Macro

“I think it’s going to destroy way more jobs than the average person thinks,” James Reinhart, CEO of the online resale site ThredUp, said at an investor conference in June.

To put it in a global context: I was a foreign correspondent for years, and today, believe it or not, China has greater social mobility than the United States. A communist country with a socialist economy now provides more upward movement than the supposed land of opportunity.

The fact is: Today, the 400 richest Americans have an effective tax rate half of what it was 50 years ago. For people in the middle, their rate has stayed the same or gone up.

Americans looked at the Russian Revolution and said: This is what happens if a society fails to heed the distress at the bottom.

Let’s be blunt: We just passed a reconciliation bill that will take 17 million people off their health insurance and create major tax benefits for people at the top. That’s not just my view—that’s according to impartial analysis from Congress and others.

The share of jobs posted on Indeed in software programming has declined by more than 50 percent since 2022.