So when Matthew Stewart is back with a book about the "9.9%"—basically, it's his indictment of the upper middle class, mostly ripping off Richard Reeves' work in Dream Hoarders. And there's a funny line in this @EmilyStewartM Q&A. vox.com/the-goods/2267…
Stewart argues that the 90th-99.9th percentile of wealth holders are a distinct group that's basically responsible for a lot of the problems like exclusionary zoning, etc. When he wrote up his idea in The Atlantic a few years back, I point out that the stat made zero sense...
...because the 9.9% actually just includes a ton of senior citizens, as well as the professionals he's talking about. slate.com/business/2018/…
Anyway, in the interview, Emily asks the obvious question: Who are the people in this group?

And his answer is more less 'Uh, don't take the stat too literally.'
It's kind of funny and wouldn't be that big a deal, except that literally the only thing Stewart added to this conversation was a flimsy statistic, which appears to have gotten him a book deal. Otherwise, he's mostly just repackaging points @RichardvReeves already made.

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More from @JHWeissmann

13 Oct
The "we should ban cars" brigade might be my least favorite people on Twitter.
OK. This isn't true. The Nazis, tankies, anti-vax nutters, Ben Shapiro fans, thirsty resistance Twitter types, etc. are worse. But I'm not a fan.
Honestly shocked I haven't gotten ratioed yet on this one.
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11 Oct
My personal measure of Card, et. al’s contribution to economics is that, when I started covering the topic 10 years ago, I literally could not understand what the field had even really consisted of before the credibility revolution. A little explanation…
Before I joined The Atlantic’s business/econ section, I knew next to nothing about the econ half. I’d taken macro in college, hated it, and that was it. I’d been a legal journalist before, and had learned that beat by reading opinions/filings & calling lawyers to ask Qs…
So I basically started doing the same thing with econ, calling up paper authors and asking them to walk me through not only their findings but also their methods, which were obviously Greek to me. Eventually, I started getting to know the field, and it seemed like half of…
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8 Oct
Hm. September. Not good.
How much is that weird seasonal adjustment in education though?
Ah, yep.

At this point, it feels like the private payroll numbers are the most important thing to look at. We did a bit better there, but still needs to be stronger.
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3 Oct
It’s amazing how this kind of troll works every time.
The 24/7 nanny they pay $192,000 per year is just 🤌
(And if this guy is being sincere good lord)
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1 Oct
So talking to people today about paid family and medical leave has been taking me back to when my dad's company fired him after he went in for a surgery and was essentially on his death bed. Definitely ghoulish. But now wondering: Also maybe illegal?
Sorry, probably TMI. But I'm, like, really curious now.
I am also tempted to call that company up and just be like: "Hey, you fired my dad while he was waging a doomed battle for his life in a hospital bed. What gives?"
Read 4 tweets
30 Sep
At $1.5 trillion, I think my priorities would probably be:

$460B for health care — making the ACA subsidy expansion permanent and fixing the hole in the Medicaid expansion.

$500B for paid leave (Yes, it would really cost about that much)

$540B for climate
I know, abandoning the CTC sucks. But we're the only developed country w/o paid leave, only about 1 in 5 people get it through work currently (roughly 1 in 3 live in states w/ programs), and it'd be permanent.
OK! Adjustments. First, it's been pointed out that the $163B estimate on ACA subsidies, which came from Biden, is too low.

But it may also possible to cut 70% of the cost of the paid leave bill by just making it a benefit for parents. So with that:

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