1/ In my latest pro-growth/tech/progress newsletter, Faster, Please!, I discuss why we need more clean energy for new innovations — even bitcoin — and, more importantly, to maximize human potential. fasterplease.substack.com/p/we-need-more…2/ Consider 3 facts:
#1 Two-thirds of all bitcoin mining has occurred in China.
#2 Nearly 60% of China’s energy comes from burning coal.
#3 Bitcoin miners are expected to consume roughly 0.6% of global electricity — an amount similar to Sweden’s annual electricity use.
May 18, 2021 • 8 tweets • 2 min read
1/ Yes, we should boost US science research funding. But we need to get the details right. I discuss this in my latest pro-growth/tech/progress newsletter, Faster, Please! fasterplease.substack.com/p/we-need-more…2/ It sure seems like everyone — myself included — wants to spend more taxpayer dough on science and technology research. (Federal R&D spending, as a share of GDP, is only a third of what it was during the Space Race 1960s.)
Sep 21, 2020 • 6 tweets • 3 min read
A short thread: Why the *reality" of wage stagnation, flat income growth, and upward immobility may not be what you think. Like, at all. aei.org/economics/chec…1/ Wages have not been stagnant for decades. "Over the past three decades, wages for typical workers have grown by 20% using the CPI. And using the PCE — the better measure of inflation — finds a 34% increase in wages."
Sep 16, 2020 • 7 tweets • 3 min read
A brief thread: Is America still suffering from "late capitalism?" aei.org/economics/amer…1/ New Census numbers suggest not, pre-pandemic. Data for 2019 show median US income rose nearly 7 percent to $68,703. “Rising employment and broad-based wage increases in 2019 helped drive that uptick” is how officials explain the increase, according to @washingtonpost
Jul 23, 2020 • 12 tweets • 4 min read
1/ Common question I get: "Rs don’t care about deficits. Not really. So why are they not spending whatever it takes to juice the economy and get Trump (and themselves) reelected." Juice, baby, juice! My best answer: theweek.com/articles/92667…2/ Don't forget Rs have already agreed to $3t in spending. That’s unprecedented. And they seem willing to spend at least another $1t. And the economy is rebounding. Maybe that's enough.
Jun 19, 2020 • 4 tweets • 1 min read
1/ Concerns about corporate concentration seem to be a constant concern among commentators. Crisis of capitalism! Especially Big Tech. Here are 3 charts of interest from Goldman Sachs for historical and global perspective:
2/ Sector dominance has been a feature of the equity market throughout history (Share of the biggest sector in the US)
Mar 22, 2020 • 10 tweets • 3 min read
1/ The American economy is shutting down. An insta-depression (effectively) encouraged by government to stop the spread of #COVID-19. But the ongoing collapse of 30m small businesses will cause mass unemployment today and painfully slow recovery tomorrow.
2/ The economic support package being discussed in Congress will be helpful: a $300-$350 billion lifeline pushed by Senators Rubio, Collins, and Cardin. washingtonpost.com/powerpost/unli…
Mar 21, 2020 • 8 tweets • 3 min read
1/ The US economy is imploding. That’s the message of the plunging stock market and rising jobless claims. And Washington is not doing nearly enough to stop it. Forecasts of a deep recession followed by a strong recovery are too optimistic. Here’s why:
2/ The expanding #Covid-19 quarantines and shutdowns mean the utter destruction of many of the 30 million small businesses -- restaurants, shops, hotels -- that employ 60 million people. wsj.com/articles/for-s…
Mar 2, 2020 • 10 tweets • 3 min read
1/ A THREAD: Goldman Sachs just gave a massive downgrade to the US economy because of #COVIDー19. How might that affect the 2020 presidential election?
2/ Here is the gloomy new baseline forecast from GS, lopping a percentage point from 2020 real GDP growth (Q4/Q4) to a meager 1.0%:
Feb 7, 2020 • 6 tweets • 1 min read
1/ After yet another strong jobs report, what is the Democratic argument against Trumponomics? These points from @amprog's take on today's numbers might be suggestive of possible responses:
2/ "... 2019 was the slowest year for job growth since 2011, when the economy was just climbing back from the great recession"
Feb 2, 2020 • 8 tweets • 3 min read
1/ Is American capitalism broken, as populists and progressives insist? Or is the American Dream alive and well? Here are a few🌞data nuggets gleaned from this powerful analysis by @AEI colleague and economist @MichaelRStrain. wsj.com/articles/the-a…2/ No upward mobility? Around three-quarters of people in their 40s today have higher (inflation-adjusted) household incomes than their parents did when their parents were of similar age. And 72% of men raised in the working class earn more than their dads did.
Jan 24, 2020 • 10 tweets • 4 min read
1/ @JoeRogan is wrong when he says Bernie Sanders has been "insanely consistent" in his views. Not so much, really. So many questions, @SenSanders2/ Why does Bernie Sanders no longer promote hardcore socialism, particularly nationalizing key industries? He sure used to, as I write in my @TheWeek column: theweek.com/articles/89120…