reason we are feeling ‘burnout’ is that there does not seem to be any hope for things to get better.” Another said, speaking for many in private practice who stand to lose the most from policy proposals to restrict fee-for-service and encourage greater use of nurse practitioners and physician’s assistants to do what was formerly doctors’ work, “We look forward to a future of a fully implemented Obamacare where physicians are but meaningless pawns in the hands of those who are pushing this absurd social experiment.” Such irrational anger, the almost operatic self-pity, has become commonplace. I encountered it countless times those first few years at LIJ. Colleagues would complain: We are not being allowed to work in a market economy. We are not being allowed to charge what the market will bear, or for what we should be able to charge on the basis of our expenses and our education, thanks to the “price-fixing” that starts with Medicare and trickles down to other insurers.


Falter: Has the Human Game Begun to Play Itself Out? by Bill McKibben

23andMe, Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, Anne Wojcicki, artificial general intelligence, Bernie Sanders, Bill Joy: nanobots, Burning Man, call centre, carbon footprint, Charles Lindbergh, clean water, Colonization of Mars, computer vision, David Attenborough, Donald Trump, double helix, Edward Snowden, Elon Musk, ending welfare as we know it, energy transition, Flynn Effect, Google Earth, Hyperloop, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, life extension, light touch regulation, Mark Zuckerberg, mass immigration, megacity, Menlo Park, moral hazard, Naomi Klein, Nelson Mandela, obamacare, off grid, oil shale / tar sands, pattern recognition, Peter Thiel, plutocrats, Plutocrats, profit motive, Ralph Waldo Emerson, Ray Kurzweil, Robert Mercer, Ronald Reagan, Sam Altman, self-driving car, Silicon Valley, Silicon Valley startup, smart meter, Snapchat, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, supervolcano, technoutopianism, The Wealth of Nations by Adam Smith, traffic fines, Travis Kalanick, urban sprawl, Watson beat the top human players on Jeopardy!, Y Combinator, Y2K, yield curve

(In case you’re wondering: in the event of a “potentially uncontained military conflict in which the global superpowers get involved,” the yield curve on Eurobonds would “likely flatten due to weaker risk appetite.”)12 Because this is so contrary to our nature, eventually even the U.S. political system will work its way back to some kind of balance. The Koch brothers may well have hit their zenith. Political scientists crunching the polling data said that the Kochs’ two signature laws (the attempted repeal of Obamacare and the successful tax “reform” package) were the “most unpopular pieces of major domestic legislation of the past quarter-century,” the journalist Michael Tomasky points out. Of the nine most popular recent laws, he observes, “eight pursued what could broadly be defined as liberal goals, like gun control and environmental protection.”13 For the last few years, America’s most liked politician, by far, has been a socialist, Bernie Sanders, who campaigned on the antilibertarian slogan “Not Me, Us,” and who holds up Scandinavia as a model.

These men happened to be in a place where they could use their power to slow us down precisely at the moment when we needed to speed up, at the moment when one more burst of carbon would break the planet. And so, they’ve become permanently powerful. Millennia after they’ve lost the ideological fights, the sea level will still be rising. They’ve scrawled their names into geological history, ugly graffiti that scientists will be deciphering millions of years into the future (assuming there are scientists). Many of the same people managed to cripple Obamacare, too, which is a tragedy—it means lots of people will suffer unnecessarily and die. But when eventually our politics escapes their grip, it won’t be impossible to build a health care system like those in all the other nations of the world. Climate change is different. Once the Arctic melts, there’s no way to freeze it back up again, not in human time. The particular politics of one country for one fifty-year period will have rewritten the geological history of the earth, and crimped the human game.

Koch, Mary Koch, William “Bill” Kodas, Michael Kona Korea Krueger, Alan Kumkum Bhagya (soap opera) Kurzweil, Fredric Kurzweil, Ray Kyoto Protocol labor law labor unions Lahore, Pakistan laissez-faire Lanier, Jaron Las Vegas lead poisoning Leap Manifesto Lear, Norman Leary, Timothy Lee, Kai-fu LeFevre, Robert leukemia leverage Lewis, Seko Serge Lexington, Battle of libertarianism Libertarian Party life expectancy lightning strikes limestone limits Limits to Growth, The (Meadows) Lindbergh, Charles lobster fisheries Locklear, Samuel Lomé, Togo London Los Angeles Los Angeles Times Louisiana Lovelock, James Lowndes County, Alabama Luntz, Frank Lyme disease Machine Intelligence Research Institute MacLean, Nancy Maduro malaria Mallory, George Maltese Falcon (yacht) Mann, Michael Manson, Charles manufacturing MAOA gene variant marine species Maris, Bill markets marlin Mars Marsh, George Perkins Marshall Islands mass extinctions Matchright maturity Mauryan Empire Mayans Mayer, Jane McArthur Forest Fire Danger Index McCain, John Medicaid Medicare Megafire (Kodas) Mehlman, Maxwell Mekong Delta meltwater pulse 1A Mercer, Robert Merkle, Ralph Merritt Island Wildlife Refuge methane Mexico Miami Beach Microsoft migration Mill, John Stuart Miller, Dean Milner, Yuri Milosevic, Slobodan Minsky, Marvin Mises, Ludwig von Mississippi Delta MIT Technology Review Mongolia Monsanto Montgomery Bus Boycott Mont Pelerin movement Montreal Montreal Protocol More, Max mortality Moses, Robert Mount Kenya MSTN gene Muir, John Mumbai Murdoch, Rupert Musk, Elon Nabokov, Vladimir nanobot blood cells National Academy of Medicine National Academy of Sciences National Aeronautics and Space Administration (NASA) National Cancer Institute National Coal Association National Energy Policy Act (proposed) National Geographic National Governors Association National Journal National Oceanic and Atmospheric Administration (NOAA) national parks and monuments Native Americans natural gas Nature Nawabshah, Pakistan Nazi Germany Nectome neoliberalism Neolithic period Nepal Netherlands New Deal NewsCorp New York New Yorker New York Times Magazine Nietzsche, Friedrich Niviana, Aka Nixon, Richard Nokia nonviolence North America North American Free Trade Agreement (NAFTA) North Carolina North Korea Norway Novartis nuclear power Nuclear Test Ban Treaty nuclear weapons nutrition Obama, Barack Obamacare Objectivist oceans. See also sea ice; sea level rise; acidification of carbon absorbed by dead zones in oxygen production in plastic waste in warming of Octopus (yacht) Off-Grid Electric Office of Energy Efficiency and Renewable Energy oil oil and gas industry climate change research and ideology and leverage and methane leaks and Paris accords and Oklahoma Olduvai Gorge Oman Omohundro, Stephen M.


pages: 1,034 words: 241,773

Enlightenment Now: The Case for Reason, Science, Humanism, and Progress by Steven Pinker

3D printing, access to a mobile phone, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Alfred Russel Wallace, anti-communist, Anton Chekhov, Arthur Eddington, artificial general intelligence, availability heuristic, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, Black Swan, Bonfire of the Vanities, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, clockwork universe, cognitive bias, cognitive dissonance, Columbine, conceptual framework, correlation does not imply causation, creative destruction, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, decarbonisation, deindustrialization, dematerialisation, demographic transition, Deng Xiaoping, distributed generation, diversified portfolio, Donald Trump, Doomsday Clock, double helix, effective altruism, Elon Musk, en.wikipedia.org, end world poverty, endogenous growth, energy transition, European colonialism, experimental subject, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, first-past-the-post, Flynn Effect, food miles, Francis Fukuyama: the end of history, frictionless, frictionless market, germ theory of disease, Gini coefficient, Hans Rosling, hedonic treadmill, helicopter parent, Hobbesian trap, humanitarian revolution, Ignaz Semmelweis: hand washing, income inequality, income per capita, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), invention of writing, Jaron Lanier, Joan Didion, job automation, Johannes Kepler, John Snow's cholera map, Kevin Kelly, Khan Academy, knowledge economy, l'esprit de l'escalier, Laplace demon, life extension, long peace, longitudinal study, Louis Pasteur, Martin Wolf, mass incarceration, meta analysis, meta-analysis, Mikhail Gorbachev, minimum wage unemployment, moral hazard, mutually assured destruction, Naomi Klein, Nate Silver, Nathan Meyer Rothschild: antibiotics, Nelson Mandela, New Journalism, Norman Mailer, nuclear winter, obamacare, open economy, Paul Graham, peak oil, Peter Singer: altruism, Peter Thiel, precision agriculture, prediction markets, purchasing power parity, Ralph Nader, randomized controlled trial, Ray Kurzweil, rent control, Republic of Letters, Richard Feynman, road to serfdom, Robert Gordon, Rodney Brooks, rolodex, Ronald Reagan, Rory Sutherland, Saturday Night Live, science of happiness, Scientific racism, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Kuznets, Skype, smart grid, sovereign wealth fund, stem cell, Stephen Hawking, Steven Pinker, Stewart Brand, Stuxnet, supervolcano, technological singularity, Ted Kaczynski, The Rise and Fall of American Growth, the scientific method, The Signal and the Noise by Nate Silver, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, total factor productivity, union organizing, universal basic income, University of East Anglia, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, urban renewal, War on Poverty, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y2K

Social spending is an example. The United States is famously resistant to anything smacking of redistribution. Yet it allocates 19 percent of its GDP to social services, and despite the best efforts of conservatives and libertarians the spending has continued to grow. The most recent expansions are a prescription drug benefit introduced by George W. Bush and the eponymous health insurance plan known as Obamacare introduced by his successor. Indeed, social spending in the United States is even higher than it appears, because many Americans are forced to pay for health, retirement, and disability benefits through their employers rather than the government. When this privately administered social spending is added to the public portion, the United States vaults from twenty-fourth into second place among the thirty-five OECD countries, just behind France.34 For all their protestations against big government and high taxes, people like social spending.

When this privately administered social spending is added to the public portion, the United States vaults from twenty-fourth into second place among the thirty-five OECD countries, just behind France.34 For all their protestations against big government and high taxes, people like social spending. Social Security has been called the third rail of American politics, because if politicians touch it they die. According to legend, an irate constituent at a town-hall meeting warned his representative, “Keep your government hands off my Medicare” (referring to the government health insurance program for seniors).35 No sooner did Obamacare pass than the Republican Party made it a sacred cause to repeal it, but each of their assaults on it after gaining control of the presidency in 2017 was beaten back by angry citizens at town-hall meetings and legislators afraid of their ire. In Canada the top two national pastimes (after hockey) are complaining about their health care system and boasting about their health care system. Developing countries today, like developed countries a century ago, stint on social spending.

Another is to have people try to reach a consensus in a small discussion group; this forces them to defend their opinions to their groupmates, and the truth usually wins.89 Scientists themselves have hit upon a new strategy called adversarial collaboration, in which mortal enemies work together to get to the bottom of an issue, setting up empirical tests that they agree beforehand will settle it.90 Even the mere requirement to explicate an opinion can shake people out of their overconfidence. Most of us are deluded about our degree of understanding of the world, a bias called the Illusion of Explanatory Depth.91 Though we think we understand how a zipper works, or a cylinder lock, or a toilet, as soon as we are called upon to explain it we are dumbfounded and forced to confess we have no idea. That is also true of hot-button political issues. When people with die-hard opinions on Obamacare or NAFTA are challenged to explain what those policies actually are, they soon realize that they don’t know what they are talking about, and become more open to counterarguments. Perhaps most important, people are less biased when they have skin in the game and have to live with the consequences of their opinions. In a review of the literature on rationality, the anthropologists Hugo Mercier and Dan Sperber conclude, “Contrary to common bleak assessments of human reasoning abilities, people are quite capable of reasoning in an unbiased manner, at least when they are evaluating arguments rather than producing them, and when they are after the truth rather than trying to win a debate.”92 The way that the rules in particular arenas can make us collectively stupid or smart can resolve the paradox that keeps popping up in this chapter: why the world seems to be getting less rational in an age of unprecedented knowledge and tools for sharing it.


pages: 31 words: 7,670

Why America Must Not Follow Europe by Daniel Hannan

Affordable Care Act / Obamacare, mass immigration, obamacare, quantitative easing, Ronald Reagan, stakhanovite, Upton Sinclair

The trouble is that eventually, the money runs out. Europe is falling further and further behind, sustaining its living standards by borrowing, dwindling as a force in the world. The U.S., which has expanded its federal government by 30 percent since 2008, seems determined to duplicate that error. REPEALING STATE HEALTH CARE: IF IT WERE DONE WHEN ’TIS DONE, THEN ’TWERE WELL IT WERE DONE QUICKLY Once ObamaCare takes hold, it won’t easily be undone. The moment politicians become responsible for treating the sick, it becomes almost impossible to suggest any significant overhaul of the system – or indeed, any reduction in the budget. I can best demonstrate this phenomenon with a personal recollection. In August 2009, I was asked on Fox News whether I’d recommend the British health care model to Americans.


pages: 354 words: 105,322

The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis by James Rickards

"Robert Solow", Affordable Care Act / Obamacare, Albert Einstein, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, Bayesian statistics, Ben Bernanke: helicopter money, Benoit Mandelbrot, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bitcoin, Black Swan, blockchain, Bonfire of the Vanities, Bretton Woods, British Empire, business cycle, butterfly effect, buy and hold, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, cellular automata, cognitive bias, cognitive dissonance, complexity theory, Corn Laws, corporate governance, creative destruction, Credit Default Swap, cuban missile crisis, currency manipulation / currency intervention, currency peg, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, disintermediation, distributed ledger, diversification, diversified portfolio, Edward Lorenz: Chaos theory, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, fiat currency, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, Fractional reserve banking, G4S, George Akerlof, global reserve currency, high net worth, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Isaac Newton, jitney, John Meriwether, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, mutually assured destruction, Myron Scholes, Naomi Klein, nuclear winter, obamacare, offshore financial centre, Paul Samuelson, Peace of Westphalia, Pierre-Simon Laplace, plutocrats, Plutocrats, prediction markets, price anchoring, price stability, quantitative easing, RAND corporation, random walk, reserve currency, RFID, risk-adjusted returns, Ronald Reagan, Silicon Valley, sovereign wealth fund, special drawing rights, stocks for the long run, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, too big to fail, transfer pricing, value at risk, Washington Consensus, Westphalian system

It is more efficient for the state to pay the worker $30,000. The net to the worker is the same, and an inefficient pretense of private salaries and public taxation is eliminated. Schumpeter’s suggestion has found new life in policy proposals for a Basic Guaranteed Income championed in various forms by Bernie Sanders on the left and Charles Murray on the right. The expansion of food stamps, disability payments, Obamacare, Medicare, and the earned income credit are all forms of government income maintenance, evidence of a movement toward true socialism. Schumpeter said democracy was not an ideology in which the will of the people was fulfilled. Instead it was a process by which elites competed for leadership roles. Once an election is over, voters are ignored and winning elites carry out preconceived plans. The United States and other democracies hold elections, yet benefits and bureaucracies balloon, regardless of electoral outcomes.

Fascism is above all belief in the state rather than God or the individual as a source of authority and normative conduct. The fascist project is ratchet-like; it does not always move, but when it does it cannot be reversed. There are long periods like the 1920s and 1980s when the progressive-neofascist project makes little headway. Still, when fascism breaks through as with the New Deal, the Great Society, and Obamacare, the changes are here to stay. Each breakthrough enhances state power at liberty’s expense. Dependency is increased at the expense of self-reliance. Americans barely notice. Fascism’s advance is often aided by a crisis; an application of shock doctrine. Wilson’s authoritarian tendencies were empowered by the First World War. Hoover’s and FDR’s programs were enabled by the Great Depression. LBJ’s ambitions were boosted by the twin traumas of the 1963 Kennedy assassination and 1965 Watts riots in Los Angeles.

Corporations are powerful, yet distinctly subordinate to the state. In a fascist system, a Faustian bargain is struck between big business and big government. Fascists are perfectly willing to allow private companies and private property to exist. They are unwilling to allow private realms to stand in the way of state power. Hospitals and health insurers may be private enterprises, but their products, prices, and policies are controlled by Obamacare. Google, Twitter, and Apple may be private companies, but Internet access and fees are regulated by the Federal Communications Commission, an agency established in 1933 by FDR, almost sixty years before the World Wide Web was launched. Banks are private entities, but are highly regulated under Dodd-Frank, the Federal Reserve Act, and a litany of other statutes. Initially business lobbies against new legislation.


pages: 232 words: 76,830

Dreams of Leaving and Remaining by James Meek

Affordable Care Act / Obamacare, agricultural Revolution, anti-communist, bank run, Boris Johnson, centre right, Corn Laws, corporate governance, Donald Trump, Elon Musk, Etonian, full employment, global supply chain, illegal immigration, Jeff Bezos, low skilled workers, Martin Wolf, mega-rich, Neil Kinnock, North Sea oil, Northern Rock, obamacare, offshore financial centre, race to the bottom, Ronald Reagan, savings glut, Skype, sovereign wealth fund, special economic zone, Stephen Hawking, working-age population

NHS England envisioned that at least some STPs would evolve into something called Accountable Care Systems (ACS), which would eventually become Accountable Care Organisations (ACO). In February, dismayed by hostility among healthcare adepts to the American associations of ‘accountable care’, NHS England came up with a new name: Integrated Care Systems. Since we’ve already had ICS standing for something else, let’s stick with ‘accountable care’. What is it? In the United States, it was spelled out in the Affordable Care Act, also known as Obamacare, as a way for hospitals, community practitioners and local clinics to integrate into a single system to provide complete healthcare to a set of elderly Americans receiving the form of US healthcare that most resembles Britain’s NHS – the mainly taxpayer-funded, partly free at the point of delivery system for over-sixty-fives known as Medicare. Although life expectancy in the US is significantly lower than in Britain, and health spending much higher, Medicare, like the NHS, is straining to cover the medical needs of a growing population of frail elderly people.

Actually rather more than doubt. It was a first for me to hear somebody say, as Louise did: ‘Don’t get me wrong, I’m not for the workhouse. But …’ Building up slowly, then with increasing enthusiasm, determination and evidence of considerable prior thought, Louise Warren laid out an ideal of healthcare and welfare in general that lay somewhere between mid-Victorian England and the modern, pre-Obamacare United States: an England of private medical insurance, self-reliance, self-help, of a reckoning for feckless welfare recipients who don’t understand that pay TV is a luxury, of decent poor people fallen on hard times being helped by acts of charity in the same way the Lincolnshire Chronicle’s ‘simple, kindly country folk’ helped Maud Elizabeth-Norman in 1924, an England which (despite seventy years of evidence to the contrary) simply could not afford to run a national health service from public funds.


pages: 242 words: 73,728

Give People Money by Annie Lowrey

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gig economy, Google Earth, Home mortgage interest deduction, income inequality, indoor plumbing, information asymmetry, Jaron Lanier, jitney, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kodak vs Instagram, labor-force participation, late capitalism, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, mass incarceration, McMansion, Menlo Park, mobile money, mortgage tax deduction, new economy, obamacare, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Ronald Reagan, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, The Future of Employment, theory of mind, total factor productivity, Turing test, two tier labour market, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, War on Poverty, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y Combinator

“In essence, the United States’ peculiar private-based health-care system exists at least in part because of the country’s commitment to maintaining racial hierarchies,” explains the Atlantic writer Vann R. Newkirk II. “The results were deep racial disparities in almost every major disease, an enduring gap in lifespans and mortality, and the creation of entirely separate medical and public-health infrastructures.” Such discrimination persists, even after the passage of the Affordable Care Act. Consider the Obama-era expansion of the Medicaid program to nondisabled, childless adults below or near the poverty line. In a 2012 Supreme Court ruling, states were granted the right to opt out of the federally financed expansion effort. As of mid-2017, just two of the eleven states that made up the Confederacy had taken the expansion, Louisiana and Arkansas. Of the twenty free states in the Union, all had save for three: Maine, Wisconsin, and Kansas.

Millions of low-income families would benefit from having more choice over how to spend such safety-net dollars that way, instantly rendering those dollars more valuable. The United States could also get rid of welfare and create a universal child benefit, something that would eliminate child poverty, support women, and help to build a healthier generation. We could make our existing programs simpler and more universal too. Getting rid of Obamacare’s complicated set of subsidies and letting everyone buy into Medicare or Medicaid is a very different policy proposal than a UBI, but one motivated by the same ideas. Ditto with making the tax code more transparent and less laden with loopholes and shelters, or turning programs like welfare into an entitlement based on income, with no complicated application paperwork, asset testing, or work requirements.


pages: 201 words: 62,452

Calypso by David Sedaris

Affordable Care Act / Obamacare, airport security, Donald Trump, lateral thinking, Maui Hawaii, obamacare

“He’s military, well, retired military, though you never really leave the Marine Corps, do you?” She started explaining what had taken her from North Carolina to Central America, but then the flight attendant came to take a drink order from the guy next to me, and I missed it. Just as I was tuning back in, a man across the aisle tried to open his overhead bin. It was stuck for some reason and he pounded on it, saying to anyone who would listen, “This is like Obamacare: broken.” Several of the passengers around me laughed, and I noted their faces, vowing that in the event of a crisis, I would not help lead them to an emergency exit. You people are on your own, I thought, knowing that if anything bad did happen, it would likely be one of them who’d save me. It would be just my luck. I had passed judgment, so fate would force me to eat my words. After we took off from Atlanta I pulled out my notebook, half making a list of things we’d need for Thanksgiving and half listening to the woman behind me, who continued to talk throughout the entire flight.

They likely didn’t contain many file cabinets, but if you were after puzzles or golf clubs or board games, you’d come to the right place. The people in the houses looked similar as well. We could see them in their kitchens and family rooms, watching TV or standing before open refrigerators. They were white, for the most part, and conservative, the sort of people we’d grown up with at the country club, the kind who’d have sat in the front of the plane and laughed when the man across the aisle compared his broken overhead bin to Obamacare. That said, we could have knocked on any of these doors, explained our situation, and received help. “These folks have a house but don’t know which one it is!” I could imagine a homeowner shouting over his shoulder into the next room. “Remember when that happened to us?” It’s silly, but after a while I started to panic, thinking, I guess, that we could die out there. In the cold. Looking for one of my houses.


pages: 452 words: 134,502

Hacking Politics: How Geeks, Progressives, the Tea Party, Gamers, Anarchists and Suits Teamed Up to Defeat SOPA and Save the Internet by David Moon, Patrick Ruffini, David Segal, Aaron Swartz, Lawrence Lessig, Cory Doctorow, Zoe Lofgren, Jamie Laurie, Ron Paul, Mike Masnick, Kim Dotcom, Tiffiniy Cheng, Alexis Ohanian, Nicole Powers, Josh Levy

4chan, Affordable Care Act / Obamacare, Airbnb, Bernie Sanders, Burning Man, call centre, Cass Sunstein, Chelsea Manning, collective bargaining, creative destruction, crony capitalism, crowdsourcing, don't be evil, facts on the ground, Firefox, hive mind, immigration reform, informal economy, jimmy wales, Julian Assange, Kickstarter, liquidity trap, Mark Zuckerberg, obamacare, Occupy movement, offshore financial centre, peer-to-peer, plutocrats, Plutocrats, prisoner's dilemma, rent-seeking, Silicon Valley, Skype, technoutopianism, WikiLeaks, Y Combinator

For example, some Pentagon officials might want to discredit those sharing information about how the American public were misled into believing Saddam Hussein had weapons of mass destruction. Federal Reserve Chairman Ben Bernanke might seek to prevent exposing the role of the Federal Reserve in bailing out up both American and European banks. Some supporters of the Patient Protection and Affordable Care Act (or “Obamacare”) might want the government’s fact checkers to discredit those who expose how the pharmaceutical industry and the insurance lobby provided sought to enrich themselves by supporting the bill. Taxpayers should not be forced to subsidize a propaganda machine designed to keep them from knowing the truth about their government. Proposals to use the power of the government to discredit and marginalize those who use the Internet to disseminate information are not the only threat to Internet freedom.

Over the last decade, pharmaceutical interests have spent almost two billion dollars lobbying U.S. government branches to meet commercial goals, such as preventing drug price negotiations and new importation laws to lower domestic prices. Additionally, the Obama administration made a deal with the pharmaceutical industry; the administration would drop its tacit support of drug importation in exchange for industry support of Obamacare and modest price rebates to government health care programs. Had SOPA become law, search engines, domain registrars and registries, credit card companies, payment processors and advertisers would be encouraged to refuse their services to safe online pharmacies. Supporters of SOPA obtusely pointed to the bill’s language on online pharmacies to argue that the bill was not only about protecting intellectual property and copyrights but protecting lives.

Specifically, government guarantees of health care—a Medicare-for-all program, more efficient than the private insurance system—and pensions more robust than Social Security—would give Americans some assurance that they wouldn’t starve. They’d enable entrepreneurship, as health care access is a concern that forces people to scurry towards and hold onto jobs they don’t want instead of starting their own shops (though this predicament will be somewhat improved under Obamacare). The appropriate societal response to hard economic times and workers’ desires for portable retirement plans isn’t to convert traditional pensions into 401(k)s—rather, it’s to institute a robust federal pension system. A step between here and there would be to adopt the plans most Europeans have access to—much more robust even under austerity than the crumbs we toss at American seniors. Such programs would also relieve employers of the burdens of carrying the cost of benefits and would generate economies of scale from which society doesn’t benefit at present.


pages: 282 words: 80,907

Who Gets What — and Why: The New Economics of Matchmaking and Market Design by Alvin E. Roth

Affordable Care Act / Obamacare, Airbnb, algorithmic trading, barriers to entry, Berlin Wall, bitcoin, Build a better mousetrap, centralized clearinghouse, Chuck Templeton: OpenTable:, commoditize, computer age, computerized markets, crowdsourcing, deferred acceptance, desegregation, experimental economics, first-price auction, Flash crash, High speed trading, income inequality, Internet of things, invention of agriculture, invisible hand, Jean Tirole, law of one price, Lyft, market clearing, market design, medical residency, obamacare, proxy bid, road to serfdom, school choice, sealed-bid auction, second-price auction, second-price sealed-bid, Silicon Valley, spectrum auction, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, The Wealth of Nations by Adam Smith, two-sided market, uber lyft, undersea cable

Under the present rules, it is in many ways harder to finance a clinic that educates diabetes patients on diet and other ways to control their disease than it is to finance the vastly more expensive dialysis and kidney transplants that become necessary when the disease progresses out of control. Changing the market for health care is famously difficult; national political campaigns have been waged over it. More than four decades ago, President Richard Nixon tried and failed to set up a nationwide system that would provide health care for all. Only in the past couple of years has another attempt, the Affordable Care Act, or Obamacare, been enacted, and it is still hotly contested. But if I had to guess where the beginnings of good design might emerge, it would be in the health-care policies of large companies that self-insure their workers. Such companies benefit from keeping their workers healthy, as well as from reducing the costs of caring for them once they become ill. Sitting here in California, another badly designed market whose consequences I see is that for water rights.

.” [>] matching markets: Of course, one of the contributions of market design is to bring into clear focus, as markets, a wider class of things than just commodity markets, in which price does all the work. The English language gives us a head start on that, speaking as it does not only of job markets but also of marriage markets. Index Abdulkadiroğlu, Atila, 35, 107, 153 on school choice, 126–28, 165, 241, 243 activity rules, 187–88 advertising, targeted, 189–92 “Advice to a Young Tradesman, Written by an Old One” (Franklin), 200–201 Affordable Care Act, 224 Airbnb, 99–103, 116 algorithms Boston Public Schools, 122–28 computerized markets and, 225–26 deferred acceptance, 141–44 in Boston Public Schools system, 162–65 in New York school choice program, 155–61 for financial marketplaces, 82–89 Internet dating sites, 176–77 kidney exchange, 35–38, 39–41 for medical residencies, 136–43 Roth-Peranson, 148–49 stable outcomes from, 139–43 Alliance for Paired Donation, 44, 49 Amazon, 20–21, 22 congestion management in, 24 simplicity in, 26 American Economic Association, 174, 175 Android, 21–22 anonymity, in commodity markets, 19–20 antibiotics, 133–34 Apple, 19 iPhone, 21–22, 24 application and selection processes, 5.

See also repugnant markets NEPKE, 8, 37, 38, 42, 44, 49, 50 New England Journal of Medicine, 45 New England Organ Bank, 36 New England Program for Kidney Exchange (NEPKE), 8, 37, 38, 42, 44, 49, 50 New York City school system, 8, 106–10, 112, 122, 153–61 benefits of revised, 160–61 old compared with new, 155–58 preferences in, 153–54, 156–60 New York State attorney general, 86, 88 New York Stock Exchange, 82–83 New York Times, 110 Nguyen, Hai, 38–39 Niederle, Muriel, 75–76, 176–77 Nixon, Richard, 224 nonsimultaneous chains in kidney exchange, 43–46, 49, 51–52, 235 NRMP, 7–8, 146 Obamacare, 224 objectification, 203 Ockenfels, Axel, 118, 120–21 Oklahoma Land Rush, 57–59, 80, 113–14 once-per-second market, 86, 88 OpenTable, 218 operating systems, 21–22 Orange Bowl, 61–62, 66 orthopedic surgeons, 78–80 Ostrovsky, Mike, 86–87 package bidding, 188–89, 225–26 parking decisions, 72–73, 125–26 Pathak, Parag, 107, 126, 149, 153, 165 payment systems credit cards, 23–26 in Internet marketplaces, 24, 104, 117 mobile, 26–27 privacy in, 119 PayPal, 24, 117, 119 Payzant, Tom, 126, 129 peacocks, 177–78 penicillin, 133–34 Peranson, Elliott, 147–48, 157 performance evaluation, 64 political campaign contributions, 203 politics free markets and, 226–28 in kidney exchanges, 49–51 polycystic kidney disease, 38–39 polygamy, 199 Posner, Richard, 91 price and pricing, 9.


pages: 374 words: 94,508

Infonomics: How to Monetize, Manage, and Measure Information as an Asset for Competitive Advantage by Douglas B. Laney

3D printing, Affordable Care Act / Obamacare, banking crisis, blockchain, business climate, business intelligence, business process, call centre, chief data officer, Claude Shannon: information theory, commoditize, conceptual framework, crowdsourcing, dark matter, data acquisition, digital twin, discounted cash flows, disintermediation, diversification, en.wikipedia.org, endowment effect, Erik Brynjolfsson, full employment, informal economy, intangible asset, Internet of things, linked data, Lyft, Nash equilibrium, Network effects, new economy, obamacare, performance metric, profit motive, recommendation engine, RFID, semantic web, smart meter, Snapchat, software as a service, source of truth, supply-chain management, text mining, uber lyft, Y2K, yield curve

Clinical pathways are structured, multidisciplinary plans of care designed to support the implementation of clinical guidelines and protocols.31 As databases of electronic medical records (EMRs) are quickly replacing years of pen-and-paper-based diagnoses, lab results, surgical records, and notes from doctors, nurses, physical therapists, etc., this wealth of data is a fuel spawning additional innovations in health care—particularly mining it to develop new or improved clinical pathways. The imperative is there too. In the U.S., Medicare, Medicaid, and the Affordable Care Act (Obamacare) each incentivize health care providers for the quality of care, and disincentivize repeat visits by a patient for the same ailment. With this kind of innovating in mind, Mercy Hospitals, one of the top five health systems in the U.S., worked with advanced analytics provider Ayasdi to identify situations in which clinical variation could be narrowed, and narrowed toward protocols which provided better outcomes.

.%20FIDELITY%20&%20GUARANTY%20INSURANCE%20COMPANY. 11 http://caselaw.canada.globe24h.com/0/0/british-columbia/supreme-court-of-british-columbia/1995/08/30/seaboard-life-insurance-company-v-babich-1995–1335-bc-sc.shtml. 12 http://caselaw.findlaw.com/us-2nd-circuit/1470623.html. 13 http://openjurist.org/89/f3d/850/home-indemnity-company-v-hyplains-beef-lc. 14 www.smh.com.au/technology/technology-news/federal-court-rejects-application-for-telstra-to-supply-personal-metadata-20170120-gtvc85.html. Index 3 “V”s of big data 101n9 Abe’s Market 39 accessibility 249 accounting: accountants and information 227–9; cashing in on information 229; information 201–5; probable economic value 229–30 ACNielsen 12, 22 Acxiom 229 Adams, Paul 168 Advanced Drain Systems (ADS) 97 Affordable Care Act (Obamacare) 98 Albala, Mark 261 algorithm(s) 84, 88–9, 94, 96, 98, 137, 199, 230–1, 279, 286, 289–91 Amazon 36, 132, 211, 217n2 American Institute of Certified Public Accountants (AICPA) 21, 205–6 analytics: actionable decision-making 89–93; advanced 289–90; advanced analytics advantage 83–5; business intelligence implementation 82; descriptive 82–3; diagnostic 82–3; exploiting Big Data 86–9; Gartner analytic ascendency model 83; identifying monetizable insights 93–9; information management 99–100; information monetization 75–6; predictive 82–3; prescriptive 82–3; value 266 application program interfaces (APIs) 34, 73 applied asset management: governance 186–9; information strategy 177–81; information vision 174–7; infrastructure 196–8; metrics 182–6; people 189–92; process 193–6; roles for infosavvy organization 198–200 Aquatics Informatics 114 Archer Daniels Midland 8 Armstrong, Neil 1 Arthur Andersen 205, 217 artificial intelligence (AI) 85, 90, 115, 286, 289–90 Art of War, The (Sun Tzu) 144n4 asset, definitions 2–3, 9–11, 214–15 asset management: barriers to information 114–16; fiduciary responsibility 164; financial methods 163–5; intangibles 168–9; lessons from sustainability 138–43; see also applied asset management; physical asset management AULIVE 12 Australian Computer Society Data Taskforce 222 Australian Privacy Commissioner 233 Automated Teller Machines (ATMs) 43–4 Auto Trader 23 Ayasdi 14, 27n6, 42, 98 balance sheet assets 158–9; physical asset management 9, 116, 158–63, 176, 184, 188–9, 198, 235 Bardin, Noam 35 bartering: favorable terms and conditions 38–9; goods and services 37–8; relationships 38–9 Becker, Gary 128 Becker, Mark 30 Beechcraft Cessna 292 Beechwood House Publishing 255–6 Bekenstein Bounds 273 Bell Helicopter 292 Bespoke Data Organisation 225 Beyer, Mark 186 Big Data 10, 12, 26n2, 49n1, 59, 212; exploiting 85–9; health insurance company 107; information trend 287; processing 40–1; roadblocks to information monetization 287–8; term 86, 101n8; variety of information 88–9; velocity of information 85–6; volume of information 87 biodiversity 136 Bippert, Doug 84 Birchler, Urs 272 blockchain 291 Bloomberg 12, 211, 229 blunderfunding 244, 268n5 Boone, Ryan 40 Box, George 246 BrightPlanet 65 Brownstein, John 96 Brynjolfsson, Erik 272 Brzmialkiewics, Caryl 44 Buchanan, Stewart 107 Bugajski, Joe 281 business: asset 10; climate 136; information 48–9; introducing a new line of 33–4; models 24–6; performance 43–4 business intelligence (BI) 14, 77, 81, 198, 211, 292; analytics 82; beyond basic 81–6; innovation 97–9; see also analytics business-to-business (B2B) 15, 38 business-to-consumer (B2C) 15 business value of information (BVI) 253–4 Bütler, Monka 272 Buytendijk, Frank 34, 281 Caltex 63 Capability Maturity Model Integration (CMMI) 148 cash 14–16, 20–1, 28, 35, 37, 39, 42–4, 96, 128, 161, 165, 188, 209, 227, 229, 257, 260, 293 Casonato, Regina 132 Casper, Carsten 244 Center for Disease Control 65; Youth Risk Behavior Surveillance System (YRBSS) 89 chief data officer (CDO) 3, 9, 17, 25: analytics 106–7; balancing act of 288–9; concept of 190; emergence of 293; hiring 211; information ecosystem 138; information leader 56–6, 155; information management 154; leadership 112; role of 192, 199–200 chief financial officer (CFO) 3, 100, 105, 107, 165, 200, 213, 245, 250 chief executive officer (CEO) 15, 32, 34, 40, 57, 100, 112, 155, 168, 175, 190, 200 chief information officer (CIO) 3, 40, 42, 58–9, 81, 106, 112, 132, 134, 175–6, 190, 200 China 35, 64, 159, 224 Christiaens, Stan 106 Cicero Group 148, 265, 269n25 Citigroup13–14, 16 Clark, Christina 243 Coca-Cola 83–4, 88, 132 Cohen, Jack 91 Coles Supermarkets 192 Collibra 106, 163 commercial data 63 commercial general liability (CGL) 241–2 competitive differentiation 36–7 completeness 248, 252 Comprehensive Capital Analysis and Review (CCAR) 14 Connotate Software 62, 65 consistency 248 content management, contending approaches for 154–5 Corbin, Stacey 63 Cordner, Matt 292 costs, defraying information management and analytics 40–1 cost savings, monetization success 74 cost value of information (CVI) 256–7, 261–2, 274–5 cultural attitudes, information management 114 customer acquisition and retention 29–31 customer relationship management (CRM) 140 D&B 22, 57, 63–4, 229 DalleMule, Leandro 176, 184 dark data 32, 42, 62–3, 141; information asset 61–2; understanding 94–5 data as a service (DAAS) 181–2 database management system (DBMS) 134, 302 Data Driven Leaders Always Win (Zaidi) 234 data governance 188–9; see also governance, information Data Management Association International (DAMA) 148 data ownership 20; see also ownership data preparation 17, 73–4, 189; for monetization use 72–3 data quality: assessing 246–9; objective metrics 248; subjective metrics 249 Data Republic 63 data science 289–90 Datateam Business Media (DBM) 221 Davis, Lord Justice 221 DB2 database 115, 228 DBS Bank 43–4 decision making: actionable 85, 89–93; complexity, activity and change 89–90; governance, risk and compliance (GRC) 91–2; optimizing business processes 90–1; scenario planning 92–3 deinformationalization 36 Deming, Edward 243 derivative data 279 Desai, Samir 58 Deutsche Telekom 225 Dibble, Bill 94 differential data 278 digerati 210 digital detritus 42 digital industry, intellectual property of 288 diminishing marginal utility 276–8; law of 276 Direct Eats 39 direct information monetization 66–8 Disney World 83 distinct data 278 diversity, people 191–2 Dollar General 32, 36, 40 Dominick, Lauren 92 Drucker, Peter 243 DSCI 63 Dun & Bradstreet see D&B Duncan, Alan 160, 272 economic attribution, monetization success 74 economics: applying concepts to information 272–3; as dismal science 271; principles 271–2; see also infonomics economic value of information (EVI) 258–9, 266 economy 11, 147, 192, 205–6, 217, 242, 272 ecosystem: definition 132–3; entities 135–6; features 136; influences 137; management 137–8; processes 136–7; sustainability principles 138–43, 180; see also information ecosystem Ehlers, Brian 183 elasticity, information pricing and 275–6 Electronic Communications Privacy Act of 1986 224 endowment effect 279 enterprise architect 10 enterprise asset management (EAM): infrastructure 197–8; systems 162 enterprise content management (ECM) 154, 181 Enterprise Data Management (EDM) Council 148 enterprise information management (EIM): impediments to maturity 111–14; leadership issues 112; levels of maturity 109–11; maturity model 108–11, 174; metrics 182–4; vision 174–7 enterprise resource planning (ERP) 140 Equifax 12, 57, 63 Equinox Fitness Clubs 58 Evans, Nina 114 Everedge 168 existence 249 exogenous information 16, 165; see also external information Experian 57, 63, 213 Experience Matters 106, 114, 148, 181, 186 external information 11, 31, 36, 55, 60–1, 165, 195, 292 Facebook 11, 21–2, 31, 34, 64, 211–13, 218n10, 232 faint signals, identifying 95–6 feasibility checklist 69–70; economical 72; ethical 72–3; legal 72; manageable 71; marketable 71; practical 70–1; scalable 71; technological 71 Federal Aviation Administration (FAA) 46 fiduciary 164, 189, 234 Financial Accounting Standards Board (FASB) 21, 206 financial valuation models, information assets 251, 255–61 Fisher, Jennifer 260 Fisher, Tony 272 Fisher, William W., III 169 FleetRisk Advisors 92 Francis, James C., IV 224 fraud and risk, identifying and reducing 44–5 Freedom of Information Act (FOIA) 17, 45–6 Friedman, Milton 128–9 Friedman, Ted 247, 268n12 fundamental valuation models, information assets 251–5 Gaia hypothesis 144n5 Ganschow, Karen 54 Gartner: enterprise information management (EIM) maturity model 108–11, 297–302; financial valuation models 251, 255–6; fundamental valuation models 251–5; Hype Cycle 281, 284n7; information asset valuation models 250; information value models 262; Magic Quadrants 68 Geis, Alex 33 General Data Protection Regulations (GDPR) 240n24 generally accepted accounting principles (GAAP) 21, 116, 217, 245 generally accepted information principles 116–19, 120n13; assumptions 117; constraints 117–18; principles 118–19 Georgia Aquarium 29–30 geographic 18, 35, 96, 235 Gledhill, David 43 goods and services, bartering 37–8 Google 11, 21, 47, 76, 211, 213, 217n2 governance: applied asset management 188–9; challenges and remedies 187; data entry 187; governance, risk and compliance (GRC) 91–2, 152; information 188, 234; information management 186–9; information management challenges 299–300; proving benefits of information 264 government 9, 17, 22–3, 41, 45–8, 61, 64, 95–6, 105, 115, 193, 206, 223–5, 237, 276, 286 Grayson-Rizzuto, Kimberly 39 Grossman, Larry 46 Hadoop 41 Hamilton, Stuart 114 Hawthorne effect 243, 268n4 Hawthorne Works 243 Health and Human Services Department 44 HealthMap 95–6 HERE Life 38 Hershberger, John 111 Higgins, Mike 97 Hillard, Rob 148, 272 Hogan, Tom 107 Holloway, Todd 32 Horrisberger, Jim 83 House of Cards (TV series) 59 Hubbard, Douglas 260 Human Capital (Becker) 128 human capital management 165–8, 184 Hutton, James 144n7 Hype Cycle 281, 284n7 IBM 87, 91, 115, 148 IMDB 34 Indigenous Land Corporation 63 indirect information monetization 68–9 industry average 283 Infinity Property and Casualty 94 infodiversity 180 infonomics 272, 285–6; concept of 3; definition 9; future of 292–5; improving information yield 281–4; information pricing and elasticity 275–6; information-related trends 286–91; managing information 106; marginal utility of information 276–9; opportunity cost for information choices 279–80; production possibilities of information 280; supply and demand of information 274–5 Informatica 163 information: accountants and 227–30; accounting for 214–17; as asset 2, 205–7; asset realization 207–8; business models and profitability 24–6; characteristics of 18–26; control of 228–9, 233; data vs 25–6, 26n4; digitalization of 288; economic alternatives for 13–14; getting more than cash for 14–16; as liability 216; liquidity of 20–1; monetizing, managing and measuring 9–11; multimedia 2; opportunity cost for information 279–80; pricing elasticity 275–6; probable economic value of 229–30; real world evidence of economic value of 210–13; replicability 23; reusable nature of 19; as second language 143–4; stop giving it away 18; supply and demand of 274–5; taxing situation 21–2; thinking beyond 16–17; transferability 23–4; uncovering hidden treasures 17–18; value of 208–10; see also ownership Information Age 3, 95, 136, 149, 160, 216 informationalize 36 informationalized product 75 information as a second language (ISL) 143–4, 192 information asset management (IAM) 107, 176; information yield 281–4; unified approach to 169–70; vision 176–7; see also applied asset management information assets 59–66; commercial data 63; commercial general liability (CGL) 241; dark data 62–3; financial valuation models 249, 255–60; fundamental valuation models 251–6; inventory 60; measuring 242–6; new supply chain model for 128–31; operational data 61; privacy and security 291; public data 64; social media data 64–5; valuation models 249–60; web content 65–6 information curation 17 information ecosystem: classic ecosystem entities concepts 135; ecosystem entities 135; ecosystem features of 136; ecosystem influences 137; ecosystem management 137–8; ecosystem processes 136–7; lessons from sustainability 138–43; preparing for 131–8; recycle 142–3; reduce 140–1; refuse 139–40; remove 143; repurpose 141–2; reuse 141; role of information in 133–5 information keiretsus 132 information lifecycle: expense 267; process challenges 301–2 information management 105–8; barriers to asset management 114–16; challenges and principles 119; cultural attitudes about 114; future of infonomics 292; generally accepted information principles 116–19; governance challenges 299–300; impediments to maturity 111–14; information metrics challenges 299; infrastructure challenges 302; leadership 112; levels of information maturity 109–11; maturity model 108–11, 174; monetization success 74; monetization to 99–100; people-related challenges 300–1; priority control 113–14; process challenges 301–2; resources 113–14; strategy challenges 298; vision challenges 297–8 information measurement, future of infonomics 294–5 information owners 222; see also ownership information ownership 222, 226–8, 232–4 information performance gap 262 information product management 56–9 information property rights 303–5; rulings affirming 303–4; rulings denying 304–5; see also information ownership; ownership information security 244 information supply chain (ISC) 8, 119; activities 131; metrics for 126–7; model for information assets 128–31; preparing for information ecosystem 131–8; scenarios 126; SCOR (Supply Chain Operations Reference) model 124–5; see also information ecosystem Information Technology Infrastructure Library (ITIL) 151–2 information valuation models 263–7; benefits of information governance 264; expanded revenue 266; innovation and digitalization 265; monetization and analytics 265–6; prioritizing IAM investments 264; reducing information lifecycle expense 267 information vision gap 262 information yield 281–4; concept 281; curve 281 infosavvy 3, 11; chief data officer (CDO) 199–200; growing market valuations 245; investors prizing, companies 211–13; roles for organization 198–200 infrastructure 12, 40–1, 47, 108, 139, 150–1, 192, 196–8, 267, 286, 290–1, 299, 302; information 290–1; information management 196; information management challenges 302 innovation 3, 26, 31, 46, 76, 97–9, 107, 113, 161, 236, 246, 265, 287, 289, 298, 301 innovation and digitalization, value 265 Instagram 34 Institute of Electrical and Electronics Engineers (IEEE) 147 intangible assets 168–9 integrity 248 intellectual property (IP) 62, 116, 128, 130, 168, 176, 181, 230–1, 288 International Accounting Standards Board (IASB) 214 International Accounting Standards (IAS) 214–15, 217 International Astronomical Union 148 International Federation of Library Association and Institutions (IFLA) 157 International Financial Reporting Standards (IFRS) 214–15; criteria 219n19 International Organization for Standardization (ISO): ISO 8000 170n2; ISO 15489–1:2016 152, 170n8, 171n10; ISO 19770–1 149; ISO 19770–2 149; ISO 19770–3 150; ISO 19770–4 150; ISO 30300:2011 170n9; ISO 55001 158; ISO/IEC 20000 170n7; ISO/IEC 27001 147, 170n3; IT asset management (ITAM) 149–50; IT service management (ITSM) 150–1 intrinsic value of information (IVI) 251–2 Intuit’s TurboTax 36 inventory, information asset 60 investor awareness, monetization success 76 IT asset management (ITAM): International Organization for Standardization (ISO) standards 149–50 IT service management (ITSM) 150–1; information strategy 180–1 J.D.


pages: 366 words: 76,476

Dataclysm: Who We Are (When We Think No One's Looking) by Christian Rudder

4chan, Affordable Care Act / Obamacare, bitcoin, cloud computing, correlation does not imply causation, crowdsourcing, cuban missile crisis, Donald Trump, Edward Snowden, en.wikipedia.org, Frank Gehry, Howard Zinn, Jaron Lanier, John Markoff, John Snow's cholera map, lifelogging, Mahatma Gandhi, Mikhail Gorbachev, Nate Silver, Nelson Mandela, new economy, obamacare, Occupy movement, p-value, pre–internet, race to the bottom, selection bias, Snapchat, social graph, Solar eclipse in 1919, Steve Jobs, the scientific method

Here I’ve excerpted an early attempt to find the tribes and emerging dialects—this is from a corpus of 189,000 tweeters sending 75 million tweets among them. subgroups on Twitter by messaging pattern example words characteristic speech percent of sample nigga, poppin, chillin shortened endings (e.g., -er => -a or -ing => -in) 14 tweetup, metrics, innovation tech buzzspeak 12 inspiring, webinar, affiliate, tips marketing self-help 11 etsy, adorable, hubby crafting lingo 5 pelosi, obamacare, beck, libs partisan talking points 4 bieber, pleasee, youu, <33 lengthened endings (repeated last letter) 2 anipals, pawesome, furever animal-based puns 1 kstew, robsessed, twilighters amalgamations/puns around the Twilight movies 1 It’s important to note that the study grouped users by their words alone, who they messaged, and what they wrote—these language clusters were not determined a priori.

People at the top and bottom of this list use the same framework to speak at cross-purposes: No one should … political bias of the person posting … die because they cannot afford health care … –0.87 more liberal … be frozen in carbonite because they couldn’t pay Jabba the Hutt … –0.37 … die because of zombies if they cannot afford a shotgun … –0.30 … have to worry about dying tomorrow, but cancer patients do … –0.02 … be without a beer because they cannot afford one … +0.22 … die because the government is involved with health care … +0.88 … die because Obamacare rations their health care … +0.96 … go broke because government taxes and spends … +0.97 more conservative In 1950, at the dawn of the age of television, the American Political Science Association actually called for more polarization in national politics—the parties had grown too close together, the electorate didn’t have clear choices. The APSA got their wish, and in the old genie-style, too, with plenty to regret about its granting.


pages: 491 words: 77,650

Humans as a Service: The Promise and Perils of Work in the Gig Economy by Jeremias Prassl

3D printing, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, Andrei Shleifer, autonomous vehicles, barriers to entry, call centre, cashless society, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, disruptive innovation, Donald Trump, Erik Brynjolfsson, full employment, future of work, George Akerlof, gig economy, global supply chain, hiring and firing, income inequality, information asymmetry, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, low skilled workers, Lyft, Mahatma Gandhi, Mark Zuckerberg, market friction, means of production, moral hazard, Network effects, new economy, obamacare, pattern recognition, platform as a service, Productivity paradox, race to the bottom, regulatory arbitrage, remote working, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Rosa Parks, Second Machine Age, secular stagnation, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Simon Singh, software as a service, Steve Jobs, TaskRabbit, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, transaction costs, transportation-network company, Travis Kalanick, two tier labour market, two-sided market, Uber and Lyft, Uber for X, uber lyft, union organizing, working-age population

Mailin Aasmäe, ‘ETCS and Uber collaborate in seeking solutions for the devel- opment of the sharing economy’, Republic of Estonia Tax and Customs Board (9 October 2015), http://www.emta.ee/eng/etcb-and-uber-collaborate-seeking- solutions-development-sharing-economy, archived at https://perma.cc/47YA- Z49P; Jurate Titova, ‘Uber signs MoU with the City of Vilnius’, Uber Newsroom (2 November 2015), https://newsroom.uber.com/lithuania/uber-vilnius-memo- randum-with-the-city-of-vilnius/, archived at https://perma.cc/RV4R-HN7X 31. Ina Fried, ‘Gig economy companies like Uber are helping the Feds spread the word about Obamacare’, Recode (25 October 2016), http://www.recode. net/2016/10/25/13389860/gig-economy-uber-obamacare-burwell, archived at https://perma.cc/P6S8-JYDS 32. Work and Pensions Committee, Written Evidence: Self-employment and the Gig Economy (HC 847, 2016–17), Uber, Hermes and Deliveroo workers questioned on challenges of self-employment, http://www.parliament.uk/business/com- mittees/committees-a-z/commons-select/work-and-pensions-committee/ news-parliament-2015/self-employment-gig-economy-evidence-16–17/, archived at https://perma.cc/R7CX-GWCG; Sarah Butler, ‘Uber driver tells MPs: I work 90 hours but still need to claim benefits’, The Guardian (6 February 2017), http://www.theguardian.com/business/2017/feb/06/uber-driver-mps- select-committee-minimum-wage, archived at https://perma.cc/Z2D5-SCW3 33.


pages: 437 words: 105,934

#Republic: Divided Democracy in the Age of Social Media by Cass R. Sunstein

A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Cass Sunstein, choice architecture, Donald Trump, drone strike, Erik Brynjolfsson, Filter Bubble, friendly fire, global village, illegal immigration, immigration reform, income inequality, Jane Jacobs, loss aversion, Mark Zuckerberg, obamacare, prediction markets, road to serfdom, Ronald Reagan, Silicon Valley, Skype, Snapchat, stem cell, The Chicago School, The Death and Life of Great American Cities, The Wisdom of Crowds, WikiLeaks

An especially interesting line of research explores how members of Congress are using hashtags, often framing issues in their preferred ways and promoting echo chambers that serve their interests.29 A central finding is that while Democrats and Republicans discuss overlapping issues, they use notably different hashtags. Among Democrats, the most popular issues in the relevant period include health care (#ACA, for the Affordable Care Act), student loans (#DontDoubleMyRate), and employment (#JOBS). The Republicans’ top issues are not so different: employment (#4jobs), themselves (#tcot), and health care (#Obamacare). But the two parties do use radically different frames. The term #ACA, preferred by Democrats, has a positive or neutral valence about the Affordable Care Act, whereas #Obamacare and #Fullrepeal, favored by Republicans, are clearly meant to be negative. Like political activists, members of Congress can be seen as hashtag entrepreneurs. They choose a particular frame: #AllLives Matter, #TheSystemIsRigged, or #CorruptHillary.

Those who are most alarmed about climate change might prefer to learn that humanity really is at very serious risk than to learn that the climate change problem is probably not so bad. For them, bad news for humanity and the planet is, in a sense, good news (because it is affirming), and good news for humanity and the planet is, in an important sense, taken as bad news. These findings help explain polarization on many issues, and the role of social media in increasing it. With respect to the Affordable Care Act, for example, people encounter good news, to the effect that it has helped millions of people obtain health insurance, and also bad news, to the effect that health care costs and insurance premiums continue to increase. For the act’s supporters, the good news will have far more impact than the bad; for the opponents, the opposite is true. As the sheer volume of information increases, polarization will be heightened as well.

INDEX ABC, 152, 179, 181, 198 abortion, 66, 81, 90, 191–92, 208–9 accountability, 9, 24, 46, 50, 138–39, 262, 268n19 activists, 80, 82, 178, 234–35, 242 advertising: Facebook and, 4; freedom of speech and, 193, 198, 200–202, 205–6; improving, 224, 229–30; Internet and, 28; Pandora and, 33; polarization and, 63; public forums and, 34; radio and, 28; republicanism and, 257–58; spreading information and, 146, 152–53; television and, 28; V-chip and, 219 Affordable Care Act (ACA), 81, 129 African Americans, 59, 66, 70, 79–80, 100, 109, 135, 154, 163, 259 AIDS, 110 algorithms, 3, 15, 21–22, 28–29, 32, 122–24, 257, 265n2 Alien and Sedition Acts, 203 All Lives Matter movement, 59, 80–82, 259 Al-Qaeda, 236, 238–39, 242, 247 Amazon, 22, 31–33, 150, 188, 222, 229 American Civil War, 51, 211 American Prospect magazine, 184 Anderson, Chris, 149–50 AOL, 171 Apple, 246 Arab Spring, 38–39, 138, 162 architecture of control, 1–2, 4, 6 architecture of serendipity, 5 Aristotle, 46 Arpanet, 182–83 artificial intelligence (AI), 3, 5, 21 AT&T, 183–84 Attention and Effort (Kahneman), 18 Auletta, Ken, 31 authoritarianism, x, 11, 38, 73, 98, 108, 160, 165, 254 automobiles, 8, 26, 186, 267n2 backfiring corrections, 93–97, 111 balkanization, 66, 70, 73, 89, 111, 259 Barlow, John Perry, 178 baselines, 23–24 Beatles, 104 behavior: architecture of serendipity and, 5; behavioral science and, 17–18, 59, 103, 160; browsing habits and, 5, 21–22, 116, 124; Carnegie and, 160; citizens and, 160–62, 167–68; consumers and, 26; cybercascades and, 98–99, 103, 109, 114–18, 123–24, 130; emotion and, 16–17, 82, 96–97, 242; Facebook and, 16; general-interest intermediaries and, 17–18 (see also general-interest intermediaries); group, 5; legal issues and, 220–21; manipulation and, 17, 28–29, 95, 164; mass media and, 19; minimization of effort and, 18; monopolistic, 28–29, 195; online, 22, 65, 83, 98, 116–17, 130, 234–35; polarization and, 59, 61, 65–66, 83; recruitment tactics and, 9, 63, 68, 192, 212, 234, 236, 239–43, 245, 248–50, 255; regulation and, 187, 195; republicanism and, 257, 263; social media and, 22, 65, 83, 98, 116–17, 130, 234–35; special-interest intermediaries and, 20; terrorism and, 234–35 Benkler, Yochai, 153–55 Bergen, Peter, 283n22 Berger, J.


pages: 294 words: 82,438

Simple Rules: How to Thrive in a Complex World by Donald Sull, Kathleen M. Eisenhardt

Affordable Care Act / Obamacare, Airbnb, asset allocation, Atul Gawande, barriers to entry, Basel III, Berlin Wall, carbon footprint, Checklist Manifesto, complexity theory, Craig Reynolds: boids flock, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversification, drone strike, en.wikipedia.org, European colonialism, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, haute cuisine, invention of the printing press, Isaac Newton, Kickstarter, late fees, Lean Startup, Louis Pasteur, Lyft, Moneyball by Michael Lewis explains big data, Nate Silver, Network effects, obamacare, Paul Graham, performance metric, price anchoring, RAND corporation, risk/return, Saturday Night Live, sharing economy, Silicon Valley, Startup school, statistical model, Steve Jobs, TaskRabbit, The Signal and the Noise by Nate Silver, transportation-network company, two-sided market, Wall-E, web application, Y Combinator, Zipcar

Hetzel, “Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank,” FRB Richmond Economic Review 73, no. 4 (1987): 3–16. [>] “You have to work: Andy Reinhardt, “Steve Jobs on Apple’s Resurgence: ‘Not a One-Man Show,’” Business Week Online, May 12, 1998, http://www.businessweek.com/bwdaily/dnflash/may1998/nf80512d.htm. [>] Much of the complexity: Scott A. Hodge, “Out with the Extenders, In with the New Obamacare Taxes,” Tax Foundation, Tax Policy Blog, December 31, 2013, http://taxfoundation.org/blog/out-extenders-new-obamacare-taxes. [>] A recent study found: Sophie Shive and Margaret Forster, “The Revolving Door for Financial Regulators” (working paper, University of Notre Dame, May 17, 2014), available at Social Science Research Network, http://ssrn.com/abstract=2348968 or http://dx.doi.org/10.2139/ssrn.2348968. [>] Andy Haldane is: John Cassidy, “The Hundred Most Influential People: Andy Haldane,” Time, April 23, 2014, http://time.com/70833/andy-haldane-2014-time-100/. [>] At a recent conference: Andrew G.


pages: 234 words: 84,737

We Are Never Meeting in Real Life by Samantha Irby

Affordable Care Act / Obamacare, MITM: man-in-the-middle, obamacare, rolodex, Rosa Parks, sensible shoes, Silicon Valley, Steve Jobs, white flight, Zipcar

Ugh, I was feeling bad about my shoes at this fancy “cocktail lounge” the other night with this bitch I don’t like that much who I know for a fact is greater-than-slash-equal to me in levels of poverty, and she made an elaborate show of heaving her giant designer purse onto the bar so she could dig through it to find the laundry money she was going to use to pay for her Sazerac. “That’s a really nice bag,” I said genuinely, taking a sip of my light bill. “Did you recently receive a settlement of some kind?” She laughed heartily and poured her Obamacare deductible down her throat in one long swallow. “Girl, nah, I bought this with money I should’ve spent on my car payment.” I clinked the ice in my checking account overdraft fees and nodded solemnly in agreement. A lot of us are living like this, right? Taking cabs and ordering takeout Thai on payday, then walking the three blocks to work from the train with a bologna sandwich in our bags a week or so later?

and we both had a hearty laugh before he was like, “STOP EATING MEAT” and put through the order for me to be admitted and hooked up to a ventilator for two days. All this might be easier if I could punch something, but I’m not a punch-something person. I’m a “sit in the dark in the bathroom with a package of sharp cheddar cheese slices” person. Except I don’t even really eat cheese anymore. Plus I can’t fight. I’m soft, man. And I don’t have any answers. The world is scary and terrible and people out here don’t want Obamacare to fix a paper cut let alone offer some discounted mental health care, so what is left for us to do? Talk about it? Stop being afraid of it? Shut down those who want to dismiss us as fragile or crazy?! I went on Lexapro, but after three weeks I had stopped sleeping and fuck that. Maybe it doesn’t work that way for everyone, but I’d rather be angry and well rested than tired and happy. Or “happy,” I guess.


pages: 382 words: 100,127

The Road to Somewhere: The Populist Revolt and the Future of Politics by David Goodhart

Affordable Care Act / Obamacare, agricultural Revolution, assortative mating, Big bang: deregulation of the City of London, borderless world, Boris Johnson, Branko Milanovic, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, central bank independence, centre right, coherent worldview, corporate governance, credit crunch, deglobalization, deindustrialization, Donald Trump, Downton Abbey, Edward Glaeser, en.wikipedia.org, Etonian, European colonialism, eurozone crisis, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, global supply chain, global village, illegal immigration, income inequality, informal economy, job satisfaction, knowledge economy, labour market flexibility, low skilled workers, market friction, mass immigration, mittelstand, Neil Kinnock, New Urbanism, non-tariff barriers, North Sea oil, obamacare, old-boy network, open borders, Peter Singer: altruism, post-industrial society, post-materialism, postnationalism / post nation state, race to the bottom, Richard Florida, Ronald Reagan, selection bias, shareholder value, Skype, Sloane Ranger, stem cell, Thomas L Friedman, transaction costs, trickle-down economics, ultimatum game, upwardly mobile, wages for housework, white flight, women in the workforce, working poor, working-age population, World Values Survey

Those who voted leave earning less than £20,000 were only 10 points ahead of those voting leave who earn over £60,000 while nearly 50 points separated those with no qualifications and those with higher degrees: Matthew Goodwin and Oliver Heath, ‘Brexit vote explained; poverty, low skills and lack of opportunities’, Joseph Rowntree Foundation, 31 August 2016, https://www.jrf.org.uk/report/brexit-vote-explained-poverty-low-skills-and-lack-opportunities 4.Dame Louise Casey, ‘The Casey Review: A Review into Opportunity and Integration’, December 2016, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/575973/The_Casey_Review_Report.pdf 5.See for example Marisa Abrajano and Zoltan Hajnal, White Backlash: Immigration, Race and American Politics, Princeton, NJ: Princeton University Press, 2015; also Alberto Alesina and Edward Glaeser, Fighting Poverty in the US and Europe: A World of Difference, Oxford: Oxford University Press, 2004. 6.Gillian Tett, ‘Did Obamacare Help Trump?’, Financial Times, 2 December 2016. See also http://www.theatlantic.com/politics/archive/2015/03/support-for-the-affordable-care-act-breaks-down-along-racial-lines/431916/?utm_source=eb 7.Some 77 per cent wanted immigration reduced either ‘a little’ or ‘a lot’ in 2013 polling. ‘Immigration: A nation divided?’, British Social Attitudes Survey 31, 2014, http://bsa.natcen.ac.uk/media/38190/bsa31_immigration.pdf 8.British Socal Attitudes survey (henceforth BSA), 2013.

Ethnic differences too can be, and are, absorbed into the national ‘we’ but it is not always a swift or easy process and liberal societies are reluctant to force the pace. The evidence suggests that ethnically heterogeneous societies show lower levels of support for redistribution and thus in the longer run have weaker welfare states.5 This is now emerging in Europe having long been evident in the US. (Trump’s furious opposition to Obamacare, perceived as obliging the mainly white suburbs and small towns to subsidise the mainly non-white inner cities through their insurance premiums, is said to be another reason for his victory.)6 And what if the Anywhere vs Somewhere divide is itself contributing to the feeling that we are no longer a single society? That as social class divisions become more blurred, we are replacing them with this new divide based on education and mobility, and large social groupings which do not comprehend the intuitions of the other side on some of the most important issues of our times.


Lonely Planet's Best of USA by Lonely Planet

Affordable Care Act / Obamacare, Airbnb, Bay Area Rapid Transit, Berlin Wall, big-box store, Burning Man, car-free, carbon footprint, Charles Lindbergh, East Village, Fall of the Berlin Wall, Francisco Pizarro, Frank Gehry, Golden Gate Park, haute cuisine, mass immigration, obamacare, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Silicon Valley, South of Market, San Francisco, the High Line, the payments system, transcontinental railway, upwardly mobile, urban planning, urban renewal, Works Progress Administration

The historic ruling was the culmination of a long legal battle by gay rights advocates, and there was much euphoria on the streets – especially since the ruling coincided with Pride events happening across the nation. Healthcare for All The ruling on same-sex marriages came just days after another important ruling. This one related to the Affordable Care Act (ACA), President Obama’s program to extend healthcare through subsidies to millions of uninsured Americans. The court upheld key provisions of the law (the second time the Supreme Court had ruled on Obamacare), though the future of the ACA remains far from certain. Since the law’s implementation the House and Senate had tried (unsuccessfully) to repeal Obamacare more than 50 times. Despite congressional obstructionism, the program has been a success, allowing over 16 million uninsured Americans to obtain coverage. Changing Cityscapes Cities are booming in America, growing at a faster rate than the rest of the country.

Over 90% of African Americans and nearly 70% of Latinos voted for the man who described himself as ‘a mutt.’ Although stymied by congressional obstructionists, Obama had many notable successes during his two terms. He helped open relations with Cuba, oversaw the raid that brought down Osama bin Laden and passed a significant stimulus program that helped create jobs and kept the US out of a major economic meltdown. Perhaps most importantly, he oversaw the passage of the Affordable Care Act, which brought healthcare to millions of previously uninsured Americans. 8000 BC Widespread extinction of Ice Age mammals. Indigenous peoples hunt smaller game and start gathering native plants. 7000 BC–100 AD During the ‘Archaic period,’ the agricultural ‘three sisters’ (corn, beans, squash) and permanent settlements become established. 1492 Italian explorer Christopher Columbus ‘discovers’ America, eventually making three voyages throughout the Caribbean. 1607 Jamestown is founded, though life there is grim: 80 of 108 settlers die during the first year. 1620 The Mayflower lands at Plymouth with 102 English Pilgrims.


pages: 349 words: 114,914

We Were Eight Years in Power: An American Tragedy by Ta-Nehisi Coates

affirmative action, Affordable Care Act / Obamacare, Bernie Madoff, Bernie Sanders, Broken windows theory, Charles Lindbergh, crack epidemic, crony capitalism, David Brooks, deindustrialization, desegregation, Donald Trump, fear of failure, Ferguson, Missouri, Gunnar Myrdal, housing crisis, Howard Zinn, income inequality, jitney, low skilled workers, mandatory minimum, mass incarceration, moral panic, new economy, obamacare, payday loans, phenotype, Ronald Reagan, Rosa Parks, single-payer health, The Bell Curve by Richard Herrnstein and Charles Murray, War on Poverty, white flight

In substituting a broad class struggle for an anti-racist struggle, progressives hope to assemble a coalition by changing the subject. The politics of racial evasion are seductive. But the record is mixed. Aid to Families with Dependent Children was originally written largely to exclude blacks—yet by the 1990s it was perceived as a giveaway to blacks. The Affordable Care Act makes no mention of race, but this did not keep Rush Limbaugh from denouncing it as reparations. Moreover, the act’s expansion of Medicaid was effectively made optional, meaning that many poor blacks in the former Confederate states do not benefit from it. The Affordable Care Act, like Social Security, will eventually expand its reach to those left out; in the meantime, black people will be injured. “All that it would take to sink a new WPA program would be some skillfully packaged footage of black men leaning on shovels smoking cigarettes,” the sociologist Douglas S.

The results of this negative investment are clear—African Americans rank at the bottom of nearly every major socioeconomic measure in the country. Obama’s formula for closing this chasm between black and white America, like that of many progressive politicians today, proceeded from policy designed for all of America. Blacks disproportionately benefit from this effort, since they are disproportionately in need. The Affordable Care Act, which cut the uninsured rate in the black community by at least a third, was Obama’s most prominent example. Its full benefit has yet to be felt by African Americans, because several states in the South have declined to expand Medicaid. But when the president and I were meeting, the ACA’s advocates believed that pressure on state budgets would force expansion, and there was evidence to support this: Louisiana had expanded Medicaid earlier in 2016, and advocates were gearing up for wars to be waged in Georgia and Virginia.

He understands the emotional power of protest, the need to vent before authority—but that kind of approach does not come naturally to him. Regarding reparations, he said, “Sometimes I wonder how much of these debates have to do with the desire, the legitimate desire, for that history to be recognized. Because there is a psychic power to the recognition that is not satisfied with a universal program; it’s not satisfied by the Affordable Care Act, or an expansion of Pell Grants, or an expansion of the earned-income tax credit.” These kinds of programs, effective and disproportionately beneficial to black people though they may be, don’t “speak to the hurt, and the sense of injustice, and the self-doubt that arises out of the fact that [African Americans] are behind now, and it makes us sometimes feel as if there must be something wrong with us—unless you’re able to see the history and say, ‘It’s amazing we got this far given what we went through.’


pages: 559 words: 169,094

The Unwinding: An Inner History of the New America by George Packer

Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, bank run, big-box store, citizen journalism, cleantech, collateralized debt obligation, collective bargaining, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, diversified portfolio, East Village, El Camino Real, Elon Musk, family office, financial independence, financial innovation, fixed income, Flash crash, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, housing crisis, income inequality, informal economy, Jane Jacobs, life extension, Long Term Capital Management, low skilled workers, Marc Andreessen, margin call, Mark Zuckerberg, market bubble, market fundamentalism, Maui Hawaii, Menlo Park, Neil Kinnock, new economy, New Journalism, obamacare, Occupy movement, oil shock, paypal mafia, peak oil, Peter Thiel, Ponzi scheme, Richard Florida, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, side project, Silicon Valley, Silicon Valley startup, single-payer health, smart grid, Steve Jobs, strikebreaker, The Death and Life of Great American Cities, the scientific method, too big to fail, union organizing, urban planning, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, white picket fence, zero-sum game

We had never had a voice and we were starting to create our own voice.” They were people like her—not country club Republicans, just people who felt something was wrong. And she had brought them together. That was the beginning of Karen Jaroch’s life in politics. Summer brought Obamacare and a nationwide rebellion. On August 6, Tampa’s Democratic congresswoman, Kathy Castor, held a town hall meeting in a room that was far too small for the fifteen hundred people trying to get in. Things descended into chaos when members of the 9/12 Project, enraged by Castor, enraged by Obamacare, enraged that the doors to the jammed room had been shut on hundreds of protesters, started shouting, “You work for us! You work for us! Tyranny! Tyranny!” until Castor gave up trying to speak and had to be escorted out. Karen was there, and the next afternoon she received a call from a producer at CNN.

It was a better America back then. If he could have grown up at any time it would have been in the fifties, which was the last great time in America. He hated to say it but it was true. Dean tried to do anything he could for Matt, but after Matt went five months without being able to pay his rent, Dean had to ask him to move out. The Andy Griffith Show was still popular in the region (even after Andy made an ad for Obamacare), with reruns every afternoon, because the original for Mayberry RFD was the town of Mount Airy, up at the Virginia border—now just another hard-hit textile town trying its best keep up a quaint appearance on Main Street for the sake of the tourists, shop windows displaying posters and photos and memorabilia with those goofy, reassuring, all-white faces from the show. At the end of July, a few days after his bankruptcy hearing in Greensboro, Dean made the hour’s drive to Mount Airy to see a woman on the city commission.


pages: 480 words: 119,407

Invisible Women by Caroline Criado Perez

Affordable Care Act / Obamacare, augmented reality, Bernie Sanders, collective bargaining, crowdsourcing, Diane Coyle, Donald Trump, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, Grace Hopper, Hacker Ethic, Indoor air pollution, informal economy, lifelogging, low skilled workers, mental accounting, meta analysis, meta-analysis, Nate Silver, new economy, obamacare, Oculus Rift, offshore financial centre, pattern recognition, phenotype, post-industrial society, randomized controlled trial, remote working, Silicon Valley, Simon Kuznets, speech recognition, stem cell, Stephen Hawking, Steven Levy, the built environment, urban planning, women in the workforce, zero-sum game

via=gdpr-consent#methodology 14 https://www.historians.org/publications-and-directories/perspectives-onhistory/may-2010/what-the-data-reveals-about-women-historians 15 https://www.historians.org/publications-and-directories/perspectives-on-history/december-2015/the-rise-and-decline-of-history-specializations-over-the-past-40-years 16 http://duckofminerva.com/2015/08/new-evidence-on-gender-bias-in-irsyllabi.html 17 https://www.theguardian.com/world/2004/jan/23/gender.uk 18 Sex Discrimination Law Review (January 2018), www.fawcettsociety.org.uk 19 Nielsen, Mathias Wullum, Andersen, Jens Peter, Schiebinger, Londa and Schneider, Jesper W. (2017), ‘One and a half million medical papers reveal a link between author gender and attention to gender and sex analysis’, Nature Human Behaviour, 1, 791–6 20 https://www.vox.com/policy-and-politics/2017/7/18/15991020/3-gop-women-tank-obamacare-repeal 21 Ransby, B. (2006), ‘Katrina, Black Women, and the Deadly Discourse on Black Poverty in America’, Du Bois Review: Social Science Research on Race, 3:1, 215–22, DOI:10.1017/S1742058X06060140 22 https://grist.org/article/hurricane-maria-hit-women-in-puerto-rico-the-hardest-and-theyre-the-ones-building-it-back/ 23 https://www.vogue.com/projects/13542078/puerto-rico-after-hurricane-maria-2/ Index of Searchable Terms academia Académie française acetylsalicylic acid Achilles tendon acute coronary syndrome adverse drug reaction (ADR) Affordable Care Act (2010) Afghanistan African Americans agency workers Agenda agriculture Ahmed, Samira Alaska alcohol algorithms Ali, Syed all-women shortlists (AWS) AllBright alt-right alternative work Alvarez, Janica Always Alzheimer’s disease ambition American Academy of Family Physicians American Academy of Pediatrics American Airlines American Civil War (1861–5) American Express American Heart Association Amnesty International anaemia anatomy Anderson, Chris angina angiograms Angola animal testing antibiotics antidepressants antihistamines antipsychotics anxiety aorta Apple Applebaum, Anne architects Argentina Aristotle Armenia Arrigoitia, Melissa Fernández artificial intelligence (AI) asbestos Asperger’s syndrome aspirin Assange, Julian Assassin’s Creed assertiveness asylums Atlantic attention deficit hyperactivity disorder (ADHD) ATX augmented-reality glasses Austen, Jane austerity.

Breast-pumping is huge business in the US in particular: given the lack of legally mandated maternity leave, for most American women breast-pumping is the only option if they want to follow their doctors’ recommendations and breastfeed their babies for at least six months (in fact, the American Academy of Pediatrics recommends that women try to breastfeed for at least twelve months).3 And one company, Medela, has pretty much cornered the market. According to the New Yorker, ‘Eighty per cent of hospitals in the United States and the United Kingdom stock Medela’s pumps, and its sales increased thirty-four per cent in the two years after the passage of the Affordable Care Act, which mandated coverage of lactation services, including pumps.’ But the Medela pump is just not very good. Writing for the New Yorker4 Jessica Winter described it as a ‘hard, ill-fitting breast shield with a bottle dangling from it’, which, as it sucks milk out of a woman’s breast ‘pulls and stretches the breast like it’s taffy, except that taffy doesn’t have nerve endings’.5 And although some women manage to make it work hands-free most can’t because it doesn’t fit well enough.

Australia gender pay gap gendered poverty Gillard ministries (2010–13) homelessness leisure time maternity. leave medical research military murders paternity. leave political representation precarious work school textbooks sexual assault/harassment taxation time-use surveys unpaid work Australia Institute Austria autism auto-plastics factories Autoblog autoimmune diseases automotive plastics workplaces Ayrton, Hertha Azerbaijan babies’ cries baby bottles Baker, Colin Baku, Azerbaijan Ball, James Bangladesh Bank of England banknotes Barbican, London Barcelona, Catalonia beauticians de Beauvoir, Simone Beer, Anna Beijing, China Belgium Berkman Center for Internet and Society Besant, Annie BI Norwegian Business School bicarbonate of soda Big Data bile acid composition biomarkers biomass fuels biomechanics Birka warrior Birmingham, West Midlands bisphenol A (BPA) ‘bitch’ bladder ‘Blank Space’ (Swift) blind recruitment blood pressure Bloom, Rachel Bloomberg News Bock, Laszlo body fat body sway Bodyform Boesel, Whitney Erin Boler, Tania Bolivia Boosey, Leslie Boserup, Ester Bosnia Boston Consulting Group Botswana Bouattia, Malia Boulanger, Béatrice Bourdieu, Pierre Bovasso, Dawn Boxing Day tsunami (2004) boyd, danah brain ischaemia Brazil breasts cancer feeding and lifting techniques pumps reduction surgery and seat belts and tactile situation awareness system (TSAS) and uniforms Bretherton, Joanne Brexit Bricks, New Orleans brilliance bias Brin, Sergey British Electoral Survey British Journal of Pharmacology British Medical Journal British Medical Research Council British National Corpus (BNC) Broadly Brophy, Jim and Margaret Buick Bulgaria Burgon, Richard Bush, Stephen Buvinic, Mayra BuzzFeed Cabinet caesarean sections Cairns, Alex California, United States Callanan, Martin Callou, Ada Calma, Justine calorie burning Cambridge Analytica Cameron, David Campbell Soup Canada banknotes chemical exposure childcare crime homelessness medical research professor evaluations sexual assault/harassment toilets unpaid work Canadian Centre for Policy Alternatives (CCPA) Canadian Institutes of Health cancer canon formation Cape Town, South A.ica carcinogens cardiac resynchronisation therapy devices (CRT-Ds) cardiovascular system care work and agriculture elderly people and employment gross domestic product (GDP) occupational health and paternity leave time-use surveys and transport and zoning Carnegie Mellon University carpenters cars access to crashes driving tests motion sickness navigation systems Castillejo, Clare catcalling Cavalli, Francesco cave paintings CCTV Ceccato, Vania cell studies Center for American Progress Center for Economic and Social Rights (CESR) Center for Talent Innovation Central Asia Centre of Better Births, Liverpool Women’s Hospital chemicals Chiaro Chicago, Illinois chief executive officers (CEO) child benefit child marriage childbirth childcare and agriculture cost of and employment and gross domestic product (GDP) and paternity 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Czech Republic daddy quotas Daly, Caroline Louisa Data2x Davis-Blake, Alison Davis, Wendy Davison, Peter defibrillators deforestation Delhi, India dementia Democratic Party Democratic Republic of the Congo Democratic United Party dengue fever Denmark dental devices Department for Work and Pensions depression diabetes diarrhoea diet diethylstilbestrol (DES) disabled people disasters Ditum, Sarah diversity-valuing behavior DNA (deoxyribonucleic acid) Do Babies Matter (Goulden, Mason, and Wolfinger) Doctor Who domestic violence Donison, Christopher Doss, Cheryl ‘draw a scientist’ driving dry sex Dyas-Elliott, Roger dysmenorrhea E3 Eagle, Angela early childhood education (ECE) Ebola economics Economist, The Edexcel education Edwards, Katherine Einstein, Albert elderly people Eliot, George Elks lodges Elvie emoji employment gender pay gap occupational health parental leave precarious work sexual assault/harassment and unpaid work ‘End of Theory, The’ (Anderson) endocrine disrupting chemicals (EDCs) Endocrine Society endometriosis endovascular occlusion devices England national football English language ENIAC (Electronic Numerical Integrator and Computer) Enlightenment entrepreneurs epilepsy Equal Times Equality Act (2010) erectile dysfunction Estonian language Ethiopia EuroNCAP European Parliament European Union academia bisphenol A (BPA) chronic illnesses crash test dummies employment gap endocrine disrupting chemicals (EDCs) gender-inflected languages life expectancy medical research parental leave precarious work sexual harassment taxation transport planning Evernote EverydaySexism evolution exercise extension services Facebook facial wrinkle correction fall-detection devices Fallout Family and Medical Leave Act (1993) farming Fawcett Society Fawlty Towers female Viagra feminism Feminist Frequency films Financial crash (2008) Finland Finnbogadóttir, Vigdís Finnish language firefighters first past the post (FPTP) First World War (1914–18) Fiske, Susan Fitbit fitness devices flexible working Folbre, Nancy Food and Agriculture Organization (FAO) Food and Drug Administration (FDA) football forced marriage Ford Fordham, Maureen fragile states France Franklin, Rosalind Frauen-Werk-Stadt free weights Freeman, Hadley French language Freud, Sigmund From Poverty to Power (Green) funeral rites FX gaming GapJumpers Gates Foundation Gates, Melinda gathering Geffen, David gender gender data gap academia agriculture algorithms American Civil War (1861–5) brilliance bias common sense crime Data2x female body historical image datasets innovation male universality medical research motion sickness occupational health political representation pregnancy self-report bias sexual assault/harassment smartphones speech-recognition technology stoves taxation transport planning unpaid work warmth vs competence Gender Equality Act (1976) Gender Global Practice gender pay gap gender-fair forms gender-inflected languages gendered poverty genderless languages Gendersite General Accounting Office generic masculine genius geometry Georgetown University German language German Society of Epidemiology Germany academia gender pay gap gender-inflected language Landesamt für Flüchtlingsangelegenheiten (LAF) medical research precarious work refugee camps school textbooks unpaid work Gezi Park protests (2013) Ghana gig economy Gild Gillard, Julia GitHub Glencore Global Alliance for Clean Cookstoves Global Gender Gap Index Global Media Monitoring Project Golden Globes Google artificial intelligence (AI) childcare Images maternity leave News Nexus petabytes pregnancy parking promotions search engine speech-recognition software Translate Gosling, Ryan Gothenburg, Sweden Gove, Michael Government Accounting Office (GAO) Great Depression (1929–39) Greece Green, Duncan Greenberg, Jon groping gross domestic product (GDP) Grown, Caren Guardian Gujarat earthquake (2001) Gulf War (1990–91) gyms H1N1 virus Hackers (Levy) hand size/strength handbags handprints haptic 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Hurricane Katrina (2005) Hurricane Maria (2017) hyperbolic geometry hysterectomies hysteria I Am Not Your Negro Iceland identity Idomeni camp, Greece Illinois, United States images immune system Imperial College London Inc Income of Nations, The (Studenski) indecent exposure Independent India Boxing Day tsunami (2004) gendered poverty gross domestic product (GDP) Gujarat earthquake (2001) political representation sexual assault/harassment stoves taxation toilets unpaid work Indian Ocean tsunami (2004) Industrial Revolution (c. 1760–1840) influenza Inmujeres innovation Institute for Fiscal Studies Institute for Women’s Policy Research Institute of Medicine Institute of Women’s Policy Research (IWPR) institutionalised rape Insurance Institute for Highway Safety Inter-agency Working Group on Reproductive Health in Crises Inter-Parliamentary Union’s (IPU) Internal Revenue Service (IRS) International Agency Research on Cancer International Conference on Intelligent Data Engineering and 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Leicester, Leicestershire leisure time lesbians Lesotho lethal violence Levy, Steven Lewis, Brandon Leyster, Judith Liberal Democrats Liberia libertarianism life expectancy Life of Pi Lilla, Mark Lim, Angelica Limpsfield Grange, Surrey Lin Qing Linder, Astrid literacy literature Littman, Ellen liver failure Liverpool, Merseyside lobotomies Local Government Act (1972) London, England Fire Brigade general election (2017) precarious work sexual assault/harassment transportation London School of Economics (LSE) London Review of Books Long Friday long-hours culture longevity Los Angeles Times Los Angeles, California Loughborough University Louisiana, United States Loukaitou-Sideris, Anastasia lubricant lung capacity lung diseases Macedonia Mackinnon, Catherine Maconchy, Elizabeth Made by Many Madrid, Spain malaria Malawi male universality Malmö, Sweden Malta mammary carcinogens ‘Man the Hunter’ Manchester University Martínez-Román, Adi Martino, Tami Marvel Comics maternal mortality maternity leave mathematics Mazarra, Glen McCabe, Jesse McCain, John McGill University McKinsey McLean, Charlene Medela medicine/healthcare Medline Memorial University Mendelssohn, Felix Mendes, Eva Mendoza-Denton, Rodolfo menopause menstruation mental health meritocracy Messing, Karen meta gender data gap MeToo movement Metroid mewar angithi (MA) Mexico Miami, Florida mice Microsoft migraines military Milito, Beth Miller, Maria Minassian, Alek Minha Casa, Minha Vida miscarriages Mismeasure of Woman, The (Tavris) misogyny Mitchell, Margaret Mogil, Jeffrey Mongolia Montreal University Morgan, Thomas Hunt morphine motion parallax motion sickness Motorola multiple myeloma Mumbai, India murders Murray, Andrew muscle music My Fair Lady myometrial blood ‘Myth’ (Rukeyser) nail salons Naipaul, Vidiadhar Surajprasad naive realism National Aeronautics and Space Administration (NASA) National Autistic Society National Democratic Institute National Health Service (NHS) National Highway Traffic 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Valley Silver, Nate Singh, Jyoti single parents single-member districts (SMD) Siri Skåne County, Sweden skeletons skin Slate Slocum, Sally Slovenia smartphones snow clearing social capital social data Social Democratic Party (SDP) social power socialisation Solna, Sweden Solnit, Rebecca Somalia Sony Ericsson Sounds and Sweet Airs (Beer) South Africa South Korea Soviet Union (1922–91) Spain Spanish language Speak with a Geek speech-recognition technology Sphinx sports Sprout Pharmaceuticals Sri Lanka St Mark’s, Venice St Vincent & the Grenadines stab vests Stack Overflow Stanford University staple crops Star Wars Starbucks Starkey, David statins statues stem cells Stevens, Nettie Stockholm, Sweden Stoffregen, Tom stoves Streisand, Barbra streptococcal toxic shock syndrome stress strokes Strozzi, Barbara Studenski, Paul Sulpicia Supreme Court Sweden Birka warrior car crashes councils crime depression gender pay gap heart attacks murders paternity leave political representation refugee camps snow clearing sports taxation unpaid work youth urban regeneration Swedish National Road and Transport Research Institute Swift, Taylor swine flu Swinson, Joanne Kate ‘Jo’ Switzerland Syria Systran tactile situation awareness system (TSAS) Taimina, Daina Taiwan Tate, Angela Tatman, Rachael Tavris, Carol taxation teaching evaluations Teaching Excellence Framework (TEF) tear gas tech industry television temperature Temperature Temporary Assistance to Needy Families tennis tenure-track system text corpora thalidomide ThinkProgress Thor three-stone fires time poverty time-use surveys TIMIT corpus Tin, Ida toilets Toksvig, Sandi tools Toronto, Ontario Tottenham, London Toyota Trades Union Congress (TUC) tradition transit captives transportation treadmills trip-chaining troponin Trump, Donald tuberculosis (TB) Tudor period (1485–1603) Tufekci, Zeynep Turkey Twitter Uberpool Uganda Ukraine ulcerative colitis Ulrich, Laurel Thatcher Umeå, Sweden Understanding Girls with ADHD (Littman) unemployment unencumbered people Unicode Consortium Unison United Association of Civil Guards United Kingdom academia austerity autism banknotes breast pumps Brexit (2016–) Fire Brigade caesarean sections children’s centres chronic illness/pain coastguards councils employment gap endometriosis Equality Act (2010) flexible working gender pay gap gendered poverty general elections generic masculine gross domestic product (GDP) heart attacks homelessness Human Rights Act (1998) leisure time maternity leave medical research military murders music nail salons occupational health paternity leave pedestrians pensions personal protective equipment (PPE) police political representation precarious work public sector equality duty (PSED) Representation of the People Act (1832) scientists Sex Discrimination Act (1975) sexual assault/harassment single parents statues stress taxation toilets transportation trip-chaining universities unpaid work Yarl’s Wood Detention Centre United Nations Children’s Fund (UNICEF) Commission on the Status of Women Data2x Economic Commission for Africa Food and Agriculture Organization (FAO) homicide survey Human Development Report and peace talks Population Fund Security Council Resolution 1325 (2000) and stoves and Switzerland and toilets and unpaid childcare Women’s Year World Conference on Women United States academia Affordable Care Act (2010) Agency for International Development (USAID) Alzheimer’s disease banknotes bisphenol A (BPA) breast pumps brilliance bias Bureau of Labor Statistics car crashes chief executive officers (CEO) childbirth, death in Civil War (1861–5) construction work councils crime early childhood education (ECE) employment gap endocrine disrupting chemicals (EDCs) endometriosis farming flexible working gender pay gap gendered poverty generic masculine Great Depression (1929–39) gross domestic product (GDP) healthcare heart attacks Hurricane Andrew (1992) Hurricane Katrina (2005) Hurricane Maria (2017) immigration detention facilities job interviews ‘just in time’ scheduling so.ware leisure time maternity leave medical research meritocracy military mortality rates murders nail salons National Institute of Health Revitalization Act (1993) occupational health personal protective equipment (PPE) political representation precarious work presidential election (2016) school textbooks September 11 attacks (2001) sexual assault/harassment single parents soccer team Supreme Court taxation tech industry toilets transportation Trump administration (2017–) universities unpaid work universal credit (UC) universality universities University and College Union University of California, Berkeley University of California, Los Angeles (UCLA) University of Chicago University of Liverpool University of London University of Manchester University of Michigan University of Minnesota University of North Carolina University of Stirling University of Sussex University of Washington University of York unpaid work agriculture and algorithms and gross domestic product (GDP) and occupational health and stoves and transport in workplace and zoning upper body strength upskirting urinals urinary-tract infections urination uro-gynaecological problems uterine failure uterine tybroids Uttar Pradesh, India Uzbekistan vaccines vagina Valium Valkrie value-added tax (VAT) Van Gulik, Gauri Venice, Italy venture capitalists (VCs) Veríssimo, Antônio Augusto Viagra Victoria, Queen of the United Kingdom video games Vienna, Austria Vietnam Vikings Villacorta, Pilar violence virtual reality (VR) voice recognition Volvo voting rights Vox voyeurism Wade, Virginia Walker, Phillip walking wallet to purse Walmart warfare warmth vs competence Warsaw Pact Washington Post Washington Times Washington, DC, United States WASHplus WaterAid Watson, James We Will Rebuild weak contractions Weapons of Math Destruction (O’Neil) West Bengal, India whiplash Wiberg-Itzel, Eva Wikipedia Wild, Sarah Williams, Gayna Williams, Serena Williams, Venus Williamson, £eresa Willow Garage Wimbledon Windsor, Ontario Winter, Jessica Wired Wolf of Wall Street, The Wolfers, Justin Wolfinger, Nicholas ‘Woman the Gatherer’ (Slocum) Women and Equalities Committee Women Will Rebuild Women’s Budget Group (WBG) Women’s Design Service Women’s Engineering Society Women’s Refugee Commission Women’s Year Woolf, Virginia workplace safety World Bank World Cancer Research Fund World Cup World Economic Forum (WEF) World Health Organization (WHO) World Meteorological Organisation worm infections Woskow, Debbie Wray, Susan Wyden, Robert XY cells Y chromosome Yale University Yarl’s Wood Detention Centre, Bedford Yatskar, Mark Yemen Yentl syndrome Yezidis Youth Vote, The youthquake Zambia zero-hour contracts Zika zipper quotas zombie stats zoning Zou, James Photo by Rachel Louise Brown CAROLINE CRIADO PEREZ is a writer, broadcaster, and feminist activist and was named Liberty Human Rights Campaigner of the Year and OBE by the Queen.


Rockonomics: A Backstage Tour of What the Music Industry Can Teach Us About Economics and Life by Alan B. Krueger

accounting loophole / creative accounting, Affordable Care Act / Obamacare, Airbnb, autonomous vehicles, bank run, Berlin Wall, bitcoin, Bob Geldof, butterfly effect, buy and hold, creative destruction, crowdsourcing, disintermediation, diversified portfolio, Donald Trump, endogenous growth, George Akerlof, gig economy, income inequality, index fund, invisible hand, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Arrow, Kickstarter, Live Aid, Mark Zuckerberg, Moneyball by Michael Lewis explains big data, moral hazard, Network effects, obamacare, offshore financial centre, Paul Samuelson, personalized medicine, pre–internet, price discrimination, profit maximization, random walk, recommendation engine, rent-seeking, Richard Thaler, ride hailing / ride sharing, Saturday Night Live, Skype, Steve Jobs, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, ultimatum game, winner-take-all economy, women in the workforce, Y Combinator, zero-sum game

Musicians have long been at the vanguard of the gig economy, facing many of the same problems that gig workers face today: obtaining health insurance, saving for the future, paying down debt, planning for taxes, and recordkeeping. In 2013, before Obamacare established health insurance exchanges and provided income-based subsidies for individuals to purchase insurance, 53 percent of musicians lacked health insurance, which was triple the uninsured rate for the population as a whole.8 Self-employed workers as a whole saw a greater rise in health insurance coverage after Obamacare passed than other employees. The health insurance coverage rate of musicians jumped to 86 percent by 2018.9 Not surprisingly, musicians and other freelancers have generally been more supportive of the controversial law than the public as a whole.10 Given the mental stresses and physical wear and tear that a musical career entails, the low rate of health insurance coverage historically has been a serious problem for musicians.


pages: 417 words: 103,458

The Intelligence Trap: Revolutionise Your Thinking and Make Wiser Decisions by David Robson

active measures, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, Atul Gawande, availability heuristic, cognitive bias, corporate governance, correlation coefficient, cuban missile crisis, Daniel Kahneman / Amos Tversky, dark matter, deliberate practice, dematerialisation, Donald Trump, Flynn Effect, framing effect, fundamental attribution error, illegal immigration, Isaac Newton, job satisfaction, knowledge economy, lone genius, meta analysis, meta-analysis, Nelson Mandela, obamacare, pattern recognition, price anchoring, Richard Feynman, risk tolerance, Silicon Valley, social intelligence, Steve Jobs, the scientific method, theory of mind, traveling salesman, ultimatum game, Y2K, Yom Kippur War

There is even some evidence that, thanks to motivated reasoning, exposure to the opposite point of view may actually backfire; not only do people reject the counter-arguments, but their own views become even more deeply entrenched as a result. In other words, an intelligent person with an inaccurate belief system may become more ignorant after having heard the actual facts. We could see this with Republicans’ opinions about Obamacare in 2009 and 2010: people with greater intelligence were more likely to believe claims that the new system would bring about Orwellian ‘death panels’ to decide who lived and died, and their views were only reinforced when they were presented with evidence that was meant to debunk the myths.40 Kahan’s research has primarily examined the role of motivated reasoning in political decision making – where there may be no right or wrong answer – but he says it may stretch to other forms of belief.

., Helft, L. and Hall Jamieson, K. (2017), ‘Science Curiosity and Political Information Processing’, Political Psychology, 38(S1), 179?99. 39 Kahan, D.M. (2017), ‘Ordinary Science Intelligence’: A Science-Comprehension Measure for Study of Risk and Science’, Journal of Risk Research, 20(8), 995?1016. 40 Nyhan, B., Reifler, J. and Ubel, P.A. (2013), ‘The Hazards of Correcting Myths about Health Care Reform’, Medical Care, 51(2), 127?32. For a discussion of the misperceptions around ObamaCare, see Politifact’s Lie of the Year: ‘Death Panels’, Politifact, 18 December 2009, http://www.politifact.com/truth-o-meter/article/2009/dec/18/politifact-lie-year-death-panels/. 41 Koehler, J.J. (1993), ‘The Influence of Prior Beliefs on Scientific Judgments of Evidence Quality’, Organizational Behavior and Human Decision Processes, 56(1), 28–55. See also Dan Kahan’s discussion of the paper, in light of recent research on motivated reasoning: Kahan, D.M. (2016), ‘The Politically Motivated Reasoning Paradigm, Part 2: What Politically Motivated Reasoning Is and How to Measure It’, in Emerging Trends in the Social and Behavioral Sciences, doi: 10.1002/9781118900772. 42 Including, apparently, $25,000 from his US book tour of 1922.


pages: 323 words: 100,923

This Is Not Fame: A "From What I Re-Memoir" by Doug Stanhope

Affordable Care Act / Obamacare, airport security, bitcoin, Donald Trump, obamacare, pre–internet, Saturday Night Live, Stephen Hawking, telemarketer, traveling salesman

Mark and Suzie Bazzell—happened to be anesthesiologists and lived up the road in Tucson. They emailed me posthaste after the update and offered their services. Anesthesia is 99 percent of the game as far as I’m concerned. So long as I’m unconscious, I could have my dry cleaner do the alterations. But they had a surgeon friend that was game and who waived her fee as well. Yes. Her. Thanks I assume to Obamacare and the comedy of Amy Schumer, gals too can be doctors now. This was a hot Japanese lady surgeon with ropey arms who probably mountain bikes and didn’t laugh at my examination room jokes and could have been twenty-eight or seventy the way Asian women tend to go. My immediate concern was that this selfless act of charity on her part might change my ingrained hatred of women and Asians. Like those movies where a Klansman gets the kidney transplant that saves his life from a carefree Negro and learns a lesson.

Fondler on, 211–212 Irishwomen bit on, 179 Napster, 109–110, 208, 298 permanent record on, 293, 296–298 trolls, 235, 238 interviews 20/20, 52, 54–56 country-western station in Shreveport, LA, 66–67 KWHL in Anchorage, AK, 86 local TV news in San Francisco, 57–59 Muslim woman prank, 63–64 Steve Yerrid impersonation, 65–66 “In the Arms of the Angel” (McLachlan), 255 Inverness, Scotland, 204 Irishwomen, 174, 176, 177, 179 Jack the Wig, 8 Jeff Dunham, 306 Jefferies, Jim, 187, 208 The Jerk, 146 Jerry Springer Show, 48–56, 148, 259 Jimi, 255 jock strap at the beach episode, 223 “Johnny Depp Never Called Me” material, 279 Jokers Comedy Club, 95, 300 Jonathan, 31 Just for Laughs comedy festival, 183–185 Just for Spite festival, 184 Kaufman, Andy, 77 Kelly, Jim, 297 Kenny, 85 Kerry, 138 KettleBells, 257 Kilborn, Craig, 27 Kilkenny comedy festival, 176–177 Kilkenny, Ireland, 174, 176–178 Killer Termites, 238, 239 Kirschner, Jay, 17, 209, 212, 215, 220 Kitchen Nightmares (TV series), 260 Koot’s (Chilkoot Charlie’s), 80, 83–92 Koresh, David, 12 Kreischer, Bert, 288 Krystal, 30–33 KWHL, 86, 89 Laff Stop, 48 Lakers game, 258–259 Lange, Artie, 164, 165, 166 Las Vegas, 157 Late Night with Jimmy Fallon, 268 Led Zeppelin, 196 Leno, Jay, 177 Levine, Kristine, 305–306 limos, 50, 199, 205 Litla-Hraun prison show, 132–134 locked-in syndrome, 231 London, England, 142–144 Lonnie, 98, 100–102 lotteries, winning, 295 Lou, 98, 100 Louisville, KY, 196 “low-watt gurgler in a high-back chair,” 301, 302, 303 Luker, 105–107 Maher, Bill, 22–25 mailing list, 18, 109, 184 Man-Dick and the nad-matter, 77–78 The Man Show, 26, 58, 59, 75, 76, 79, 145, 148, 264 Manson, Marilyn, 279, 281 marijuana, 265 Marino, Dan, 297 Maron, Marc, 292 Martin, Dean, 264 Martin, Steve, 104, 146 May, Big Fat Ralphie, 41, 88 meeting Bingo, 302–303 Metallica, 110 meth, 72, 84, 190, 287–288 Mexico, corruption in, 154 midgets, 85, 86 Midvale, UT, 97, 102 Mill Valley, CA, 110 Minneapolis, 30, 34, 157, 300 Mitchell, Tim, 272–273 mixed-bill shows, 177, 184 Montreal, Canada, 183, 184, 185 Montreal comedy festival, 93–94 Moon, Keith, 192 Morris, Garrett, 283 mother’s suicide, 225, 227 Muamba, Fabrice, 235–236 Murphy, Morgan, 202 mushrooms, 41, 80, 81, 84, 135–136, 256–257, 269, 280 naked onstage, 91–92, 93–94, 94–95 naked pool-dives, 24–25, 27 naked selfies of women, 228 name dropping, 282–283, 307 Napster, 109–110, 208, 298 Navarro, Dave, 269 Netflix, 263, 276, 309 New Orleans, 311–312 Newswipe (TV series), 128, 260 Nicklinson, Tony, 230, 231–232, 235, 238 Night Shift (TV series), 127 900 numbers, 41–42 No Class Tour at Ohio University, 167–170 No Refunds special, 128, 281, 283 noise ordinance in Bisbee, 305, 306 nose job, 37, 38 Notaro, Tig, 207 Nowhere Man, 305 Nurse Betty, 253 O’Briain, Dara, 177, 178 O’Connell, Mike, 186, 188 O’Donnell, Daniel, 203 Obamacare, 254 obsession, 33 Ocean Beach, CA, 225 The Office, 161 Ohio University show, 167–170 Okinawan girl joke, 90 Omaha, 95 Onnit, 257 open-mic comedy, 7–8 opening acts, 87, 184, 198, 271–275 OxyContin, 226 Pahrump, NV, 72 The Palms Casino Resort, 164, 165 parade, St. Patrick’s Day, 96–97 parties, 16–18, 21, 22–23, 162, 209 partying, 22–23, 28 Paula, 31, 32 Paulie, 148–149 Pearson, Allison, 231–232, 234–235, 238 pedophile’s release from prison, 175, 180 pedophile-baiting online, 43 penis exposure, 99–100, 102 Perlman, Josh, 6 Pervert Park (documentary), 224 PETA, 255 Phillips, Henry, 74, 188, 198, 199, 201, 202, 205, 255 phobias, 231 phone sex, 40–44 pig-in-the-trailer episode, 10–13 PiL (Public Image Ltd band), 60 pissing, 189, 245–247, 258 pizza under the table episode, 285–286 plagiarism, 233 poker event, 161–162 police at Super Bowl parties, 306 police interrogation at Costa Rica airport, 117–122 Politically Incorrect, 22 porn shoot, 157–158 porn stars, 160, 161, 162 portrait of Stanhope and Bingo, 225, 226 pranks, 61, 63–64, 65–66, 75–76, 89–91, 103–104, 266, 271–272, 272–273, 274–275 Dog Eats Own Leg video, 105–107 interview with “dancer,” 74–75 radio interviews, 59–61, 63–66 TV news interview prank, 58–59 Premium Blend (TV series), 45 prescription drugs, 189.


Mindf*ck: Cambridge Analytica and the Plot to Break America by Christopher Wylie

4chan, affirmative action, Affordable Care Act / Obamacare, availability heuristic, Berlin Wall, Bernie Sanders, big-box store, Boris Johnson, British Empire, call centre, Chelsea Manning, chief data officer, cognitive bias, cognitive dissonance, colonial rule, computer vision, conceptual framework, cryptocurrency, Daniel Kahneman / Amos Tversky, desegregation, Dominic Cummings, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, Etonian, first-past-the-post, Google Earth, housing crisis, income inequality, indoor plumbing, information asymmetry, Internet of things, Julian Assange, Lyft, Marc Andreessen, Mark Zuckerberg, Menlo Park, move fast and break things, move fast and break things, Network effects, new economy, obamacare, Peter Thiel, Potemkin village, recommendation engine, Renaissance Technologies, Robert Mercer, Ronald Reagan, Rosa Parks, Sand Hill Road, Scientific racism, Shoshana Zuboff, side project, Silicon Valley, Skype, uber lyft, unpaid internship, Valery Gerasimov, web application, WikiLeaks, zero-sum game

One couple told me about the thousands of dollars they owed for their insurance deductibles and how they would sometimes skimp on their prescriptions because they had to repair their car that month. They’d agreed to the interview because the $100 they received would get them closer to covering next month’s costs. But who did they blame for their insurance costs? Not their employer’s bad health plan or a lack of decent pay—they blamed Obamacare. They genuinely thought it was rolled out simply to help more undocumented workers come to America in a grand plan of liberal social engineering to keep the Democrats in power through more Democrat-leaning Latino voters, which in their minds made insurance and hospitals more expensive. People would feel better about their day after an hour-long session in the Fox News rage room—they could groan out their stress, and afterward their problems at work or home were someone else’s fault.

People would feel better about their day after an hour-long session in the Fox News rage room—they could groan out their stress, and afterward their problems at work or home were someone else’s fault. It meant that their struggles could be wholly externalized, sparing them the stark reality that maybe their employer didn’t care enough about them to give them a living wage. It would be too painful to admit that perhaps they were being taken advantage of by someone they saw every day rather than the faceless enemy of Obamacare and “illegals.” This was my longest exposure to Fox News, and all I could think about was how the network was conditioning people’s sense of identity into something that could be weaponized. Fox fuels anger with its hyperbolic narratives because anger disrupts the ability to seek, rationalize, and weigh information. This leads to a psychological bias called affect heuristic, where people use mental shortcuts that are significantly influenced by emotion.


pages: 349 words: 98,868

Nervous States: Democracy and the Decline of Reason by William Davies

active measures, Affordable Care Act / Obamacare, Amazon Web Services, bank run, banking crisis, basic income, business cycle, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Climategate, Climatic Research Unit, Colonization of Mars, continuation of politics by other means, creative destruction, credit crunch, decarbonisation, deindustrialization, discovery of penicillin, Dominic Cummings, Donald Trump, drone strike, Elon Musk, failed state, Filter Bubble, first-past-the-post, Frank Gehry, gig economy, housing crisis, income inequality, Isaac Newton, Jeff Bezos, Johannes Kepler, Joseph Schumpeter, knowledge economy, loss aversion, low skilled workers, Mahatma Gandhi, Mark Zuckerberg, mass immigration, meta analysis, meta-analysis, Mont Pelerin Society, mutually assured destruction, Northern Rock, obamacare, Occupy movement, pattern recognition, Peace of Westphalia, Peter Thiel, Philip Mirowski, planetary scale, post-industrial society, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, road to serfdom, Robert Mercer, Ronald Reagan, sentiment analysis, Silicon Valley, Silicon Valley startup, smart cities, statistical model, Steve Jobs, the scientific method, Turing machine, Uber for X, universal basic income, University of East Anglia, Valery Gerasimov, We are the 99%, WikiLeaks, women in the workforce, zero-sum game

From this perspective, those regions, populations, and cultures that were attached to failing industries lost their function in the overall competition. They have been superseded and discarded, and really have no reason to persist as they are. In the United States, attacks on socialized health insurance have obvious implications for the mortality rate among poor Americans. One estimate in 2017 suggested that, if the Republican Party succeeded in repealing “Obamacare,” an additional 208,500 people would die within a decade.25 The question arises whether libertarians necessarily view this as a bad thing—do they consider those lives worth living? Or are they satisfied with a sort of market-based eugenics where competition determines biological success and failure? The strains on physical and mental health of constant competition, and dwindling chances of “winning,” become clearer all the time.

., Martin Luther, 21, 224 knowledge economy, 84, 85, 88, 151–2, 217 known knowns, 132, 138 Koch, Charles and David, 154, 164, 174 Korean War (1950–53), 178 Kraepelin, Emil, 139 Kurzweil, Ray, 183–4 Labour Party, 5, 6, 65, 80, 81, 221 Lagarde, Christine, 64 Le Bon, Gustave, 8–12, 13, 15, 16, 20, 24, 25, 38 Le Pen, Marine, 27, 79, 87, 92, 101–2 Leadbeater, Charles, 84 Leeds, West Yorkshire, 85 Leicester, Leicestershire, 85 Leviathan (Hobbes), 34, 39, 45 liberal elites, 20, 58, 88, 89, 161 libertarianism, 15, 151, 154, 158, 164, 173, 196, 209, 226 Liberty Fund, 158 Libya, 143 lie-detection technology, 136 life expectancy, 62, 68–71, 72, 92, 100–101, 115, 224 Lindemann, Frederick Alexander, 1st Viscount Cherwell, 138 Lloyds Bank, 29 London, England bills of mortality, 68–71, 75, 79–80, 81, 89, 127 Blitz (1940–41), 119, 143, 180 EU referendum (2016), 85 Great Fire (1666), 67 Grenfell Tower fire (2017), 10 and gross domestic product (GDP), 77, 78 housing crisis, 84 insurance sector, 59 knowledge economy, 84 life expectancy, 100 newspapers, early, 48 Oxford Circus terror scare (2017), ix–x, xiii, 41 plagues, 67–71, 75, 79–80, 81, 89, 127 Unite for Europe march (2017), 23 London School of Economics (LSE), 160 loss aversion, 145 Louis XIV, King of France, 73, 127 Louisiana, United States, 151, 221 Ludwig von Mises Institute, 154 MacLean, Nancy, 158 Macron, Emmanuel, 33 mainstream media, 197 “Make America Great Again,” 76, 145 Manchester, England, 85 Mann, Geoff, 214 maps, 182 March For Our Lives (2018), 21 March for Science (2017), 23–5, 27, 28, 210, 211 marketing, 14, 139–41, 143, 148, 169 Mars, 175, 226 Marxism, 163 Massachusetts Institute of Technology (MIT), 179 Mayer, Jane, 158 McCarthy, Joseph, 137 McGill Pain Questionnaire, 104 McKibben, William “Bill,” 213 Megaface, 188–9 memes, 15, 194 Menger, Carl, 154 mental illness, 103, 107–17, 139 mercenaries, 126 Mercer, Robert, 174, 175 Mexico, 145 Million-Man March (1995), 4 mind-reading technology, 136 see also telepathy Mirowski, Philip, 158 von Mises, Ludwig, 154–63, 166, 172, 173 Missing Migrants Project, 225 mobilization, 5, 7, 126–31 and Corbyn, 81 and elections, 81, 124 and experts, 27–8 and Internet, 15 and Le Bon’s crowd psychology, 11, 12, 16, 20 and loss, 145 and Napoleonic Wars, xv, 127–30, 141, 144 and Occupy movement, 5 and populism, 16, 22, 60 and violence, opposition to, 21 Moniteur Universel, Le, 142 monopoly on violence, 42 Mont Pelerin Society, 163, 164 moral emotion, 21 morphine, 105 multiculturalism, 84 Murs, Oliver “Olly,” ix Musk, Elon, 175, 176, 178, 183, 226 Nanchang, Jiangxi, 13 Napoleonic Wars (1803–15), 126–30 chappe system, 129, 182 and conscription, 87, 126–7, 129 and disruption, 170–71, 173, 174, 175, 226 and great leader ideal, 146–8 and intelligence, 134 and mobilization, xv, 126–30, 141, 144 and nationalism, 87, 128, 129, 144, 183, 211 and propaganda, 142 Russia, invasion of (1812), 128, 133 Spain, invasion of (1808), 128 National Aeronautics and Space Administration (NASA), 23, 175 National Audit Office (NAO), 29–30 national citizenship, 71 National Defense Research Committee, 180 National Health Service (NHS), 30, 93 National Park Service, 4 National Security Agency (NSA), 152 national sovereignty, 34, 53 nationalism, 87, 141, 210–12 and conservatism, 144 and disempowerment, 118–19 and elites, 22–3, 60–61, 145 ethnic, 15 and health, 92, 211–12, 224 and imagined communities, 87 and inequality, 78 and loss, 145 and markets, 167 and promises, 221 and resentment, 145, 197, 198 and war, 7, 20–21, 118–19, 143–6, 210–11 nativism, 61 natural philosophy, 35–6 nature, 86 see also environment Nazi Germany (1933–45), 137, 138, 154 Netherlands, 48, 56, 129 Neurable, 176 neural networking, 216 Neuralink, 176 neurasthenia, 139 Neurath, Otto, 153–4, 157, 160 neurochemistry, 108, 111, 112 neuroimaging, 176–8, 181 Nevada, United States, 194 new atheism, 209 New Orleans, Louisiana, 151 New Right, 164 New York, United States and climate change, 205 and gross domestic product (GDP), 78 housing crisis, 84 JFK Airport terror scare (2016), x, xiii, 41 knowledge economy, 84 September 11 attacks (2001), 17, 18 New York Times, 3, 27, 85 newspapers, 48, 71 Newton, Isaac, 35 Nietzsche, Friedrich, 217 Nixon, Robert, 206 no-platforming, 22, 208 Nobel Prize, 158–9 non-combatants, 43, 143, 204 non-violence, 224 North Atlantic Treaty Organization (NATO), 123, 145, 214 North Carolina, United States, 84 Northern Ireland, 43, 85 Northern League, 61 Northern Rock, 29 Norwich, Norfolk, 85 nostalgia, xiv, 143, 145, 210, 223 “Not in my name,” 27 nuclear weapons, 132, 135, 137, 180, 183, 192, 196, 204 nudge techniques, 13 Obama, Barack, 3, 24, 76, 77, 79, 158, 172 Obamacare, 172 objectivity, xiv, 13, 75, 136, 223 and crowd-based politics, 5, 7, 24–5 and death, 94 and Descartes, 37 and experts, trust in, 28, 32, 33, 51, 53, 64, 86, 89 and Hayek, 163, 164, 170 and markets, 169, 170 and photography, 8 and Scientific Revolution, 48, 49 and statistics, 72, 74, 75, 82, 88 and telepathic communication, 179 and war, 58, 125, 134, 135, 136, 146 Occupy movement, 5, 10, 24, 61 Oedipus complex, 109 Office for National Statistics, 63, 133 Ohio, United States, 116 oil crisis (1973), 166 “On Computable Numbers” (Turing), 181 On War (Clausewitz), 130 Open Society and Its Enemies, The (Popper), 171 opiates, 105, 116, 172–3 opinion polling, 65, 80–81, 191 Orbán, Viktor, 87, 146 Organisation for Economic Co-operation and Development (OECD), 72 Oxford, Oxfordshire, 85 Oxford Circus terror scare (2017), ix–x, xiii, 41 Oxford University, 56, 151 OxyContin, 105, 116 pacifism, 8, 20, 44, 151 pain, 102–19, 172–3, 224 see also chronic pain painkillers, 104, 105, 116, 172–3 Palantir, 151, 152, 175, 190 parabiosis, 149 Paris climate accord (2015), 205, 207 Paris Commune (1871), 8 Parkland attack (2018), 21 Patriot Act (2001), 137 Paul, Ronald, 154 PayPal, 149 Peace of Westphalia (1648), 34, 53 peer reviewing, 48, 139, 195, 208 penicillin, 94 Pentagon, 130, 132, 135, 136, 214, 216 pesticides, 205 Petty, William, 55–9, 67, 73, 85, 167 pharmacology, 142 Pielke Jr., Roger, 24, 25 Piketty, Thomas, 74 Pinker, Stephen, 207 plagues, 56, 67–71, 75, 79–80, 81, 89, 95 pleasure principle, 70, 109, 110, 224 pneumonia, 37, 67 Podemos, 5, 202 Poland, 20, 34, 60 Polanyi, Michael, 163 political anatomy, 57 Political Arithmetick (Petty), 58, 59 political correctness, 20, 27, 145 Popper, Karl, 163, 171 populism xvii, 211–12, 214, 220, 225–6 and central banks, 33 and crowd-based politics, 12 and democracy, 202 and elites/experts, 26, 33, 50, 152, 197, 210, 215 and empathy, 118 and health, 99, 101–2, 224–5 and immediate action, 216 in Kansas (1880s), 220 and markets, 167 and private companies, 174 and promises, 221 and resentment, 145 and statistics, 90 and unemployment, 88 and war, 148, 212 Porter, Michael, 84 post-traumatic stress disorder (PTSD), 111–14, 117, 209 post-truth, 167, 224 Potsdam Conference (1945), 138 power vs. violence, 19, 219 predictive policing, 151 presidential election, US (2016), xiv and climate change, 214 and data, 190 and education, 85 and free trade, 79 and health, 92, 99 and immigration, 79, 145 and inequality, 76–7 and Internet, 190, 197, 199 “Make America Great Again,” 76, 145 and opinion polling, 65, 80 and promises, 221 and relative deprivation, 88 and Russia, 199 and statistics, 63 and Yellen, 33 prisoners of war, 43 promises, 25, 31, 39–42, 45–7, 51, 52, 217–18, 221–2 Propaganda (Bernays), 14–15 propaganda, 8, 14–16, 83, 124–5, 141, 142, 143 property rights, 158, 167 Protestantism, 34, 35, 45, 215 Prussia (1525–1947), 8, 127–30, 133–4, 135, 142 psychiatry, 107, 139 psychoanalysis, 107, 139 Psychology of Crowds, The (Le Bon), 9–12, 13, 15, 16, 20, 24, 25 psychosomatic, 103 public-spending cuts, 100–101 punishment, 90, 92–3, 94, 95, 108 Purdue, 105 Putin, Vladimir, 145, 183 al-Qaeda, 136 quality of life, 74, 104 quantitative easing, 31–2, 222 quants, 190 radical statistics, 74 RAND Corporation, 183 RBS, 29 Reagan, Ronald, 15, 77, 154, 160, 163, 166 real-time knowledge, xvi, 112, 131, 134, 153, 154, 165–70 Reason Foundation, 158 Red Vienna, 154, 155 Rees-Mogg, Jacob, 33, 61 refugee crisis (2015–), 60, 225 relative deprivation, 88 representative democracy, 7, 12, 14–15, 25–8, 61, 202 Republican Party, 77, 79, 85, 154, 160, 163, 166, 172 research and development (R&D), 133 Research Triangle, North Carolina, 84 resentment, 5, 226 of elites/experts, 32, 52, 61, 86, 88–9, 161, 186, 201 and nationalism/populism, 5, 144–6, 148, 197, 198 and pain, 94 Ridley, Matt, 209 right to remain silent, 44 Road to Serfdom, The (Hayek), 160, 166 Robinson, Tommy, ix Roosevelt, Franklin Delano, 52 Royal Exchange, 67 Royal Society, 48–52, 56, 68, 86, 133, 137, 186, 208, 218 Rumsfeld, Donald, 132 Russian Empire (1721–1917), 128, 133 Russian Federation (1991–) and artificial intelligence, 183 Gerasimov Doctrine, 43, 123, 125, 126 and information war, 196 life expectancy, 100, 115 and national humiliation, 145 Skripal poisoning (2018), 43 and social media, 15, 18, 199 troll farms, 199 Russian Revolution (1917), 155 Russian SFSR (1917–91), 132, 133, 135–8, 155, 177, 180, 182–3 safe spaces, 22, 208 Sands, Robert “Bobby,” 43 Saxony, 90 scarlet fever, 67 Scarry, Elaine, 102–3 scenting, 135, 180 Schneier, Bruce, 185 Schumpeter, Joseph, 156–7, 162 Scientific Revolution, 48–52, 62, 66, 95, 204, 207, 218 scientist, coining of term, 133 SCL, 175 Scotland, 64, 85, 172 search engines, xvi Second World War, see World War II securitization of loans, 218 seismology, 135 self-employment, 82 self-esteem, 88–90, 175, 212 self-harm, 44, 114–15, 117, 146, 225 self-help, 107 self-interest, 26, 41, 44, 61, 114, 141, 146 Semi-Automatic Ground Environment (SAGE), 180, 182, 200 sentiment analysis, xiii, 12–13, 140, 188 September 11 attacks (2001), 17, 18 shell shock, 109–10 Shrecker, Ted, 226 Silicon Fen, Cambridgeshire, 84 Silicon Valley, California, xvi, 219 and data, 55, 151, 185–93, 199–201 and disruption, 149–51, 175, 226 and entrepreneurship, 149–51 and fascism, 203 and immortality, 149, 183–4, 224, 226 and monopolies, 174, 220 and singularity, 183–4 and telepathy, 176–8, 181, 185, 186, 221 and weaponization, 18, 219 singularity, 184 Siri, 187 Skripal poisoning (2018), 43 slavery, 59, 224 smallpox, 67 smart cities, 190, 199 smartphone addiction, 112, 186–7 snowflakes, 22, 113 social indicators, 74 social justice warriors (SJWs), 131 social media and crowd psychology, 6 emotional artificial intelligence, 12–13, 140–41 and engagement, 7 filter bubbles, 66 and propaganda, 15, 18, 81, 124 and PTSD, 113 and sentiment analysis, 12 trolls, 18, 20–22, 27, 40, 123, 146, 148, 194–8, 199, 209 weaponization of, 18, 19, 22, 194–5 socialism, 8, 20, 154–6, 158, 160 calculation debate, 154–6, 158, 160 Socialism (Mises), 160 Society for Freedom in Science, 163 South Africa, 103 sovereignty, 34, 53 Soviet Russia (1917–91), 132, 133, 135–8, 177, 180, 182–3 Spain, 5, 34, 84, 128, 202 speed of knowledge, xvi, 112, 124, 131, 134, 136, 153, 154, 165–70 Spicer, Sean, 3, 5 spy planes, 136, 152 Stalin, Joseph, 138 Stanford University, 179 statactivism, 74 statistics, 62–91, 161, 186 status, 88–90 Stoermer, Eugene, 206 strong man leaders, 16 suicide, 100, 101, 115 suicide bombing, 44, 146 superbugs, 205 surveillance, 185–93, 219 Sweden, 34 Switzerland, 164 Sydenham, Thomas, 96 Syriza, 5 tacit knowledge, 162 talking cure, 107 taxation, 158 Tea Party, 32, 50, 61, 221 technocracy, 53–8, 59, 60, 61, 78, 87, 89, 90, 211 teenage girls, 113, 114 telepathy, 39, 176–9, 181, 185, 186 terrorism, 17–18, 151, 185 Charlottesville attack (2017), 20 emergency powers, 42 JFK Airport terror scare (2016), x, xiii, 41 Oxford Circus terror scare (2017), ix–x, xiii, 41 September 11 attacks (2001), 17, 18 suicide bombing, 44, 146 vehicle-ramming attacks, 17 war on terror, 131, 136, 196 Thames Valley, England, 85 Thatcher, Margaret, 154, 160, 163, 166 Thiel, Peter, 26, 149–51, 153, 156, 174, 190 Thirty Years War (1618–48), 34, 45, 53, 126 Tokyo, Japan, x torture, 92–3 total wars, 129, 142–3 Treaty of Westphalia (1648), 34, 53 trends, xvi, 168 trigger warnings, 22, 113 trolls, 18, 20–22, 27, 40, 123, 146, 148, 194–8, 199, 209 Trump, Donald, xiv and Bannon, 21, 60–61 and climate change, 207 and education, 85 election campaign (2016), see under presidential election, US and free trade, 79 and health, 92, 99 and immigration, 145 inauguration (2017), 3–5, 6, 9, 10 and inequality, 76–7 “Make America Great Again,” 76, 145 and March for Science (2017), 23, 24, 210 and media, 27 and opinion polling, 65, 80 and Paris climate accord, 207 and promises, 221 and relative deprivation, 88 and statistics, 63 and Yellen, 33 Tsipras, Alexis, 5 Turing, Alan, 181, 183 Twitter and Corbyn’s rallies, 6 and JFK Airport terror scare (2016), x and Oxford Circus terror scare (2017), ix–x and Russia, 18 and sentiment analysis, 188 and trends, xvi and trolls, 194, 195 Uber, 49, 185, 186, 187, 188, 191, 192 UK Independence Party, 65, 92, 202 underemployment, 82 unemployment, 61, 62, 72, 78, 81–3, 87, 88, 203 United Kingdom austerity, 100 Bank of England, 32, 33, 64 Blitz (1940–41), 119, 143, 180 Brexit (2016–), see under Brexit Cameron government (2010–16), 33, 73, 100 Center for Policy Studies, 164 Civil Service, 33 climate-gate (2009), 195 Corbyn’s rallies, 5, 6 Dunkirk evacuation (1940), 119 education, 85 financial crisis (2007–9), 29–32, 100 first past the post, 13 general election (2015), 80, 81 general election (2017), 6, 65, 80, 81, 221 Grenfell Tower fire (2017), 10 gross domestic product (GDP), 77, 79 immigration, 63, 65 Irish hunger strike (1981), 43 life expectancy, 100 National Audit Office (NAO), 29 National Health Service (NHS), 30, 93 Office for National Statistics, 63, 133 and opiates, 105 Oxford Circus terror scare (2017), ix–x, xiii, 41 and pain, 102, 105 Palantir, 151 Potsdam Conference (1945), 138 quantitative easing, 31–2 Royal Society, 138 Scottish independence referendum (2014), 64 Skripal poisoning (2018), 43 Society for Freedom in Science, 163 Thatcher government (1979–90), 154, 160, 163, 166 and torture, 92 Treasury, 61, 64 unemployment, 83 Unite for Europe march (2017), 23 World War II (1939–45), 114, 119, 138, 143, 180 see also England United Nations, 72, 222 United States Bayh–Dole Act (1980), 152 Black Lives Matter, 10, 225 BP oil spill (2010), 89 Bush Jr. administration (2001–9), 77, 136 Bush Sr administration (1989–93), 77 Bureau of Labor, 74 Central Intelligence Agency (CIA), 3, 136, 151, 199 Charlottesville attack (2017), 20 Civil War (1861–5), 105, 142 and climate change, 207, 214 Clinton administration (1993–2001), 77 Cold War, see Cold War Defense Advanced Research Projects Agency (DARPA), 176, 178 Defense Intelligence Agency, 177 drug abuse, 43, 100, 105, 115–16, 131, 172–3 education, 85 Federal Bureau of Investigation (FBI), 137 Federal Reserve, 33 Fifth Amendment (1789), 44 financial crisis (2007–9), 31–2, 82, 158 first past the post, 13 Government Accountability Office, 29 gross domestic product (GDP), 75–7, 82 health, 92, 99–100, 101, 103, 105, 107, 115–16, 158, 172–3 Heritage Foundation, 164, 214 Iraq War (2003–11), 74, 132 JFK Airport terror scare (2016), x, xiii, 41 Kansas populists (1880s), 220 libertarianism, 15, 151, 154, 158, 164, 173 life expectancy, 100, 101 March For Our Lives (2018), 21 March for Science (2017), 23–5, 27, 28, 210 McCarthyism (1947–56), 137 Million-Man March (1995), 4 National Aeronautics and Space Administration (NASA), 23, 175 National Defense Research Committee, 180 National Park Service, 4 National Security Agency (NSA), 152 Obama administration (2009–17), 3, 24, 76, 77, 79, 158 Occupy Wall Street (2011), 5, 10, 61 and opiates, 105, 172–3 and pain, 103, 105, 107, 172–3 Palantir, 151, 152, 175, 190 Paris climate accord (2015), 205, 207 Parkland attack (2018), 21 Patriot Act (2001), 137 Pentagon, 130, 132, 135, 136, 214, 216 presidential election (2016), see under presidential election, US psychiatry, 107, 111 quantitative easing, 31–2 Reagan administration (1981–9), 15, 77, 154, 160, 163, 166 Rumsfeld’s “unknown unknowns” speech (2002), 132 Semi-Automatic Ground Environment (SAGE), 180, 182, 200 September 11 attacks (2001), 17, 18 Tea Party, 32, 50, 61, 221 and torture, 93 Trump administration (2017–), see under Trump, Donald unemployment, 83 Vietnam War (1955–75), 111, 130, 136, 138, 143, 205 World War I (1914–18), 137 World War II (1939–45), 137, 180 universal basic income, 221 universities, 151–2, 164, 169–70 University of Cambridge, 84, 151 University of Chicago, 160 University of East Anglia, 195 University of Oxford, 56, 151 University of Vienna, 160 University of Washington, 188 unknown knowns, 132, 133, 136, 138, 141, 192, 212 unknown unknowns, 132, 133, 138 “Use of Knowledge in Society, The” (Hayek), 161 V2 flying bomb, 137 vaccines, 23, 95 de Vauban, Sébastien Le Prestre, Marquis de Vauban, 73 vehicle-ramming attacks, 17 Vesalius, Andreas, 96 Vienna, Austria, 153–5, 159 Vietnam War (1955–75), 111, 130, 136, 138, 143, 205 violence vs. power, 19, 219 viral marketing, 12 virtual reality, 183 virtue signaling, 194 voice recognition, 187 Vote Leave, 50, 93 Wainright, Joel, 214 Wales, 77, 90 Wall Street, New York, 33, 190 War College, Berlin, 128 “War Economy” (Neurath), 153–4 war on drugs, 43, 131 war on terror, 131, 136, 196 Watts, Jay, 115 weaponization, 18–20, 22, 26, 75, 118, 123, 194, 219, 223 weapons of mass destruction, 132 wearable technology, 173 weather control, 204 “What Is An Emotion?”


The Road to Unfreedom: Russia, Europe, America by Timothy Snyder

active measures, affirmative action, Affordable Care Act / Obamacare, American ideology, anti-globalists, Bernie Sanders, centre right, Charles Lindbergh, crony capitalism, Dissolution of the Soviet Union, Donald Trump, hiring and firing, income inequality, John Markoff, means of production, Mikhail Gorbachev, New Journalism, obamacare, offshore financial centre, Robert Mercer, sexual politics, Transnistria, WikiLeaks, women in the workforce, zero-sum game

Encouraged by presidential racism, such people could understand their own pain as a sign of still greater pain inflicted upon others. The only major policy of 2017 was to increase pain: a tax regression law that created a budgetary argument against funding domestic programs, and which included among its provisions the deprivation of health care from many of those who needed it most. In Trump’s words, “I’ve ended the individual mandate” for health insurance. This means that the Affordable Care Act, which had extended health insurance among uninsured Americans, was in his words “basically dead over time.” According to the Congressional Budget Office, the health care provisions of the 2017 tax bill will result in the loss of health insurance for thirteen million Americans. As an envoy from the United Nations warned, these policies could make the United States “the most unequal country in the world.”

When asked about health insurance on May 24, 2017, the congressional candidate Greg Gianforte physically attacked the reporter. This was a revealing move: the point is pain. Once politicians believe that their job is its creation and redistribution, to speak about health becomes a provocation. Trump was called a “populist” Ed Pilkington, “Trump turning US into ‘world champion of extreme inequality,’ UN envoy warns,” TG, Dec. 15, 2017. 13 million: Sy Mukherjee, “The GOP Tax Bill Repeals Obamacare’s Individual Mandate,” Fortune, Dec. 20, 2017. Trump quotation: “Excerpts from Trump’s Interview with the Times,” NYT, Dec. 28, 2017. On one level See Katznelson, Fear Itself, 33, sic passim. Cf Zygmunt Bauman, Liquid Modernity (London: Polity, 2000): “the dearth of workable solutions at their disposal needs to be compensated for by imaginary ones.” Of course, some workable solutions are available to governments if not to individuals; it is the task of political racism to make them seem not so, and the task of political fiction to prevent the question of workability from even arising.


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Bad Blood: Secrets and Lies in a Silicon Valley Startup by John Carreyrou

Affordable Care Act / Obamacare, bioinformatics, corporate governance, Donald Trump, El Camino Real, Elon Musk, Google Chrome, John Markoff, Jony Ive, Kickstarter, Marc Andreessen, Mark Zuckerberg, Mars Rover, medical malpractice, Menlo Park, obamacare, Ponzi scheme, ride hailing / ride sharing, Right to Buy, Sand Hill Road, side project, Silicon Valley, Silicon Valley startup, stealth mode startup, Steve Jobs, supply-chain management, Travis Kalanick, ubercab

Along the way, his disciplined focus on the X’s and O’s of the grocery business, which had earned him plaudits from Wall Street during his first decade as CEO, had given way to an intense interest in health care. He’d gotten hooked on the subject after realizing that Safeway’s rising medical costs threatened to someday bankrupt the company if he didn’t do something to tame them. He’d pioneered innovative wellness and preventive health programs for his employees and become an advocate for universal health coverage, making him one of the only Republican CEOs to embrace many of the tenets of Obamacare. Like Dr. J, he was serious about his own health. He worked out on a treadmill at five every morning and lifted weights in the evenings after dinner. At Burd’s invitation, Elizabeth came to the supermarket chain’s headquarters in Pleasanton, on the other side of San Francisco Bay, to make a presentation. As the Safeway CEO and a group of his top executives listened intrigued, she described how her phobia of needles had led her to develop breakthrough technology that made blood tests not only more convenient, but faster and cheaper.

The Weekend Interview, which rotated among the members of Gigot’s staff, wasn’t meant to be hard-hitting investigative journalism. Rather, it was what its name implied: an interview whose tone was usually friendly and nonconfrontational. Moreover, her message of bringing disruption to an old and inefficient industry was bound to play well with the Journal editorial page’s pro-business, anti-regulation ethos. Nor did Rago, who had won a Pulitzer Prize for tough editorials dissecting Obamacare, have any reason to suspect that what Elizabeth was telling him wasn’t true. During his visit to Palo Alto, she had shown him the miniLab and the six-blade side by side and he had volunteered for a demonstration, receiving what appeared to be accurate lab results in his email in-box before he even left the building. What he didn’t know was that Elizabeth was planning to use the Walgreens launch and his accompanying article containing her misleading claims as the public validation she needed to kick-start a new fund-raising campaign, one that would propel Theranos to the forefront of the Silicon Valley stage


pages: 453 words: 111,010

Licence to be Bad by Jonathan Aldred

"Robert Solow", Affordable Care Act / Obamacare, Albert Einstein, availability heuristic, Ayatollah Khomeini, Benoit Mandelbrot, Berlin Wall, Black Swan, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Cass Sunstein, clean water, cognitive dissonance, corporate governance, correlation does not imply causation, cuban missile crisis, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Snowden, Fall of the Berlin Wall, falling living standards, feminist movement, framing effect, Frederick Winslow Taylor, From Mathematics to the Technologies of Life and Death, full employment, George Akerlof, glass ceiling, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jeff Bezos, John Nash: game theory, John von Neumann, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, meta analysis, meta-analysis, Mont Pelerin Society, mutually assured destruction, Myron Scholes, Nash equilibrium, Norbert Wiener, nudge unit, obamacare, offshore financial centre, Pareto efficiency, Paul Samuelson, plutocrats, Plutocrats, positional goods, profit maximization, profit motive, race to the bottom, RAND corporation, rent-seeking, Richard Thaler, ride hailing / ride sharing, risk tolerance, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Skype, Social Responsibility of Business Is to Increase Its Profits, spectrum auction, The Nature of the Firm, The Wealth of Nations by Adam Smith, transaction costs, trickle-down economics, Vilfredo Pareto, wealth creators, zero-sum game

But these complications do not undermine the main argument. 48 The price of some positional goods (such as desirable houses) will fall; in other cases, where prices reflect international demand (sports cars), the price may not fall but living standards are unlikely to be much affected from having to scale back from, say, a Ferrari Berlinetta to a Porsche 911 Turbo at half the price. See below. 49 Frank, 91. 50 For the UK, see Atkinson, Inequality, 237–9. For the US, see Stiglitz, 336–55. 51 Interview with Rupert Cornwell, Toronto Globe and Mail, 6 July 2002. 52 For more discussion and references see Mcquaig and Brooks, 121–3. 10. A TROUBLED RELATIONSHIP: MODERN ECONOMICS AND US 1 Avik, Roy, ‘ACA Architect: “The Stupidity of the American Voter” Led Us to Hide Obamacare’s True Costs from the Public’, Forbes, 10 November 2014. 2 Coyle, D. (2002), Sex, Drugs and Economics (New York: Texere), 226. 3 Caplan, B. (2007), The Myth of the Rational Voter (Princeton: Princeton University Press), 30. 4 Caplan, 201. 5 Sapienza, Paola, and Zingales, Luigi (2013), ‘Economic Experts versus Average Americans’, American Economic Review, 103 (3), 636–42. 6 Lazear, E. (2000), ‘Economic Imperialism’, Quarterly Journal of Economics, 115 (1), 99–144.


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