“…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
“…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
“…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
“A full-throated defense of economic dynamism.” - The Wall Street Journal
“…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
“…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
“…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
“There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
“Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
“Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
“…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
“…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute

For whatever topics you select (currently: Politics):

Include articles that mention this topic 489

Only articles primarily about this topic 190

The Stationary Bandits of New York City

Matt Yglesias Slow Boring

Date Posted:: June 24, 2025

New York City’s elevated infrastructure costs relative to peers such as Paris are due to “stationary bandits” extracting wealth from the “tradable private sector.” Matt Yglesias argues for breaking NYC’s public sector unions.

Paris has been installing platform edge doors in their metro stations for about €3.7 million per station. New York has longer platforms, such that projecting it out would suggest maybe $10 million per station. But the MTA says it needs $55 million per station to do it. NYC famously has the most expensive tunneling in the world. The streets of Manhattan are uniquely covered in sidewalk sheds as a result of unusual regulations that serve the interests of a small cluster of sidewalk shed companies. New York City is also unlike the rest of the United States (which itself is unusual relative to the rest of Europe) in its scant use of tower cranes in construction. This is because of uniquely stringent licensing rules for crane operators, which means that even though New York has the most expensive cranes in the world, you don’t see competitors rushing in. This monopolistic predation is sustained politically by the fact that the parasitic contractors tend to be unionized — the small number of very expensive cranes that are used in NYC are run by members of Operating Engineers Local 14-14B, who are all quite well paid.

Takeaways by Macro Roundup^® AI

Paris has installed metro platform edge doors for about €3.7 million per station, and scaling for New York's longer platforms suggests roughly $10 million per station, yet the MTA says it needs $55 million per station.
Manhattan's streets are covered in sidewalk sheds because of unusual regulations that serve the interests of a small cluster of sidewalk shed companies.
New York City makes scant use of tower cranes compared with the rest of the United States and Europe because of uniquely stringent crane operator licensing rules, leaving the world's most expensive cranes run by well-paid members of Operating Engineers Local 14-14B.

How Americans Voted in 2026

Nate Cohn New York Times

Date Posted:: November 4, 2026
Is Database:: Database

Relative to the 2024 presidential vote, the NYT’s preliminary estimates show the 2026 House margin among white non-college voters (39% of the electorate) moving 14pp toward Democrats, and among nonwhite non-college voters (18%) moving 23pp. Among the main age, race, gender and education groups, the largest shift was among 18–29-year-olds (12% of voters), at 32pp.

Times Voter Trends relies on extensive, detailed data from the following sources. Our estimates will get even better as we get more data. Interviews with 26,706 voters nationally as part of The Times/Siena Poll. This data forms the basis of our understanding about who voters cast a ballot for. Re-interviews with more than 7,000 voters nationally after they cast their ballot. Recontacting poll respondents after they vote helps us better understand turnout and late shifts. Granular results from precincts and townships nationally. We collect the most detailed election results from as many states as possible to understand voting patterns in different communities. In areas without precinct-level results, we use precinct-level estimates from The Needle and county-level results from The Associated Press. Validated turnout for 44% of voters nationally. We will never know who everybody voted for, but knowing specifically who voted gives our estimates additional precision. Voter files for every state and district. The voter file is a list of all registered voters that is our starting point for The Times/Siena Poll and these estimates.

Takeaways by Macro Roundup^® AI

The New York Times’ Voter Trends estimates of how Americans voted in 2026 draw on interviews with 26,706 voters nationally conducted as part of The Times/Siena Poll, which forms the basis of its understanding of who voters backed.
The Times re-interviewed more than 7,000 voters nationally after they cast ballots, which it says helps it better understand turnout and late shifts, and validated turnout for 44% of voters nationally to add precision to its estimates.
The Times uses granular precinct and township results where available, and in areas without precinct-level results relies on precinct-level estimates from The Needle and county-level results from The Associated Press.

Now You Can See Everything

Michael Cembalest J.P. Morgan

Date Posted:: November 4, 2026
Is Database:: Database
Is Important:: Important

Before the election, 96 GW of data center capacity was expected to come online in 2028. Based on the positions of incoming governors, Cembalest estimates 37.5 GW may be subject to a “pause” and another 15 GW to “conditions,” together more than half of the total.

The biggest market issue may be AI over the medium term; nearly every major local ballot measure opposing data centers won or is winning, with only exception in North Dakota. What we’re now watching: governor imposed constraints on new builds. This is not an issue for the 37 GW expected to be delivered in 2027, 75% of which is under construction. It’s more an issue for the 96 GW expected in 2028. Based on election results, 37.5 GW may be subject to a “pause” with another 15 GW subject to “conditions”. While pauses are the more impactful outcome, conditions can be onerous: requiring data centers to pay grid costs to protect ratepayers, ending tax incentives, imposing water limits, setting requirements for onsite backup power, mandating labor requirements and banning non-disclosure agreements during permitting (most of which seem sensible to me). If the data center buildout starts to slow at some point, upgrading to better NVIDIA chips might be the only way to generate more tokens.

Takeaways by Macro Roundup^® AI

Nearly every major local ballot measure opposing data centers won or is winning, with North Dakota the only exception, and based on those results 37.5 GW of planned capacity may face a “pause” and another 15 GW conditions.
The 37 GW of data center capacity expected in 2027, 75% of which is under construction, is less exposed to local opposition than the 96 GW expected in 2028.
Conditions imposed on data centers can include paying grid costs to protect ratepayers, ending tax incentives, water limits, onsite backup power requirements, labor mandates, and bans on non-disclosure agreements during permitting.

Who Sees Themselves as Working Class?

Steven Shepard, Hannah Hartig, Andy Cerda and Jocelyn Kiley Pew Research Center

Date Posted:: September 1, 2026
Is Database:: Database

60% of Americans say “working class” describes them “extremely” or “very” well. Republicans are more likely than Democrats to identify as working class – strikingly 61% of Republicans who have a family income of at least $155,600 identify as working class, compared to 38% of such Democrats.

Most Americans think of themselves as “working class” today: Overall, 60% of U.S. adults say the term describes them well. And the identity is widely adopted by people across all income and educational groups – including half of both Americans who have a bachelor’s degree and those who are upper-income. Those working in blue-collar occupations are particularly likely to identify as working class (77%), [as are] a majority of those working in other occupations (61%). White adults are more likely than Black adults to identify as working class. About six-in-ten White (62%) and Hispanic adults (59%) overall view themselves as working class, as do roughly half of Black (54%) and Asian adults (52%).

Takeaways by Macro Roundup^® AI

60% of U.S. adults say the term "working class" describes them well, an identity adopted across income and educational groups, including half of those with a bachelor's degree and half of upper-income Americans.
Workers in blue-collar occupations identify as working class at a rate of 77%, compared with 61% of those in other occupations.
About 62% of White and 59% of Hispanic adults view themselves as working class, as do roughly 54% of Black and 52% of Asian adults.

The Rise of Anger: Emotions and Policy Views

Eva Davoine, Stefanie Stantcheva, Thomas Renault and Yann Algan Harvard University

Date Posted:: August 20, 2026
Is Database:: Database

Davoine, et al. show that angry policy-related tweets among voters rose from 34% to 46% over 2013–2025. Angry posts got ~60% more retweets, and experiments that induced anger showed it can move views on trade, immigration, redistribution and climate.

Figure 6 illustrates the monthly evolution of anger among Democratic- and Republican-affiliated X [Twitter] users. Each line reports the share of sentences classified as expressing anger within each political affiliation, and the plotted series are shown as six-month moving averages. It shows that Republican voters start with a higher baseline level of anger at the beginning of the period (about 38% compared to 27% for Democrats). Anger rises sharply for both groups after the 2016 election, but much more among Democrats. As a result, the initial partisan gap is much smaller by 2019. Both series then plateau from 2019 to 2022. Among Democratic partisans, anger declines slightly after Biden’s election but remains well above pre-2016 levels. Republican anger continues to rise during the Biden presidency, reaching approximately 50% by 2025.

Takeaways by Macro Roundup^® AI

Anger among Republican-affiliated X users reaches roughly 50% of sentences by 2025, up from about 38% at the start of the period, continuing to rise during Biden's presidency.
Democratic-affiliated X users start with anger in about 27% of sentences, then rise sharply after the 2016 election by much more than Republicans, narrowing the partisan gap by 2019.
Both partisan anger series plateau from 2019 to 2022, with Democratic anger declining slightly after Biden's election while remaining well above pre-2016 levels.

The DSA Sweet Spot: Highly Educated, Downwardly Mobile

Nate Silver Silver Bulletin

Date Posted:: July 22, 2026
Is Database:: Database
Is Important:: Important

Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000 or less, but responders to a DSA survey were ~ twice as likely to fall into that category.

The US voters most likely to identify as “very liberal” are those with postgraduate degrees but lower-to-middle household incomes of $30K to $60K per year. This is very much also the sweet spot for the DSA. In the DSA’s most recent member survey in 2021, 80% of members aged 25 or older had bachelor’s degrees, but 45% had household incomes below $60,000 per year. This is unusual because education and income are usually substantially positively correlated. In the composite CES data, only 19% of Americans with bachelor’s degrees or higher had household incomes of $60K or below, while respondents to the most recent DSA survey [were twice as likely to fall into this category].

Takeaways by Macro Roundup^® AI

In the Democratic Socialists of America's 2021 member survey, 80% of members aged 25 or older held bachelor's degrees while 45% reported household incomes below $60,000 per year.
Composite CES data show only 19% of Americans with bachelor's degrees or higher had household incomes of $60,000 or below, while DSA survey respondents were twice as likely to fall into that category.
US voters most likely to identify as "very liberal" are those with postgraduate degrees and household incomes of $30,000 to $60,000 per year, an unusual pairing since education and income are usually substantially positively correlated.

America’s Support for Capitalism Has Declined Over Last Decade

Aaron Zitner Wall Street Journal

Date Posted:: July 9, 2026
Is Database:: Database

A new WSJ poll finds only 35% of Americans think the assertion that “if you work hard, you’ll get ahead” still holds. Only 42% of respondents aged 18–34 think capitalism is working very or somewhat well, relative to 56% of those 65 or older.

Americans are losing confidence in two main pillars of society: capitalism and democracy. Just under half of Americans say capitalism is working very well or even somewhat well, down from 60% who said so about a decade ago, according to a new Wall Street Journal-NORC survey. Only 35% are even fairly sure that the nation offers people the ability to get good jobs and achieve the American dream. Confidence in the nation’s system of government is even lower. Only 12% say democracy is working very well or extremely well, and a mere 16% say average citizens have considerable influence on politics. Two-thirds of Republicans said they were very proud of American history, three times the share of Democrats who said so. And Republicans in the survey stood apart in their belief in American exceptionalism, the long-held idea that the U.S. is unique or superior among nations. Nearly half of Republicans said that America stands above all other countries in the world, compared with only 8% of Democrats and 13% of independents.

Takeaways by Macro Roundup^® AI

Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey.
Only 12% of Americans say democracy is working very or extremely well, 16% say average citizens have considerable influence on politics, and 35% are fairly sure the nation offers good jobs and the American dream.
Two-thirds of Republicans said they were very proud of American history, three times the Democratic share, and nearly half said America stands above all other countries, compared with 8% of Democrats and 13% of independents.

New York City’s elevated infrastructure costs relative to peers such as Paris are due to “stationary bandits” extracting wealth from the “tradable private sector.” Matt Yglesias argues for breaking NYC’s public sector unions.

Do licensing and shed rules inflate a city's construction costs?

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How are estimates of voter behavior constructed?

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Before the election, 96 GW of data center capacity was expected to come online in 2028. Based on the positions of incoming governors, Cembalest estimates 37.5 GW may be subject to a “pause” and another 15 GW to “conditions,” together more than half of the total.

Are local ballot measures putting planned data center capacity at risk?

Takeaways by Macro Roundup® AI

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Do most Americans identify as working class across income and education levels?

Takeaways by Macro Roundup® AI

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Davoine, et al. show that angry policy-related tweets among voters rose from 34% to 46% over 2013–2025. Angry posts got ~60% more retweets, and experiments that induced anger showed it can move views on trade, immigration, redistribution and climate.

Is anger rising among partisans on social media?

Takeaways by Macro Roundup® AI

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Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000 or less, but responders to a DSA survey were ~ twice as likely to fall into that category.

Do highly educated, lower-income voters identify as very liberal?

Takeaways by Macro Roundup® AI

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A new WSJ poll finds only 35% of Americans think the assertion that “if you work hard, you’ll get ahead” still holds. Only 42% of respondents aged 18–34 think capitalism is working very or somewhat well, relative to 56% of those 65 or older.

Has American confidence in capitalism and democracy declined?

Takeaways by Macro Roundup® AI

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