Romney's plan only works if you assume he has a different plan or use a magic growth asterisk
Paul Ryan finally had enough time to go through the math of the Romney tax plan during the vice-presidential debate. He didn't use it. Ryan filibustered instead. About the most specific he got was citing "six studies" he said vindicate the plan's mathematical plausibility.
Except they don't.
Romney's tax plan is a three-legged stool that doesn't stand. Here's how it works -- or doesn't. Romney wants to 1) cut tax rates across the board by 20 percent, 2) cut tax expenditures to pay for these tax cuts, and 3) maintain progressivity. The problem, as the Tax Policy Center pointed out, is there aren't enough tax expenditures for the rich to pay for all the tax cuts for the rich. Romney's plan only works if he cuts out the tax cuts for the rich, raises taxes on the middle class, or explodes the deficit. In other words, Romney can pick two, and only two, of his tax goals -- what Matt Yglesias of Slate calls the "Romney Trilemma".
That sound you hear is the three-legged stool falling down.
All this hasn't stopped a fight against the tyranny of arithmetic. The defenses of the Romney tax plan generally fall into three broad categories. The first assumes the plan will set off magic growth of the monster variety; the second assumes Romney defines "middle-class" differently than he does; and the third assumes Romney would eliminate tax expenditures he has indicated he would not eliminate. Let's briefly consider the six such "studies" that Ryan cited -- most are actually blog posts -- in turn.
1. Harvey Rosen paper. Rosen, a professor at Princeton, assumed Romney's lower tax rates would kickstart enough growth to pay for the revenue hole those lower tax rates would create. This seems dubious. Alan Viard and Alex Brill of the conservative American Enterprise Institute (AEI) have argued that it seems unlikely revenue neutral tax reform would have big growth effects -- incentives don't change much if taxes don't even if tax rates do. And besides, the Tax Policy Center used aggressive growth estimates from Romney adviser Greg Mankiw's work to test Romney's plan. It still didn't add up.
2. Marty Feldstein Wall Street Journal op-ed. Former Reagan adviser and current Harvard professor Feldstein argued Romney's plan works if you assume growth would be much stronger and if you define middle class as households making less than $100,000 rather than households making less than $200,000. This latter figure is the one Romney has used when he has said his plan would not raise taxes on the middle class.
3. Marty Feldstein blog post. Feldstein was less aggressive with his growth estimates this time, but he stuck with his definition of middle class as households making less than $100,000. He also assumed Romney might cut tax preferences for employer health-insurance, make municipal bond interest taxable, and eliminate the child tax credit for households making more than $100,000.
4. Matt Jensen blog post at AEI. He argued Romney might cut tax preferences for municipal bonds and life insurance buildups. But this might go against Romney's promise not to cut tax preferences for savings and investment -- and would only pay for half of Romney's revenue hole, according to the Tax Policy Center.
5. Curtis Dubay blog post at Heritage. He argued Romney might cut tax preferences for municipal bonds and life insurance buildups -- yes, again -- and that Romney might tax inheritances on a "carryover basis" after eliminating the estate tax. In plain English, heirs would have to pay capital gains for the price an asset was bought for, rather than the price it was inherited at. But as Suzy Khimm of the Washington Post notes, Dubay overestimates how much revenue this change -- which, remember, is just a guess about what Romney would do -- would generate.
In other words, Romney's plan only works if you assume he has a different plan or use a magic growth asterisk. And that means we have no idea what he would do if he wins. Does he care more about his tax rate cuts, about not hiking taxes on the middle class, or not increasing the deficit? His adviser Kevin Hassett suggested they would back off the high-end tax rate cuts if it would increase the deficit, but Romney quickly denied that. He's also denied reality, by relying on studies that only prove his critics' point.
One hundred years ago, a retail giant that shipped millions of products by mail moved swiftly into the brick-and-mortar business, changing it forever. Is that happening again?
Amazon comes to conquer brick-and-mortar retail, not to bury it. In the last two years, the company has opened 11 physical bookstores. This summer, it bought Whole Foods and its 400 grocery locations. And last week, the company announced a partnership with Kohl’s to allow returns at the physical retailer’s stores.
Why is Amazon looking more and more like an old-fashioned retailer? The company’s do-it-all corporate strategy adheres to a familiar playbook—that of Sears, Roebuck & Company. Sears might seem like a zombie today, but it’s easy to forget how transformative the company was exactly 100 years ago, when it, too, was capitalizing on a mail-to-consumer business to establish a physical retail presence.
The president’s latest comments shouldn’t be surprising—but his deliberate inflammation of tense situations is no less stunning.
During last year’s presidential campaign, I conducted a running feature called the “Trump Time Capsule.” Its purpose was to chronicle the things Donald Trump said or did that were entirely outside the range of previous presidents or major-party nominees. This, in turn, was meant to lay down a record of what was known about this man, as the electorate decided whether to elevate him to presidential power.
By the time the campaign ended, the series had reached installment #152. Who Donald Trump was, and is, was absolutely clear by election day: ignorant, biased, narcissistic, dishonest. As Ta-Nehisi Coates argues in our current issue, everyone who voted for him did so with ample evidence about the kind of person they considered the “better” choice, or even as a minimally acceptable choice for president. Almost nothing Trump has done since taking office should come as a surprise.
NFL athletes are protesting on behalf of America’s founding values––and Donald Trump neither loves nor understands them.
Donald Trump, who has a disturbing history of praising brutal dictators, possesses no better than a Twitter troll’s understanding of what it means to be an American patriot. He spent the weekend trolling the NFL over the players protesting police violence during the national anthem, though any other president would have been attending to the millions of fellow citizens suffering in Puerto Rico; and the NFL athletes who defied him by taking a knee Sunday in solidarity with protests against police killings had the high ground, as good students of American history will understand.
When the Founding Fathers affixed their signatures to the Declaration of Independence, the first act of political courage in United States history, the American flag as we know it did not yet exist. And it would be more than a century before the Star Spangled Banner was adopted as the national anthem. Yet the Founders were not deficient in love of country for lacking the Stars and Stripes. In bravely dissolving political bonds with Britain, Thomas Jefferson set forth the premise of the United States, the core ideas around which his countrymen rallied: “that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”
A good marriage is no guarantee against infidelity.
“Most descriptions of troubled marriages don’t seem to fit my situation,” Priya insists. “Colin and I have a wonderful relationship. Great kids, no financial stresses, careers we love, great friends. He is a phenom at work, fucking handsome, attentive lover, fit, and generous to everyone, including my parents. My life is good.” Yet Priya is having an affair. “Not someone I would ever date—ever, ever, ever. He drives a truck and has tattoos. It’s so clichéd, it pains me to say it out loud. It could ruin everything I’ve built.”
Priya is right. Few events in the life of a couple, except illness and death, carry such devastating force. For years, I have worked as a therapist with hundreds of couples who have been shattered by infidelity. And my conversations about affairs have not been confined within the cloistered walls of my therapy practice; they’ve happened on airplanes, at dinner parties, at conferences, at the nail salon, with colleagues, with the cable guy, and of course, on social media. From Pittsburgh to Buenos Aires, Delhi to Paris, I have been conducting an open-ended survey about infidelity.
At a game played in London on Sunday afternoon, many of their fellow Ravens and Jaguars took a knee.
Before the Lions met the Falcons in Detroit on Sunday, Rico LaVelle sang “The Star-Spangled Banner.” And then he took a knee.
They were replicating the gesture of Colin Kaepernick, the former 49ers quarterback who, starting in 2016, had been kneeling during the pre-game singing of the national anthem. “I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color,” Kaepernick explained. “To me, this is bigger than football and it would be selfish on my part to look the other way. There are bodies in the street and people getting paid leave and getting away with murder.” Kaepernick’s 49ers teammates, Eric Reid and Eli Harold, took a knee. The Beaumont Bulls, a high school team, took a knee. Their collective protests, however, had been limited—deviations from the norm.
The foundation of Donald Trump’s presidency is the negation of Barack Obama’s legacy.
It is insufficient to statethe obvious of Donald Trump: that he is a white man who would not be president were it not for this fact. With one immediate exception, Trump’s predecessors made their way to high office through the passive power of whiteness—that bloody heirloom which cannot ensure mastery of all events but can conjure a tailwind for most of them. Land theft and human plunder cleared the grounds for Trump’s forefathers and barred others from it. Once upon the field, these men became soldiers, statesmen, and scholars; held court in Paris; presided at Princeton; advanced into the Wilderness and then into the White House. Their individual triumphs made this exclusive party seem above America’s founding sins, and it was forgotten that the former was in fact bound to the latter, that all their victories had transpired on cleared grounds. No such elegant detachment can be attributed to Donald Trump—a president who, more than any other, has made the awful inheritance explicit.
More comfortable online than out partying, post-Millennials are safer, physically, than adolescents have ever been. But they’re on the brink of a mental-health crisis.
One day last summer, around noon, I called Athena, a 13-year-old who lives in Houston, Texas. She answered her phone—she’s had an iPhone since she was 11—sounding as if she’d just woken up. We chatted about her favorite songs and TV shows, and I asked her what she likes to do with her friends. “We go to the mall,” she said. “Do your parents drop you off?,” I asked, recalling my own middle-school days, in the 1980s, when I’d enjoy a few parent-free hours shopping with my friends. “No—I go with my family,” she replied. “We’ll go with my mom and brothers and walk a little behind them. I just have to tell my mom where we’re going. I have to check in every hour or every 30 minutes.”
Those mall trips are infrequent—about once a month. More often, Athena and her friends spend time together on their phones, unchaperoned. Unlike the teens of my generation, who might have spent an evening tying up the family landline with gossip, they talk on Snapchat, the smartphone app that allows users to send pictures and videos that quickly disappear. They make sure to keep up their Snapstreaks, which show how many days in a row they have Snapchatted with each other. Sometimes they save screenshots of particularly ridiculous pictures of friends. “It’s good blackmail,” Athena said. (Because she’s a minor, I’m not using her real name.) She told me she’d spent most of the summer hanging out alone in her room with her phone. That’s just the way her generation is, she said. “We didn’t have a choice to know any life without iPads or iPhones. I think we like our phones more than we like actual people.”
What J.R.R. Tolkien’s classic The Hobbit still has to offer, 80 years after its publication
“In a hole in the ground there lived a hobbit.” So began the legendarium that dominated a genre, changed Western literature and the field of linguistics, created a tapestry of characters and mythology that endured four generations, built an anti-war ethos that endured a World War and a Cold War, and spawned a multibillion-dollar media franchise. J.R.R. Tolkien’s work is probably best remembered today by the sword-and-sandal epic scale of The Lord of The Rings films, but it started in the quiet, fictionalized English countryside of the Shire. It started, 80 years ago in a hobbit-hole, with Bilbo Baggins.
Although Tolkien created the complicated cosmological sprawl of The Silmarillion and stories like the incestuous saga of Túrin Turambar told in The Children of Húrin, Middle-earth itself is mostly remembered today as something akin to little Bilbo in his Hobbit-hole: quaint, virtuous, and tidy. Nowadays, George R.R. Martin’s got the market cornered on heavily initialed fantasy writers, and his hand guides the field. High and epic fantasy are often expected to dip heavily into the medieval muck of realism, to contain heavy doses of sex and curses, gore and grime, sickness and believable motives and set pieces. Characters like Martin’s mercenary Bronn of the Blackwater are expected to say “fuck.” Modern stories, even when set in lands like A Song of Ice and Fire’s Essos that are filled with competing faiths, tend toward the nihilist, and mostly atheist. Heavenly beings are denuded of potency and purity; while the gods may not be dead, divinity certainly is.
Colin Kaepernick and other athletes have a better claim on the United States’s symbols and their meaning.
President Trump apparently slept on it overnight and woke up early on Sunday morning thinking: “Yes, I will fight a cultural war against black athletes.”
In two Sunday morning tweets, Trump urged a boycott of the National Football League until owners punished players who refused to stand for the national anthem, in protest of police brutality and racial injustice—capping a weekend of taunting and trash-talking that began at his Alabama rally Friday night. He’s now created a situation in which it will seem almost unmanly for black athletes, and not only football players, not to take a knee during the anthem. If they stand for the anthem, they will seem to do so at Trump’s command. How can they not resist?
Two new books explore America’s changing romantic landscape.
C.S. Lewis’s wife, Joy Davidman, died of bone cancer on July 13, 1960. The next day, the famous author wrote a letter to Peter Bide, the priest who had married them, to tell him the news.
“I’d like to meet,” Lewis writes, suggesting the two grab lunch sometime soon. “For I am—oh God that I were not—very free now. One doesn’t realize in early life that the price of freedom is loneliness. To be happy is to be tied.”
When it comes to romance, Americans are freer than they’ve ever been. Freer to marry, freer to divorce, freer to have sex when and with whom they like with fewer consequences, freer to cohabitate without getting married, freer to remain single, freer to pursue open relationships or polyamory.