“Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
“…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
“…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
“…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
“Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
“Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
“…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
“…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
“Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times

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How Trump Taxed the Rich

James Freeman Wall Street Journal

Date Posted:: February 9, 2021
Is Database:: Database

The Tax Cuts and Jobs Act (TCJA) saw the top 1%’s contribution to federal individual income taxes rise to 40.1% in 2018, up 1.6pp from 2017.

Following the implementation of the Tax Cuts and Jobs Act (TCJA) in December 2017, the share of reported income earned by the top 1% of taxpayers decreased slightly from 21% in 2017 to 20.9% in 2018. Despite this marginal decline in income share, the top 1%'s contribution to federal individual income taxes increased by 1.6 percentage points, reaching 40.1% in 2018. This marked a significant rise from 33.2% in 2001, indicating a growing tax burden on the wealthiest taxpayers over the years. The data suggests that while the TCJA may have slightly reduced the income concentration among the top earners, it simultaneously increased their relative tax contributions, reflecting a shift in the tax landscape post-TCJA.

"...Erica York at the Tax Foundation? This week she reports...The new data shows how taxes changed in the first tax year after passage of the Tax Cuts and Jobs Act (TCJA) in December 2017..... The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent....Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018....."

James Freeman, "How Trump Taxed the Rich,"Wall Street Journal, February 5, 2021, https://www.wsj.com/articles/how-trump-taxed-the-rich-11612556008

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

Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.
Blue-collar workers identify as working class at the highest rate (77%), yet a majority of workers in other occupations (61%) claim the same identity, indicating occupational type is a weak predictor of class self-perception.
White adults identify as working class at a higher rate (62%) than Black (54%) or Asian adults (52%), with Hispanic adults (59%) closely tracking the White share.

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.

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].

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

Capitalism approval fell 10 pts to 50% over the past decade, driving erosion in confidence across core American institutions.
Only 35% believe the U.S. offers pathways to good jobs and economic mobility, down from prior confidence levels, leading to.
Republicans express 3x greater pride in American history than Democrats (67% vs. 22%), with 48% of Republicans believing America surpasses.

America Used To Be Exceptionally Patriotic. Now We're Below Average

Eli McKown-Dawson and Nate Silver Silver Bulletin

Date Posted:: July 8, 2026
Is Database:: Database

Gallup finds only 17% of Democrats are “extremely proud” to be an American, versus 30% of independents and 74% of Republicans – notable declines from 2005–2009, when 58% of Democrats/independents and 79% of Republicans were “extremely proud” to be an American.

During George W. Bush’s second term, an average of 58% of Democrats were extremely proud to be American according to Gallup, as was an identical share of independents — though Republicans were higher. The rough parity between Democrats and independents lasted through Barack Obama’s second term, but the share of extremely proud Democrats fell to an average of 30% during Trump’s first term and was just 14% in the most recent Gallup poll. Although Republicans are generally more patriotic, their opinions can shift based on who occupies 1600 Pennsylvania Avenue too. The share of Republicans extremely proud to be American fell from 79% on average during Bush’s second term to 60% during Biden’s term. What happened after Trump retook office? It jumped right back up to 74%.

Takeaways by Macro Roundup^® AI

Democratic extreme pride fell 75% from 58% (2004–2008) to 14%, driving a 44-pt partisan gap vs. Republicans’ 74%, the widest.
Republican extreme pride dropped 24 pts from 79% under Bush to 60% under Biden, then rebounded 14 pts to 74%.
Independents’ extreme pride collapsed from 58% parity with Democrats in 2008 to unmeasured levels, indicating depolarization of patriotic expression across.

Texas Is Becoming America Inc’s Centre Of Gravity

Economist Staff The Economist

Date Posted:: June 2, 2026
Is Database:: Database

According to CBRE, at least 184 American firms, including Tesla and Caterpillar, moved their headquarters to Austin, Dallas or Houston btw 2020 and 2025. During that period, Texas drove ~20% of all net job creation in the US.

On May 27th the shareholders of ExxonMobil approved a plan to cut its ties with New Jersey and reincorporate in Texas, where it has long had its headquarters. The oil giant is not alone. Texas is steadily establishing itself as America Inc’s new centre of gravity. No state receives more business investment or is adding more people to its population. From 2020 to 2025 it created roughly a fifth of all net new jobs in the country. It is only a matter of time before Texas overtakes California as the largest economy in America. Texas’s success should worry those in New York and California monitoring their tax take. At the same time it has spawned a raft of imitators. Legislators in North Carolina have passed a plan to get rid of its corporate-income tax by 2030. Tennessee has copied Texas’s strategy of offering firms shovel-ready mega-sites. Nevada is trying to launch its own business court.

Takeaways by Macro Roundup^® AI

Texas created ~20% of all net new U.S. jobs from 2020–2025, driving its emergence as the nation’s primary business investment.
ExxonMobil’s reincorporation in Texas signals a broader corporate migration that leads to revenue losses for high-tax states like California and.
Texas’s economic dominance positions it to surpass California’s GDP, prompting competitive tax and regulatory reforms across North Carolina, Tennessee, and.

The Tax Cuts and Jobs Act (TCJA) saw the top 1%’s contribution to federal individual income taxes rise to 40.1% in 2018, up 1.6pp from 2017.

Does working class identity reflect actual economic status or cultural values?

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.

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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.

Related Articles:

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.

Is capitalism losing support among Americans?

Takeaways by Macro Roundup® AI

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Gallup finds only 17% of Democrats are “extremely proud” to be an American, versus 30% of independents and 74% of Republicans – notable declines from 2005–2009, when 58% of Democrats/independents and 79% of Republicans were “extremely proud” to be an American.

Is American patriotism becoming a partisan identity rather than national sentiment?

Takeaways by Macro Roundup® AI

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According to CBRE, at least 184 American firms, including Tesla and Caterpillar, moved their headquarters to Austin, Dallas or Houston btw 2020 and 2025. During that period, Texas drove ~20% of all net job creation in the US.

Is Texas replacing California as America's economic powerhouse?

Takeaways by Macro Roundup® AI

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Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI

Takeaways by Macro Roundup^® AI

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