Notes and Sources for Evil Geniuses: The Unmaking of America: A Recent History

Introduction

xiv   “If infectious greed is the virus” Kurt Andersen, “City of Schemes,” The New York Times, Oct. 6, 2002.

xvi   “run of pedal-to-the-medal hypercapitalism” Kurt Andersen, “American Roulette,” New York, December 22, 2006.

xx   “People of the same trade” Adam Smith, The Wealth of Nations, ed. Andrew Skinner, 1776 (London: Penguin, 1999) Book I, Chapter X.

Chapter 1

4   “The discovery of America offered” Alexis de Tocqueville, Democracy In America, trans. Arthur Goldhammer (New York: Library of America, 2012), Book One, Introductory Chapter.

4   “A new science of politics” Tocqueville, Democracy In America, Book One, Introductory Chapter.

4   “The inhabitants of the United States” Tocqueville, Democracy In America, Book One, Chapter XVIII.

5   “there was virtually no economic growth” Robert J Gordon. “Is US economic growth over?  Faltering innovation confronts the six headwinds.” Policy Insight No. 63. Centre for Economic Policy Research, September, 2012.

--Thomas Piketty, “World Growth from the Antiquity (growth rate per period),” Quandl.

6   each citizen’s share of the economy Richard H. Steckel, “A History of the Standard of Living in the United States,” in EH.net (Economic History Association, 2020).

--Andrew McAfee and Erik Brynjolfsson, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (New York: W.W. Norton, 2016), p. 98.

6   “Constant revolutionizing of production” Friedrich Engels and Karl Marx, Manifesto of the Communist Party (Moscow: Progress Publishers, 1969), Chapter I.

7   from the early 1840s to 1860 Tomas Nonnenmacher, “History of the U.S. Telegraph Industry,” in EH.net (Economic History Association, 2020).

7 Chicago went from five thousand people Wikipedia, s.v. “Demographics of Chicago,” last modified June 11, 2020.

7 New York doubling in size “New York, New York Population 2020,” World Population Review.

7 To be modern Kurt Andersen, Heyday: A Novel (New York: Random House, 2007), pp. 135-136.

8 “If there is one thing” Mariana Mazzucato, The Value of Everything (New York: Public Affairs, 2018), p. 192.

10 enslaved blacks constituted half Roger Ransom, “The Economics of the Civil War” in EH.net (Economic History Association, 2020).

10 “the cotton fields alive with toiling” Robert Love Taylor, Lectures and Best Literary Productions (Nashville, Tenn.: Bob Taylor Publishing Co., 1913), pp. 152-153.

10 “love [of] sham chivalries” Mark Twain, Life on the Mississippi (Project Gutenberg, 2006), Chapter 46.

Chapter 2

12   “the labor could be divided” Louis Hyman, “It’s Not Technology That’s Disrupting Our Jobs,” The New York Times, August 18, 2018.

13   responsible as well for making slavery Eugene Dattel, “Cotton in a Global Economy: Mississippi (1800-1860),” Mississippi HistoryNow, October, 2006.

--Henry Louis Gates, Jr., “Why Was Cotton ‘King’?” The African Americans: Many Rivers To Cross.

--Gene Dattel, “When Cotton Was King,” The New York Times, March 26, 2011.

13   “Whitney must have staged” “The Factory,” Eli Whitney Museum and Workshop.

--Burton Fabricand, American History Through the Eyes of Modern Chaos Theory (lulu.com, 2009), p. 136.

--Merritt Roe Smith quoted in Peter Baida, “The Business of America: Eli Whitney’s Other Talent,” American Heritage, May/June, 1987.

13   “has invented moulds & machines” Thomas Jefferson to James Monroe, November 14, 1801, in Founder’s Online, National Archives.

14   Which led many people The average worker in Britain in 1840 was producing 46 percent more than in 1780, but during those sixty years his wages increased by only 12 percent. Robert Allen, “Engels’ pause: Technical change, capital accumulation, and inequality in the british industrial revolution,” Explorations in Economic History (February 8, 2008).

14   “the most important social issue” Frederick Engels, The Condition of the Working-Class in England in 1844, 1845 (London: Allen & Unwin, 1926), pp. 25-26.

15  the new capitalist system adapted Stephen Broadberry and Douglas Irwin, “Labor Productivity in the United States and the United Kingdom During the Nineteenth Century,” January 5, 2005.

15  “Private economic power is held” John Kenneth Galbraith, American Capitalism: The Concept of Countervailing Power (Boston: Houghton Mifflin, 1952), p. 111.

16   “The operation of countervailing power” Galbraith, American Capitalism, pp. 111-115.

16   By the 1950s, a third Eduardo Porter, “Harvard Is Vaulting Workers Into the Middle Class With High Pay. Can Anyone Else Follow Its Lead?” The New York Times, September 8, 2018.

17   In 1910 President Theodore Roosevelt Megan Slack, “From The Archives: President Teddy Roosevelt’s New Nationalism Speech,” Obama White House Archives, December 6, 2011.

17   the way we did in the early 1900s Joe Nocera, “Easiest Fix for Facebook: Break It Up,” Bloomberg, November 21, 2018.

17   The government’s enforcement of these laws Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley, 2019), p. 145.

18   “The economic philosophy of American liberals” Daniel Bell, “The Cultural Contradictions of Capitalism,” Journal of Aesthetic Education 6, no. 1-2 (1972): p. 41.

18   “under the control of a few” Harry Truman, “State of the Union Address,” Project Gutenberg, January 4, 1950.

18   “vigorous enforcement of antitrust laws” Dwight D. Eisenhower, “Annual Message to the Congress on the State of the Union,” The American Presidency Project, January 12, 1961.

19   the foundation created by the son Jane Mayer, Dark Money: The Hidden History of the Billionaires the Rise of the Radical Right (New York: Doubleday, 2016) p. 122.

19   the fraction of American workers Samuel Rosenberg, American Economic Development Since 1945: Growth, Decline, and Rejuvenation (New York: Palgrave Macmillan, 2003).

-- Jennifer Klein, For All These Rights: Business, Labor, and the Shaping of American As A Public Private Welfare State (Princeton: Princeton University Press, 2003).

19   before the twentieth century  “Growing a Nation,” The Growing of a Nation timeline, 2018.

20   For most Americans Raj Chetty, David Grusky, Maximilian Hell, Robert Manduca, Jimmy Narang, “The Fading American Dream: Trends in Absolute Income Mobility Since 1940.” NBER Working Paper series. National Bureau of Economic Research, December 2016. 

20   From the 1940s through the ‘70s Carl Benedikt Frey and Michael Osborne, “The Future of Employment: How Susceptible Are Jobs To Computerisation?” University of Oxford, September 17, 2013.

-- Andrew McAfee and Erik Brynjolfsson, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (New York: W.W. Norton, 2016), p. 128.

20   “Productivity isn’t everything” Paul Krugman, The Age of Diminished Expectations: U.S. Economic Policy in the 1990s (Cambridge, Mass.: MIT Press, 1999).

Chapter 3

22   “what America is going to be” John F. Kennedy, “Remarks at Ground-Breaking for U.S. Pavilion, New York World’s Fair, Flushing, New York, 14 December 1962,” JFK Library.

24   When the parents of baby boomers Ed. Thomas Snyder, “120 Years of American Education: A Statistical Portrait,” (Washington D.C., National Center for Education Statistics, January 1993).

24   in 1960 the Food and Drug Administration Elizabeth Siegel Watkins, “How the Pill Became a Lifestyle Drug: The Pharmaceutical Industry and Birth Control in the United States Since 1960,”American Journal of Public Health 102, no. 8 (August 2012): 1462-1472.

25   In 1963 the journalist Betty Friedan, The Feminine Mystique (New York: W.W., 2013), p. 359.

25   Even though her book was “Adult New York Times Best Sellers Lists for 1963,” Hawes Publications.

-- Walter Carlson, “Advertisting: Feminine Mystique Under Fire,” The New York Times, June 30, 1965.

26   “feminism which one might have supposed” Martha Weinman Lear, “What do these women want? The Second Feminist Wave,” The New York Times, March 10, 1968.

26   Not many weeks later Marylin Bender, “Valeria Solanis a Heroine to Feminists,” The New York Times, June 14, 1968.

26   “We must back Lyndon Johnson” “Links to resources from Students for a Democratic Society (SDS) and related groups and activities,” sds-1960s.org.

27   “the first industrial revolution devalued,” Harry Davis, “An Interview with Norbert Weiner,” The New York Times, April 10, 1949.

28   “These new machines” John Markoff, “In 1949, He Imagined an Age of Robots,” The New York Times, May 20, 2013.

28   “this point is made seldom outside” Irving John Good, “Speculations Concerning the First Ultraintelligent Machine,” 1965, HTML ed. Robert Bradbury, September 13, 1999.

28   “the first prerequisite for freedom” Herbert Marcuse, Eros and Civilization: A Philosophical Inquiry into Freud (Boston: Beacon Press, 1955), p. 142.

28   “an automatic system of machinery” Karl Marx, Grundrisse, trans. David MacLellan, 1858 (London: Macmillan, 1972), “The Fragment on Machines” and “The Chapter on Capital.”

-- Michael McBride, “Did Karl Marx Predict Artificial Intelligence 170 Years Ago?” Medium, November 18. 2017.

28   And in the best-selling 1969 book Theodore Roszak, The Making of a Counter Culture: Reflections on the Technocratic Society and Its Youthful Opposition (New York: Anchor Books, 1969).

Chapter 4

33   “Everything happened during the sixties” Toby Goldstein, “J.G. Ballard: Visionary of the Apocalypse,” Heavy Metal Magazine, April, 1982.

33   “This is a book about what” Alvin Toffler, Future Shock (New York: Random House, 1970), pp. 1-3.

--Ray Walters, “Ten Years of Best Sellers,” The New York Times, December 30, 1979.

34   “No one in our post-modern culture” Daniel Bell, “The Cultural Contradictions of Capitalism,” Journal of Aesthetic Education 6, no. 1-2 (1972): p. 35.

34   impulse towards the new Bell, “Contradictions,” p. 17.

34   As people get older John Tierney, “What’s New? Exuberance for Novelty Has Benefits,” The New York Times, February 13, 2012.

34   Americans’ median age “Median age of the resident population of the United States from 1960 to 2018,” Statista, June 2019.

--Terence Jeffrey, “U.S. Median Age Hits All-Time High of 38; Record 86,248 Are 100 or Older,” CNS News, June 22, 2018.

--CSPAN. “A Look at the 1940 Census.” Newsroom Reference Slides.

--“The US Census Tradition,” Population Reference Bureau, April 9, 2009.

--Frank Hobbs and Nicole Stoops, “Demographic Trends in the 20th Century.” Census 2000 Special Reports, Series CENSR-4. U.S. Census Bureau, November 2002.

35   Back in the 1950s when vintage Fashion historian Angela McRobbie in Simon Reynolds, Retromania: Pop Culture’s Addiction to Its Own Past (New York: Farrar, Straus & Giroux, 2010), p. 19.

35   “a book about the nineteen-forties” Louis Menand, “Drive, He Wrote,” The New Yorker, September 24, 2007.

35   “a sentimental streak” Jack Kerouac, On The Road (New York: Viking Press, 1957), p. 144.

37   Animal House also set in 1962 “Annual Movie Chart – 1973,” The Numbers.

--Chris Neumer, “Animal House: The Movie that Changed Comedy,” Stumped Magazine.

37   “Springsteen is not an innovator” Reynolds, Retromania, p. 254.

38   “the gentle frenzy of Deadheads” Reynolds, Retromania, p. 233

--Lester Bangs, “Hot Rod Rumble in the Promised Land,” in Racing in the Street: The Bruce Springsteen Reader, ed. June Skinner Sawyers (New York: Penguin Books, 2004), p. 75.

38   “the current nostalgia boom” Robert Brustein, “The retread culture,” The New York Times, October 26, 1975.

39   That overlap of the new “Graph ‘jet age, space age’,” Google Books Ngram Viewer.

40   “the absolute pinnacle of Newness” Reynolds, Retromania, p. 184-185.

41   Everyone started using the new term “Graph ‘comfort food’,” Google Books Ngram Viewer.

41   “people simply became uninterested” Rick Slaughter, “Psych-Fi,” Terminal Collection.

41   “Hollywood nostalgia productions” Kurt Andersen and Paul Rudnick, “The Irony Epidemic,” Spy, March 1989, pp. 94-95.

42   “this cancerous growth of the federal government” Milton Friedman, “The Goldwater View of Economics,” The New York Times, October, 11, 1964.

42   the half-hour campaign ad Kim Phillips-Fein, Invisible Hands: The Businessmen’s Crusade Against the New Deal, (New York: W.W. Norton, 2009), pp. 145, 295.

44   After NBC asked for deletions Nan Robertson, “Goldwater Puts Off ‘Moral Decay’ Film,” The New York Times, October 22, 1964.

44   even though his campaign sold Rick Perlstein, Before the Storm: Barry Goldwater and the Unmaking of the American Consensus (New York: Nation Books, 2009), pp. 494-499.

--Daniel McCarthy, “Barry Goldwater Vs. The Swinging ‘60s: The ‘Choice’ Film,” The American Conservative, May 20, 2013.

44   It was before violent crime “Homicide Rate, 1950—2014,” Infoplease.

--“New York Crime Rates 1960—2018,” DisasterCenter.com.

45   “One of the central themes” Marshall Berman, All That Is Solid Melts into the Air: The Experience of Modernity (New York: Verso, 1983), p. 333.

47   Economic equality as a result William Domhoff, “Power in America: Wealth, Income, and Power,” Who Rules America? September 2005.

--Emmanuel Saez, “Income and Wealth Inequality: Evidence and Policy Implications,” Contemporary Economic Policy 35, no. 1 (January 2017): 7—25.

--Liaquat Ahamed, “The Rich Can’t Get Richer Forever, Can They?” The New Yorker, August 26, 2019.

Chapter 5

49   “I am now a Keynesian” Milton Friedman, “A Friedman doctrine—The Social Responsibility Of Business Is to Increase Its Profits,” The New York Times, September 13, 1970.

--Sidney Blumenthal, The Rise of the Counter-Establishment: The Conservative Ascent to Political Power (New York: Union Square Press, 2008), p. 110.

49   “paternalism, social exploitation and waste” Tom Wicker, “Telling It Not Quite Like It Is,” The New York Times, February 27, 1973.

49   his administration pushed a grand welfare reform Warren Weaver Jr., “Harris Proposes Alternative to Nixon’s Welfare Plan,” The New York Times, February 11, 1970.

--“Step Toward Guaranteed Income,” The New York Times, March 1, 1970.

--“President’s Welfare Plan Passes House, 243 to 155,” The New York Times, April 17, 1970.

--Karen Liu, “The Long Battle for the ERA and Constitutional Equality,” Richard Nixon Foundation, August 5, 2013.

--Katha Pollitt, “Day Care for All,” The New York Times, February 9, 2019.

--Emily Badger, “That one time America almost got universal child care,” The Washington Post, June 23, 2014.

--Office of US Senator Elizabeth Warren, “Universal Child Care and Early Learning Act,” press release, February 2019.

--“Possible Illegality In No Oil Curb Seen,” The New York Times, February 3, 1974.

--Kurt Andersen, “The Madman Theory,” The New York Times, August 5, 2011.

--Jesse Walker, “The Indestructible Idea of the Basic Income,” Reason, July 2017.

--Nancy Hicks, “Specialists Hail Child Care Bill As a Step in Changing Program,” The New York Times, September 12, 1971.

--Jack Rosenthal, “President Vetoes Child Care Plan As Irresponsible,” The New York Times, December 10, 1971.

50   “only a handful of reactionaries harbor” Richard Hofstadter, “The Paranoid Style in American Politics,” Harper’s Magazine, November 1964, p. 189.

50   “basic beliefs” Jia Lynn Yang, “Maximizing shareholder value: The goal that changed corporate America,” The Washington Post, August 26, 2013.

--IBM, “A Culture of Think,” The IBM Archives.

51   “acknowledging the industry’s responsibility for polluting” Lily Rothman, “This Book Has Kept American Drivers Safe for 50 Years,” Time, November 30, 2015.

51   “aren’t really one damn bit interested” Hedrick Smith, Who Stole the American Dream? (New York: Random House, 2013), p. 8.

52   “business tries to strike a fair” Yankelovich, Skelly and White, Management Review, March 1978, p. 10.

52   Just a week later the legislature Elizabeth Crawmer, “The Devil Is In The Details: Nebraska’s Rescission of the Proposed Equal Rights Amendment, 1972-1973,” Academia.edu, 2010.

53   “an inhuman consciousness dominated” Charles Reich, The Greening of America (London: Penguin Press, 1971).

54   “founding text in many ways” Mariana Mazzucato, The Value of Everything (New York: Public Affairs, 2018), p. 165.

54   He used the phrase “social responsibilities” Friedman, “The Social Responsibility of Business Is toIncrease Its Profits,” New York Times, September 13, 1970.

56   “would keep making and selling” Duff McDonald, “’When You Get That Wealthy, You Start To Buy Your Own Bullshit’: The Miseducation of Sheryl Sandberg,” Vanity Fair, November 27, 2018.

--Mimi Swartz, “Seventeen Years After the Enron Scandal, Jeff Skilling Returns.” Texas Monthly, September 10, 2018.

56   “the media and intellectual communities” Lewis Powell, Jr., “The Attack on American Institutions,” (July 15, 1970) in Washington & Lee University School of Law Scholarly Commons.

57   Powell’s friend pushed him Jane Mayer, Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right (New York: Doubleday, 2016), pp. 89-92.

--Ted Nace, Gangs of America: The Rise of Corporate Power and the Disabling of Democracy (Berkeley, CA: Ted Nace, 2003).

58   “who do believe in the system” Lewis Powell, “The Powell Memo,” Reclaim Democracy, August, 23, 1971.

59   But one of the effects National Chamber of Commerce, WASHINGTON REPORT, August 23, 1971 “Attack on American Free Enterprise System,” History Is A Weapon.

59   “electrified the Right” Mayer, Dark Money, p. 92.

60   Around the same time right-wingers David Grann, “Robespierre Of The Right,” The New Republic, October 27, 1997.

60   “As the Powell Memorandum points out” Mayer, Dark Money, p. 106.

60   According to that annual national Yankelovich, Skelly and White, Management Review, March 1978, p. 10.

Chapter 6

62   By the end of the decade Jacob S. Hacker and Paul Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), p. 123.

--Jane Mayer, Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right (New York: Doubleday, 2016), p. 94.

--“History of the AEI,” American Enterprise Institute for Public Policy Research.

--Sidney Blumenthal, The Rise of the Counter-Establishment: The Conservative Ascent to Political Power (New York: Union Square Press, 2008), p. 41.

62   By the end of the 1970s Kimberly Brown and Michael Calabrese, “Trustee Inquiry into Institution Requested,” Stanford Daily, April 19, 1983.

--Roxy Bonafont, Emily Lemmerman, & Lucas Rodriguez, “100 Years of Hoover: A History of Stanford’s Decades-Long Debate over the Hoover Institution,” Stanford Politics, May 11, 2019.

--“Hoover Center to Stress Domestic Problems, Too,” The New York Times, July 30, 1972.

--Douglas Martin, “W. Glenn Campbell, Shaper of Hoover Center, Dies at 77,” The New York Times, November 28, 2001.

--Myrna Oliver, “Presidential Adviser W. Glenn Campbell Dies,” The Washington Post, December 1, 2001.

62   Coors faced suits and boycotts Grace Lichtenstein, “Coors Will Offer Stock to Public,” The New York Times, May 6, 1975.

--“Adolph Coors Company,” Encyclopedia.com, June 28, 2020.

62   The Olin Corporation was one “Environmental Justice Case Study: DDT Contamination,” University of Michigan.edu

62   “My greatest ambition now “John M. Olin, Executive and Philanthropist, Dies,” The New York Times, September 10, 1982.

63   “133 of the conservative movement’s 300” Mayer, Dark Money, p. 94.

63   to minimize the role of government Mayer, Dark Money, p. 177.

63   Heritage started publishing papers Jonathan Mahler, “How One Conservative Think Tank Is Stocking Trump’s Government,” The New York Times, June 20, 2018.

63   “We are different from previous generations” David Grann, “Robespierre Of The Right,” The New Republic, October 27, 1997.

64   The second most influential right-wing Mayer, Dark Money, pp. 106-107.

--Leslie Wayne, “Pulling the Wraps Off Koch Industries,” The New York Times, November 20, 1994.

64   “free enterprise radicals” Jack Rosenthal, “’Free Enterprise Radicals’ Score Federal Control,” The New York Times, May 29, 1970.

64 In it he wrote an essay Charles Koch, "The Business Community: Resisting Regulation," The Libertarian Review, July 1, 1978.

65   “the New Class,” Irving Kristol, Two Cheers for Capitalism (New York: New American Library, 1978).

65   “Our page was the forum” Joe Thurber and Elaine Woo, “Robert Bartley, 66; Editorial Page Editor at the Wall Street Journal,” Los Angeles Times, December 11, 2003.

--Robert Merry, “The Man Who Built The Wall Street Journal Editorial Page,” The American Conservative, May 16, 2019.

65   Bartley hired a right-hand man Blumenthal, Counter-Establishment, p. 153.

65   Wanniski made up a legitimate-sounding name Blumenthal, Counter-Establishment, p. 188.

66   During the 1970s Bartley, Wanniski Blumenthal, Counter-Establishment, p. 182.

66   “’Copernican revolution’ in economic policy” Jude Wanniski, “The Mundell-Laffer Hypothesis—a new view of the world economy,” Public Interest (Spring 1975).

--Hoover Institution Archives, “Inventory of the Jude Wanniski Papers,” Online Archive of California.

66   He met with the new Blumenthal, Counter-Establishment, p. 183.

66   In 1976 Wanniski introduced supply-side Blumenthal, Counter-Establishment, pp. 200-202.

66   “Supply side economics” Blumenthal, Counter-Establishment, pp. 154, 167, 169.

66   “would not involve a period of suffering” Wanniski, “Mundell-Laffer.”

67   The Ford Foundation awarded a grant Steven Rattner, “A Think Tank for Conservatives,” The New York Times, March 23, 1975.

67   That wasn’t enough to prevent Henry Gregg Easterbrook, “Ideas Move Nations,” The Atlantic, January 1986.

67   SUPERSTAR OF THE NEW ECONOMISTS Soma Golden, “Superstar of the New Economists,” The New York Times, March 23, 1980.

--Clare Reckert, “Singer C. Sets Profit Record; Northwest Industries Net Dips,” The New York Times, February 13, 1970.

--Deirdre Carmody, “Effects of the ’78 Newspaper Strike on Sales and Ads,” The New York Times, February 5, 1979.

67   “the fact that so titillates his audience” Golden, “Superstar.”

68   Scaif two years later provided The Center for Media and Democracy, “Pacific Legal Foundation,” SourceWatch.

68   A few years later Coors Blumenthal, Counter-Establishment, p. 45.

69   “to shape up in sophistication and techniques” Kim McQuaid, “Big Business and Public Policy in Contemporary United States,” Quarterly Review of Economics and Business (Summer 1980), p. 60.

69   Weeks later, the GE and Alcoa Hacker and Pierson, Winner-Takes-All-Politics, p. 120.

--Hedrick Smith, Who Stole the American Dream? (New York: Random House, 2013) p. 434.

--Benjamin C. Waterhouse, Lobbying America: The Politics of Business from Nixon to Nafta (Princeton: Princeton University Press, 2013), pp. 77-93.

--McQuaid, “Big Business,” p. 284.

-- Sharon Beder, Suiting Themselves: How Corporations Drive the Global Agenda (London: Earthscan, 2006), p. 12.

--Mark Mzruchi, The Fracturing of the American Corporate Elite (Cambridge, Mass.: President and Fellows of Harvard College, 2013).

69   “a carefully organized lobbying effort chiefly” Eileen Shanahan, “Antitrust Bill Stopped By a Business Lobby,” The New York Times, November 16, 1975.

69   “funneling millions of dollars” “Capital and 2 Other Towns Believed All But Deserted—80 Killings Reported,” The New York Times, May 6, 1975.

70   The Times passingly mentioned “’Invisible Rich’ Located,” The New York Times, January 26, 1979.

--“Coast Lawyer Will Lead 1980 Libertarian Ticket,” The New York Times, September 9, 1979.     

70   “radically different social philosophy” Mayer, Dark Money, pp. 67-68.

70   Not until 1994 did the Times Wayne, “Pulling the Wraps.”

71   In 1971 about 175 big companies Robert Kaiser, “Citizen K Street: How Lobbying Became Washington’s Biggest Business,” The Washington Post.

--Jacob S. Hacker and Paul Pierson, “The Powell Memo: A Call-to-Arms for Corporations,” Moyers on Democracy, September 14, 2012.

71   “the rare hiring” Kaiser, “Citizen K Street.”

72   Thus began a “quiet revolution” Edwin Epstein, “The Business PAC Phenomenon: An irony of electoral reform,” American Enterprise Institute, June 5, 1979.

--Michael Jensen, “The New Corporate Presence in Politics,” The New York Times, December 14, 1975.

--Nikolas Bowie, “Corporate Democracy: How Corporations Justified Their Right to Speak 1970s Boston,” Law and History Review 36, no. 4 (November 2018): 943-992.

--Hacker and Pierson, “Powell Memo.”

--Winner-Takes-All-Politics, pp. 118, 121, 171.

Chapter 7

74   the phrase good enough for government work “Graph ‘good enough for government work’,” Google Books Ngram Viewer.

74   Between the surveys of 1972 Larry Bartels, “Question Order and Declining Faith in Elections.” Report to the Board of Overseers, American National Election Studies series. Princeton University, November 2000.

--“Public Trust in Government: 1958-2019,” Pew Research Center.

74   “considerable anti-Washington feeling throughout the country” “Transcript of First Campaign Debate Between Ford and Carter,” The New York Times, September 24, 1976.

74   “a new majority in America” James Reston, “Presidential Job Description,” The New York Times, January 4, 1976.

--Christopher Lydon, “A Disenchanted Electorate May Stay Home in Droves,” The New York Times, February 1, 1976.

75   “Men generally find in the past” Walter Lippmann, Drift and Mastery: An Attempt to Diagnose the Current Unrest (New York: Mitchell Kennerley, 1914), pp. 173-177.

76   the 1970s were a great decade Federal Reserve Bank of St. Louis, “Corporate Profits After Tax (without IVA and CCAdj)/Gross Domestic Product,” Economic Research.

77   During a single recessionary year 100,000 Christopher Singleton, Auto industry jobs in the 1980’s: a decade of transition (Washington D.C.: Bureau of Labor Statistics, February 1992).

78   “the Government has gone too far” Adam Clymer, “Defeat for Consumer Drive,” The New York Times, February 10, 1978.

--“More Conservatives Share ‘Liberal’ View,” The New York Times, January 22, 1978.

78   a bill to create a new consumer Clymer, “Defeat.”

--Jacob S. Hacker and Paul Pierson, Winner-Take-All-Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), p. 127.

79   “the most conservative Democratic President” Arthur Schlesinger Jr., The Cycles of American History (Boston: Houghton Mifflin Harcourt, 1999), p. 33.

79   only about 30 percent of people Clymer, “Carter’s Standing Drops To New Low In Times- CBS Poll,” The New York Times, June 10, 1979.

--“Presidential Approval Ratings—Gallup Historical Statistics and Trends,” Gallup.

79   “crisis of confidence” Jimmy Carter, “Energy and the National Goals—A Crisis of Confidence,” American Rhetoric, delivered July 15, 1979.

79   “the President will try to transfer” William Safire, “All The Help He Can Get,” The New York Times, July 12, 1979.

82   American Protestants were undergoing Ryan P. Burge, “Evangelicals Show No Decline, Despite Trump and Nones,” Christianity Today, March 21, 2019.

83   “The one unifying thing” David Shribman, “A Closer Look at the Hart Generation,” The New York Times, May 27, 1984.

--Rick Perlstein, “Right and Left in Democratic Politics: The Long View,” The Nation, March 18, 2013.

83   “bigger and bigger profits” George Nash, “Reagan’s Right Turn,” Intercollegiate Studies Institute, April 11, 2018.

--Jacob Weisberg, Ronald Reagan (New York: Times Books/Henry Holt, 2016).

83   “government does nothing as well” Ronald Reagan, “A Time For Choosing (The Speech October 27, 1964),” Ronald Reagan Presidential Library & Museum.

--Thomas Evans, “The GE Years: What Made Reagan Reagan,” History News Network.

84   “Extremism in defense of liberty” Kim Phillips-Fein, Invisible Hands: The Businessmen’s Crusade Against the New Deal (New York: W.W. Norton, 2009), p. 212.

84   “I do not believe Reagan” Sidney Blumenthal, The Rise of the Counter-Establishment: The Conservative Ascent to Political Power (New York: Union Square Press, 2008), p. 108.

Chapter 8

84   Two months earlier a squad Douglas Robinson, “Parents of Miss Wilkerson Bid Her Clarify Bomb Toll,” The New York Times, March 12, 1970.

88   “The workers marching behind” Homer Bigart, “War Foes Here Attacked By Construction Workers,” The New York Times, May 9, 1970.

88   “signs calling the mayor a rat” Bigart, “Thousands in City March To Assail Lindsay on War,” The New York Times, May 16, 1970.

--Steve Fraser, The Limousine Liberal: How an Incendiary Image United the Right and Fractured America (New York: Basic Books, 2016).

--Fraser, “This Is Where the Term ‘Limousine Liberal’ Comes From,” Time, May 10, 2016.

88   “I’m scared” Bigart, “Huge City Hall Rally Backs Nixon’s Indochina Policies,” The New York Times, May 21, 1970.

89   “These powerful institutions”  Irving Kristol, “Writing About Trade Unions,” The New York Times, February 1, 1970.

89   “large number of members new” Peter Kihss, “Guild Strikes Time Editorial employees struck Time magazine and its sister publication last night, but the company said publication would continue,” The New York Times, June 3, 1976.

--Emanuel Perlmutter, “Guild Ends Time Strike; Pact Is Like June 2 Offer,” The New York Times, June 22, 1976.

90   They didn’t even ask the paper’s “Guild Votes to End 17-Day Strike Over Pay at Washington Post,” The New York Times, April 25, 1974.

90   In 1975 the two hundred pressmen “Newspaper Union Survives 150 Years of Changes, Then All But Disappears,” American Postal Worker, June 30, 2003.

91   “What I find ominous” Pete Tucker, “Wash Post Busted Pressmen’s Union in 1975 Strike. Why It Still Matters Today.” HuffPost, August 26, 2017.

--Craig Simpson, “The Washington Post Strike at the Crossroads, December 1975,” Washington Area Spark, December 12, 2016.

91   “slack-jawed cretins” Tucker, “Wash Post Busted.”

91   “if a Post Guild member” Tucker, “Wash Post Busted.”

--Fred Solowey, “Unhappy Anniversary,” Washington City Paper, September, 29, 1995.

--Martin Arnold, “Strike at Washington Post Is Eroding Paper’s Special Relationship with Employees,” The New York Times, October 29, 1975.

--Eugene Meyer, “Lessons from a Washington Post labor dispute,” Columbia Journalism Review, March 5, 2019.

91   “The pressmen’s strike was crushed” Henry Fairlie, “Profit Without Honor,” The New Republic, May 7, 1977.

92   “A good part of this process” Robert Dahl, “Two Cheers for Capitalism,” The New Republic, June 3, 1978.

93   “A severe psychic jolt” W.H. Ferry, “Changing Sources of Power,” The New York Times, July 4, 1971.

95   “If there is a problem” David Shribman, “A Closer Look at the Hart Generation,” The New York Times, May 27, 1984.

95   And thus a new buzzword William Safire, “On Language; Exit for Haigspeak,” The New York Times, July 11, 1982.

96   Their wellspring Barbara Gamarekian, “To Magazine Founder Capital Doesn’t Function Well,” The New York Times, April 22, 1982.

96  “distrust all automatic responses Charles Peters, “Planks In A Platform,” The New York Times, October 25, 1981.

--“A Neo-Liberal’s Manifesto,” The Washington Post, September 5, 1982.

--“Where Neoliberals Stand,” The New York Times, January 4, 1984.

--Mark Thoma, “What is Neoliberalism,” Economist’s View, April 22, 2007.

--Gamarekian, “Magazine Founder.”

96   The notion certainly among Peters, “Planks,” New York Times.

97   “There is a legitimate modesty now” John Shenefield, “A Conversation with John H. Shenefield,” American Enterprise Institute, October 6, 1978.

--“U.S. vs. I.B.M.” The New York Times, February 15, 1981.

97   “how we’ve become puppets” “Economics 101, With Milton Friedman,” The New York Times, January 6, 1980.

99   In 1830 the richest 1 percent Liaquat Ahamed, “The Rich Can’t Get Richer Forever, Can They?” The New Yorker, August 26, 2019.

Chapter 9

105   While the economic turmoil “Historical Crude Oil Prices (Table),” InflationData.com

--“Annual Average Gasoline Prices,” InflationData.com

105   “The United States” Jude Wanniski Jude Wanniski, “The Mundell-Laffer Hypothesis—a new view of the world economy,” Public Interest (Spring 1975).

105   “In this present crisis” Sidney Blumenthal, The Rise of the Counter-Establishment: The Conservative Ascent to Political Power (New York: Union Square Press, 2008), p. 270.

106   The Business Roundtable Blumenthal, The Rise of the Counter-Establishment, p. 82.

107   “a most dangerous experiment” Daniel Rodgers, Age of Fracture (Cambridge, Mass.: Harvard University Press, 2011), p. 71.

107   After reassuring the captains of finance Blumenthal, “The President’s Cutting Edge,” The New York Times, March 15, 1981.

108   Do you realize the greed William Greider, “The Education of David Stockman,” The Atlantic, December 1981.

108   “K Street where the equivalent” Lynn Rosellini, “Lobbyists’ Row All Alert For Chance at the Budget,” The New York Times, February 26, 1981.

108   K Street was about to become “Graph ‘k street',” Google Books Ngram Viewer.

109   “has failed at making the transition” Peter Kilborn, “The Testing of Martin Feldstein,” The New York Times, September 18, 1983.

--Sapna Maheshwari and Ben Casselman, “Martin Feldstein, 79, a Chief Economist Under Reagan, Dies,” The New York Times, June 12, 2019.

111   Simon had been Ford’s button-down Republican Thomas Mullaney, “Olin: Staunch Fighter for Free Enterprise,” The New York Times, April 29, 1977.

111   In 1985 the counter-Establishment Jane Mayer, Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right (New York: Doubleday, 2016), p. 138.

--John Miller, “Strategic Investment in Ideas: How Two Foundations Reshaped America,” (Washington D.C.: The Philanthropy Roundtable, 2003).

112   According to one of the two Jonathan Mahler, “How One Conservative Think Tank Is Stocking Trump’s Government,” The New York Times, June 20, 2018.

--Mayer, Dark Money, p. 110.

112   By the beginning of the second Blumenthal, Counter-Establishment, p. 37.

--Douglas Martin, “W. Glenn Campbell, Shaper of Hoover Center, Dies at 77,” The New York Times, November 28, 2001.

-- Roxy Bonafont, Emily Lemmerman, & Lucas Rodriguez, “100 Years of Hoover: A History of Stanford’s Decades-Long Debate over the Hoover Institution,” Stanford Politics, May 11, 2019.

--Myrna Oliver, “Presidential Adviser W. Glenn Campbell Dies,” The Washington Post, December 1, 2001.

112   By then AEI also had hundreds Peter Stone, “Conservative Brain Trust,” The New York Times, May 10, 1981.

112   Charles Koch funded two libertarian nonprofits Mayer, Dark Money, p. 182-183.

--Erica Green and Stephanie Saul, “What Charles Koch and Other Donors to George Mason University Got for Their Money,” The New York Times, May 5, 2018.

--Matthew Barakat, “George Mason University becomes a favorite of Charles Koch,” Associated Press, April 1, 2016.

--“Institute for Humane Studies at George Mason University,” DESMOG.

--Chris Young, “Koch-Funded Think Tank Offers Schools Course in Libertarianism,” The Center for Public Integrity, August 26, 2014.

113   In the 1980s the Koch groups “Richard Fink,” Mercatus Center.

--Daniel Schulman, “Charles Koch’s Brain,” Politico, September/October 2014.

--Kent Cooper, “Koch Companies Public Sector LLC Adds Another Lobbying Firm,” Roll Call, October 2, 2013.

113   “a public interest group based” “Results for ‘Citizens for a Sound Economy’,” The New York Times.

113   Its first chairman was the extreme Schulman, “Koch’s Brain.”

113   The first great victory Kevin Bogardus, “Koch’s Low Profile Belies Political Power,” The Center for Public Integrity, July 15, 2004.

--Nicholas Confessore, “Quixotic ‘80s Campaign Gave Birth to Kochs’ Powerful Network,” The New York Times, May 17, 2014.

--Schulman, “Koch’s Brain.”

--David Rosenbaum, “Clinton Backs Off Plan For New Tax On Heat In Fuels,” The New York Times, June 9, 1993.

114   “Rupert Murdoch used the editorial page” Jonathan Friendly, “Ethics of Murdoch Papers Under Scrutiny as He Prepares to Buy London,” The New York Times, February 12, 1981.

114   In 1985 Murdoch moved into television Robert Cole, “Murdoch to Buy 7 TV Stations Cost $2 Billion,” The New York Times, May 7, 1985.

Chapter 10

116   “systematic prolonged failures of government” Jacob S. Hacker and Paul Pierson, Winner-Take-All- Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp. 44, 53.

117   Meanwhile the revenue stream Kevin Whitman and Dave Shoffner, “The Evolution of Social Security’s Taxable Maximum,” Policy Brief No. 2011-02. Social Security, September 2011.

--Kathleen Romig, “Increasing Payroll Taxes Would Strengthen Social Security,” Center on Budget and Policy Priorities, September 27, 2016.

--“Contribution And Benefit Base,” Social Security.

118   The fraction of two-income households “The Rise in Dual Income Households,” Pew Research Center, June 18, 2015.

118   The immigrant population doubles “U.S. Immigrant Population and Share over Time, 1850- Present,” Migration Policy Institute.

118   Cable TV takes off “History of Cable,” California Cable & Telecommunications Association.

119   Corporate lobbying in Washington Thomas Philippon, The Great Reversal: How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019), p. 177.

119   Corporate taxes as a fraction “Corporate Income Tax as a Share of GDP, 1946-2018,” Tax Policy Center.

119   Federal enforcement of antitrust laws “1982 Merger Guidelines,” The United States Department of Justice Archives.

--Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley, 2019) pp. 9, 160.

119   Large dominant companies start Jan De Loecker and Jan Eeckhout, “The Rise of Market Power and the Macroeconomic Implications,” NBER Working Paper series. National Bureau of Economic Research, August 2017. 

119   The rate at which entrepreneurs create Tepper and Hearn, The Myth of Capitalism, pp. 46, 48.

119   Stock prices almost triple “Dow Jones-DJIA-100 Year Historical Chart,” Macrotrends.

119   Wall Street salaries increase Nicholas Buffie, “The Growth of Finance, In Graphs,” Center for Economic and Policy Research, April 11, 2016.

120   The financial industry’s Paul Mason, PostCapitalism: A Guide to Our Future (New York: Farrar, Straus, & Giroux, 2015), p. 99.

120   The ratio of CEOs’ pay Lawrence Mishel and Jessica Schieder, “CEO pay remains high relative to the pay of typical workers and high-wage earners,” Economic Policy Institute, July 20, 2017.

--Grace Donnelly, “Top CEOs Make More in Two Days Than An Average Employee Does in One Year,” Fortune, July 20, 2017.

--Chris Matthews, “This One Chart Shows How Obscene CEO Pay Has Become,” Fortune, July 15, 2016.

120   The income of the most affluent Chad Stone, Danilo Trisi, Arloc Sherman, and Jennifer Beltran, “A Guide to Statistics on Historical Trends in Income Inequality,” Center on Budget and Policy Priorities, January 13, 2020.

--Joseph Stiglitz, “Inequality and Economic Growth,” Academic Commons, Columbia University.

120   The United States experiences “Economic Inequality in USA,” The Chartbook of Economic Inequality.

120   Employees’ share of the national Stiglitz, “Inequality.”

120   Median household income stagnates Jay Shambaugh, Ryan Nunn, Patrick Liu, and Greg Nantz, “Thirteen Facts about Wage Growth,” (Washington D.C.: The Hamilton Project, 2017).

120   Jobs in manufacturing rapidly disappear Lois Plunkett, “The 1980’s: a decade of job growth and industry shifts,” Monthly Labor Review, September 1990.

120   Companies begin replacing low-skill Eduardo Porter, “Harvard Is Vaulting Workers Into the Middle Class With High Pay. Can Anyone Else Follow Its Lead?” The New York Times, September 8, 2018.

121   Consumer credit is deregulated Paul Krugman, “Secular Stagnation, Coalmines, Bubbles, and Larry Summers,” The New York Times, November 16, 2013.

121  The fraction of men “Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

121   Inequality in incomes Tepper and Hearn, The Myth of Capitalism, p, 72.

121   The large-scale movement “Black men making it in America: The engines of economic success for black men in America,” American Enterprise Institute, June 26, 2018.

121   Federal spending on housing programs Diane Yentel, The Affordable Housing Crisis: Testimony before the Financial Services Committee, United States House of Representatives (December 21, 2018).

121   Incarceration of criminals begins “Incarceration Rate in the United States, 1960-2012,” The Hamilton Project.

121   U.S. healthcare spending Austin Frakt, “Medical Mystery: Something Happened to U.S. Health Spending After 1980,” The New York Times, May 14, 2018.

122   After the scientific consensus Michelle Nijhuis, “Losing Earth: A Recent History by Nathaniel Rich,” New York Review of Books, June 27, 2019.

Chapter 11

124   “comprised of law review editors” Oliver Houck, “With Charity for All,” The Yale Law Journal 93, no. 8 (July 1984).

--Ann Southworth, Lawyers of the Right: Professionalizing the Conservative Coalition (Chicago: University of Chicago Press, 2008), pp. 19-21.

125   “free-market concepts” Sidney Blumenthal, “Quest for Lasting Power,” The Washington Post, September 25, 1985.

125   The Chicago chapter enlisted a professor Joan Biskupic, American Original: The Life and Constitution of Supreme Court Justice (New York: Farrar, Straus & Giroux, 2009), p. 71.

126   In 1987 Brett Kavanaugh Zoe Tillman, “Justice Brett Kavanaugh Got A Rousing Standing Ovation At this Year’s Federalist Society Convention,” Buzzfeed News, November 15, 2018.

--Aidan Ryan, “Harvard Federalist Society, Long a Conservative Haven, Seeks Distance From Trump,” The Harvard Crimson, November 15, 2018.

127   “we are all originalists now” Jefrrey Rosen, “Originalist Sin,” The New Republic, May 5, 1997.

127   But Reagan made the safer choice Edwin Meese III, “Address of The Honorable Edwin Meese III Attorney General of the United States Before the American Bar Association,” the United States Department of Justice, July 9, 1985.

--Meese, “Remarks of The Honorable Edwin Meese III Attorney General of the United States at the University of Richmond,” The United States Department of Justice, September 17, 1986.

--Robert Post and Reva Siegel, “Originalism As A Political Practice: The Right’s Living Constitution,” Fordham Law Review 75, no. 2 (2006).

--“Graph ‘originalism, textualism',” Google Books Ngram Viewer.

128   Afterward thanks to the new counter-Establishment Robert Bork, “Address by Hon. Robert H. Bork [Archive Collection],” The Federalist Society video, 56:30, March 6, 1988.

128   It remains one of the most Fred Shapiro and Michelle Pearse, “The Most-Cited Law Review Articles of All Time,” Michigan Law Review 110, no. 8 (2012).

128   “there is no basis” Robert Bork, “Neutral Principles and Some First Amendment Problems,” Indiana Law Journal 47, no. 1 (Fall 1971).

129   “a problem of pollution” Norman Kempster, “Bork Says He Would Have Swung Flag Vote Other Way,” Los Angeles Times, June 26, 1989.

129   More than three decades later Bork, A Country I Do Not Recognize: The Legal Assault on American Values (Stanford, CA: Hoover Institution Press, 2005), pp. xvii, xxix.

129   “utterly specious” Stuart Taylor Jr., “Bork at Yale: Colleagues Recall a Friend but a Philosophical Foe,” The New York Times, July 27, 1987.

--“U.S. Court Upholds Navy’s Discharge of a Homosexual,” The New York Times, August 18, 1984.

129   he said that the Constitution’s equal Al Kamen and Edward Walsh, “Bork Lays Out Philosophy,” The Washington Post, September 16, 1987.

--“Excerpts From Questioning of Judge Bork by Senate Committee Chairman,” The New York Times, September 16, 1987.

129   “nothing in my argument” Bork, “Neutral Principles.”

--Erwin Chemerinsky, “The Constitution Is Not “Hard Law”: The Bork Rejection and the Future of Constitutional Jurisprudence,” Constitutional Commentary 6, no. 29 (1989).

130   “a partisan of textualism or originalism” Rosen, “Originalist Sin,” The New Republic.

130   “the pornographic videos” Bork, “Robert H. Bork Critiques Libertarianism,” Critiques Of Libertarianism.

131   “went to the University of Chicago” Bork, “Slouching Towards Gomorrah,” C-Span video, 58:14, November 1, 1996.

131   “a religious conversion” “Questioning of Judge Bork,” New York Times.

--George Priest, “Bork’s Legacy: Robert H. Bork and the Yale School of Antitrust Analysis,” Yale Law Report (Summer 2013).

--Don Boudreaux, “Aaron Director, 1901-2004,” Café Hayek, September 14, 2004.

131   “pro-trust law” Taylor, “Bork at Yale.”

131   Around that time Bork “Robert Bork and the Right to Discriminate,” Legal History Blog, Thursday, December 20, 2012.

131   “self-righteously impos[ing]” Bork, “Civil Rights—A Challenge,” The New Republic, August 31, 1963.

132   “business-oriented people and conservative lawyers” Richard Posner, “The Future of Law and Economics: Looking Forward,” University of Chicago Law Review 64, no 1132 (1997).

132   “the collectivist mood of the 60s” Posner, “Future of Law.”

132   “free enterprise radicals” Dylan Matthews, “‘Antitrust was defined by Robert Bork. I cannot overstate his influence.’,” The Washington Post, December 20, 2012.

132   “a respectable body of academic thinking” Posner, “Future of Law.”

133   “consumer welfare prescription” Robert H. Lande, “Chicago’s False Foundation: Wealth Transfers (Not Just Efficiency) Should Guide Antitrust,” Antitrust Law Journal 58, no. 631 (1989).

133   Exactly one year after Bork’s book Daniel Crane, “The Tempting of Antitrust: Robert Bork and the Goals of Antitrust Policy,” Antitrust Law Journal 79, no. 3 (2014): pp. 835-853.

--Barak Orbach, “How Antitrust Lost Its Goal,” Fordham Law Review 81, no. 5 and 6 (2013).

--“Reiter v. Sonotone Corp., 442 U.S. 330 (1979),” Justia US Supreme Court.

133   “Antitrust was defined by Robert Bork” Matthews, “Antitrust,” Washington Post.

133   Again and again after that Crane, “Tempting of Antitrust,” Antitrust L.J.

134   It was thanks in large part  Jane Mayer, Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right (New York: Doubleday, 2016), pp. 132, 134.

134   It also created Yale Law’s Olin Laura Snyder, “Law and economics programs at US Law schools,” Not Just For Lawyers.

134   By the end of the 1980s Mayer, Dark Money, pp. 112-117, 128, 130-33.

--David Cole, “Keeping Up Appearances,” The New York Review of Books, August 15, 2019.

135   “law and economics programs” “Print Money and Cut the Payroll Tax,” American Enterprise Institute, December 1, 2008.

135   From 1980 on Law and Economics Posner, “Future of Law.”

--Matthew Yglesias, “The 20-year argument between Joe Biden and Elizabeth Warren over bankruptcy, explained,” Vox, September 12, 2019.

135   “the sustained radicalisms of the Warren” Bork, A Country, pp. ix, xxxix.

Chapter 12

138   The fraction who tell Gallup Jim Norman, “Americans Worry Less About Government Regulation,” Gallup, October 11, 2018.

139   “that Microsoft intended to get a vig” David Bank, “Microsoft moves to Rule Commerce on the Internet,” The Wall Street Journal, June 5th, 1997.

139   That was why for instance newspapers Stacy Mitchell, “The Rise and Fall of the Word ‘Monopoly’ in American Life,” The Atlantic, June 20, 2017.

139   “the antitrust division’s Vietnam” “Business: The Case of the Century,” Time, May 21, 1979.

--“Reiter v. Sonotone Corp., 442 U.S. 330 (1979),” Justia US Supreme Court.

139   “the only sensible thing to do” Edward Pound, “Why Baxter Dropped the I.B.M. Suit,” The New York Times, January 9, 1982.

139   The Justice Department issued “1982 Merger Guidelines,” The United States Department of Justice Archives.

--Christopher Mims, “Where You Should Move to Make the Most Money: America’s Superstar Cities,” The Wall Street Journal, December 15, 2018.

140   Under Reagan the antitrust staff “The new enforcers,” The Economist, October 5, 2000.

140   “When I became a judge” Asher Schechter, “Richard Posner: ‘The Real Corruption Is the Ownership of Congress by the Rich,” ProMarket, March 28, 2017.

140   “Many economists and legal scholars” Steve Lohr, “Antitrust: Big Business Breathes Easier,” The New York Times, February 15, 1981.

140   The antitrust laws reflected Robert Samuelson, “Antitrust Laws Fade Away as Role Lessens,” Los Angeles Times, February 28, 1986.

141   Starting a new airline John Berlau, “Ted Kennedy’s Deregulatory Legacy on Airlines and Trucking,” Competitive Enterprise Institute, August 26, 2009.

141   Airline fares dropped “America’s uncompetitive markets harm its economy,” The Economist, July 27, 2017.

141   But then in the 2000s “A lack of competition explains the flaws in American aviation,” The Economist, April 22, 2017.

--Thomas Philippon, The Great Reversal: How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019), pp. 37-39.

141   Federal antitrust enforcement in the liberal “U.S. vs. I.B.M.,” The New York Times, February 15, 1981.

142   in 1977 companies in highly regulated Clifford Winston, “Economic Deregulation: Days of Reckoning for Microeconomists,” Journal of Economic Literature 31, no. 3 (September 1993): pp. 1263-1289.

142   In 1969 fewer than 4 million “The Cable History Timeline,” The Cable Center.

143   Right away the cable operators Adam Zaretsky, “I Want My MTV…and My CNN…The Cable TV Industry and Regulation,” Regional Economist, July 1, 1995.

--Donald Boudreaux and Robert Ekelund, Jr., “Cable Reregulation,” Cato Journal 14, no. 1 (Spring/Summer 1994).

--Edmunds Andrews, “Bush Rejects Bill That Would Limit Rates On Cable TV,” The New York Times, October 4, 1992.

143   And the industry quite effectively self-regulated Philip Dougherty, “Ethical Drugs and Television,” The New York Times, February 13, 1984.

--Claudia Deustch, “The Brouhaha Over Drug Ads,” The New York Times, May 14, 1989.

--Elisabeth Rosenthal, “Drug Makers Set Off a Bitter Debate With Ads Aimed Directly at Patients,” The New York Times, March 3, 1991.

144   After an FDA commissioner Mariana Mazzucato, The Value of Everything (New York: Public Affairs, 2018), pp. 204, 208-209.

--Julie Donohue, “A History of Drug Advertising: The Evolving Roles of Consumers and Consumer Protection,” The Milbank Quarterly 84, no. 4 (December 2006).

--John Cahill, “For Brands to Play a Meaningful Role in People’s Lives, Pharma Needs to Rethink Its Marketing Playbook,” MM&M, February 14, 2018.

--Beth Snyder Bulik, “AbbVie, Pfizer drive 2017 pharma TV ad spending above 2016’s tally,” Fierce Pharma, January 12, 2018,

--Brendan Gill, “Ad Spending Trends in Pharma and Healthcare,” Extreme Reach, July 24, 2018.

--“Direct-to-consumer spending of the pharmaceutical industry in the United States from 2012 to 2018,” Statista.

--Dana Sarnak, David Squires, and Shawn Bishop, “Paying for Prescription Drugs Around the World: Why Is the U.S. an Outlier?” The Commonwealth Fund, October 5, 2017.

--“Prescription drug expenditure in the United States from 1960 to 2020,” Statista.

--Rabah Kamal, Cynthia Cox, and Daniel McDermott, “What are the recent and forecasted trends in prescription drug spending?” Peterson-KFF Health System Tracker, February 20, 2019.

144   Until the 1990s we spent around “Pharmaceutical spending per capita in selected countries of 2018,” Statista.

--Sarnak, Squires, and Bishop, “Paying for Prescription.”

144   By the way after the 1980s “graph ‘ethical drugs, ethical pharmaceuticals’,” Google Books Ngram Viewer.

Chapter 13

145   “revolutionary energy and audacity” Marshall Berman, All That Is Sold Melts Into Air: The Experience of Modernity (New York: Verso, 1983), p. 100.

148   “the ambitious young men” Tom Wolfe, “Greenwich Time,” The New York Times, September 27, 2008.

149   Chrysler did worst of all Reginald Stuart, “5,000 Chrysler Salaried Employees Face Layoffs,” The New York Times, August 10, 1979.

--“U.S. Automobile Production Figures,” Wikipedia.

149   The Democrats today are more pragmatic Kurt Andersen, “A Spunky Tycoon Turned Superstar,” Time, April 1, 1985.

--Melissa Block, “Examining Chrysler’s 1979 Rescue,” National Public Radio, November 12, 2008.

--James K., “The Chrysler Bail-Out Bust,” Heritage.org, July 13, 1983.

--Jesse Snyder and Bradford Wernie, “1995-1997: Kerkorian’s failed takeover attempt pressured Eaton to find a partner,” Automotive News, April 30, 2009.

150   At GE many were never replaced Jack Welch and John Byrne, Jack: Straight from the Gut (New York: Warner Books, 2001).

150   As a result GE’s profits increased Drake Bennett, “How GE Went From American Icon to Astonishing Mess,” Bloomberg Businessweek, February 1, 2018.

--David Stockman, The Great DeformationL The Corruption of Capitalism in America (New York: Public Affairs, 2013).

153   I have a hunch that the demographic Joseph Goodman, “Libertarians By The Numbers: A ‘ Demographic, Religious, and Political Profile,” PRRI.

Chapter 14

154   The ugly, confusing word financialization “Graph ‘financialization’,” Google Books Ngram Viewer.

154   The changes were all “Graph ‘synergy, synergistic’,” Google Books Ngram Viewer.

155   The financial industry spends about half “News Release: Wall Street Money in 2017-2018 Highest Ever For Non-Presidential Cycle,” Americans for Financial Reform, April 30, 2019.

155   “Real power” he wrote recently Gautam Mukunda, “The Price of Wall Street’s Power,” Harvard Business Review, June 2014.

156   “Wall Street’s ability to manage risk” William Cohan, “How We Got the Crash Wrong,” The Atlantic, June 2012.

156   “fewer novels are written” Wayne Westbrook, “Wall Street in the American Novel,” (PhD diss., Bowling Green State University, 1972).

156   In 1967 the American Stock Exchange Terry Robards, “Hedge-Fund Care Advised by AmEx,” The New York Times, April 28, 1969.

156   “one Wall Street partnership after another” Cohan, “How We Got,” Atlantic.

157   “Goldman Sachs quickly moved to exploit” Nicholas Dunbar, The Devil’s Derivative” The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street (Boston: Harvard Business Review Press, 2011), p. 1.

--“Merton Miller,” Fama-Miller Center for Research in Finance.

157   In 1974 a new federal law Michael McCarthy, “Why pension funds go to risky investments,” The Washington Post, October 19, 2014.

--Mariana Mazzucato, The Value of Everything (New York: Public Affairs, 2018), p. 143.

158   In 1978 a federal tax law Timothy Martin, “The Champions of the 401 (k) Lament the Revolution They Started,” The Wall Street Journal, January 2, 2017.

158   The value of shares doubled “Dow Jones –DJIA—100 Year Historical Chart,” MacroTrends.

159   At the same time in 1975 Dunbar, Devil’s Derivative, p. 66.

--“The Credit Rating Controversy,” Council on Foreign Relations, February 19, 2015.

159   Not coincidentally the late 1970s “Lewis S. Ranieri: Your Mortgage Was His Bond,” Bloomberg Businessweek, November 29. 2004.

159   “made more money than all” “25 People to Blame for the Financial Crisis,” Time.

159   “In 1986 another federal law created” Frank Fabozzi and Franco Modigliani, Mortgage and Mortgage-Backed Securities Market (Boston: Harvard Business School Press, 1992), pp. 32-34.

159   For the rating companies Bethany McLean and Joseph Nocera, All The Devils Are Here: The Hidden History of the Financial Crisis (New York: Portfolio/Penguin, 2011), p. 124.

160   So during the 1980s prudent Federal Reserve Bank of St. Louis, “Average Sales Price of Houses Sold for the United States,” Economic Research.

160   “I think we hit the jackpot” U.S. Congress, House, Garn-St, Germain Depository Institutions Act of 1982, HR 6267, 97th Congress, passed May 20, 1982.

--Paul Krugman, “Reagan Did It,” The New York Times, May 31, 2009.

160   In 1970 only one in six Thomas Durkin, “Credit Cards: Use and Consumer Attitudes 1970-2000,” Federal Reserve Board.

160   Starting then and continuing through Pat Curry, “How a Supreme Court ruling killed off usury laws,” creditcards.com, November 12, 2010.

--Chris Kirk, “Five Charts That Show Americans Families’ Debt Crisis,” Slate, May 12, 2016.

160   Fully half of America’s S&Ls FDIC Banking Review 13, no. 2 (2000).

--Kimberly Amadeo, “Savings and Loan Crisis Explained,” The Balance, January 13, 2020.

160   The amount of all credit extended Robin Greenwood and David Scharfstein, “The Growth of Finance,” Journal of Economic Perspectives 27, no. 2 (Spring 2013): pp. 3-28.

--Federal Reserve Bank of St. Louis, “Real Gross Domestic Product,” Economic Research.

160   It all started going bad Daniel Gross, et al, “Kohlberg Kravis Roberts & Co. and the Leveraged Buyout,”j from Forbes Greatest Business Stories of All Times (United States: John Wiley & Sons, 1996).

--Kurt Eichenwald, “Milken Defends ‘Junk Bonds’, As He Enters His Guilty Plea,” The New York Times, April 25, 1990.

162   “long-term success of the new enterprise” U.S. Congress, Senate, Committee on Finance, Leveraged Buyouts and Corporate Debt, 101st Cong., 1st sess., January 24, 1989.

162   Milken’s bank Drexel Burnham Lambert Daniel Gross, et al, “Kohlberg Kravis Roberts & Co. and the Leveraged Buyout,” from Forbes Greatest Business Stories of All Times (United States: John Wiley & Sons, 1996).

--Kurt Eichenwald, “Milken Defends ‘Junk Bonds’, As He Enters His Guilty Plea,” The New York Times, April 25, 1990.

162   “During just the first half” Tom Petruno, “For Junk Bonds, Stain of the Past is Long Forgotten,” Los Angeles Times, March 1, 1998.

--Gross, “Kohlberg Kravis Roberts.”

163   One of the godfathers of this “Kohlberg Kravis Roberts & Co. History,” Funding Universe.

--Max Holl, “How to Kill a Company,” The Washington Post, April 23, 1989.

 --George Anders, “Merchants of Death: Kohlberg, Kravis, Roberts and the Mortgaging of American Business,” San Jose State University.

163   “If you really want to help” Roger Ream, “What Causes Wealth?” Foundation for Economic Education, August 1, 1981.

163   A year later right after paying Ann Crittenden, “Free and Enterprising: William E. Simon Reaping the Big Profits from a Fat Cat,” The New York Times, August 7, 1983.

163   In just five years 1984 Senate, Leveraged Buyouts and Corporate Debt.

164   On the other hand Jerry Knight, “KKR Using Only $15 Million of its Own in Nabisco Buyout,” The Washington Post, December 2, 1988.

164   KKR also received in fees Alison Leigh Cowan, “Investment Bankers’ Lofty Fees,” The New York Times, December 26, 1988.

--Antoine Gara, “Gentlemen At The Gate: With Trillions Pouring In, KKR And Its Peers Must Build Up Rather Than Break Up,” Forbes, May 6, 2019.

165   the deal didn’t do well Floyd Norris, “Fund books loss on RJR After 15 years: A long chapter ends for Kohlberg,” The New York Times, July 9, 2004.

165   Then I noticed that each David Dayen, “Will the Tax Act Set Back Private Equity?”The American Prospect, July 2, 2018.

166   It didn’t quite constitute a monopoly Julie Creswell, “Profits for Buyout Firms as Company Debt Soared,” The New York Times, October 4, 2009.

--“Simmons Company History,” Funding Universe.

--Max Odenthal, “5 Bad Private Equity Deals,” iDeals Virtual Data Rooms, April 11, 2016.

--Jonathan Yates, “Private Equity Deals Can Destroy Companies, Communities and Countries,” TheStreet, August 2, 2014.

--Emily Chasan, “Simmons Bedding Exits bankruptcy under new owners,” Reuters, January 21, 2010.

166   “After a long dry spell” Carl Burgen, “The Bulls Are Back In Venture Capital,” The New York Times, August 17, 1980.

167   It suddenly began growing twice Greenwood and Scharfstein, “The Growth of Finance.”

167   All the invested venture capital George Fenn, Nellie Liang, and Stephen Prowse. “The Economics of the Private Equity Market,” Federal Reserve Bulletin, January 1996.

--Carl Burgen, “The Bulls Are Back In Venture Capital,” The New York Times, August 17, 1980.

167   And all the money in U.S. Mila Getmansky, “The Life Cycle of Hedge Funds: Fund Flows Size and Performance,” (Academic paper, May 7, 2012).

167   By 2007 just before the crash Greenwood and Scharfstein, “The Growth of Finance.”

167   The growth of mutual funds Greenwood and Scharfstein, “The Growth of Finance.”

168   By the early 2000s that smallish Greenwood and Scharfstein, “The Growth of Finance.”

168   By 2000 that average finance person Greenwood and Scharfstein, “The Growth of Finance.”

--Mukunda, “Wall Street’s Power,” Harvard Business Review, June 2014.

--Nicolas Buffie, “The Growth of Finance, In Graphs,” Center for Economic and Policy Research, April 11, 2016.

169   I suspect that the immense power James Tobin, “On the Efficiency of the Financial System,” Lloyd Banks Review (July 1984).

169   “What is clear” Tobin concluded Tobin, “On the Efficiency.”

169   A decade or so later people “Graph ‘the new economy’,” Google Books Ngram Viewer.

169   In early 1998 I wrote Kurt Andersen, “The Digital Bubble,” The New Yorker, January 12, 1998.

170   That sum flabbergasting then and even Felix Richter, “U.S. Venture Capital Funding Reaches Dot-Com Era Level,” Statista, July 17, 2019.

171   a Libertarian professor specifically commissioned two Marion Fourcade and Rakesh Khurana, “The Social Trajectory of a Finance Professor and the Common Sense of Capital,” History of Political Economy 49, no. 2 (2017): pp. 347-381.

171   That became when it finally published Fourcade and Khurana, “Social Trajectory.”

--Roger Martin, “The Age of Customer Capitalism,” Harvard Business Review, January-Februray 2010.

--“What are the most-cited publications in the social sciences (according to Google Scholar)?” London School of Economics, May 12th, 2016.

171   “The modern understanding” of how corporate Justin Fox and Jay Lorsch, “What Good Are Shareholders,” Harvard Business Review, July-August 2012.

171   The authors’ 1983 follow-up Michael Jensen and William Meckling, “Reflections on the Corporation as a Social Invention,” Midland Corporate Finance Journal 1, no. 3 (Autumn 1983).

171   “The right of managers to use” Jensen and Meckling, “Theory of the Firm: Managerial Behavior Agency Costs and Ownership Structure,” Journal of Financial Economics 3 (1976): p. 312.

172   Most consequentially they posited Fourcade and Khurana, “Social Trajectory.”

 --Jensen and Meckling, “Reflections on the Corporation as a Social Invention.”

--“Theory of the Firm.”

--Jerry Useem, “The Stock-Buyback Swindle,” The Atlantic, August 2019.

173   “no one was talking about share-holder” Sheelah Kolhatkar, “The Economist Who Put Stock Buybacks in Washington’s Crosshairs,” The New Yorker, June 20, 2019.

173   “is to generate economic returns” Jia Lynn Yang, “Maximizing shareholder value: The goal that changed corporate America,” The Washington Post, August 26, 2013.

173   shareholder supremacy “Graph ‘shareholder supremacy’,” Google Books Ngram Viewer.

173   Recently options and other stock awards Carola Frydman and Raven Saks, “Executive Compensation: A New View from a Long-Term Perspective, 1936-2005,” Review of Financial Studies 23, no. 5 (2010): 2099-2138.

-- William Lazonick, “Profits Without Prosperity,” Harvard Business Review, September 2014.

--Mazzucato, Value of Everything, p. 17-18.

173   For forty years from the 1940s  Frydman and Raven Saks, “Executive Compensation.”

173   In the 2010s the average compensations Frydman and Raven Saks, “Executive Compensation.”

--Lazonick, “Profits Without Prosperity.”

--“The Curse of Stock Buybacks,” The American Prospect, June 25, 2018.

-- Mazzucato, Value of Everything, p. 17-18.

174   But then in just a dozen Frydman and Raven Saks, “Executive Compensation.”

174   The ratio between the pay Frydman and Saks, “Executive Compensation.”

174   “a kind of contagion” John Cassidy, “Paul Volcker’s Wisdom for America’s Rigged Economy,” The New Yorker, November 26, 2018.

175   “Now there are more than two” McKinsey & Company, “Private markets come of age,” McKinsey Global Private Markets Review (2019).

--“Number of active PE firms up 143% since 2000: A global breakdown,” PitchBook, June 10, 2015.

--Garrett James Black, CAIA, “The current US private equity scene in 11 charts,” PitchBook, August 1, 2017.

--Sheeraz Raza, “Private Equity Assets Under Management Approach $2.5 Trillion,” ValueWalk, Jan 31, 2017.

176   For instance in a survey Makunda, “Wall Street’s Power.”

--John Graham, Campbell Harvey, & Shiva Rajgopal, “Value Destruction and Financial Reporting Decisions,” Financial Analysts Journal 62, no. 6 (January 2019): pp. 27-39.

176   “his incentive to devote significant effort” Jensen and Meckling, “Theory of the Firm.”

176   Forty years later the research Walt Schubert and Les Barenbaum, “Equity-Based Executive Compensation,” Journal of Leadership, Accountability and Ethics.

--George-Levi Gayle, Chen Li, and Robert Miller, “How Well Does Agency Theory Explain Executive Compensation?” Review 100, no 3 (2018): pp. 201-36.

177   Reagan’s giveaways to big business Lazonick, “The Curse of Stock.”

177   “tax credits and other benefits” Michael Sherman and Michael Seely, “The Wisdom of Stock Buy-Backs,” The New York Times, May 27, 1984.

177   “going out and taking a wild” Steven Mufson, “GE Announces Five-Year, $10 Billion Stock Buyback,” The Washington Post, November 18, 1989.

177   During just the five years Kolhatkar, “The Economist.”

177   In 2007 the four hundred biggest Katy Milani and Irene Tung, “Curbing Stock Buybacks: A Crucial Step to Raising Worker Pay and Reducing Inequality,” The Roosevelt Institute, July 31, 2018.

--Lazonick, “Profits Without Prosperity.”

--“The Financialization of the U.S. Corporation: What Has Been Lost, and How It Can Be Regained,” Seattle University Law Review 36, no. 2 (2013): p. 882.

178   During the last decade U.S. airlines The Editorial Board, “How to Avoid Complete Economic Destruction,” The New York Times, March 20, 2020.

178   Buybacks effectively became obligatory Joseph Gruber and Steven Kamin, “Corporate Buybacks and Capital Investment: An International Perspective,” Federal Reserve, April 11, 2017.

--Mark Whitehouse, “Buybacks and Dividends,” Bloomberg, March 6, 2018.

--Sam Ro, “The Rate of Share Buybacks Has Doubled In The Last Decade,” Business Insider, April 5, 2014.

--Jeff Desjardins, “The Controversy Around Stock Buybacks Explained,” Visual Capitalist, March 1, 2019.

--Bob Pisani, “Companies have been buying back massive amounts of stock this year,” CNBC, July 18, 2019.

--Lazonick, “Curse of Stock.”

--Mark Boroush, “U.S. R&D Increased by $20 Billion in 2015, to $495 Billion; Estimates for 2016 Indicate a Rise to $510 Billion,” National Center for Science and Engineering Statistics InfoBrief, December 2017.

178   “may not yield as much” Gregory Milano, “What’s Your Return on Buybacks,” CFO Magazine, June 3, 2011.

178   The new SEC rule in 1982 Stephen Mihm, “Stock Buyback History Is a Mess,” Bloomberg, July 24, 2019.

--Adam Barone, “Rule 10b – 18,” Investopedia, May 15, 2020.

178   “When executives unload significant amounts” Useem, “Stock-Buyback Swindle.”

179   It’s unsustainable you can take Bob Pisani, “Apple has been a buyback monster,” CNBC, May 3, 2017.

179   from 2010 through 2019 most Useem, “Stock-Buyback Swindle.”

180   But we should all keep Edward Wolff, “Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?” NBER Working Paper series. National Bureau of Economic Research, November 2017.

--Louis Jacobson, “Most Americans Don’t Own Stocks,” PolitiFacts, September 12, 2018.

180   By 2000 the average ownership period Warren Fiske, “The average time someone used to hold a share of stock back in the ‘60s was eight years. Now, the average time is four months,”

PolitiFacts, June 19, 2016.

--David Hunkar, “Average Stock Holding Period on NYSE 1929 to 2016,” Top Foreign Stocks.com,

October 1, 2017.

--Fox and Lorsch, “Shareholders,” Harvard Business Review, July- August 2012.

180   The several biggest mutual funds Greenwood and Scharfstein, “The Growth of Finance.”

--Paul Gompers and Andrew Metrick, “Institutional Investors and Equity Prices,” The Quarterly Journal of Economics 116, no. 1 (February 2001): pp. 229-259.

--Gile Downes, Jr., Ehud Houminer, and R. Glenn Hubbard, “Institutional Investors and Corporate Behavior,” (Washington D.C.: AEI Press, 1999).

--Charles McGrath, “80% of equity market cap held by institutions,” Pensions & Investments, April 25, 2017.

--“10 largest mutual fund companies by assets,” Investment News.

--Mazzucato, Value of Everything, pp. 143, 144, 181-183.

181   Because if the stock price Gompers and Metrick, “Institutional Investors and Equity Prices.”

--Jacob S. Hacker and Paul Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp. 187-189.

182   “Has society benefitted from the recent” Greenwood and Scharfstein, “The Growth of Finance.”

182   In 1965 only 11 percent Mazzucato, Value of Everything, pp. 167, 197.

182   In the early 1970s 6 percent Chris Hopson, “The Draw of Consulting and Finance,” Harvard Political Review, July 15, 2018.

182   Thus began America’s radical increase Mukunda, “Wall Street’s Power.”

 --Thomas Philippon and Ariell Reshef, “Wages and Human Capital in the U.S. Finance Industry: 1909—2006,” The Quarterly Journal of Economics 127, no. 2012 (November 22, 2012): pp. 1551-1609.

183   “is not directly beneficial to investors” Greenwood and Scharfstein, “The Growth of Finance.”

183   In 2016 for instance two-thirds Burton Malkiel, “Index Funds Still Beat ‘Active’ Portfolio Management,” Wall Street Journal, June 5, 2017.

183   Even hedge funds asset management John Cassidy, “How Do Hedge Funds Get Away With It? Eight Theories,” The New Yorker, May 14, 2014.

183   “There is no clear evidence” Greenwood and Scharfstein, “The Growth of Finance.”

184   “As the banker as a symbol” Jonathan Kenneth Galbraith, American Capitalism: The Concept of Countervailing Power (Boston: Houghton Mifflin, 1952), pp. 108-109.

185   “a new kind of parasite” Karl Marx, Capital Volume III, trans. Samuel Moore (Wentworth Press, 2016), p. 678.

185   “is one in which one organism” “Parasitic Relationship,” New England Complex Systems Institute.

185   “The ‘ethics’ of egalitarianism” William Peterson, “Time for Truth—Time to Act,” Foundation for Economic Education, August 1, 1978.

Chapter 15

186   Then during the 1970s 1980s Federal Reserve Bank of St. Louis “Real Gross Domestic/Real gross domestic per capita,” Economic Research.

186   At that more ordinary speed Erin Duffin, “Real GDP growth of the United States from 1990 to 2019,” Statista.

--Kimberly Amadeo and Janet Berry-Johnson, “US GDP by Year Compared to Recessions and

Events,” The Balance, March 13, 2020.

187   “perennial gale of creative destruction” Joseph Schumpeter, Capitalism, Socialism, and Democracy (New York: HarperPerennial, 1950), p. 83.

187   I feel sorry for Schumpeter “Graph ‘creative destruction’,” Google Books Ngram Viewer.

188   “many workers particularly older ones” Daniel Bell, The Coming of Post-Industrial Society: A Venture in Social Forecasting (New York: Basic Books, 1956), pp. 49-50.

188   In 1980 manufacturing workers’ salaries John Judis, “It’s the Economies, Stupid,” The Washington Post Magazine, November 29, 2018.

188   The collapse of the steel industry Bill Toland, “In desperate 1983, there was nowhere for Pittsburgh’s economy to go but up,” Pittsburgh Post-Gazette, December 23, 2012.

--“United States Steel Production: 1969-2020,” Trading Economics.

189   Those were well-paid union jobs Enrico Moretti, The New Geography of Jobs (Boston: Houghton Mifflin Harcourt, 2012), p. 21.

--Daniel Akst, “What Can We Learn From Past Anxiety Over Automation?” The Wilson Quarterly, Summer 2013.

--FRED, “Manufacturing Sector: Employment,” Economic Research.

--FRED, “Percent of Employment in Manufacturing in the United States,” Economic Research.

--U.S. Bureau of Labor Statistics, “Employment by industry, 1910 and 2015,” Ted: The Economics Daily, March 03, 2016.

--Louis Jacobson, “The ratio of people working for the government and working in manufacturing today is ‘an almost exact reversal of the situation in 1960’,” PolitiFacts, April 6, 2011.

189   Almost 3 million U.S. manufacturing jobs “The top charts of 2016,” Economic Policy Institute, December 22, 2016.

189   In 1980 one of the huge  Martin Ford, The Rise of the Robots: Technology and The Threat of a Jobless Future (New York: Basic Books, 2015), p. 8.

189   That’s an extreme case Jay Shambaugh, Ryan Nunn, Patrick Liu, and Greg Nantz, “Thirteen Facts about Wage Growth,” (Washington D.C.: The Hamilton Project, 2017).

189   Many millions of U.S. factory jobs David Autor, David Dorn, and Gordon Hanson, “The China Syndrome: Local Labor Market Effects of Import Competition in the United States,” American Economic Review 103, no. 6 (2013): pp. 2121-2168.

--Jordan Weissman, “Andrew Yang Is Full of It,” Slate, October 7, 2019.

--“top charts of 2016,” EPI.

189   For instance the average Pennsylvania worker David Autor, “The Polarization of Job Opportunities in the U.S. Labor Market,” (Washington D.C.: The Hamilton Project, April 2010).

--Louis Jacobson, Robert John LaLonde, and Daniel Gerard Sullivan, “Earnings Losses of Displaced Workers,” The American Economic Review 83 (September 1993): 685-709.

190   For the last century Shawn Sprague, “Below trend: the U.S. productivity slowdown since the Great Recession,” Beyond the Numbers: Productivity 6, no. 2 (U.S. Bureau of Labor Statistics, January 2017).

--Michael Elliott, The Day Before Yesterday: Reconsidering America’s Past, Rediscovering the Present (New York: Simon & Schuster, 1996), p. 126.

--Benjamin Page and Lawrence Jacobs, Class War? What Americans Really Think About Income Inequality (Chicago: University of Chicago Press, 2009), p. 6.

190   During the three postwar decades “US Real GDP Per Capita by Year,” multpl.com

190   Then from the late 1970s Eric Morath, “U.S. Worker Productivity Advances at Best Rate Since 2010,” The Wall Street Journal, May 2, 2019.

190   Until 1980 America’s national split Paul Kiernan, “Despite Tight Job Market, Labor Force’s Income Is Squeezed,” The Wall Street Journal, February 23, 2019.

--Nicholas Kristof, “Should We Soak the Rich? You Bet!” The New York Times, October 12, 2019.

192   drew a conclusion that has shaped Paul Mason, PostCapitalism: A Guide to Our Future (New York: Farrar, Straus & Giroux, 2015), pp. 91-92.

192   In the 1880s fewer than 5 Irving Bernstein, The Lean Years: A History of the American Worker 1920-1933 (Boston: Houghton Mifflin, 1969), p. 84.

--Gerald Mayer, “Union Membership Trends in the United States,” (Washington D.C.: Congressional Research Service, 2004).

192   But after the Depression Ruy Teixeira and Alan Abramowitz, “The Decline of the White Working Class and the Rise of a Mass Upper Middle Class.” Brookings Working Paper, The Brookings Institution, April 2008, p. 8.

--Eduardo Porter, “Harvard Is Vaulting Workers Into the Middle Class With High Pay. Can Anyone Else Follow Its Lead?” The New York Times, September 8, 2018.

--Steven Greenhouse, “Democrats Drop Key Part of Bill to Assist Unions,” The New York Times, July 16, 2009.

192   In the late 1950s state laws Henry Farber and Bruce Western, “Round Up the Usual Suspects: The Decline of Unions in the Private Sector, 1973-1998.” Working Paper #437, Princeton University Industrial Relations Section, April 2000.

193   After the unionization of workers “Vital Statistics,” UnionFacts.com.

--Mayer, “Union Membership.”

193   In 1979 moviegoers especially liberal moviegoers Dennis Hevesi, “Crystal Lee Sutton, the Real-Life ‘Norma Rae,” Is Dead at 68,” The New York Times, September 15, 2009.

--“The Real ‘Norma Rae’,” North Carolina Department of Natural and Cultural Resources.

193   After it was pointed out Les Brown, “PBS Bars Unions From Financing Labor Series,” The New York Times, February 13, 1980.

--“PBS Lets Labor Increase Backing for Unionism Series,” The New York Times, March 22, 1980.

--John J. O’Connor, “TV Reviews; ‘Killing Floor,’ American Workers,” The New York Times, April 10, 1984.

193   In the early 1970s union PACs --Jacob S. Hacker and Paul Pierson, “The Powell Memo: A Call-to-Arms for Corporations,” Moyers on Democracy, September 14, 2012.

194   The CEOs of fully unionized GMS Hacker and Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp. 58-59.

--Ted Nace, Gangs of America: The Rise of Corporate Power and the Disabling of Democracy (San Francisco: Berrett-Koehler, 2003), pp. 168-169.

194   “I know that some of the” Douglas Fraser to Labor-Management Group, July 17, 1978, in Brad DeLong’s Grasping Reality.

195   “you supports them that supports you” PATCO, “Reagan Endorsement, 1980,” Georgia State University, Digital Collections.

195   Right before their contract expired “Presidential Approval Ratings—Gallup Historical Statistics and Trends,” Gallup.

195   The controllers were already earning The Editorial Board, “Bring the Controllers Down to Earth,” The New York Times, June 19, 1981.

--“Holding Up America,” The New York Times, August 4, 1981.

--Joseph McCartin, “The Strike That Busted Unions,” The New York Times, August 2, 2011.

--“’air traffic controller pay’ Salary Estimates,” Google Search.

195   “the Reagan Administration is making” Editorial Board, “Controllers Down.”

--“Holding Up America.”

196   “as badly featherbedded as we’ve feared” Jonathan Alter, “Featherbedding in the Tower: How the Controllers Let the Cat Out of the Bag,” Washington Monthly 13, no. 8 (October 1981): pp. 22, 27.

196   “hard to feel much sympathy” McMartin, “The Strike.”

197   One of the big old American William Serrin, “Fury Etches Strikers’ Life in Crumbling Fight at Arizona Mines,” The New York Times, July 30, 1984.

--James Bailey, “’Keeping People From Being Killed’: Arizona Governor Bruce Babbitt, Public Safety, and the Phelps Dodge Copper Strike, 1983-1984,” Mining History Journal (1996).

197   Workers at a Minnesota plant Susan Marks, “The 1985 Hormel strike was one of Minnesota’s most contentious labor disputes,” MinnPost, August 12, 2019.

197   International Paper had tripled its profits Jonathan Tasini, “For The Unions, A New Weapon,” The New York Times, June 12, 1988.

--David Lamb, “Strike’s Bitter Legacy: Strangers in Their Own Hometown,” LA Times, November 3, 1988.

197   Hiring strikebreakers for decades a rarity GAO, “Labor-Management Relations: Strikes and the Use of Permanent Strike Replacements in the 1970s and 1980s,” (Washington D.C.: United States General Accounting Office, January 1991).

198   As recently as the early 1970s U.S. Bureau of Labor Statistics, “Table 1. Work stoppages involving 1,000 or more workers, 1947-2017,” United States Department of Labor.

198   It doesn’t seem like coincidence Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley, 2019), p. 80.

198   “a sop to organized labor” “The Striker Replacement Bill,” The Washington Post, July 12, 1994.

198   During the New Deal unions began signing Farber and Western, “Round Up.”

--“Right-To-Work Resources,” National Conference of State Legislatures.

--Mark J. Perry, “Dallas Morning News editorial writer William Ruggles coined the term ‘right to work’ on Labor Day in 1941,” American Enterprise Institute, September 1, 2014.

198   the moment when the fraction “The Union Membership Mystery,” Focus: Understanding Economics in United States History (New York: National Council on Economic Education).

--“Databases, Tables & Calculators by Subject,” U.S Bureau of Labor Statistics.

--Mayer, “Union Membership.”

--Autor, “Polarization.”

199   After that the threat Harvard Committee on Employment and Contracting Policies, “Final Report: Lower-Paid Workers at Harvard University,” December 19, 2001.

199   In 2002 75 percent of them Miranda Dietz, Peter Hall, and Ken Jacobs, “Course Correction: Reversing Wage Erosion to Restore Good Jobs at American Reports,” (Berkeley: UC Berkeley Labor Center, January 2013).

200   According to a 2018 study Jae Song, et al. “Firming Up Inequality,” Quarterly Journal of Economics 134, no. 1 (2019): 1-50.

--Porter, “Harvard is Vaulting.”

200   “The basic idea” Marshall Steinbaum, “How Widespread Is Labor Monopsony? Some New Results Suggest It’s Pervasive,” Roosevelt Institute, December 18, 2017.

200   “on the traditional assumption that labor” Suresh Naidu, Eric Posner, and E. Glen Weyl, “Antitrust Remedies for Labor Market Power,” Harvard Law Review 132 (2018), p. 542, 547.

201   But no shockingly noncompetes Alan Krueger and Orley Ashenfelter, “Theory and Evidence on Employer Collusion in the Franchise Sector.” Discussion Paper Series. IZA Institute of Labor Economics, July 2018.

--Alan Kreuger and Eric Posner, “A Proposal for Protecting Low-Income Workers from Monopsony and Collusion,” (Hamilton Project, February 2018).

--Naidu, Posner, and Weyl, “Antitrust.”

--Sam Bloch, “No-Poach agreements, which long held fast-food workers in place, may soon be Over,” The Counter, April 30, 2019.

--Rachel Abrams, “8 Fast-Food Chains Will End ‘No-Poach’ Policies,” The New York Times, August 20, 2018.

--“Why Aren’t Paychecks Growing? A Burger-Joint Clause Offers a Clue,” The New York Times, September 27, 2017.

--“’No Poach’ Deals for Fast-Food Workers Face Scrutiny by States,” The New York Times, July 9, 2018.

--Annie Lowery, Give People Money: How a Universal Basic Income Would End Poetry, Revolutionize Work and Remake the World (New York: Crown, 2018), pp. 37, 38.

201   Starting in the 1980s the federal Alexia Fernández Campbell, “1.3 million winners and 2.8 million losers from Trump’s new overtime rule,” Vox, September 24, 2019.

--Nick Hanauer, “Democrats Must Reclaim the Center…by Moving Hard Left,” Politico, August, 14, 2018.

--“Whatever Happened to Overtime?” Politico, November 17, 2014.

--“What is overtime pay?” minimum-wage.org.

--Jon Burns, “A brief history of overtime in the United States,” Replicon, June 6, 2016.

--“Prudence During Unforeseen Times,” Willis Towers Watson, July 1, 2020.

--Chamberlain, Kaufman, and Jones, ”FLSA Coverage.”

--The Editorial Board, “Trump’s War on Worker Rights,” The New York Times, June 3, 2019.

--Heidi Shierholz, “It’s time to update overtime pay rules,” Economic Policy Institute, July 9, 2014.

202   As with overtime pay “Annual Federal Minimum Wage Rates, 1955-2015,” Infoplease.

--Federal Reserve Bank of St. Louis, “Federal Minimum Hourly Wage for Nonfarm Workers for the United States,” Economic Research.

--“Federal minimum wage, 1938-2016,” Pew Research Center, January 3, 2017.

202   “perhaps the most important domestic” Alan Greenspan, “Remarks by Chairman Alan Greenspan,” The Federal Reserve Board, April 9, 2003.

Chapter 16

204   “In the 1980s” says Adam Cobb “Declining Employee Loyalty: A Casualty of the New Workplace,” Wharton School @ University of Pennsylvania, May 9, 2012.

204   IBM for instance abandoned its proud William Lazonick, “The Financialization of  the U.S. Corporation: What Has Been Lost, and How It Can Be Regained,” Seattle University Law Review 36, no. 2 (2013): pp. 866-867.

204   “companies were very worried about union” “Declining Employee Loyalty.”

205   “back on to workers” Jacob S. Hacker, The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream (New York: Oxford University Press, 2006), pp. xii, 7.

205   Health insurance became a standard fringe Michael Morrisey, Health Insurance (Chicago: Health Administration Press, 2008), Chapter 1.

205   More and more of the healthcare “Blue Cross and Blue Shield: A Historical Compilation,” Consumer Reports.

205   Since the 1990s in many states Alain Enthoven and Victor Fuchs, “Employment-Based Health Insurance: Past, Present, and Future,” Health Affairs 25, no. 6 (November/December 2006).

--Jeff Lagasse, “Health insurance offered by a fewer, employers, while fewer employees sign up,” Healthcare Finance, February 22, 2017.

--Gary Klaxton, Matthew Rae, Anthony Damico, Gregory Young, and Daniel McDermott, “Employer Health Benefits| 2019 Annual Survey,” (San Francisco: Kaiser Family Foundation, 2019).

--Katharine Levit, Gary Olin, and Suzanne Letsch, “Americans’ health insurance coverage 1980-1991,” Medicare & Medicaid Research Review 14, no. 1 (Fall 1992): pp. 31-57.

205   In 1980 the average family Rabah Kamal, Cynthia Cox, and Daniel McDermott, “How has U.S. spending on healthcare changed over time?” Peterson-KFF Health System Tracker, December 20, 2019.

--Ashley Joyce, “The Real Cost of Health Care: Interactive Calculator Estimates Both Direct and Hidden Household Spending,” KFF.

206   In a recent study Adam Cobb J Adam Cobb, “Risky Business: The Decline of Defined Benefit Pensions and Firms’ Shifting of Risk,” Organization Science 26, no. 5 (August 13, 2015).

206   “The great lie” Timothy Martin, “The Champions of the 401(k) Lament the Revolution They Started,” The Wall Street Journal, January 2, 2017.

206   In 1980 eight out of ten Cobb, “Risky Business.”

--Mary Williams Walsh, “Retired From G.M. at 54. Pensionless at 74?” CNBC, July 1, 2009.

206   Today only one in eight private Martin, “Champions.”

--Allan Sloan, “Let’s talk about Social Security’s $80 billion negative cash-flow crisis,” The Washington Post, May 3, 2019.

206   I am frequently concerned about being Robert Samuelson, “Presidential Prosperity Games,” The Washington Post, December 21, 2005.

--Louis Uchitelle, “Job Insecurity of Workers Is a Big Factor in Fed Policy,” The New York Times, February 27, 1997.

-- Alan Greenspan, “Remarks by Chairman Alan Greenspan,” The Federal Reserve Board, April 9, 2003.

207   “difficult to judge” Greenspan, “Remarks.”

208   Starting in the late 1980s Jacob S. Hacker, The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream (New York: Oxford University Press, 2006), p. 70.

--Henry Farber, “Job Loss in the Great Recession: Historical Perspective from the Displaced Workers Survey, 1984-2010.” NBER Working Paper series. National Bureau of Economic Research, May 2011.

--“What does the job-loss rate tell us about the economy?” World Economic Forum, June 4, 2015.

208   At the same time individual household Elisabeth Jacobs and Jacob Hacker, “The Rising Instability‘ of American Family Incomes, 1969-2004.” Economic Policy Institute, May 28, 2008.

--Karen Dynan, Douglas Elmendorf, and Daniel Sichel, “The Evolution of Household Income Volatility,” B.E. Journal of Economic Analysis and Policy 12, no. 2 (December 18, 2012).

208   Between 1979 and 1991 “Annual Business and non-business Filings by Year (1980-2019).”

-- Peter Elmer and Steven Seelig, “The Rising Long-Term Trend of Single-Family Mortgage Foreclosure Rates.” Federal Deposit Insurance Corporation Working Paper no. 98-2, 1998.

--“Foreclosure rate in the United States from 2005 to 2019,” Statista.

208   College had been the great American “College Graduation Statistics,” EducationData.org

208   When I graduated high school “History of Undergraduate Per Credit Hour Tuition and Average Academic Year Cost with Fees,” Office of Institutional Effectiveness and Analytics, University of Nebraska-Lincoln.

--Samuel Goldhaber, “Tuition Rises Next Year In College and B-School,” The Harvard Crimson, January 5, 1971.

209   In the 1990s the price “Tuition costs of colleges and universities,” National Center for Education Statistics.

--“Average undergraduate tuition and fees and room and board rates charged for full-time students in degree-granting institutions, by type and control of institution,” National Center for Education Statistics.

209   Since 1981 states have cut Linette Lopez, “America’s student debt nightmare actually started in the 1980s,” Business Insider, October 13, 2015.

209   The real inflation-adjusted cost of attending “History of Undergraduate” UN-L.

--“Harvard at a Glance,” Harvard University.

--“Nebraska Tuition & Cost,” CollegeSimply.

--“Tuitions Costs,” NCES.

--“Average undergraduate tuition,” NCES.

209   Only a quarter of people graduating Jacob S. Hacker, The Great Risk Shift: The New Economic Insecurity and the Decline of American Dream (New York: Oxford University Press, 2006), p. 75.

209   In other words, over those three Sandy Baum, “The Evolution of Student Debt in the U.S.: An Overview,” in Student Loans and the Dynamics of Debt, ed. Brad Hershbein and Kevin Hollenbeck (Kalamazoo, Mich.: Upjohn Institute, 2015).

209   For the 45 million mostly young “A Look at the Shocking Student Loan Debt Statistics for 2020,” Student Loan Hero, January 15, 2020.

--Ben Miller, Colleen Campbell, Brent Cohen, and Charlotte Hancock, “Addressing the $1.5 Trillion in Federal Student Loan Debt,” Center for American Progress, June 12, 2019.

209   From the decade my parents attended “Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

--Floyd Norris, “Fewer U.S. Graduates Opt for College After High School,” The New York Times, April 25, 2014.

210   College graduates have always been paid Claudia Goldin and Lawrence Katz, “The Race between Education and Technology: The Evolution of U.S. Educational Wage Differentials, 1890 to 2005.” NBER working paper no. 12984. National Bureau of Economic Research, 2007.

--Ruy Teixeira and Alan Abramowitz, “The Decline of the White Working Class and the Rise of a Mass Upper Middle Class.” Brookings Working Paper, The Brookings Institution, April 2008.

--David Autor and Melanie Wasserman, “Wayward Sons: The Emerging Gender Gap in Labor Markets and Education,” (Cambridge, Mass.:Third Way Next Initiative, March 2013)

--Autor, “The Polarization of Job Opportunities in the U.S. Labor Market,” (Washington D.C.: The Hamilton Project, April 2010).

-- Carl Benedikt Frey and Michael Osborne, “The Future of Employment: How Susceptible Are Jobs To Computerisation?” University of Oxford, September 17, 2013.

-- Jay Shambaugh, Ryan Nunn, Patrick Liu, and Greg Nantz, “Thirteen Facts about Wage Growth,” (Washington D.C.: The Hamilton Project, 2017).

--Eleanor Krause and Isabel Sawhill, “What We Know and Don’t Know About Declining Labor Force Participation: A Review,” (Washington D.C.: The Brookings Institution, May 2017).

--“Real Wage Trends, 1979 to 2018,” EveryCRSReport.com, January 30, 2018.

210   average real pay has gone down Sarah Donovan and David Bradley, “Real Wage Trends, 1979 to 2018,” (Washington D.C.: Congressional Research Services, July 23, 2019).

210   Since 2000 with two generations Elise Gould, “State of Working America Wages 2018,” Economic Policy Institute, February 20, 2019.

--William Emmons, Ana Kent, and Lowell Picketts, “Is College Still Worth It? The New Calculus of Falling Returns,” Federal Reserve Bank of St. Louis, May 24, 2018.

--The Editorial Board, “Andrew Yang: Businessman from New York,” The New York Times.

210   In the late 1800s when Horatio

--Tyler Cowen, The Complacent Class: The Self-Defeating Quest for the American Dream (New York: St. Martin’s Press, 2017), p. 7.

211   In 1970 they found almost all Raj Chetty, David Grusky, Maximilian Hell, Robert Manduca, Jimmy Narang, “The Fading American Dream: Trends in Absolute Income Mobility Since 1940.” NBER Working Paper series. National Bureau of Economic Research, December 2016. 

--Joseph Stiglitz, “The American Economy Is Rigged,” Scientific American, November 1, 2018.

211   These days if you grow up poor Richard Reeves, “Horatio Alger: Equality, Opportunity, and the American Dream,” The Brookings Essay, August 20, 2014.

211   In 1970 only one in seven Sean Reardon and Kendra Bischoff, “Income Inequality and Income Segregation,” American Journal of Sociology 116, no. 4 (2011): pp. 426-435.

--Raghuram Rajan, The Third Pillar: How Markets and the State Leave the Community Behind (New York: Penguin Press, 2019).

--Cowen, Complacent Class.

211   As the American middle class Elisa Giannone, “Skill-Biased Technical Change and Regional Convergence,” 2017 Meeting Papers, Society for Economic Dynamics 190 (2017).

211   In 1980 the residents Emily Badger, Quoctrong Bui, and Robert Gebeloff, “All-White Neighborhoods Are Dwindling as America Grows More Diverse,” The New York Times, May 1, 2019.

212   But around the 1980 that stopped Christopher Mims, “Where You Should Move to Make the Most Money: America’s Superstar Cities,” The Wall Street Journal, December 15, 2018.

--Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley, 2019), p. 72.

212   After 1980 college graduates Giannone, “Skill-Based Technical Change.”

212   Not only do people who live in Boston William Larson, Jessica Shui, Morris Davis, and Stephen Oliner, “The Price of Residential Land for Counties, ZIP codes, and Census Tracts in the United States.” Working paper 19-01, Federal Housing Finance Agency, January 2, 2019.

212   Superhigh prices for apartments and houses, Chang-Tai Hsieh and Enrico Moretti, “Housing Constraints and Spatial Misallocation,” American Economic Journal: Macroeconomics 2019 11, no. 2 (April 2019).

212   In Seattle in the 1960s Eduardo Porter and Guilbert Gates, “Why Workers Without College Degrees Are Fleeing Big Cities,” The New York Times, May 21, 2019.

212   In the heyday of the so-called Joseph Ferrie, “Historical Statistics of the U.S. Millennial Edition: Internal Migration.” Unpublished paper, Northwestern University, 2002.

212   Since then the rate Jan De Loecker and Jan Eeckhout, “The Rise of Market Power and the Macroeconomic Implications.” NBER Working Paper series. National Bureau of Economic Research, August 2017. 

--Cowen, The Complacent Class, p. 29.

--Sabrina Tavernise, “Frozen in Place: Americans Are Moving at the Lowest Rate on Record,” The New York Times, November 20, 2019.

Chapter 17

214   Franklin Roosevelt’s own vice president “Economic Reform,” Huey Long: The Man, His Mission, and Legacy.

--Elizabeth Kolbert, “The Big Sleazy,” The New Yorker, June 5, 2006.

214   “Political equality” FDR said in 1936 Franklin Roosevelt, “Acceptance Speech at the Democratic National Convention,” Teaching American History, July 27, 1936.

--Roosevelt Institute, “FDR’s Second Bill of Rights: ‘Necessitous Men are not Free Men’,” Roosevelt Institute, January 11, 2011.

215   The faction that was now dominant Jacob S. Hacker and Paul Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010).

215   “The fault line of the party” Richard Reeves, “Old Wine in New Skins,” The New York Times, July 29, 1989.

--David Shribman, “A Closer Look at the Hart Generation,” The New York Times, May 27, 1984.

215   “Democratic liberalism’s traumatic break” Reeves, “Old Wine.”

216   “You’re dealing here with very sophisticated” Shribman, “Hart Generation.”

216   “at 23 I had a net worth” Tom Zito, “Steve Jobs: 1984 Access Magazine Interview,” The Daily Beast, July 13, 2017.

217   Jobs was extreme in devotion Andrew Ross Sorkin, “The Mystery of Steve Job’s Public Giving,” The

New York Times, August 29, 2011.

218   In 1980 Senator Paul Tsongas conducted Nathaniel Rich, “Losing Earth: The Decade We Almost Stopped Climate Change,” The New York Times, August 1, 2018.

219   “that was clear and easy” Jim Tankersley, “Arthur Laffer has a never-ending supply of supply-side plans for GOP,” The Washington Post, April 9, 2015.

--Art Laffer in conversation with Paul Gigot, “Up, Up and Away: The Art Laffer Interview,” Fox News transcript.

Chapter 18

220   Justice Kennedy is known today Amelia Thomson-DeVeaux, “Justice Kennedy Wasn’t a Moderate,” FiveThirtyEight, July 3, 2018.

221   The cut in the top tax Andy Kiersz, “Trump’s $100 billion tax cut idea would mostly benefit wealthier Americans because of the way rich people make their money,” Business

Insider, August 1, 2018.

222   Fortunately for Ronald Reagan the pledge Bruce Bartlett, “The Republican Idea of Tax Reform,” The New York Times, October 25, 2011.

222   For the thirty-odd years before Americans Federal Reserve Bank of St. Louis, “Federal Receipts as Percent of Gross Domestic Product,” Economic Research.

--Kimberly Amadeo and Michael Boyle, “US. National Debt by Year Compared to GDP and Major Events,” The Balance.

223   “where we were at the turn” William Greider, “Rolling Back the 20th Century,” The Nation, April 24, 2003.

--Grover Norquist, interview with Steve Kroft. 60 Minutes. CBS, November 29, 2011.

223   Beyond funneling more money Jason Horowitz, “Grover Norquist, the anti-tax enforcer behind the scenes of the debt debate,” The Washington Post, July 12, 2011.

--Robin Toner, “The Right Thinkers: Some Voices in the New Political Conversation,” The New York Times, November 22, 1994.

--“Americans for Tax Reform,” SourceWatch.

--“Federal Taxpayer Protection Pledge Questions and Answers,” Americans for Tax Reform, June 1, 2011.

224   During the 1980s federal antitrust enforcement Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley 2019), pp. 9, 160.

224   and during the 1990s the economy Kimberly Amadeo and Janet Berry-Johnson, “US GDP by Year Compared to Recessions and Events,” The Balance, March 13, 2020.

224   “the sorest winners ever recorded” Jack Shafer, “Robert L. Bartley (1937-2003),” Slate, December 12, 2003.

224   Paul Weyrich the cofounder Ellen Nakashima, “Conservatives Twist At Unexpected Turn,” The Washington Post, May 24, 2001.

225   “This is a bitter turn for me” David Grann, “Robespierre of the Right,” The New Republic, October 27, 1997.

225   “Most of the successes” Bruce Weber, “Paul Weyrich, 66, a Conservative Strategist, Dies,” The New York Times, December 18, 2008.

226   He sincerely wanted business unregulated Randall Balmer, “The Real Origins of the Religious Right,” Politico Magazine, May 27, 2014.

226   The surname Sununu is familiar today Andrew Rosenthal, “Sununu Resigns Under Fire As Chief Aide to President: Cites Fear of Hurting Bush,” The New York Times, December 4, 1991.

--“Sununu Travel Records to Be Opened,” The New York Times, April 23, 1991.

--Cathleen Decker and Douglas Jehl, “Sununu Known for Delight in Exerting Power,” Los Angeles Times, November 18, 1988.

226   “main scientific questions were settled beyond” Nathaniel Rich, Losing Earth: A Recent History (New York: MCD, 2019).

--“Losing Earth: The Decade We Almost Stopped Climate Change,” The New York Times, August 1, 2018.

226   In 1981 a study by NASA Walter Sullivan, “Study Finds Warming Trend That Could Raise Sea Levels,” The New York Times, August 22, 1981.

226   At a symposium the following year Rich, Losing Earth.

--“Losing Earth,” The New York Times.

227   “we have 20 years to examine” Philip Shabecoff, “Haste of Global Warming Trend Opposed,” The New York Times, October 21, 1983.

--Naomi Oreskes and Erik Conway, Merchants of Doubt: How a Handful of Scientists Obscured the Truth on Issues from Tobacco Smoke to Global Warming (New York: Bloomsbury, 2010), p. 78.

227   Exxon quietly decided that capitalism’s blind Rich, Losing Earth.

--“Losing Earth,” The New York Times.

227   The fossil fuel industry freaked out Philip Shabecoff, “Global Warming Has Begun, Expert Tells Senate,” The New York Times, June 24, 1988.

227   “emphasize the uncertainty in scientific conclusions” Rich, Losing Earth.

--“Losing Earth,” The New York Times.

228   Still at that very moment “Electoral Dynamite,” The New York Times, September 1, 1988.

228   “We can probably not afford” Rich, Losing Earth.

--“Losing Earth,” The New York Times.

--John Goshko, “Baker Urges Steps on Global Warming,” The Washington Post, January 31, 1989

228   “Why in the world would you” Rich, Losing Earth.

----“Losing Earth,” The New York Times.

228   “Most of what I’ve been putting” “John Sununu: What Color Is Your Parachute?” Spy, March 1992.

Chapter 19

231   In the national campaign headquarters Michael Kelly, “The 1992 Campaign: The Democrats—Clinton and Bush Compete to Be Champion of Change; Democrats Fights Perceptions of Bush Gain,” The New York Times, October 31, 1992.

--“The War Room,” Encyclopedia of Arkansas.

231   “We know big government” William J. Clinton, “Address Before a Joint Session of the Congress on the State of the Union,” The American Presidency Project, January 23, 1996.

232   “Mr. Clinton and his allies” Adam Clymer, Robert Pear, and Robin Toner, “For The Health Care, Time was a Killer,” The New York Times, August 29, 1994.

233   “Totally serious” O’Donnell says Lawrence O’Donnell. Interview with Kurt Andersen, July 26, 2019.

233   In the 1990s fewer than 5 percent “Federal and State Expenditures for AFDC,” Aid to Families with Dependent Children.

--U.S. Department of Health & Human Services, “Indicators of Welfare Dependence: Annual Report to Congress, 2008. AFDC/TANF Program Data,” Office of the Assistant Secretary for Planning and Evaluation, December 20, 2008.

--William Claiborne, “Unwed Mothers Lift Welfare Costs,” The Washington Post, December 9, 1993.

233   “the country a great service” William J. Clinton, interview with Tom Brokaw. NBC Nightly News, May 3, 1994.

234   Clinton accepted and promoted as fact  U.S. Congress, Senate, ”Personal Responsibility and Work Opportunity Reconciliation Act of 1996,” HR 3734, 104th Congress, passed August 1, 1996.

--John Harris and John Yang, “Clinton to Sign Bill Overhauling Welfare,” The Washington Post, August 1, 1996.

--Ian Fisher, “Moynihan Stands Alone in Welfare Debate,” The New York Times, September 27, 1995.

234   The changes in the law did Brink Lindsey, Steven Teles, Will Wilkinson, Samuel Hammond, “The Center Can Hold: Public Policy for an Age of Extremes,” (Washington D.C.: Niskanen Center, December 2018).

234   Most of the many millions Kathryn Edin and H. Luke Schaefer, “20 Years Since Welfare ‘Reform’,” The Atlantic, August 22, 2016.

235   During Clinton’s first year in office Federal Reserve Bank of St. Louis, “Federal Surplus or Deficit,” Economic Research.

--Kimberly Amadeo, “US Budget Deficit by Year Compared to GDP, Debt Increase, and Events,” The Balance, May 23, 2020.

235   As soon as the surplus money Allison Mitchell, “House and Senate Tax Cut Bills Would Give Businesses Billions in Long-Sought Benefits,” The New York Times, August 1, 1999.

--Richard Stevenson, “Tax Cut Goes to Clinton; G.O.P. Moves On,” The New York Times, September 16, 1999.

235   He secretly negotiated a deal Steven Gillon, “The Pact Between Clinton and Gingrich,” U.S. News and World Reports, May 29, 2008.

235   “vast right-wing conspiracy that has been” Francis X. Clines, “First Lady Attributes Inquiry to ‘Right-Wing Conspiracy’,” The New York Times, January 28, 1998.

236   “when in office the liberals” quoted in Mark Smith, “Economic Insecurity, Party Reputations, and the Republican Ascendance,” in The Transformation of American Politics: Activist Government and the Rise of Conservatism, ed. Paul Pierson and Theda Skocpol (Princeton: Princeton University Press, 2018), p. 156.

237   ”a shadow of regulatory uncertainty over” Anthony Faiola, Ellen Nakashima, and Jill Drew, “What Went Wrong,” The Washington Post, October 15, 2008.

--US Department of Treasury, “Joint Statement by Treasury Secretary Robert E. Rubin, Federal Reserve Board Chairman Alan Greenspan and Securities Exchange Commission Chairman Arthur Levitt,” April 7, 1998.

--“Introduction,” Frontline.

237   The House in 2000 passed that one U.S. Congress, House, Commodity Futures Modernization Act of 2000, HR 4541, 106th Congress, passed October 19, 2000.

--Abby Phillip, “Hillary Clinton attacked Bernie Sanders for voting for a bill her husband signed into law,” Washington Post, January 18, 2016.

238  Antitrust enforcement did briefly spring “The new enforcers,” The Economist, October 5, 2000.

238   Americans’ median household income “United States Median Household Income: 1950-1990,” Stanford University.

--Federal Reserve Bank of St. Louis, “Real Median Household Income in the United States,” Economic Research.

238   a Harvard Business School professors 1995 Joseph Bower and Clayton Christensen, “Disruptive Technologies: Catching the Wave,” Harvard Business Review, January-February 1995.

239   “the end point of mankinds ideological” Francis Fukuyama, The End of History and the Last Man (New York: Free Press, 1992), page xi.

239   Between 1973 and 1993 median family Michael Elliott, The Day Before Yesterday: Reconsidering America’s Past, Rediscovering the Present (New York: Simon & Schuster, 1996), p. 136, 181, 205.

240   America is bedeviled by growing economic The Editorial Board, “The Vision Thing, Again,” The New York Times, February 21, 1996.

240   “The numbers of the rich” Elliott, Day Before Yesterday, p. 202.

--Charles Murray, “The Shape of Things to Come,” National Review 43 (July 8, 1991).

241   starting in the ‘80s the cops Alex Thompson, “’Liz Was a Diehard Conservative’,” Politico, April 12, 2019.

--Jeff Spross, “Why Elizabeth Warren Left The GOP,” ThinkProgress, April 27, 2014.

241   “bask[ing] happily and stupidly” Kurt Andersen, “The Next Big Dialectic,” The New York Times, November 28, 1999.

241   One of the five the Nobel Prize William Harris, “Gary S. Becker, Nobel-Winning scholar of economics and sociology, 1930-2014,” UChicago News, May 4, 2014.

--Michael Milken, “Gary Becker: My Mentor and Friend,” The Wall Street Journal, May 6, 2014.

242   “the near collapse of the labor Richard Posner, “The Future of Law and Economics: Looking Forward,” University of Chicago Law Review 64, no 1132 (1997).

--Erica Green and Stephanie Saul, “What Charles Koch and Other Donors to George Mason University Got for Their Money,” The New York Times, May 5, 2018.

--Kevin Bogardus, “Koch’s Low Profile Belies Political Power,” The Center for Public Integrity, July 15, 2004.

Chapter 20

246   In 1988 in Spy we published Tony Hendra, “Stayin’ Alive: The Seventies Are Back,” Spy Magazine, December 1988, p. 70.

246   Bob is wearing a hibiscus-y Hawaiian Kurt Andersen and Paul Rudnick, “The Irony Epidemic,” Spy, March 1989, pp. 94-95.

247   “Lurking in our collective unconscious” “Restoration Hardware, Inc.,” Companies by Letter.

247   The frequency of the word nostalgia “Graph ‘nostalgia’,” Google Books Ngram Viewer.

248   Since the 1990s America’s horse population Rupak Khadka, “Global Horse Population with respect to Breeds and Risk Status,” (Master thesis, Erasmus Mundus, August 2010).

--Max Tegmark, Life 3.0: Being Human in the Age of Artificial Intelligence (New York: Knopf, 2017), p. 126.

--“The Horse Industry by the Numbers,” Equo, January 16, 2017

248   in 2018 nine of the top-ten “Music album sales in the United States from 2007 to 2019,” Statista.

--Keith Caulfield, “U.S. Vinyl Album Sales Grew 15% in 2018, Led by the Beatles, Pink Floyd, David Bowie & Panic! at the Disco,” Billboard, January 12, 2019.

--“U.S. Vinyl Album Sales Hit Nielsen Music-Era Record High in 2017,” Billboard, January 3, 2018.

--Niall McCarthy, “Vinyl Sales Have Grown For 10 Years Straight,” Forbes, January 11, 2016.

--Marc Hogan, “Did Vinyl Really Die in the ‘90s? Well, Sort Of…” Spin, May 16, 2014.

248   I wrote that the exhibit might Kurt Andersen, “The Culture Industry,” The New Yorker, June 30, 1997.

252   “revivals, reissues, remakes, reenactments” Simon Reynolds, Retromania: Pop Culture’s Addiction to Its Own Past (New York: Farrar, Straus & Giroux, 2010), pp. x-xiii, xviii, 64-65, 233, 406-407, 411.

253   “is nostalgia stopping our culture’s ability”  Reynolds, Retromania, pp. xiv, xxiii, 57, 141, 179, 197, 424.

253   Thirty years have passed since Reynolds, Retromania, p. 234.

253   “digital maximalism” of “electronic producers” Reynolds, emails with author, June 2018.

253   “we’ve become so used to this”  Reynolds, Retromania, p. 427.

254   “I suspect that you inhabit” William Gibson in Patrick Tanguay, “A state of atemporality enabled by our increasingly efficient communal prosthetic memory,” I never knew, June 7, 2010.

254   Now even when hit songs seem Sahil Chinoy and Jessia Ma, “Why Songs of the Summer Sound the Same,” The New York Times, August 8, 2009.

256   “The year 2000 will come” Rick Slaughter, “Psych-Fi,” Terminal Collection.

256   “the last time before the internet” Liz Phair, interview with author, “The whip-smart mind of Liz Phair,” The World, October 10, 2019.

257   “makes people anxious about the world” Clay Routledge, “Approach With Caution: Nostalgia Is a Potent Political Agent,” Undark, October 31, 2017.

--Clay Routledge, et al, “Nostalgia as a Resource for Psychological Health and Well-Being,” Social and Personality Psychology Compass 7, no. 11 (2013): pp. 808-818.

--Constantine Sedikides, et al, “Nostalgia Counteracts Self-Discontinuity and Restores Self-Continuity,” European Journal of Social Psychology 45, no. 1 (2015): pp. 52-61.

257   It is what it is everyone William Safire, “It Is What It Is,” The New York Times, March 5, 2006

Chapter 21

259   “the growing number of people” Tyler Cowen, The Complacent Class: The Self-Defeating Quest for the American Dream (New York: St. Martins Press, 2017), p. 2.

259   He also thinks we reached Cowen, The Complacent Class, p. 97.

259   “Americans are in fact working” Cowen, The Complacent Class, pp. 1-2.

260   “eventually stasis will prove insufficient” Cowen, The Complacent Class, pp. 4, 22.

260   “people’s willingness to just put up” Walter Frick, “How America Gave Up on Change,” Harvard Business Review, March 03, 2017.

260   Nor does he acknowledge Cowen, “Vita,” George Mason University.

--“The Economics of Everything,” Charles Koch Foundation, November 14, 2018.

--“*Good Profit* by Charles Koch,” Marginal Revolution, September 12, 2015.

--Jerri-Lynn Scofield, “Tyler Cowen, Koch Brothers Funding, Mercatus Center, George Mason University, and Academic Freedom,” naked capitalism, May 7, 2018.

260   “One of the greatest and most” Merkatus Center, “Peter Thiel on Stagnation, Innovation, and What Not to Call Your Company (Ep. 1—Live at Mason),” Conversations with Tyler (podcast),

April 6, 2015.

260   Thiel is the libertarian billionaire cofounder David Streitfield, “Peter Thiel to Donate $1.25 Million in Support of Donald Trump,” The New York Times, October 15, 2016.

260   the GDP per person was growing “United States—GDP Per Capita Growth (annual %),” Trading Economics.

261   “nostalgia for aspects of the economics” Cowen, The Great Stagnation, pp. 56, 67.

262   One astonishing and unambiguously great new “FBI Releases 2018 Crime Statistics,” Federal Bureau of Investigation, September 30, 2019.

--Ames Grawert, “Crime Trends: 1990-2016,” Brennan Center for Justice, April 18, 2017.

--Anna Flagg, “Is There a Connection Between Undocumented Immigrants and Crime?” The New York Times, May 13, 2019.

263   The number of immigrants Jeanne Batalova, Brittany Blizzard, and Jessica Bolter, “Frequently Requested Statistics on Immigrants and Immigration in the United States,” Migration Policy Institute, February 14, 2020.

--“U.S. unauthorized immigrant total rises, then falls,” Pew Research Center, June 12, 2019.

263   Likewise Roe v. Wade invalidated “U.S. Abortion Rate Continues to Decline, Reaching Historic Low in 2017,” Guttmacher Institute, September 18, 2019.

264   “We on Team Trump” Peter Navarro Jonathan Swan, “Why Trump Lit the Fire,” Axios, June 9, 2018.

265   Since we reopened the gates CSPAN. “The Foreign-Born Population in the United States” Newsroom Reference Slides.

265   Indeed in the late nineteenth century “Data Analysis: African Americans on the Eve of the Civil War,” Bowdoin College.

265   From the first census in 1790 “QuickFacts: United States,” U.S. Census Bureau, July 1, 2019.

--“2010 Census Shows America’s Diversity,” U.S. Census Bureau, March 4, 2011.

--Jynnah Radford and Luis Neo-Bustamente, “Facts on U.S. Immigrants, 2017,” Pew Research Center, Hispanic Trends, June 3, 2019.

--“Modern Immigration Wave Brings 59 Million to U.S., Driving Population Growth and Change Through 2065,” Hispanic Trends, September 28, 2015.

--Jordan Yadoo, “America’s Labor Force Is Made Up of More Immigrants Than Ever,” Bloomberg, May 18, 2017.

--Elizabeth Grieco, “The Foreign Born in the U.S. Labor Force: Numbers and Trends,” Migration Policy Institute, January 2004.

--20th Century Statistics,  U.S. Census Bureau, 1999.

--“Demographic history of the New York City,” Wikipedia.

266   in the early 1970s almost twice “Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

--“Number of Master’s degrees earned in the United States from 1949/50 to 2028/29, by gender,” Statista.

--Mark Perry, “Women earned majority of doctoral degrees in 2017 for 9th straight years and outnumber men in grad school 137 to 100,” American Enterprise Institute, October 3, 2018.

266   In 1970 when the hardhats “Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

266   88 percent of Americans were white CSPAN. “A Look at the 1940 Census.” Newsroom Reference Slides.

--“Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

266   (And if their kids wanted) “Tuition costs of colleges and universities,” National Center for Education Statistics.

266   Since the 1970s the giant U.S. Max Ehrenfreund and Jeff Guo, “If you’ve ever described people as ‘white working class,’ read this,” The Washington Post, November 23, 2016.

--Ruy Teixeira and Alan Abramowitz, “The Decline of the White Working Class and the Rise of a Mass Upper Middle Class.” Brookings Working Paper, The Brookings Institution, April 2008.

--“Historical racial and ethnic demographics of the United States,” Wikipedia.

--“Percentage of the U.S. population who have completed four years of college or more from 1940 to 2019, by gender,” Statista.

267   And in the last eight presidential Steve Phillips, “What About White Voters?” Center for American Progress, February 5, 2016.

--“An examination of the 2016 electorate, based on validated voters,” Pew Research Center, August 9, 2018.

267   Even among whites without college degrees Teixeira, “New Republic: Power Of The White Working Class,” WYSO Fresh Air, 2017.

--Teixeira and John Halpin, The Obama Coalition in the 2012 Election and Beyond (Washington D.C.: Center For American Progress, December 2012).

--Teixeira and Abramowitz, “Decline of the White Working Class.”

--“Election Results 2008,” The New York Times, November 5, 2008.

267   A study of thousands of election precincts Seth Hill, Daniel Hopkins, and Gregory Huber,

“Demographic Change, Threat, and Presidential Voting: Evidence from U.S. Electoral Precincts, 2012 to 2016,” SSRN Electronic Journal, March 7, 2019.

--Phillips, “White Voters.”

----“examination of the 2016 electorate,” Pew Research Center.

267   But the scholars and others John Sides, Michael Tesler, and Lynn Vavreck, Identity Crisis: The 2016 Presidential Campaign and the Battle for The Meaning of America (Princeton: Princeton University Press, 2018), p. 173.

--Sides and Robert Griffin, “Economic Anxiety Didn’t Elect Trump and It May Hurt His Party in the Midterms,” The New York Times, October 10, 2018.

--Diana Multz, “Status threat, not economic hardship, explains the 2016 presidential vote,” Proceedings of the National Academy of Sciences of the United States of America 115, no. 19 (April 23, 2018).

--Ben Casselman, “Stop Saying Trump’s Win Had Nothing To Do With Economics,” FiveThirtyEight, January 9, 2017.

267   A different study by political scientists Howard Lavine and Wendy Rahn, “What If Trump’s Nativism Actually Hurts Him?” The New York Times, July 2, 2018.

268   The authors of a new study Jim Kessler, “How the Concentration of Opportunity Elected Trump,” Third Way, June 28, 2018.

268   I have a different way Marie Donahue and Stacy Mitchell, “Report: Dollar Stores Are Targeting Struggling Urban Neighborhoods and Small Towns,” Institute for Local Self-Reliance, December 6, 2018.

--“Number of international and United States Starbucks stores from 2005 to 2019,” Statista.

--Whole Foods, 2009 Annual Report (Austin: Whole Foods Market, 2010).

--“Company Info,” Whole Foods Market

--“Starbucks Reports Q4 and Full Year Fiscal 2017 Results,” Starbucks Investor Relations, November 02, 2017.

--Starbucks, Fiscal 2017 Annual Report (Seattle: Starbucks, 2017).

--“Family Dollar,” Wikipedia.

268   “big business and major donors” Jake Sullivan, “The New Old Democrats,” Democracy Journal, June 20, 2018.

268   Then there are those fascinating Jenna Johnson, “Trump or a Democrat? Eastern Iowa ponders its Presidential choice,” The Washington Post, June 14, 2019.

--“Focus Group: Obama-to-Trump Voters Expect Change, Don’t Trust GOP to Deliver,” Roosevelt Institute, March 15, 2017.

Chapter 22

271   “Environmental groups essentially have had” Joe Walker, e-mail to Global Science Team, “Draft Global Climate Science Communications Plan,” 1998.

--Mark Svenvold, “Turning up the heat,” Los Angeles Times, March 19, 2006.

--“1998 American Petroleum Institute Global Climate Science Communications Team Action Plan,” Climate Files.

272   “Voters believe there is no consensus” Svenvold, “Turning up the heat.”

--Jennifer Lee, “A Call for Softer, Greener Language,” The New York Times, March 2, 2003.

-- Jane Mayer, Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right (New York: Doubleday, 2016), pp. 256.

273   “dozens of different organizations fighting climate Mayer, Dark Money, p. 251.

--Robert Brulle, “Institutionalizing delay: foundation funding and the creation of U.S. climate change counter-movement organizations,” Climatic Change 122 (2014), pp. 681-694.

273   As recently as 2008 their national The American Presidency Project, “Party Platforms,” UCSB.

273   “initiatives to thwart the threat” Mayer, Dark Money, p. 246.

273   A new national right-wing financial organization “Mission & Principles,” DonorsTrust.

--Mayer, Dark Money, pp. 252-253.

273   The most recent annual ranking James McGann, 2018 Global Go To Think Tank Index Report (Philadelphia: Lauder Institute, 2018).

274   Charles Koch remained closely involved Matthew Barakat, “George Mason University becomes a Favorite of Charles Koch,” Associated Press, April 1, 2016.

--“Institute for Humane Studies,” DesMog.

--Chris Young, “Koch-Funded Think Tank Offers Schools Course in Libertarianism,” The Center for            Public Integrity, August 26, 2014.

--Erica Green and Stephanie Saul, “What Charles Koch and Other Donors to George Mason University Got for Their Money,” The New York Times, May 5, 2018.

--Melissa Korn, “Charles Koch Foundation Boosts Donations to Colleges and Universities,” The Wall Street Journal, November 16, 2017.

274   George Mason’s custom-fabricated right-wing law school Korn, “Koch Foundation,” WSJ.

--Daniel Schulman, “Charles Koch’s Brain,” Politico Magazine, September/October 2014.

--“List of Supported Colleges,” Charles Koch Foundation.

--Nicholas Confessore, “Quixotic ’80 Campaign Gave Birth to Kochs’ Powerful Network,” The New York Times, May 17, 2014.

--James Hohmann, “The Koch network is reorganizing under a new name and with new priorities,” The Washington Post, May 20, 2019.

--David Armiak, “Koch Invested $127.5 Million in Building Right-Wing Infrastructure in 2018,” PR Watch, November 19, 2019.

274   “the society hopes to continue growing” Sidney Blumenthal, “Quest for Lasting Power,” The Washington Post, September 25, 1985.

--“Hon. Lee Liberman Otis,” The Federalist Society.

274   “thirty-five years later that guy” “Eugene B. Meyer,” The Federalist Society.

274   “Twenty years from now” Horowitz promised “Judge Scalia’s Cheerleaders,” The New York Times, July 23, 1986.

275   At the level just below the Supreme Ephrat Livni, “What is ‘originalism?’ Why Trump wants an originalist on the Supreme Court,” Quartz, July 8, 2018.

--David Montgomery, “Conquerors of the Courts,” The Washington Post Magazine, January 2, 2019.

275   These newest appellate judges are almost Rebecca Ruiz, Robert Gebeloff, Steve Eder, and Ben Protess, “A Conservative Agenda Unleashed on the Federal Courts,” The New York Times, March 14, 2020.

275   Before he was even nominated Michael Kruse, “The Weekend at Yale That Changed American Politics,” Politico Magazine, September/October 2018.

275   In the early 1980s decisions Mike Sacks, “Supreme Court: U.S. Chamber Of Commerce Undefeated This Term,” Huff Post, June 22, 2012.

275   In just a decade from 1999 “Lobbying Data Summary,” OpenSecrets.org

275  Of the 100 groups that spend “Top Spenders,” OpenSecrets.org

--Lee Drutman, “How Corporate Lobbyists Conquered American Democracy,” The Atlantic, April 20, 2015.

--Gautam Mukunda, “The Price of Wall Street’s Power,” Harvard Business Review, June 2014.

276   “If the millions of Americans fanatically” Kurt Andersen, “Radio: Big Mouths,” Time, November 1, 1993.

277   The first Bush administration had suspended Jonathan Mahler and Jim Rutenberg, “How Rupert Murdoch’s Empire of Influence Remade the World,” The New York Times Magazine, April 3, 2019.

277   In 2007 Murdoch added Mayer, Dark Money, p. 19.

277   Around 1980 donations by business PACs Curtlyn Kramer, “Vital Stats: The widening gap between corporate and labor PAC spending,” Brookings, March 31, 2017.

277   “I believe based on what I read” Philip Rucker and Peter Wallsten, “Romney draws early fire from conservative over views on climate change,” The Washington Post, June 8, 2011.

277   the Kochs and their gang spent “David Koch Seeded Major Tea-Party Group, Private Donor List

Reveals,” National Journal, 2013.

--Pema Levy, “Money In Politics: The Companies Behind David Koch’s Americans For Prosperity,” International Business Times, September 24, 2013.

--Dave Levinthal, “Tobacco Giant Funded Conservative Nonprofits,” The Center for Public Integrity, May 30, 2013.

--Jonathan Salant, “Chevron, Merck Disclose Funding to 2010 Attack-Ad Groups,” Bloomberg, March 28, 2012.

277   The groups evolve and split Schulman, “Koch’s Brain.”

--Mayer, Dark Money, pp. 221-223.

278   Even though the new law Jennifer Tolbert, Kendal Orgera, Natalie Singer, and Anthony Damico, “Key Facts about the Uninsured Population,” KFF, December 13, 2019.

--Tara O’Neill Hayes, “How Many Are Newly Insured as a Result of the ACA?” American Action Forum, January 4, 2017.

278   Extremely reasonable extremely center-left Obama Schulman, “Koch’s Brain.”

278   “I’m not saying he’s a Marxist” Kenneth Vogel, “Kochs lash out at ‘dangerous’ critics,” Politico, March 26, 2011.

278   The founders of Citizens United Alayna Treene, Jonathan Swan, and Harry Stevens, “Scoop: Inside a Top Trump Adviser’s Fundraising Mirage,” Axios, May 5, 2019.

--Gabby Orr and Daniel Lippman, “Trump Campaign Distances Itself from David Bossie over Alleged Scam,” Politico, May 7, 2019.

278   A right-wing legal group Mayer, Dark Money, pp. 288-291.

--Matthew Mosk, “Citizens United v. the FEC: The Return of Corporate Influence Peddling?” ABC News, January 12, 2010.

279   “It’s a war” Stephen Schwarzman remarked Jonathan Alter, “Schwarzman: ‘It’s a War’ Between Obama, Wall St,” Newsweek, August 15, 2010.

--Jacob Bernstein, “The Man Who Bought New York,” The New York Times, May 5, 2018.

--Mayer, Dark Money, pp. 18-19.

279   David Koch died in 2019 Korn, “Koch Foundation,” WSJ.

279   From his personal foundation’s assets David Armiak, “The Koch Brothers’ Freedom Partners Group Spends $115.2 Million in 2017,” PR Watch, November 7, 2018.

--“Charles Koch Foundation 2017 Annual Giving Report,” Charles Koch Foundation, November 15, 2018.

--Nonprofit Exporer, “Charles Koch Foundation,” ProPublica.

279   As Koch and his confederates reengineered “‘Invisible Rich’ Located,” The New York Times, January 26, 1979.

--“#18 Charles Koch,” Forbes.

--“The Billionaires 1990,” Fortune, September 10, 1990.

--Hohmann, “Koch network.”

279   The wealth of all affluent Americans “Changes in U.S. Family Finances from 2013 to 2016: Evidences from the Survey of Consumer Finances,” Federal Reserve Bulletin 103, no. 3 (September 2017).

--Edward Wolff, “Changes in Household Wealth in the 1980s and 1990s in the U.S.,” in International Perspectives on Household Wealth, ed. Edward Wolff (Northhampton, Mass.: Elgar, 2006).

--Wolff, “Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007.” Working paper no. 589, Levy Economics Institute, March 2010.

--Wolff, “Household Wealth Trends in the United States, 1962 to 2013: What Happened over the Great Recession?” The Russell Sage Foundation Journal of the Social Sciences 2, no. 6 (October 2016).

279   “converting higher economic inequality” Joseph Stiglitz, “The American Economy Is Rigged,” Scientific American, November 1, 2018.

280   “If we have done anything wrong” Mukunda, “Wall Street’s Power.”

280   “the appeal of modern democracy” David Runciman, How Democracy Ends (New York: Basic Books, 2018), p. 170.

281   We pay the highest skilled-labor Alan Greenspan, “Alan Greenspan On Income Inequality,” C-SPAN 2, video, 5:42, September 28, 2007.

281   In 2010 the Obamacare provision most Stuart Butler, Assuring Affordable Healthcare for All Americans (Washington D.C.: The Heritage Foundation, 1989).

281   That’s why we’ve put in place “Obama on ‘Renewing the American Economy’,” The New York Times, March 27, 2008

282   You never want a serious crisis Viveca Novak, “Bum Rap for Rahm,” FactCheck.org, January 13, 2011.

283   It was too bad politically Robert Dreyfuss, “How the DLC Does It,” The American Prospect, December 19, 2001.

283   One doubts for instance that Schumer Jacob S. Hacker and Paul Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp. 226-227.

--Raymond Hernandez and Stephen Labaton, “In Opposing Tax Plan, Schumer Breaks With Party,” The New York Times, July 30, 2007.

283   However the administration and the Democratic Sheryl Gay Stolberg, “Obama Defends Public Insurance Plan for Health Care,” The New York Times, June 11, 2009.

--Robert Pear, “Doctors’ Group Opposes Public Insurance Plan,” The New York Times, June 10, 2009.

284   The most conservative Democrats in the House Robert Pear, “Obama Open to a Mandate on Health Insurance,” The New York Times, June 3, 2009.

284   “weirdly unable to show passion” Paul Krugman, “The public option as a signal,” [RM1] The New York Times, August 17, 2009.

284   “A few moderate Democratic senators” Steven Greenhouse, “Democrats Drop Key Part of Bill to Assist Unions,” The New York Times, July 16, 2009.

284   “foremost among our companies’ labor concerns” Ivan Seidenberg, letter to Peter Orszag, June 21, 2010.

284   As it happened six weeks after “Peter Orszag to Join Citi as Vice Chairman in Global Banking,” Citigroup, December 9, 2010.

285   And true to form in 2017 Krugman, “The Political Failure of Trickle-Down Economics,” The New York Times, August 20, 2017.

--Robert Bellafiore, “Summary of the Latest Federal Income Tax Data, 2018 Update,” Tax Foundation, November 13, 2018.

Chapter 23

287 “Of course” a pair of prominent Paul Krugman, “The Economics of Soaking the Rich,” The New York Times, January 5, 2019.

--Peter Diamond and Emmanuel Saez, “The Case for a Progressive Tax,” Journal of Economic Perspectives 25, no. 4 (2011): 165-190.

--Diamond and Saez, “Diamond and Saez: High Tax Rates Won’t Slow Growth,” The Wall Street Journal, April 23, 2012.

287   “there is no clear correlation between” “Level of GDP per capita and productivity,” Organisation For Economic Co-Operation And Development.

-- Jacob S. Hacker and Paul Pierson, Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp. 23, 25-27.

--Diamond and Saez, “High Tax Rates.”

287   more overall growth and jobs after Seth Hanlon and Alexandra Thornton, “Trickle-Down Tax Cuts Don’t Create Jobs,” Center for American Progress, August 24, 2017.

287   As Republicans rewrote the tax code Carl Hulse, “Paul Ryan Puts It All on the Line in Tax Fight,” The New York Times, November 4, 2017.

287   The Trump Administration projected that Jim Tankersley, “Trump’s Top Economist Says Corporate Tax Cuts Will Lift Workers’ Wages,” The New York Times, October 16, 2017.

--The Council of Economic Advisers, Corporate Tax Reform and Wages: Theory and Evidence (Washington D.C.: CEA, October 2017).

287   While average people would all get Ben Steverman, Dave Merrill, and Jeremy C.F. Lin, “A Year After the Middle Class Tax Cutm the Rich Are Winning,” Bloomberg, December 18, 2018.

288   “not only pay for itself” Dylan Matthews, “Trump’s team says the tax bill will pay for itself. It won’t” Vox, November 30, 2017.

288   U.S. economic growth had been steady  Federal Reserve Bank of St. Louis, “Real Gross Domestic Product,” Economic Research.

--Harriet Torry, “U.S. Economy Heads Into 2020 With Steady Growth,” The Wall Street Journal, January 30, 2020.

288   They received two-thirds of the benefits Howard Gleckman, “TaxVox: Campaigns, Proposals, and Reforms,” May 29, 2019.

-- Erin Duffin, “Real GDP growth of the United States from 1990 to 2019,” Statista.

288   In 2018 the United States had “Budget,” Congressional Budget Office.

--“The Federal Budget in 2017,” CBO, March 5, 2018.

--Jesse Drucker and Jim Tankersley, “How Big Companies Won New Tax Breaks From the Trump Administration,” The New York Times, December 30, 2019.

--Kimberly Amadeo, “US Budget Deficit by Year Compared to GDP, Debt Increase, and Events,” The Balance, May 23, 2020.

--Jeff Cox, “US budget deficit to break $1 trillion in fiscal 2020, CBO says,” CNBC, January 28, 2020.

289   Surely they know that the latest The Editorial Board, “Trump’s War on Worker Rights,” The New York Times, June 3, 2019.

289   By the late 1970s class war “Graph ‘class war,class warfare’,” Google Books Ngram Viewer.

289   “I believe leaders of the business” Douglas Fraser to Labor-Management Group, July 17, 1978, in Brad DeLong’s Grasping Reality.

290   “one of the nation’s most enlightened The Editorial Board, “Mr. Fraser’s Walkout,” The New York Times, July 29, 1978.

290   “Now [it] seems class warfare” Philip Shabecoff, “A Low-Key Heir to George Meany,” The New York Times, October 14, 1979.

290   “For instance right after the crash” Liam Pleven, “AIG to Pay $450 Million in Bonuses,” The Wall Street Journal, March 15, 2009.

290   “intended to stir public anger” Leslie Scism, “AIG’s Benmosche and Miller on Villains, Turnarounds and Those Bonuses,” The Wall Street Journal, September 23, 2013.

--Ryan Chittum, “WSJ buries the lead deep on AIG’s CEO,” Columbia Journalism Review, September 24, 2013.

--Kimberly Amadeo, “AIG Bailout, Cost, Timeline, Bonuses, Causes, Effects,” The Balance, November 20, 2019.

290   “There’s class warfare all right” Ben Stein, “In Class Warfare, Guess Which Class Is Winning,” The New York Times, November 26, 2006.

291   Back in 1979 American’s Gini index FRED, “GINI Index for the United States.”

--“GINI index (World Bank estimate)—Country Ranking,” IndexMundi.

292   In 1980 income above $700,000 U.S. Department of the Treasury “Federal Income Tax Brackets (Tax Year 1979),” Tax-Brackets.org, filed April 1980.

--Amir El-Sibaie, “2019 Tax Brackets,” Tax Foundation, November 28, 2018.

--Thomas Piketty, Saez, and Gabriel Zucman, “Distributional National Accounts: Methods and Estimates for the United States,”Quarterly Journal of Economics 133, no. 2 (2018): 553-609.

292   The richest 0.01 percent of American David Leonhardt, “Yes, Taxing the Rich Is Possible,” The New York Times, June 5, 2019.

-- Hacker and Pierson, Winner-Takes-All-Politics, p. 48.

292   Profits from selling stocks Erica York, “An Overview of Capital Gains Taxes,” Tax Foundation, April 16, 2019.

--Gerald Auten, “Capital gains taxation,” Department of the Treasury.

--Robert McClelland, “TaxVox: Business Taxes,” Tax Policy Center, October 11, 2017.

292   Stock dividends (half of which) Chuck Marr, Samantha Jacoby, and Kathleen Bryant, “Substantial Income of Wealthy Households Escapes Annual Taxation Or Enjoys Special Tax Breaks,” Center

on Budget and Policy Priorities, November 13, 2019.

292   In 1976 one in twelve American The Editorial Board, “Bernie Sanders’s estate tax plan would ‘       reduce the federal debt and help even the playing field,” The Washington Post, February 3, 2019.

--Darien Jacobson, Brain Raub, and Barry Johnson, “The Estate Tax: Ninety Years and Counting,” Internal Revenue Service,” Internal Revenue Service.

--“Fact Sheet: The Estate (Inheritance) Tax,” Americans for Tax Fairness.

--“Briefing Book,” Tax Policy Center.

--“Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014,” Tax Foundation, February 4, 2014.

293   During the 1980s the amount “Corporate Income Tax as a Share of GDP, 1946-2018,” Tax Policy Center.

293   Since 2000 corporate profits Martin Ford, Rise of the Robots: Technology and The Threat of a Jobless Future (New York: Basic Books, 2015), p. 38.

--Shawn Tully, “Corporate Profits Are Soaring. Here’s Why It Can’t Last,” Fortune, December 7, 2017.

-- Joseph Stiglitz. “Trends in Inequality: Social Economic Political Issues.” Slide Presentation, Bologna, November 4, 2017.

--FRED, “Corporate Profits After Tax (without IVA and CCAdj)/Gross Domestic Product.”

293   Before 1980 all Americans’ incomes grew Leonhardt, “How the Upper Middle Class Is Really Doing,” The New York Times, February 24, 2019.

--PK, “Household Income Percentile Calculator for the United States [2019],” DQYDJ.

293   Since 2000 the salaries Elise Gould, “State of Working America Wages 2019,” Economic Policy Institute, February 20, 2020.

293   Since 1980 the income Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, Gabriel Zucman, “Global Inequality Dynamics: New Findings from WID.world.” Public Economics Working Paper, National Bureau of Economic Research, April 2017.

--Chad Stone, Danilo Trisi, Arloc Sherman, and Jennifer Beltrán, A Guide to Statistics on Historical Trends in Income Equality (Washington D.C.: Center on Budget and Policy Priorities, 2020).

--“World Inequality Database,” World Inequality Database.

--“Income Inequality in the United States,” Inequality.org.

--Stiglitz, “Trends in Inequality.”

--Diamond and Saez, “The Case for a Progressive Tax,” Journal of Economic Perspective 25, no. 4 (Fall 2011): pp. 165-190.

--Piketty, Saez, and Zucman, “Distributional National,” Quarterly Journal of Economics.

-- Hacker and Pierson, Winner-Takes-All-Politics, p. 15-19, 39.

--Liaquat Ahamed, “The Rich Can’t Get Richer Forever, Can They?” The New Yorker, August 26, 2019.

--“In the past, America was not as unequal as it has become,” The Economist, October 24, 2019.

--Sylvia Nasar, “The 1980’s: A Very Good Time for the Very Rich,” The New York Times, March 5, 1992.

293   During the 1990s and 2000s Ford, Rise of the Robots, p. 46.

293   The share of all income going Estelle Sommeiller, Mark Price, and Ellis Wazeter, “Income inequality in the U.S. by state, metropolitan area, and county,” Economic Policy Institute.

--Howard Gold, “Never mind the 1 percent, Let’s talk about the 0.01 percent,” Chicago Booth Review.

293   During the 2010s the majority Aimee Picchi, “How much do the 1, .01 and .001 percent really earn?” CBS News, February 27, 2018.

294   Of all the stocks and bonds Ruy Teixeira and Alan Abramowitz, “The Decline of the White Working Class and the Rise of a Mass Upper Middle Class.” Brookings Working Paper, The Brookings Institution, April 2008.

--“Nine Charts about Wealth Inequality in America (Updated),” Urban Institute, October 5, 2017.

294   The unambiguously rich 1 percent Saez and Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data.” Working paper 20625, National Bureau of Economic Research, October 2014.

-- Edward Wolff, “Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?” NBER Working Paper series. National Bureau of Economic Research, November 2017.

--“DFA: Distributional Financial Accounts,” Board of Governors of the Federal Reserve System.

--“Changes in U.S. Family Finances from 2013 to 2016: Evidences from the Survey of Consumer Finances,” Federal Reserve Bulletin 103, no. 3 (September 2017).

--Matt Breunig, “Top 1% Up to $21 Trillion. Bottom 50% Down $900 Billion.” People’s Policy Project, June 14, 2019.

294   That top 1 percent have The Editorial Board, “Virus lays bare the frailty of the social contract,” Financial Times, April 3, 2020.

294   Of the wealth owned Saez and Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data.” Working paper 20625, National Bureau of Economic Research, October 2014.

--Christopher Ingraham, “Wealth concentration returning to ‘levels last seen during the Roaring Twenties,’ according to the new research,” The Washington Post, February 8, 2019.

--“Wealth inequality, USA, 1962-2016,” World Inequality Database.

294   During the grand decades between “Real Mean and Median Income, Families and Individuals, 1947-2012, and Households, 1967-2012,” Russell Sage Foundation – Chartbook of Social Inequality.

--Teixeira and Abramowitz, “Decline of the White Working Class.”

--Emily Bazelon, “Elizabeth Warren Is Completely Serious,” The New York Times Magazine, June 17, 2019.

294   The average monthly Social Security retirement “Average Monthly Social Security Benefits, 1940—2015,” Infoplease.

294   During the last forty years “Data Retrieval: Labor Force Statistics (CPS),” U.S. Bureau of Labor Statistics.

--Leonhardt, “American Capitalism Isn’t Working,” The New York Times, December 2, 2018.

-- Sarah Donovan and David Bradley, “Real Wage Trends, 1979 to 2018,” (Washington D.C.: Congressional Research Services, July 23, 2019).

294   For the four-fifths of all private FRED, “Average Hourly Earnings of Production and Nonsupervisory Employees, Total Private.”

--Drew Desilver, “For most U.S. Workers, real wages have barely budged in decades,” Pew Research Center, August 7, 2018.

294   Forty years ago a typical Oren Cass, The Once and Future Worker: A Vision for the Renewal of Work in America (New York: Encounter Books, 2018), pp. 20, 24.

--“Educational Attainment in the United States: 2018,” U.S. Census Bureau, February 21, 2019.

--“Median weekly earnings $606 for high school dropouts, $1,559 for advanced degree holders,” U.S. Bureau of Labor Statistics, October 21, 2019.

295   In the 1980 20 percent Piketty, Saez, and Zucman, “Distributional National,” Quarterly Journal of Economics.

295   In the 1980s the comfortably middle “Income inequality, USA, 1913-2018,” World Inequality Database.

295   The upper middle class of the Matthew Stewart, “The 9.9 Percent Is the New American Aristocracy,” The Atlantic, June 2018.

--Ingraham, “Wealth concentration,” The Washington Post.

295   In 1987 the least-wealthy 60 percent Ingraham, “Wealth concentration,” The Washington Post.

295   The combined wealth ($2.5 trillion) Ingraham, “Wealth concentration,” The Washington Post.

--Torry, “U.S. Economy Heads,” WSJ.

--“Income Inequality, USA, 1913-2018,” WID.

--“World Billionaires List: The Richest in 2020,” Forbes.

295   Although the real costs of most Rabah Kamal, Daniel McDermott, and Cynthia Cox, “How has U.S. spending on healthcare changed over time?” Peterson-KFF, December 20, 2019.

--Jared Bernstein, “Three Questions About Consumer Spending and the Middle Class,” Office of the Vice President, June 22, 2010.

--“Historic Census of Housing Tables,” United States Census.

--Bernstein, “Three Questions About Consumer Spending.”

296   As two influential papers by a Christian Broda and John Romalis, “Inequality and Prices: Does China Benefit the Poor in America?” European Trade Study Group, 2008.

--Broda and Romalis, “The Welfare Implications of Rising Price Dispersion,” University of Chicago, unpublished paper, 2009.

296   The overall trend line in the Editorial Board, “Virus lays bare,” FT.

--Gustavo Grullon, Yelena Larkin, and Roni Michaely, “Are US Industries Becoming More Concentrated?” Review of Finance 23, no. 4 (2019): 697-743.

--Joanthan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Completion (Hoboken, N.J.: Wiley, 2019): p. 161.

296   Thanks to this permissive approach Grullon, et al, “US Industries Becoming More Concentrated.”

--Editorial Board, “Virus lays bare,” FT. 

--Raghuram Rajan, The Third Pillar: How Markets and the State Leave the Community Behind (New York: Penguin Press, 2019), p. 182.

297   In 1995 about half the profits Tepper and Hearn, Myth of Capitalism, pp. 7, 11-12.

297   During the 1990s and 2000s three-quarters Grullon, et al, “US Industries Becoming More Concentrated.”

297   Oligopoly is now the American way Tim Wu, “Be Afraid of Economic ‘Bigness,’ Be Very Afraid.” The New York Times, November 10, 2018.

--Jay Shambaugh, Ryan Nunn, Audrey Breitwieser, and Patrick Liu, “The State of Competition and Dynamism: Facts about Concentration, Start-Ups, and Related Policies,” The Hamilton Project, June 2018.

--Tepper and Hearn, Myth of Capitalism, p. 33.

--Tepper, “Competition Is Dying, and Taking Capitalism With It,” Bloomberg, November 25, 2018.

--Rajan, Third Pillar, p. 182.

--Stacy Mitchell, “The Rise and Fall of the Word ‘Monopoly’ in American Life,” The Atlantic, June 20, 2017.

--Dan Barber, “Save Our Food. Free the Seed,” The New York Times, June 7, 2019.

297   In the 1990s the six biggest Makunda “Wall Street’s Power.”

-- Robin Greenwood and David Scharfstein, “The Growth of Finance,” Journal of Economic Perspectives 27, no. 2 (Spring 2013).

--Danielle Douglas, “Holder Concerned megabanks too big to jail,” The Washington Post, March 6, 2013.

297   A conservative estimate is that in Mark Stelzner and Daniel Taekmin Nam, “The Big Cost of Big Medicine: Calculating the Rent in Private Health Care,” The Hopbrook Institute, January 2019.

297   The average price for U.S. cable “78% of TV Households Subscribe to a Pay-TV Service,” Leichtman Research Group.

--Tepper and Hearn, Myth of Capitalism, pp. 5, 115.

298   “The evidence strongly suggests” Thomas Philippon, The Great Reversal: How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019), pp. 121-122.

--Tepper and Hearn, Myth of Capitalism, p. 42.

298   “this very new era of oligopoly” Leonhardt, “Big Business Is Overcharging You $5000 a Year,” The New York Times, November 10, 2019.

298   “little evidence of cost efficiency improvement” Philippon, The Great Reversal, p. 216.

298   A recent study by economists Jan De Loecker and Jan Eeckhout, “The Rise of Market Power and the Macroeconomic Implications.” NBER Working Paper series. National Bureau of Economic Research, August 2017. 

298   Another recent paper by three finance Grullon, et al, “US Industries Becoming More Concentrated.”

298   Simply put those unnecessary thousands Joshua Gans, et al, “Inequality and Market Concentration, When Shareholding Is More Skewed than Consumption.” NBER Working Paper no. 25395, December 2018.

299   “I don’t see a relationship between” Louis Uchitelle, “The Richest of the Rich, Proud of a New Gilded Age,” The New York Times, July 15, 2007.

299   “failed to recognize the costs” John Cassidy, “Paul Volcker’s Wisdom for America’s Rigged Economy,” The New Yorker, November 26, 2018.

299   “business leaders big donors Jane Mayer, “How Mitch McConnell Became Trump’s Enabler-In-Chief,” The New Yorker, April 12, 2020.

299   “you are a slave to the donors” Asher Schecter, “Richard Posner: ‘The Real Corruption Is the Ownership of Congress by the Rich,” ProMarket, March 28, 2017.

300   “It all depends on what you” George Eaton, “Francis Fukuyama interview: ‘Socialism out to come Back’,” New Statesman, October 17, 2018.

300   The absolutely middle American economically “PK, “Household Income Percentile,” DQYDJ.

--“Income Percentile Calculator for the United States in 2019,” DQYDJ.

--Isabel Sawhill and Christopher Pulliam, “Six facts about wealth in the United States,” Brookings, June 25, 2019.

--Dayana Yochim, “What’s your net worth, and how do you compare to others?” MarketWatch, January 23, 2020.

--FRED, “Real Median Household Income in the United States,”

301   They shocked me so much I Arnold Katz “Imputing Rents to Owner-Occupied Housing by Directly Modelling Their Distribution,” Bureau of Economic Analysis, 2017.

--John Ruser, Adrienne Pilot, and Charles Nelson, “Alternative Measures of Household Income: BEA Personal Income, CPS Money Income, and Beyond,” Bureau of Economic Analysis, November 2004.

--“Personal Income and Outlays, November 2019,” Bureau of Economic Analysis, December 20, 2019.

--“Comparability of Current Population Survey Income Data with other Data,” United States Census Bureau.

--Jessica Semega, Melissa Kollar, John Creamer, and Abinash Mohanty, Income and Poverty in the United States: 2018 (Washington D.C.: US Census Bureau, 2019).

--FRED, “Personal Income.”

--“Financial Accounts of the United States,” Board of Governors of the Federal Reserve System.

--Sarah Donovan, Marc Labonte, and Joseph Dalaker, “The U.S. Income Distribution: Trends and Issues,” (Washington D.C.: Congressional Research Service, December 8, 2016).

--Edward Yardeni, Debbie Johnson, and Mali Quintana, “US Economic Briefing: Personal Income (BEA) vs. Money Income (Census),” Yardeni Research, June 26, 2020.

--Bruce Meyer, “Using Linked Survey and Administrative Data to Better Measure Income: Implications for Poverty, Program Effectiveness, and Holes in the Safety Net,” American Economic Journal: Applied Economics 11, no. 2 (April 2019).

--Mrinalini Krishna, “The Richest and Poorest Countries Per Capita in 2018,” Investopedia, June 29, 2019.

--Jonathan Rothbaum, “Comparing Income Aggregates: How do the CPS and ACS Match the National Income and Product Accounts, 2007-2012.” SEHSD working paper, U.S. Census Bureau, January 14, 2015.

--Sawhill and Pulliam, “Six facts about wealth in the United States.”

--“Wealth in America: How it has grown and how it is distributed,” USAFacts, November 13, 2019.

-- “Personal Income in the United States from 1990 to 2019,” Statista.

--“Number of households in the U.S. from 1960 to 2019,” Statista.

301   Everyone would have an income PK, “United States Net Worth Brackets, Percentiles, and Top One Percent,” DQYDJ.

--PK, “Net Worth Percentile Calculator for the United States,” DQYDJ.

Chapter 24

303   “Should look to countries like Denmark” “Full Transcript: Democratic Presidential Debate,” The New York Times, Oct. 14, 2015.

303   “We are not Denmark” “Democratic Presidential Debate,” New York Times.

304   But nor are we Turkey "Income inequality," Organisation For Economic Co-Operation And Development.

304   Finland ranks first, Sweden seventh “2019 | International Property Rights Index | Countries,” Property Rights Alliance.

304   All the Nordics and the United States “Country Rankings,”[RM1]  2020 Index of Economic Freedom.

304   The age-old historical pattern of wages Joseph Stiglitz. “Trends in Inequality: Social Economic Political Issues.”   Slide Presentation, Bologna, November 4, 2017.

--Steffen Elstner, Lars Feld, and Christoph Schmidt. “The Slowdown of German Productivity Growth.” Slide Presentation, Paris, June 19, 2017.

--Martin Ford, The Rise of the Robots: Technology and The Threat of a Jobless Future (New York: Basic Books, 2015), p. 58.

305   “Since the mid-1970s the rules” Joseph Stiglitz, “The American Economy Is Rigged,” Scientific American, November 1, 2018.

305   From 1980 to 2015 in Western Europe Facundo Alvaredo, Lucas Chancel, Thomas Piketty,

Emmanuel Saez, Gabriel Zucman, “Global Inequality Dynamics: New Findings from WID.world.” Public Economics Working Paper, National Bureau of Economic Research, April 2017.

--Chad Stone, Danilo Trisi, Arloc Sherman, and Jennifer Beltrán, A Guide to Statistics on Historical Trends in Income Equality (Washington D.C.: Center on Budget and Policy Priorities, 2020).

-- “World Inequality Database,” World Inequality Database.

--Jacob S. Hacker and Paul Pierson, Winner-Take-All-Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class (New York: Simon & Schuster, 2010), pp 15-19, 39.

--“Income Inequality in the United States,” Inequality.org.

305   In a recent cover story by the reasonable British conservatives “Inequality could be lower than you think,” The Economist, November 28, 2019.

--Gilbert Cette, Lorraine Koehl, and Thomas Philippon, “Labor Shares in Some Advanced Economies.” Banque De France Eurosyst me, September 2019.

--German Gutierrez Gallardo and Sophie Piton, “Revisiting the Global Decline of the (Non-Housing) Labor Share.” NYU Stern School of Business, May 16, 2019.

--Jesper Roine and Daniel Waldenström. “Long-Run Trends in the Distribution of Income and Wealth.” IZA Discussion Paper Series. IZA Institute of Labor Economics, May 3, 2014.

305   It’s also now lots harder Miles Corak, Chasing The Same Dream, Climbing Different Ladders (Washington D.C.: Pew Charitable Trust, 2010).

--Ford, Rise of the Robots, p. 46.

305   A study from 2010 of social mobility Corak, Chasing The Same Dream.

306   American society has half the economic mobility Ambar Narayan, Roy Van der Weide, et al., Fair Progress? Economic Mobility across Generations around the World (Washington D.C., 2018).

306   Meanwhile since 2000 in Canada “Level of GDP per capita and productivity,” Organisation For Economic Co-Operation And Development.

--Thomas Philippon, The Great Reversal: How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019).

306   In Denmark the share David Leonhardt and Kevin Quealy, “The American Middle Class Is No Longer the World’s Richest,” The New York Times, April 22, 2014.

--“Luxembourg Income Study Database,” LIS Cross-National Data Center in Luxembourg.

--Paul Krugman. “Are The Danes Melancholy? Are The Swedes Sad?” The New York Times, October 27, 2018.

306   The poverty rate in the United States  “Poverty Rate,” Organisation For Economic Co-Operation And Development.

306   Until the 1980s healthcare spending “Health Spending,” Organisation For Economic Co-Operation And Development.

--Sarah Kliff. “All-payer rate setting: America’s back-door to single-payer,” Vox, February 9, 2015.

--Underpayment By Medicare And Medicaid Fact Sheet (Washington D.C., American Hospital Association, December 2017).

--Chris Slaybaugh, “International Healthcare Systems: The US Versus the World,” Axene Health Partners.

306   In every international ranking of health care Robin Andrews, “Where Is Your Country On This Global Ranking Of Nations’ Healthcare Systems?” IFL Science!, June 14, 2018.

--Lee Miller and Wei Lu, “These Are the Economies With the Most (and Least) Efficient Health Care,” Bloomberg, September 19, 2018.

--“Which countries have the best healthcare systems?” April International, March 12, 2019.

--Kimberley Amadeo, “Universal Health Care in Different Countries, Pros and Cons of Each,” The Balance, March 13, 2020.

--Bradley Sawyer and Daniel McDermott, “How does the quality of the U.S. healthcare system compare to other countries?” Health System Tracker, March 28, 2019.

306   Until the 1980s too life expectancies Austin Frakt, “Medical Mystery: Something Happened to U.S. Health Spending After 1980,” The New York Times, May 14, 2018.

--“Life expectancy at birth,” Organisation For Economic Co-Operation And Development.

307   By the way, even controlling Frakt, New York Times.

307   According to the health-efficiency index Miller and Lu, “Economies With the Most,” Bloomberg.

307   But just as with Amanda Ripley, “Why is College in America So Expensive?” The Atlantic, September 11, 2018.

307   The United States spends less OECD, Education at a Glance 2017 (Washington D.C.: OECD Publishing, 2017) p. 222.

--“Tuition costs of colleges and universities,” National Center for Education Statistics.

--Sarah Goldy-Brown, “The Average Cost of College in 2018,” Student Debt Relief.

307   If were to impose a VAT Kyle Pomerleau, “How Many Countries in the World Have a Value-Added Tax?” Tax Foundation, November 19, 2015.

--Elke Asen, “VAT Rates in Europe,” Tax Foundation, February 28, 2019.

--Impose a 5 Percent Value-Added Tax (Washington D.C.: Congressional Budget Office, December 13, 2018).

308   The ratios of CEO pay Erin Duffin, “Pay gap between CEOs and average workers, by country 2018,” Statista, May 25, 2020.

308   Every developed country but one Gretchen Livingston and Deja Thomas, “Among 41 countries, only U.S. lacks paid parental leave,” Fact Tank, December 16, 2019.

--Peter Goodman, “The Robots Are Coming, and Sweden Is Fine,” The New York Times, December 27, 2017.

308   This is another way OECD, The Future of Work: OECD Employment Outlook 2019 (Washington D.C.: OECD Publishing, 2019).

--Niall McCarthy, “Which Countries Have The Highest Levels of Labor Union Membership,” Forbes, June 20, 2017.

--Dylan Matthews, “Europe could have the secret to saving America’s union,” Vox, April 17, 2017.

--“Trade Union,” Organisation For Economic Co-Operation And Development.

308   The Nordic social contracts Thomas Edsall, “Bernie Sanders Scares a Lot of People and Quite a Few of Them Are Democrats,” The New York Times, April 24, 2019.

--Samuel Hammond, The Free-Market Welfare State: Preserving Dynamism in a Volatile World. Washington D.C.: Niskanen Center, May 2018.

--Goodman, “The Robots,” New York Times.

308   Their American counterparts six months “Net Replacement Rates in unemployment,” Organisation For Economic Co-Operation And Development.

309   “Prices for the same goods and services” Thomas Philippon, The Great Reversal How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019), pp. 121-122, p. 288.

309   Mobile phone and Internet service Rewheel/research, “The state of 4G pricing – 2H2018,” Digital Fuel Monitor, October 26, 2018.

--David Leonhardt, “Big Business Is Overcharging You $5,000 a Year,” The New York Times, November 10, 2019.

--Philippon, Great Reversal, p. 5.

--“America’s uncompetitive markets harm its economy,” The Economist, July 27, 2017.

309   “There are rich men” Alexis de Tocqueville, Democracy In America, trans. Arthur Goldhammer (New York: Library of America, 2012) Vol. 2, Section 2, Chap. 20.

309   “Money does not lead those” Tocqueville, Democracy, Vol. 2, Section 2, Chap. 19.

309   “The friends of democracy should” Tocqueville, Democracy, Vol. 2, Section 2, Chap. 20.

Chapter 25

313   When cheaper foreign goods came flooding Enrico Morretti, The New Geography of Jobs (Boston: Houghton Mifflin Harcourt, 2012), p. 29.

313   In any case the large-scale replacement Paul Krugman, “What Economists (Including Me) Got Wrong About Globalization,” Bloomberg, October 10, 2019.

--Daniel Akst, “What Can We Learn From Past Anxiety Over Automation?” The Wilson Quarterly,      Summer 2013.

--Federal Reserve Bank of St. Louis, “Manufacturing Sector: Employment,” Economic Research.

--John Judis, “It’s the Economies, Stupid,” The Washington Post, November 29, 2018.

-- Louis Jacobson, “The ratio of people working for the government and working in manufacturing today is ‘an almost exact reversal of the situation in 1960’,” PolitiFacts, April 6, 2011.

--FRED, “Percent of Employment in Manufacturing in the United States.”

--“Employment by industry, 1910 and 2015,” U.S. Bureau of Labor Statistics, March 3, 2016.

314   In the first decade of the Richard Hernandez, The Fall of employment in the manufacturing sector (Washington D.C.: United States Bureau of Labor Statistics, August 2018).

314   One esteemed economist suggested that this Dennis Tao Yang, Vivian Weijia Chen, and Ryan Monarch, “Rising Wages: Has China Lost Its Global Labor Advantage?” Pacific Economic Review 15, no. 4 (2010): pp. 482-504.

--“China Average Yearly Wages in Manufacturing,” Trading Economics.

--Erin Duffin, “Manufacturing labor costs per hour for China, Vietnam, Mexico from 2016 to 2020,” Statista.

314   Back in 1949 the middle-aged Leontief Vanessa Remmers, “A Brief History of Input-Output,” IMPLAN, November 1, 2018.

314   In 1975 at sixty-nine he became Richard Meislin, “A ‘Disenchanted’ Leontief To Leave Harvard for NYU,” The Harvard Crimson, January 29, 1975.

315   “After 60 70 or even 90” “Services, value added (% of GDP),” The World Bank.

--John Ward, “The Services Sector: How Best To Measure It?” International Trade Administration, October 2010.

--Wassily Leontief, “National Perspectives: The Definition of Problems and Opportunities,” in The Long-Term Impact of Technology on Employment and Unemployment (Washington D.C.: National Academy Press, 1983): pp. 3-8.

315   “any worker who now performs” Leontief, “National Perspectives.”

315   10 percent of Americans owned Susannah Fox and Lee Rainie, “Part 1: How the internet has woven itself into American life,” Pew Research Center, February 27, 2014.

315   What happened to horses in America Max Tegmark, Life 3.0: Being Human in the Age of Artificial Intelligence (New York: Knopf, 2017), p. 126.

315   “A reduction of oats rations allocated” Leontief, “National Perspectives.”

--Charlotte Curtis, “Machines vs. Workers,” The New York Times, February 8, 1983.

316   Maybe a million U.S. workers machinists Daron Acemoglu and Pascual Restrepo, “Robots and Jobs : Evidence from US Labor Markets,” MIT Department Working Paper no. 17-04, March 2017.

316   Two MIT economists recently found Acemoglu and Restrepo, “Robots and Jobs.”

316   At the end of 2019 “North American Robotics Market Sets New First Quarter Shipments Record,” Robotics Industries Association, May 8, 2018.

--Steve Crowe, “US robot density ranks 7th in the world,” The Robot Report, April 5, 2019.

--“Chart of the Week: Japan’s Robots,” IMFBlog, June 12, 2018.

--Steve Goldstein, “U.S. enjoys best manufacturing jobs growth of the last 30 years,” MarketWatch, January 4, 2019.

--“Executive Summary World Robotics 2017 Industrial Robots,” International Federation of Robotics.

--FRED, “All Employees, Manufacturing.”

316   The central problem is that David Autor, “Work of the Past, Work of the Future,” AEA Papers and Proceedings 109 (May 2019).

316   And 90 percent of those jobs Andrew McAfee and Erik Brynjolfsson, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (New York: W.W. Norton, 2016), p. 140.

--Nir Jaimovich and Henry Siu, Job Polarization and Jobless Recoveries (Cambridge, Mass.: National Bureau of Economic Research, 2012).

316   “over the last 40 years jobs” David Autor and Anna Salomons, “Is automation labor-displacing? Productivity growth, employment, and the labor share.” BPEA Conference Drafts, March 8-9, 2018, Brookings Paper on Economic Activity.

317   Meanwhile however at each end Mark Muro and Jacob Whiton, “Beneath the U.S. job numbers: Tech’s influence on the workforce continues to hollow out the labor market,” Brookings,

December 6, 2017.

317   At Facebook Google Netflix and thirty Neil Irwin “Is Capital or Labor Winning at Your Favorite Company? Introducing the Marx Ratio,” The New York Times, May 21, 2018.

317   In 1962 when GM made most “Top Vehicle Manufacturers in the US Market, 1961-2016,” Knoema,             May 21, 2020.

--“Earnings Lifted by Bell System,” The New York Times, April 2, 1963.

--“Earnings at G.M. Top $1.5 Billion,” The New York Times, January 28, 1964.

--“Occupation of the Experienced Civilian Labor Force and the Labor Reserve.” 1960 Census of Population, U.S. Census Bureau, December 31, 1962.

--“Apple’s number of employees in the fiscal years 2005 to 2019,” Statista.

--“Number of full-time Alphabet employees from 2007 to 2019,” Statista.

317   The market value of Apple Google Thomas Philippon, The Great Reversal How America Gave Up on Free Markets (Cambridge, Mass.: Harvard University Press, 2019), pp. 121-122, p. 255.

317   According to one estimate each job Enrico Moretti, The New Geography of Jobs (Boston: Houghton Mifflin Harcourt, 2012), pp. 13, 24.

318   There are now more than 4 Mark Muro and Jacob Whiton, “Who’s employed by the lifestyles of the rich and famous?” Brookings, July 30, 2019.

--Marcy Whitebook, Caitlin McLean, Austin J. E. Lea, and Bethany Edwards, Early Childhood Workforce Index—2018 (Berkeley, CA: Center for the Study of Child Care Employment, 2018).

318   Speaking of Google because of Europes Nitasha Tiku, “The EU Hits Google With a Third Billion-Dollar. So What?” Wired, March 20, 2019.

--Adam Satariano, “Google Fined $1.7 Billion by E.U. for Unfair Advertising Rules,” The New York Times, March 20, 2019.

318   If Google finally loses its appeals “Alphabet Announces Fourth Quarter and Fiscal Years 2018 Results,” Alphabet, February 4, 2019.

--“Alphabet Announces Third Quarter 2019 Results,” Alphabet, October 28, 2019.

318   “antitrust authorities are accustomed to worrying” Eric Posner and E Glen Weyl, Radical Markets: Uprooting Capitalism and Democracy for a Just Society (Princeton: Princeton University Press, 2018), p, 202.

--Philippon, Great Reversal, p. 243.

--Kurt Wagner, “Digital advertising in the US is finally bigger than print and television,” Vox, February 20, 2019.

--Jeannine Poggi, “Google-Facebook Duopoly Set to Lose Some of its Share of Ad Spend,” AdAge,        February 20, 2019.

319   Is it really in the self-interest Milton Friedman, “Policy Forum: ‘Milton Friedman on business suicide’,” Cato Institute, March/April 1999.

320   Google acquired YouTube when it was Raghuram Rajan, The Third Pillar: How Markets and the State Leave the Community Behind (New York: Penguin Press, 2019), p. 182.

320   Consider Google’s history with one competitor Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition (Hoboken, N.J.: Wiley, 2019), p. 89.

--Jack Nicas, “Google Rival Yelp Claims Search Giant Broke Promise Made to Regulators,” The Wall Street Journal, September 11, 2017.

--Matt Honan, “Jeremy Stoppelman’s Long Battle With Google Is Finally Paying Off,” BuzzFeed News, November 5, 2019.

--Roger Parloff, “Behind the Big Tech antitrust backlash: A turning point for America,” Yahoo! Finance, December 11, 2019.

320   The several Facebook social media brands “Most popular mobile social networking apps in the United States as of September 2019, by monthly users,” Statista.

321   Google does more than 90 percent “Market share of selected leading mobile search providers in the United States from October 2012 to April 2020,” Statista.

--“Search Engine Market Share United States of America,” StatCounter Global Stats.

321   As far as venture capitalists Joe Nocera, “Easiest Fix for Facebook: Break It Up,” Bloomberg, November 21, 2018.

321   Still more remarkably Google and Facebook Tepper and Hearn, The Myth of Capitalism, p. 91.

321   “On the one hand” the great Roger Clarke, “Information Wants to be Free…” Roger Clarke’s Web-Site, February 24, 2000.

321   For now online retail remains Matt Day and Spencer Soper, “Amazon U.S. Online Market Share Estimate Cut to 38% From 47%,” Bloomberg, June 13, 2019.

Chapter 26

323   “And boom It’s all yanked out Kurt Vonnegut, Player Piano (New York: Charles Scribner’s Son, 1952), pp. 90-91.

324   “the choice isn’t between automation” Kevin Roose, “The Hidden Automation Agenda of the Davos Elite,” The New York Times, January 25, 2019.

324   “machines make human labor superfluous” David Autor, “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives 29, no. 3 (2015).

325   “We are being afflicted with” John Maynard Keynes, “Economic Possibilities for our Grandchildren,” in Essays in Persuasion (New York: W.W. Norton, 1963).

326   “robots and computers perform many” “Public expects more negative than positive impacts from widespread automation of jobs,” Pew Research Center, October 3, 2017.

326   “In the standard economic canon” Eduardo Porter, “Tech Is Splitting the U.S. Work Force in Two,” The New York Times, February 4, 2019.

326   “Exponential progress is now pushing us” Martin Ford, The Rise of the Robots: Technology and the Threat of a Jobless Future (New York: Basic Books, 2015), pp. 176, 255.

327   “When I was an MIT undergraduate” Lawrence Summers, “Economic Possibilities for Our Children The 2013 Martin Feldstein Lecture,” National Bureau of Economic Research.

327   To Summers “the prodigious change” Summers, “Lawrence H. Summers on the Economic Challenge of the Future: Jobs,” The Wall Street Journal, July 7, 2014.

327   “it may well be that some” Summers, “Economic Possibilities.”    

327   One of his key facts referred Summers, “Economic Challenge,” WSJ.

327   In 2019 about 7 million prime-age David Wessel, “Men not at Work: Why so many men aged 25 to

54 are not working,” Brookings, August 15, 2016.

--Alan Kreuger, “Where Have All the Workers Gone?” Federal Reserve Bank of Boston, October 4, 2016.

327   Only a third of them were Chana Joffe-Walt, “Unfit For Work: The startling rise of disability in America,” Planet Money.

--“Trends in the Social Security and Supplemental Security Income Disability Programs,” Social Security Office of Policy.

--“Chart Book: Social Security Disability Insurance,” Center on Budget and Policy Priorities, September 6, 2019.

328   Among white people in their forties David Leonhardt and Stuart Thompson, “How Working-Class Life Is Killing Americans, in Charts,” The New York Times, March 6, 2020.

328   “I think the longer-term solution” The Financial Times

328   It stuck and in 2019 at Davos “Davos 2019,” World Economic Forum.

--David Yanofsky, “The list of Davos attendees for 2019,” Quartz, January 21, 2019.

328   The federal standard for what qualifies “Disabled Workers Applications for Disability Benefits & Benefit Awards,” United States Social Security Administration.

329   executives wring their hands over Kevin Roose, “The Hidden Automation Agenda of the Davos Elite,” The New York Times, January 25, 2019.

329   In the fall of 2017 that task Ray Perrault and Saurabh Mishra, “Introducing the AI Index 2019 Report,” Human-Centered Artificial Intelligence, December 10, 2019.

329   AI can now do decent translation Tom Simonite, “AI Software Learns to Make AI Software,” MIT Technology Review, January 18, 2017.

--Cade Metz, “DeepMind Can Now Beat Us at Multiplayer Games, Too,” The New York Times, May 30, 2019.

--Ian Sample, “Google’s DeepMind predicts 3D shapes of proteins,” The Guardian, December 2, 2018.

--Diego Ardila, et al, “End-to-end lung cancer screening with three-dimensional deep learning on low-dose chest computed tomography,” Nature Medicine 25 (2019): 954-961.

--Denise Grady, “A.I. Took a Test to Detect Lung Cancer. It Got an A.” The New York Times, May 20, 2019.

--Geert Litjens, Jelle Barentsz, Nico Karssemeijer, and Henkjan Huisman, “Clinical Evaluation of a Computer-aided diagnosis system for determining cancer aggressiveness in prostate MRI,” European Radiology 25, no. 11 (June 2015): 3187-3199.

--Krista Conger, “Computers trounce pathologists in predicting lung cancer type, severity,”

--Metz, “Finally, a Machine That Can Finish Your Sentence,” The New York Times, November 18, 2018.

--Harry McCracken, “Inside Mark Zuckerberg’s Bold Plan For The Future Of Facebook,” Fast Company, November 16, 2015.

--Gary Marcus, “The deepest problem with deep learning,” Medium, December 1, 2018.

--Kevin Drum, “You Will Lose Your Job to a Robot—and Sooner Than You Think,” Mother Jones, November/December 2017.

329   All of that is why the funding Perrault and Mishra, “AI Index 2019,” HAI.

330   People at Facebook and Google McCracken, “Inside Mark Zuckerberg’s.”

--Marcus, “deepest problem.”

--Melanie Mitchell, “Artificial Intelligence Hits the Barrier of Meaning,” The New York Times, November 5, 2018.

330   The first industrial revolution took off Andrew McAfee and Erik Brynjolfsson, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies (New York: W.W. Norton, 2016), p. 6.

--“Advanced Coal Technologies Improve Emissions and Efficiency,” POWER Magazine, October 31, 2018.

--Richard Campbell, “Increasing the Efficiency of Existing Coal-Fired Power Plants,” (Washington D.C.: Congressional Research Services, 2013).

330   As for when and how many Oren Cass, “’The Future of Work’ and ‘Human+Machine’ Review: Reckoning With the Robots,” The Wall Street Journal, June 24, 2018.

--“Future Shocks and Shifts: Challenges for the Global Workforce and Skills Development,” Organisation for Economic Co-Operation and Development, July 7 2015.

-- Carl Benedikt Frey and Michael Osborne, “The Future of Employment: How Susceptible Are Jobs To Computerisation?” University of Oxford, September 17, 2013.

--“What’s now and next in analytics, AI, and automation,” McKinsey Global Institute, May 11, 2017.

--Drum, “Lose Your Job to a Robot.”

-- OECD, The Future of Work: OECD Employment Outlook 2019 (Washington D.C.: OECD Publishing, 2019).

330   A survey conducted of Davos celebrants “The Future of Jobs Report 2018,” World Economic Forum.

--“Key Findings,” World Economic Forum.

331   “jobs of the future will involve collaborating” Ford, Rise of the Robots, p. 123.

331   “be ‘automated away’ in the coming” Malcom Frank, Paul Roehrig, and Ben Pring, What to Do When Machines Do Everything: How to Get Ahead in a World of AI, Algorithms, Bots, and Big Data (Hoboken, N.J.: Wiley, 2017), p. 8.

331   “Every hero needs a sidekick” Elizabeth Walker, “#SquadGoals: How Automated Assistants are Helping Us Work Smarter,” April 9, 2019.

--“Total number of Walmart U.S. stores in the United States from 2012 to 2020, by type,” Statista.

332   “one day refrain from refilling packing” Jeffrey Dastin, “Exclusive: Amazon rolls out machines that pack orders and replace jobs,” Reuters, May 13, 2019.

332   “this was the worst job” Steve Banker, “Robots with ‘Hands’ That Pick And Pack Delicate Products At Incredibly High Speeds,” Forbes, October 4, 2018.

332   Fast-food restaurants employ about 4 million “Number of employees in the United States fast Food restaurant industry from 2004 to 2018,” Statista.

332   “Food is communal” Josh Constine, “Taste Test: Burger robot startup Creator opens first restaurant,” June 21, 2018.

332   Among those fast-food workers are some “No. 2 Most Common Job: Cashier,” Forbes.

332   The most common American job however George Will, “George Will: America’s epidemic of loneliness,” The Spokesman-Review, October 12, 2018.

--“Occupational Outlook Handbook,” U.S. Bureau of Labor Statistics.

--“Heavy and Tractor-trailer Truck Drivers,” U.S. Bureau of Labor Statistics.

--“Taxi Drivers, Ride-Hailing Drivers, and Chauffeurs,” U.S. Bureau of Labor Statistics.

333   And its chairman said at Davos Roose, “Hidden Automation,” The New York Times.

333   We more than doubled the foreign Eric Newburger and Thomas Gryn, “The Foreign-Born Labor Force in the United States: 2007.”  American Community Survey Reports, U.S. Census Bureau, December 2009.

--“Foreign-Born Workers: Labor Force Characteristics—2019,” U.S. Bureau of Labor Statistics.

333   Three-quarters of the million-plus people paid “Farm Labor,” United States Department of Agriculture.

--Miriam Jordan, “As Immigrant Farmworkers Become More Scarce, Robots Replace Humans” The New York Times, November 20, 2018.

333   At the California Company Taylor Farms Danielle Paquette, “Farmworker vs Robot,” The Washington Post, February 17, 2019.

--Miriam Jordan, “As Immigrant Farmworkers Become More Scarce, Robots Replace Humans,” The New York Times, November 20, 2018.

--Rory Caroll, “Billion-dollar California salad company exploits undocumented migrants, say Workers and Teamsters,” The Guardian, November 23, 2014.

--“Why automation?” Harvest Croo Robotics.

334   chose this very upsetting term Ian Sample, “AI will create ‘useless class’ of human predicts bestselling historian,” The Guardian, May 20, 2016.

335   “that a hundred years hence” Keynes, “Economic Possibilities.

335   America’s GDP per person at that “US Real GDP Per Capita by Year,” multpl.com.

--Federal Reserve Bank of St. Louis, “Gross domestic product per capita,” Economic Research.

335   “the economic problem may be solved” Keynes, “Economic Possibilities.

336   “The Puritan work ethic” Wassily Leontief, “National Perspectives: The Definition of Problems and Opportunities,” in The Long-Term Impact of Technology on Employment and Unemployment (Washington D.C.: National Academy Press, 1983).

335   “the love of money as a possession” Keynes, “Economic Possibilities.

337   “they’d been longshoremen on the nearby” Paul Krugman, “Don’t Blame Robots for Low Wages,” The New York Times, March 14, 2019.

337   As of 2019 almost 10 percent PK, “Average Retirement Age in the United States,” DQYDJ.

337   “inequality between rich and poor” “Public expects more negative than positive impacts from Widespread automation of jobs,” Pew Research Center, October 3, 2017.

337   That’s why by three to one “Public expects more negative than positive impacts from Widespread automation of jobs,” Pew, October 3, 2017.

--“More worry than optimism about potential developments in automation,” Pew, October 3, 2017.

337   They’re so worried that in supposedly “Partisan divisions on government’s obligation to help Workers displaced by machines; educational divisions on whether businesses should be limited in how many jobs they can automate,” Pew, October 3, 2017.

337   The survey respondents who said they’d “Those most familiar with concept of machines taking many human jobs find concept more realistic and express more enthusiasm—but still express substantial concerns,” Pew, October 3, 2017.

338   When the European Union conducted “Attitudes towards the impact of digitization and automation on daily life,” European Commission, May 10, 2017.

338   “In Sweden” the left-wing minister Peter Goodman, “The Robots Are Coming, and Sweden Is Fine,” The New York Times, December 27, 2017.

338   The average Nordic person generates less Krugman, “Are the Danes Melancholy? Are the Swedes Sad?” October 27, 2018.

--Dean Baker, “Denmark as Utopia: What the Data Say, in 28 Charts,” Center for Economic and Policy Research, November 12, 2015.

--Leonid Bershidsky, “The Real Denmark Would Surprise Americans” Bloomberg, October 30, 2018.

--“Average annual hours actually worked per worker,” Organisation for Economic Co-Operation and Development.

--“The Opportunity Costs of Socialism,” The Council of Economic Advisers, October 2018.

338   On the other hand compared -- Kreuger, “Where Have All the Workers Gone?” Federal Reserve Bank of Boston, October 4, 2016.

339   Since they don’t rack up college Baker, “Denmark as Utopia,” CEPR.

--Krugman, “Danes Melancholy?”

--Bershidy, “Real Denmark,” Bloomberg.

Chapter 27

341   The creative destruction of large chunks Mike Armholt and Tim Keenan, “Foreign invasion: imports, transplants change auto industry forever,” WardsAuto, May 1, 1996.

--David Johnson, “See Which Car Companies Are the Most American,” Time, March 2, 2017.

--“Foreign Competition,” Digital History.

--Liana MacKinnon, “Imports’ Market Share Grows,” The New York Times, January 31, 1982.

--“Light vehicle sales in the United States between 2017 and 2018, by manufacturer,” Statista.

--Office of Technology Assessment Project Staff, “The U.S. Textile and Apparel Industry: A Revolution in Progress,” (Washington D.C.: U.S. Government Printing Office, April 1987).

--“Volume of U.S. imports of trade goods from China from 1985 to 2019,” Statista.

341   But total global trade “Trade (% of GDP),” The World Bank.

341   There are a quarter fewer unauthorized Robert Warren, “Reverse Migration to Mexico Led to US Undocumented Population Decline: 2010 to 2018,” Journal on Migration and Human Security 8, no. 1 (February 26, 2020).

341   Over the last half-century the immigrant “Modern Immigration Wave Brings 59 Million to U.S., Driving Population Growth and Change Through 2065,” Pew Research Center, September 28, 2015.

342   Gallup poll in 2019 found that “Immigration,” Gallup.

342   After the youngest boomer finally turns “Share of old age population (65 years and older) in the total U.S. population from 1950 to 2050,” Statista.

342   Already in all but four Jens Manuel Krogstad, “Reflecting a demographic shift, 109 U.S. counties have become majority nonwhite since 2000,” Pew Research Center, August 21, 2019.

342   When the rate of change inside GE Annual Report 2000 (Fairfield, Conn.: General Electric).

342   The Census Bureau predicts that 2045 Karen Humes, Nicholas Jones, and Roberto Ramirez, “Overview of Race and Hispanic Origin: 2010,” U.S. Census Bureau, March 2011.

--William Frey, “The US will become ‘minority white’ in 2045, Census projects,” Brookings, March 14, 2018.

343   “A strategic inflection point” Andrew Grove, Only The Paranoid Survive: How To Identify and Exploit the Crisis Points that Challenge Every Business (New York: Doubleday, 1999), pp. 3, 34.

344   A century ago Argentina Ana Eiras and Brett Schaefer, “Argentina’s Economic Crisis: An ‘Absence of Capitalism,” The Heritage Foundation, April 19, 2001.

344   When the inflection point “Country comparison: GDP: Per Capita (PPP),” Central Intelligence Agency.

344   a per capita GDP today ten “China—Gross domestic product per capita in current prices,” Knoema.

--“GDP per capita (current US$),” The World Bank.

345   “a tyranny of the status quo” Milton Friedman and Rose Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 1962), pp. xiii-xiv.

345   Many who before regarded legislation Anthony Trollope, Phineas Finn, Ed. Simon Dentith (New York: Oxford University Press, 2011), p. 556.

Chapter 28

348   In 1964 more than three-quarters “Public Trust in Government: 1958-2019,” Pew Research Center, April 11, 2019.

348   During the three decades before Reagan Federal Reserve Bank of St. Louis, “Federal Receipts as Percent of Gross Domestic Product,” Economic Research.

348   Out of that vicious cycle came Organisation of Economic Co-Operation and Development, “Government at a Glance 2019,” OECD iLibrary.

349   The 88 percent of Americans who Andrea Kopaskie, “Public vs Private: A National Overview of Water Systems,” Environmental Finance Center, University of North Carolina, October 19, 2016.

--Lara Ettenson, “Public Power Efficiency: Progress but More Savings Possible,” National Resources Defenses Council, October 11, 2018.

--“Private vs. Government Utilities,” The New York Times, March 13, 2013.        

--Office of Electricity, “Electricity 101,” U.S. Department of Energy.

--Diane Cardwell, “Cities Weigh Taking Over From Private Utilities,” The New York Times, March 13, 2013.

349   “Our public education system” Milton Friedman, “The Business Community’s Suicidal Impulse,” Cato Policy Report, March/April 1999.

--Kevin Williamson, “‘Socialist’ Is the New ‘Libertarian’,” National Review August 7, 2018.

349   Most people don’t realize for that Mariana Mazzucato, The Value of Everything (New York: PublicAffairs, 2018.), pp. 189-280.

350   “the dominant view which originated” Mazzucato, Value of Everything, p.8.

350   “risks in the innovation economy” Mazzucato, Value of Everything, p. 191.

350   Since 1995 the Wall Street Journal Dante Chinni, “Poll: Americans want government to ‘do more’,” CBS News, January 28, 2018.

350   Among people under forty two-thirds Kim Parker, Nikki Graf, and Ruth Igielnik “Generation Z Looks a Lot Like Millennials on Key Social and Political Issues,” Pew, January 17, 2019.

350   “America today is not a center-right” Paul Starr, “What Happened to Center-Right America?” The New York Times, October 22, 2018.

350   “in America people do not have” Emmanuel Saez, “Income and Wealth Inequality: Evidence and Policy Implications,” Contemporary Economic Policy 35, no. 1 (January 2017): 7—25.

351   One of the many ways we Michael Norton and Dan Ariely, “Building a Better America—One Wealth Quintile at a Time,” Perspectives on Psychological Science 6, no. 1 (2011): 9-12.

--Ariely, “Americans Want to Live in a Much More Equal Country (They Just Don’t Realize It),” The Atlantic, August 2, 2012.

351   In a survey around the same Benjamin Page and Lawrence Jacobs, Class War? What Americans Really Think About Economic Inequality (Chicago: University of Chicago Press, 2009).

351   Ariely and Norton then asked each Norton and Ariely “Building a Better America.”

--Ariely, “Americans Want to Live.”

351   More conventional surveys have studied Americans’ Samuel Abrams, “Republicans Take Note: Public Opinion on Inequality Has Shifted,” RealClearPolicy, May 31, 2019.

352   Polls in 2019 found that Claire Williams, “Polling Suggests Support Among Voters for Harsher Wall Street Messaging,” [RM1] Morning Consult, December 7, 2018.

--“National Tracking Poll #190202,” Morning Consult + Politico, February 1 and 2, 2019.

352   And three different polls in 2019 Williams, “Warren’s Proposed Tax on Wealthy Draws More Support Than Ocasio-Cortez,” Morning Consult, February 4, 2019

--Ben Casselman and Jim Tankersley, “Warren Wealth Tax Has Wide Support, Except Among One Group,” The New York Times, November 29, 2019.

352   If more Americans were to learn Christopher Ingraham, “How rising inequality hurts everyone, even the rich,” The Washington Post, February 6, 2018.

--Federico Cingano, “Trends in Income Inequality and its Impact on Economic Growth,” OECD Social, Employment and Migration Working Papers 163 (Paris: OECD Publishing, 2014).

--Jonathan Ostry, Andrew Berg, and Charalambos Tsangarides, “Redistribution, Inequality, and Growth,” IMF Staff Discussion Note 14, no. 2 (April 2014).

352   With unionized workers making up only Walter Lippman, Drift and Mastery: An Attempt to Diagnose the Current Unrest (New York: Mitchell Kennerley, 1914), pp. 97-98.

352   The odds seem to be overwhelming Lippmann, Drift and Mastery, pp. 82-83, 85-86.

353   “You don’t need a theory” Brink Lindsey, Steven Teles, Will Wilkinson, Samuel Hammond, “The Center Can Hold: Public Policy for an Age of Extremes,” (Washington D.C.: Niskanen Center, December 2018).

354   Answering Gallup’s regular binary question “Labor Unions,” Gallup.

354   Business and the right are still “Right-To-Work Resources,” National Conference of State Legislatures.

354   But then in 2018 Jeff Stein, “Missouri voters defeat GOP-backed ‘right to work’ law, in victory for Unions, Associated Press project,” The Washington Post, August 7, 2018.

354   Since the rise of labor unions Peter Barnes, With Liberty and Dividends for All: How to Save Our Middle Class When Jobs Don’t Pay Enough (San Francisco: Berret-Koehler, 2014), p. 19.

--Megan Dunn and James Walker, “Union Membership In The United States,” U.S. Bureau of Labor Statistics, September 2016.

--“Databases, Table & Calculators by Subject,” U.S. Bureau of Labor Statistics.

--Steven Greenhouse, “Union Membership in U.S. Fell to a 70-Year Low Last Year,” The New York Times, January 21, 2011.

--Monique Morrissey, “Private-sector pension coverage fell by half over two decades,” Economic Policy Institute, January 11, 2013.

--The Editorial Board, “Elizabeth Warren,” The New York Times, January 14, 2020.

354   Nearly a half-million went out “Work Stoppages,” U.S. Bureau of Labor Statistics.

--“Major Work Stoppages in 2019,” U.S. Bureau of Labor Statistics.

--“Belligerent unions are a sign of economic health,” The Economist, November 7, 2019.

354   The biggest 2019 strike shut down  Alexia Fernández Campbell, “The GM strike has officially ended. Here’s what workers won and lost.” Vox, October 25, 2019.

--Michael Wayland, “UAW strike cost GM up to $4 billion for 2019, substantially higher than estimated,” CNBC, October 29, 2019.

--Phoebe Wall Howard, “Sweet deal for UAW members ratified after Mack Truck strike called during GM standoff,” Detroit Free Press, November 4, 2019.

--Ethan Kraft, “Thousands of Volvo workers face layoffs as Mack Truck sees first strike in 35 years,” CNBC, October 20, 2019.

354   “Some of the best-known liberals” Joseph Gallivan, “Media Summit Shows Which Side They’re On,” The New York Post, May 4, 2000.

355   Digital-indigenous media have in the last Joshua Benton, “America’s largest union of journalists is doing a rewrite of its leadership election,” NiemenLab, August 14, 2019.

--Anna Heyward, “Joining the ranks,” Columbia Journalism Review, Spring/Summer 2018.

355   During the panel discussion Norm Pearlstine Marcelo Cajueiro and Jonathan Bing, “Journo Heavyweights consider ‘Net & news,” Variety, May 4, 2000.

356   Over the last five or six years “Minimum Wage Tracker,” Economic Policy Institute, January 3, 2020.

--Yannet Lathrop, “Minimum Wage Will Increase in Record-High 47 States, Cities, and Counties, This January,” National Employment Law Project, December 23, 2019.

356   States without any legal minimum wage “Minimum Wage Tracker,” EPI.

358   “one of the happy incidents” U.S. Supreme Court, “New State Ice Co. v. Liebmann,” via Legal Information Institute, Decided March 21, 1932.

359   “Since it is logically impossible” Justin Fox and Jay Lorsch, “What Good Are Shareholders?” Harvard Business Review, July-August 2012.

--Michael Jensen, “Value Maximization, Stakeholder Theory, and the Corporate Objective Function,” Journal of Applied Corporate Finance 14, no. 3 (2001): 8-21.

359   The year upper-class FDR said Franklin Roosevelt, October 31, 1936, “Address Announcing the Second New Deal,” Our Documents: The Second New Deal.

--F Scott Fitzgerald, The Crack-Up (New York: New Directions, 2009), p. 69.

359   For instance when we design markets Lindsey, Teles, Wilkinson, Hammond, “The Center Can Hold.”

359   “Because of the way the machines” Kurt Vonnegut, Player Piano (New York: Charles Scribner’s Sons, 1952).

360   “Countries like Canada Denmark and Sweden” Will Wilkinson, “The Freedom lover’s case for the welfare state,” Vox, September 1, 2016.

360   “free market ‘socialism’” Samuel Hammond, “The Free-Market Welfare State: Preserving Dynamism in a Volatile World,” (Washington D.C.: Niskanen Center, May 2018).

--Will Wilkinson, “Double-Edge Denmark,” Niskanen Center, October 15, 2015.

360   A survey of people under thirty Felix Salmon, “Gen Z prefers ‘socialism’ to ‘capitalism’,” Axios, January 27, 2019.

360   In a 2019 survey Monkey/Harris Poll Salmon, “Gen Z prefers ‘socialism’.”

360   such as the federal law prohibiting Joseph Stiglitz, “The American Economy Is Rigged,” Scientific American, November 1, 2018.

--Juliette Cubanski, Tricia Neuman, and Meredith Freed, “The Facts on Medicare Spending and Financing,” KFF, August 20, 2019.

360   The single senator getting the most Jane Mayer, “How Mitch McConnell Became Trump’s Enabler-In-Chief,” The New Yorker, April 12, 2020.

361   All sorts of antitrust experts Roger Parloff, “Behind the Big Tech antitrust backlash: A turning point for America,” Yahoo! Finance, December 11, 2019.

361   It’s nonbinary to support the careful Erin Trickey, “How Minneapolis Freed Itself From the Stranglehold of Single-Family Homes,” Politico Magazine, July 11, 2019.

--Martin Moylan, “Minneapolis 2040 plan gets final approval,” MPR News, October 23, 2019.

--Randy Shaw, “San Francisco must end its self-inflicted housing woes,” San Francisco Chronicle, January 11, 2019.

--Joseph Gyourko, Jonathan Hartley, and Jacob Krimmel, “The Local Residential Land Use Regulatory Environment Across U.S. Housing Markets: Evidence from a New Wharton Index.” NBER Working Paper no. 26573, National Bureau of Economic Research, December 2019.

--“Housing Development Toolkit,” Whitehouse.gov, September 2016.

--Edward Glaeser, “Land Use Restrictions and Other Barriers to Growth,” Cato Institute, December 1, 2014.

--Glaeser and Gyourko, “The Impact of Building Restrictions on Housing Affordability,” Economic Policy Review 9, no. 2 (June 2003).

--Gyourko, Albert Saiz, and Anita Summers, “A New Measure of the Local Regulatory Environment for Housing Markets: The Wharton Residential Land Use Regulatory Index,” Urban Studies 43, no. 3 (2008): 693-729.

--Chang-Tai Hsieh and Enrico Moretti, “Housing Constraints and Spatial Misallocation,” American Economic Journal: Macroeconomics 2019 11, no. 2.

361   In fact this shockingly successful socialist “Alaska,” 270 To Win.

362   In my telling the central character “Arlon R Tussing in the 1940 Census,” Ancestry.com.

--Dermot Cole, “Maverick economist Arlon Tussing shaped Alaska energy policy,” Anchorage Daily News, January 19, 2016.

--“Arlon Rex Tussing: 1933-2016,” The Seattle Times.

--Arlon Tussing, letter to Judy, Thomas Barton Papers, November 10, 1962.

--Young Socialist Review 4, no. 3 (April 1957).

--Arlon Tussing, “Remembering Arlon Tussing,” Facebook.com

--H. Erich Heinemann, “Oil’s Price: The $34 Question,” The New York Times, February 10, 1983.

--Joaqlin Estus, “Pivotal Alaskan economist Arlon Tussing dies at 82,” Alaska Public Media, January 18, 2016.

--Congressional Record: Volume 115, Feb 18 1969, p 3716

362   Shortly after Tussing became an Alaskan Cole, “Maverick Economist.”

362   “The only way to guarantee that” Cole, “Maverick Economist.”

362   “You Alaskans” Zhou told him Mike and Tim Bradner, “Chairman Zhou on PFD: ‘You Alaskans are more socialistic than we are!” Anchorage Press, July 16, 2019.

362   The annual Alaska dividend varies “Our Performance,” Alaska Permanent Fund Corporation.

--“Summary of Dividend Applications & Payments,” Alaska Department of Revenue, Permanent Fund Dividend Division.

363   As a result a year later Judith Lewis Mernit, “Alaska’s populist, Sarah Palin-era oil tax gets the ax,” High Country News, May 27, 2013. 

--Chris Kolmar, “These Are The States With The Highest (And Lowest) Income Inequality,” Zippia.

--Jesse Walker, “The Indestructible Idea of the Basic Income,” Reason, July 2017.

363   His two final Facebook posts Tussing, “Remembering,” Facebook.com

--“Tussing: 1933-2016,” The Seattle Times.

363   According to the academic research Michelle Saport, “New ISER report: What is the PFD’s effect on socio-economic well-being?” University of Alaska Anchorage, June 28, 2019.

--“Demographic & Geographic Sketches of Alaska Natives,” www.Alaskool.org.

--Damon Jones and Ioana Elena Marinescu, “The Labor Market Impacts of Universal and Permanent Cash Transfers: Evidence from the Alaska Permanent Fund.” NBER Working Paper no. 24312, February 2018.

--Matthew Berman and Random Reamey, “Permanent Fund Dividends and Poverty in Alaska,” University of Alaska Anchorage, Institute of Social and Economic Research, 2016.

--Scott Goldsmith, “The Alaska Permanent Fund Dividend: A Case Study in the Direct Distribution of Resource Rent,” Institute of Social and Economic Research, January 2011.

--Victoria Petersen, “PFD’s impact on state wide-ranging,” Peninsula Clarion, October 2, 2019.

363   The effect on overall inequality Kolmar, “Income Inequality,” Zippia.

--Goldsmith, “Alaska Permanent Fund Dividend.”

363   Oh Alaska! It denies its criminals “Eligibility Requirements,” Permanent Fund Dividend Division.

--“Track Palin,” AP News.

364   The money is ours it just Frank Rusco, “Federal Energy Development: Challenges to Ensuring a Fair Return for Federal Energy Resource,” United States of Government Accountability Office, September 24, 2019.

--Nicole Gentile, “Federal Oil and Gas Royalty and Revenue Reform,” Center for American Progress, June 19, 2015.

--Mark DeSantis, “Oil and Gas Companies Gain by Stockpiling America’s Federal Land,” CAP, August 29, 2018.

--“Federal disbursements,” U.S. Department of the Interior, Natural Resources Revenue Data.

364   Before the oil age starting “Homesteading by the Numbers,” National Park Service.

--National Research Council, “History and Overview of the Land Grant College System,” in Colleges of Agriculture at the Land Grant Universities: A Profile (Washington D.C.: The National Academies Press, 1995).

--“Morill Act (1862),” Our Documents.gov.

--“Land-Grant Colleges and Universities,” StateUniversity.com.

364   Instead of just giving it away James Baker, et al, “The Conservative Case for Carbon Dividends,” Climate Leadership Council.

364   “I was fascinated by this idea” Hillary Clinton, What Happened (New York: Simon & Schuster, 2017), p. 239.

364   “In free governments the people own Leah Sottile and Eli Rosenberg, “Ammon Bundy spoke kindly about the migrant caravan. The Backlash has him reevaluating his supporters.” The Washington Post, December 7, 2018.

--Jennifer Yachnin, “Cliven Bundy to appeal lawsuit judge calls ‘delusional’,” E&E News, April 10, 2019.

366   The Yang campaign version was $1000 “The Freedom Dividend,” Yang 2020.

366   In a Pew Research survey about “Public is broadly supportive of workforce automation being limited to ‘dangerous and dirty’ jobs,” Pew, October 3, 2017.

366   Two surveys in 2019 asked about “Voter support for universal basic income grows: poll,” The Hill, September 25, 2019.

--RJ Reinhart, “Universal Basic Income Favored in Canada, U.K. but Not in U.S.” Gallup.

366   Replacing our patchwork of existing social Friedrich A. Hayek, Law, Legislation and Liberty, Vol. 3: The Political Order of a Free People (Chicago: University of Chicago Press, 1986), pp. 54-56.

--Friedman, Capitalism and Freedom, pp. 191-193.

366   “we are going to be carving” Walker, “Indestructible Idea.”

--Charles Murray, In Our Hands: A Plan to Replace the Welfare State (Washington D.C.: AEI Press, 2006).

366   “Yes” he wrote in the Wall Street Murray, “A Guaranteed Income for Every American,” The Wall Street Journal, June 3, 2016.

366   The approval of people on Catherine Clifford, “Elon Musk: Robots will take your jobs, government will have to pay your wage,” CNBC, November 4, 2016.

--“Mark Zuckerberg’s Commencement address at Harvard,” The Harvard Gazette, May 25, 2017.

366   In addition to the Alaskan success Abhijit Banerjee, Rema Hanna, Gabriel Kreindler, and Benjamin Olken, “Debunking the Stereotype of the Lazy Welfare Recipient: Evidence from Cash Transfer Programs Worldwide.” HKS Working Paper No. 076, December 14, 2015.

Chapter 29

368   “those of us in the Republican” Stuart Stevens, “Republicans like me built this moment. Then we looked the other way.” The Washington Post, March 18, 2020.

370   Speaking of places with better social “Total confirmed COVID-19 deaths per million people, Apr 25, 2020,” Our World in Data.

370   Other developed countries also more straightforwardly Peter S. Goodman, “The Nordic Way to Economic Rescue,” The New York Times, March 28, 2020.

371   “it’s not a question of if” “Remarks by President Trump, Vice President Pence, and Members of the Coronavirus Task Force in Press Conference,” Whitehouse.gov, February 27, 2020.

371   “it’s going to disappear one day” Christian Paz, “All the President’s Lies About the Coronavirus,” The Atlantic, May 27, 2020.

371   twenty-four hours after that he held Bill McCarthy, “The president who cried hoax? Experts weigh in on Trump’s use of the word,” PolitiFact, April 1, 2020.

372   “One thing is clear” Sunstein wrote Cass Sunstein, “The Cognitive Bias That Makes Us Panic About Coronavirus,” Bloomberg, February 28, 2020.

372   Ten days later in early March “Department of Health and Human Services| Fiscal Year 2021,” Center for Disease Control and Prevention.

--Ryan McMaken, “The CDC’s Budget Is Larger Now Than under Obama,” Mises Institute, March, 11, 2020.

372   “geared up sooner” starting in mid-January Robert Redfield, “Centers for Disease Control Coronavirus Response and Fiscal Year 2021 Budget Request,” C-SPAN, video, 2:29:35, March 10, 2020.

372   “Here were two men wondering aloud” Alex Pareene, “The Dismantled State Takes on a Pandemic,” The New Republic, March 12, 2020.

373   “celebrities in their own right” “Remarks by President Trump,” Whitehouse.gov.

373   The following Monday the president finally “15 Days to Slow the Spread,” Whitehouse.gov, March 16, 2020.

374   “In the United States the current 67” Richard A. Epstein, “Coronavirus Overreaction,” Hoover Institution, March 23, 2020.

--“Coronavirus Perspective,” Hoover Institution, March 16, 2020.

374   “conservatives close to Trump and numerous” Josh Dawsey, Yasmeen Abutaleb, and John Wagner, “Trump weighs restarting economy despite warnings from U.S. public health officials,” The Washington Post, March 23, 2020.

374   “a Trump confidant who speaks” Edward Luce, “Inside Trump’s Coronavirus meltdown,” Financial Times, May 14, 2020.

374   “the recent moves by some states” Emily Seidel, “AFI Responds to States Shutting Down All Non-Essential Businesses,” March 20, 2020.

374   “AFP activist town hall” “AFP Activist Townhall on COVID-19,” Americans For Prosperity, Video, 36:15, March 20, 2020.

374   Five months earlier Hoover published Epstein, “A Climate Change Emergency?” Hoover Institution, October 7, 2019.

--Isaac Chotiner, “The Contrarian Coronavirus Theory That Informed the Trump Administration,” The New Yorker, March 30, 2020.

375   On the pandemic his inside-outside role Philip Rucker, Dawsey, Abutaleb, Robert Costa, and Lena Sun, “34 days of pandemic: Inside Trump’s desperate attempts to reopen America,” The Washington Post, May 2, 2020.

--Costa, Ashley Parker, Dawsey, Felicia Sonmez, “Trump’s attempt to enlist businesses in reopening push gets off to rocky start,” The Washington Post, April 15, 2020.

375   For the outside antigovernment work Moore Rucker, Costa, and Parker, “Trump wants to declare country open by May 1—but the reality will be much slower” The Washington Post, April 14, 2020.

--Nancy Scola, “Exposing ALEC: How Conservative-Backed State Laws Are All Connected,” The Atlantic, April 14, 2012.

--Joel Rose, “Protesters Across The Country Demand COVID-19 Restrictions Be Lifted,” Morning Edition, April 20, 2020.

376   “so unnecessary” because “the only ‘nonessential’,” Steve Moore, “Freedom on Tap,” IITV, YouTube video, 2:20:36, April 14, 2020.

376   “Let’s pray that we don’t” Moore, “Freedom on Tap,” IITV.

376   “zip code idea” inside the administration Rucker, Costa, and Parker, “open by May 1,” The Washington Post.

376   “the group suggested Easter Sunday” Rebecca Ballhaus, Stephanie Armour, and Alex Leary, “Trump Hopes to Have U.S. Reopened by Easter, Despite Health Experts’ Warnings,” The Wall Street Journal, March 24, 2020.

376   “making sure that we don’t destroy” Thomas Friedman, “A Plan to Get America Back to Work,” The New York Times, March 22, 2020.

377   “We’re seeing the greatest mobilization” “Remarks by President Trump,” Whitehouse.gov.

377   “massive revolutionary change I’m rich” “The Rise & Fall of Steve Hilton—The Man Who Brought the Tory’s to Government,” caltonjock, November 30, 2014.

--Decca Aitkenhead, “Steve Hilton: ‘I’m rich, but I understand the frustrations people have’,” The Guardian, April 15, 2017.

--Nellie Bowles, “Silicon Valley Now Has Its Own Populist Pundit,” The New York Times, August 12, 2017.

377   “total government takeover of the economy” Larry Kudlow, interview with Steve Hilton on The Next Revolution, Fox News, video, 6:07, May 23, 2020.

378   “We can’t have the cure” Jill Colvin, Josh Boak, and Ricardo Alonso-Zaldivar, “Trump: ‘We Can’t Have the Cure Be Worse Than the Problem’,” RealClearPolitics, March 24, 2020.

378   In the weeks just before that Maggie Crist and Brendan Fischer, “Megadonor Access During a National Crisis and Other Takeaways From New FEC Reports,” Campaign Legal Center, April 2, 2020.

378   Also on the call was the head Lachlan Markay, William Bredderman, and Sam Brodey, “Sen. Kelly Loeffler Dumped Millions in Stock After Coronavirus Briefing,” The Daily Beast, March 20, 2020.

--Stephen Gandel, “NYSE boss sold his own stock ahead of coronavirus market meltdown,” CBS News, March 20, 2020.

379   “I would love to have” Ballhaus, Armour, and Leary, “U.S. Reopened by Easter,” WSJ.

379   “doctors [and] nurses” among them “Scott, Sasse, Graham Demand Immediate Fix to Life-Threating Drafting Error in Emergency Bill,” U.S. Senator for Nebraska, Ben Sasse, March 25, 2020.

379   Loeffler appointed in 2019 to fill Nicholas Fandos and David Enrich, “Loeffler Got Lucrative Parting Gift From Public Company en Route to the Senate,” The New York Times, May 6, 2020.

379   “[Sean] Hannity originally dismissed the risks” Leonardo Bursztyn, et al, “Misinformation During a Pandemic.” Becker Friedman Institute for Economics Working Paper no. 2020-44, University of Chicago, April 2020.

380   “We didn’t elect a president to defer” Rush Limbaugh, “America’s Anchorman’s Take on Where We Are as a Country,” The Rush Limbaugh Show, March 27, 2020.

380   “There’s a massive movement on the right” Jeff Stein and Costa, “White House aides, outside groups launch effort to reopen economy, but Mnuchin says decisions pose risk,” The Washington Post, April 13, 2020.

--Toluse Olorunnipa, Shawn Boburg, and Arelis R. Hernández, “Rallies against stay-at-home orders grow as Trump sides with protesters,” The Washington Post, April 17, 2020.

380   “I’m working with a group” Ian Millhiser, “Poll: Americans want a national lockdown,” Vox, March 25, 2020.

--Laura McGann, “America doesn’t want another Tea Party,” Vox, April 20, 2020.

380   “the American people are sheep” Moore, “Freedom on Tap,” IITV.

380   The two Koch-created enterprises and Moore Jason Wilson, “The rightwing groups behind wave of protests against Covid-19 restrictions,” The Guardian, April 17, 2020.

381   “making opposition to stay-at-home orders” Isaac Stanley-Becker and Tony Romm, “The anti-quarantine protests seems spontaneous. But behind the scenes, a powerful network is helping.” The Washington Post, April 22, 2020.

381   It seemed clear from the social Georgia Wells and Andrew Restuccia, “Facebook Puts Limits on Protest Organizers,” The Wall Street Journal, April 20, 2020.

381   “these are not FreedomWorks events” Noah Wall, “Reopen America Events Around the Country,” FreedomWorks, April 20, 2020.

381   A prominent figure in the 2020 Mike Baker, “A ‘Liberty’ Rebellion in Idaho Threatens to Undermine Coronavirus Orders,” The New York Times, April 7, 2020.

382   “history shows us that what Congress” “AFP Activist Townhall,” AFP.

382   “mechanism that allows for the unilateral” “National Coronavirus Recovery Commission Releases First Set of Recommendations to Reopen America,” The Heritage Foundation, April 20, 2020.

--The Editorial Board, “Trump: Why Waste a Crisis?” The New York Times, April 22, 2020.

--“Think a respiratory virus pandemic is a good time to cut air-quality regulations?” The Economist, April 25, 2020.

383   “I call these people warriors” “Transcript: Donald Trump Signs Nurse’s Day Proclamation, Contradicts Nurse on PPE,” Rev.

--“Remarks by President Trump and Vice President Prence at a Meeting with Governor Reynolds of Iowa,” Whitehouse.gov, May 6, 2020.

--“Remarks by President Trump in Meeting with Governor Abbott of Texas,” Whitehouse.gov, May 7, 2020.

--Aaron Blake, “Trump says coronavirus will disappear without a vaccine. Fauci has said the opposite.” The Washington Post, May 8, 2020.

--Alexandra Sternlicht, “Trump: ‘We Have The Best Testing In The World…I Don’t Think You Need That Much Testing’,” Forbes, May 5, 2020.

383   the early 1900s looked remarkably like Sabrina Tavernise, “U.S. Has Highest Share of Foreign-Born Since 1910, With More Coming From Asia,” The New York Times, September 13, 2018.

--“U.S. Immigrant Population and Share over Time, 1850-Present,” Migration Policy Institute.

--Campbell J. Gibson and Emily Lennon, “Historical Census Statistics on the Foreign-Born Population of the United States: 1850-1990,” U.S. Census Bureau.

--“Demographic history of the United States,” Wikipedia.

383   the high turnout in the midterm “2018 midterms by the numbers,” Evan Siegfried.

384   “overwhelming demand upon the press” Walter Lippmann, Drift and Mastery: An Attempt to Diagnose the Current Unrest (New York: Mitchell Kennerley, 1914), p. 154.

384   “people had begun to see much” Lippmann, Drift and Mastery, pp. 18-19.

384   “big businessmen who are all intelligent” Drift and Mastery, p, 23.

384   “Today if you go about” Drift and Mastery, p. 41.

384   “sense of conspiracy and secret scheming” Drift and Mastery, p. 2.

384   “He is the true Don Quixote” Drift and Mastery, pp. 180-181.

385   “a tremendous opportunity to restructure things” Cari Hulse and Emily Cochrane, “As Coronavirus Spread, Largest Stimulus in History United a Polarized Senate,” The New York Times, March 26, 2020.

385   Even my ancestors in Europe experienced Walter Scheidel, “Why the Wealthy Fear Pandemics,” The New York Times, April 9, 2020.

386   In a survey in the spring Susan Page, “USA TODAY/Suffolk Poll: Support for Big Government rise to Record levels amid coronavirus crisis,” USA Today, April 28, 2020.

386   As western leaders learnt The Editorial Board, “Virus lays bare the frailty of the social contract,” Financial Times, April 3, 2020.

387   “If something like a social democratic” Jamelle Bouie, “Trump and His Allies Are Worried About More Than November,” The New York Times, April 17, 2020.

387   “a period of radical uncertainty” Neil Irwin, “It’s the End of the World Economy as We Know It,” The New York Times, April 16, 2020.

388   “a map of the world that” Lippmann, Drift and Mastery, p. 146.