Both Boomers and GenX’ ers bought their homes for around 4.5 times their annual incomes. When Millennials entered the US workforce, they could buy houses for circa 5.5 times annual income. In the COVID emergency, the US Federal Reserve generously printed $6 trillion through QE policies, and since then house prices have jumped to some 7.5 times annu... See more

A team of researchers at Stanford University, led by an economist named Raj Chetty, used newly accessible data from the Internal Revenue Service to write a series of papers that addressed questions of opportunity in American life. One, titled “The Fading American Dream,” asked a simple question: How likely is it that an American child will be bette

... See more

American society is driven by hyperindividualism: we are all free and independent individuals who can choose to do pretty much what we want.This clearly isn’t true, since people obviously aren’t free: they’re controlled by socioeconomic circumstances. I think most people feel like it’s impossible for them succeed in today’s world (“I will never be ... See more