Tag Archives: jobs

How America can fix the racial wealth gap

One of the most persistent but unaddressed problems in the United States is our massive racial wealth gap. Wealth provides an important cushion from the threat of unemployment, medical emergency or other unforeseen events. Wealth can also help pay for college, the start of a new business or the purchase of a first home. However, most Americans struggle with debt. A recent Federal Reserve Report finds that of Americans who had savings before 2008, 57 percent reported using up some or all of their savings in the aftermath of the recession. However, wealth and debt are not distributed equally (see chart).

The racial wealth gap is caused by the fact that wealth is passed from generation. As Gregory Clark notes in his recent book, “The Son Also Rises, the residual effects of wealth remain for 10-to-15 generations. Given that most Americans are only four generations removed from slavery and one generation away from segregated neighborhoods, restrictive covenants and all white colleges, the only truly surprising fact is that the racial wealth gap is not larger. America is also uniquely susceptible to persistent wealth gaps because of our low inheritance, estate and capital gains taxes and the fact that what minimal taxes exist our fraught with loopholes. In 2010, the richest 400 households took home 16 percent of all capital gains (a sweet $300 million each), but paid the same tax rate as a worker making $80,000. At the same time, a loophole in the tax code has allowed the wealthiest to avoid $100 billion  in estate and gift taxes since 2000. On the other side, our public school system is profoundly discriminatoryour neighborhoods deeply segregated and access to credit is racially discriminatory. As Thomas Piketty recently demonstrated, “In terms of total amounts involved, inheritance has thus nearly regained the importance it had for nineteenth century cohorts” (see chart).

The biggest myth of the racial wealth gap that must be demolished is that education or rising incomes can eradicate it. As Matt Bruenig has persuasively shown, this argument is laughably absurd.  College educated Blacks have less wealth than white college drop-outs (see chart).

Bruenig also shows that high income Blacks and Hispanics also have less wealth than whites (see chart).

Between 2007 and 2010, all racial groups lost large amounts of wealth. However, the wealth reduction fell disproportionately on Hispanics and blacks, who saw a 44 percent and 31 percent reduction in wealth (compared to an 11 percent drop for whites). This was due to blacks and Latinos disproportionately receiving subprime loans, both because of outright lending discrimination and housing segregation.A recent research brief by the Institution on Assets and Social Policy finds that the wealth gap between white families and African Americans has tripled between 1984 and 2009. They find five main factors responsible for driving the gap, which together explain 66 percent of the growth in inequality. The factors, in order of importance, are number of years of homeownership, household income, unemployment, college education and financial support or inheritance.

The most frustrating problem with the racial wealth gap is that it is not abating. While half of whites say that “a lot” of progress has been made towards Martin Luther King Jr.’s dream,  the data show that the racial wealth gap has only increasing since 1983 (see chart).

What is to be done?

There are several important public policy changes that can alleviate the racial wealth gap. The first is to prevent the further accumulation of debt. While debt is often seen as a problem attributable to individuals, the academic literature is clear that broader economic forces are at largely responsible for the run-up of debt. Credit card debt is particularly harmful for people of color who often face discriminatory lending practices. A recent study of credit card debt finds that people of color pay a far higher IPR on average than white borrowers. The CARD act has already been a boon to consumers, but underlying drivers of debt, such as rising inequalityretirement insecurity and lack of health insurance must also be addressed.

Higher education debt must also be addressed. Research from Demos finds that if “current borrowing patterns continue, student debt levels will reach $2 trillion sometime around 2022.” However, student debt is not distributed equally, but rather falling primarily on students of color and low-income students. That’s because in our age of austerity, governments are spending less money on higher education, shifting the burden of paying for college onto students. Federal and state governments need to step up and fund an investment in the next generation.

On the other side, however, we must also foster wealth-building initiatives. Historically, homeownership has been a pathway to the middle class, but deep residential segregation means that Blacks and Hispanics often own homes that are far less valuable than white homes (see Table 3). Further, in the wake of the crisis many banks are buying up foreclosed houses and renting them out. That means income for people of color is no longer becoming wealth for people of color, but rather wealth for rich bankers.  One solution would be a first-time homeowners tax credit that is weighted to benefit low and moderate income households, rather than the mortgage interest deduction, which favors the wealthy. FICO credit scores should replaced with more reliable credit measurements.  But the ideal way to reduce wealth inequality, not only between people of color and whites, but also between the richest .1 percent and the rest of us, is a baby bond.

A baby bond is an endowment given to Americans at birth and maintained by the federal government until they are 18. The bond functions in a similar way to Social Security and can be sued to pay for college, buy a house or start a business. Hillary Clinton, in fact,briefly floated the possibility of a baby bond during her 2008 campaign, although the modest $5,000 sum she proposed is certainly smaller than ideal. Britain brieflyexperimented with a baby bond proposal, although it later became the victim of Tory Austerity.  Dr. Darrick Hamilton and William Darity Jr., leading proponents of  a baby bond, propose a progressive bond that caps at $50,000 for the lowest wealth quartile bond could close the racial wealth gap in three generations.  Their proposal would be given to three-quarters of Americans (based on wealth eligibility). They estimate that such a program would cost $60 billion a year, about one-tenth of the 2014 defense budget.

The baby bond need not increase the deficit. A recent CBO report finds that right now, tax credits primarily benefit the wealthiest, at a cost of nearly $1 trillion a year. This money could easily fund an extensive baby bond program that would, over time, eliminate the racial wealth gap. Another option would be to restore progressivity to our tax system. Because the baby bond program would not be explicitly targeted at people of color but rather would benefit most Americans, it could easily win broad support (much as Social Security is currently untouchable). Any presidential candidate should make the baby bond a central plank of their 2016 if they want to seriously address the problem of wealth inequality. Without such a proposal, wealth, and therefore political power will become increasingly concentrated in the hands of a small elite. It may already be too late.

This piece originally appeared on Salon

Why is Cuomo Leaving Wall Street Cash on the Table?

Co-Written with Lenore Palladino.

Governor Andrew Cuomo has claimed that he’s “a progressive Democrat who’s broke.” But in his most recent executive budget, he proposes ending a little-known tax that could make all the difference. For the last century, New York State has had a stock-transfer tax, which taxes nearly every stock trade. Since 1981, it’s been instantly rebated—no money is actually collected—leaving potential revenue on the table even as financial profits skyrocket. Cuomo suggests ending the tax, citing “unnecessary administrative work.” But New York’s stock-transfer tax can be easily re-implemented, instead putting that administrative work to good use.

Cuomo should work to end or reduce the tax rebate, rather than take the tax off the books. New York isn’t broke so much as unequal: one in every twenty-two people in New York City is a millionaire, while 56,987 New Yorkers live in homeless shelters. A tax like this could raise hundreds of millions of dollars.

The financial sector grew as a share of the economy by 175 percent from 1947 to 2013. This rapid growth has led many to observe that the financial sector increasingly relies on rent-seeking: making money from moving money around only to make more money. Financiers no longer need bother with productive investments.

Wall Street is flush with cash, but the state’s coffers continue to struggle. Public employment in New York dropped by 4.2 percent between December 2007 and June 2014. A modest 0.02 percent tax on stock transactions would raise hundreds of millions of dollars annually. New York City faces incredible risks from climate change. A recent report estimates that, without adaptation, the annual costs of climate change will be between $3.8 billion and $7.5 billion per year at mid-century. The stock-transfer tax could provide, on its own, a major head start toward protecting New York City from devastation.

Opponents of a tax on stock transactions claim that it would reduce trading and jobs and harm the economy, and it would certainly slow down short-term, highly speculative trading to some extent. The real question is: What are the costs that New Yorkers face right now from runaway speculation and insufficient public investment? Our research finds that New York would gain more from the revenue raised, which could be funneled toward job creation, even though falling trade may cause some job loss in the financial sector. Of course, some of those astronomical profits that Wall Street banks keep reporting could be put toward the tax as well.

Finance has increased inequality, pulled money out of the job-creating economy and largely sustained itself on grift. To reduce these negative effects, we should tax financial transactions as well. In the wake of the recent financial crisis, a tax could be a way to reduce systemic risk. Although the New York stock-transfer tax would cover only stock trades, it could provide a model for a more comprehensive national tax on a broader range of financial transactions, like derivatives.

Such a tax isn’t unprecedented. After all, New York had one in place from 1905 to 1981. From 1914 to 1966, the United States levied a modest tax on sales and transfers of stock. House Speaker Jim Wright pushed for a renewed federal tax in 1987, proposing a fee of 0.25 to 0.50 percent on the buyer and seller in each securities transaction, highlighting the tax’s progressive aspects. More recently, Senator Tom Harkin and Representative Peter DeFazio proposed the Wall Street Trading and Speculators Tax Act, which would assess a tax of 0.03 percent on trades of stocks, bonds, futures, options, swaps and credit-default swaps and would generate some $350 billion over nine years. Representative Keith Ellison proposed the Inclusive Prosperity Act, which would entail a 0.5 percent tax on stocks, a 0.1 percent tax on bond trades and 0.005 percent tax on derivatives; that bill was projected to raise similar amounts.

On May 6, 2014, ten European nations issued a joint statement that a financial tax would commence in 2016 as a means to reduce speculation and raise revenue. The initial tax will focus on the trading of stocks and some derivatives. The European Commission estimates that a broad tax could raise 31 billion euros ($39 billion) in annual revenue.

In New York, revenue is desperately needed. Governor Cuomo should support Assemblyman Phil Steck’s bill, which would begin collection for 40 percent of the tax and was supported by economist Jeffrey Sachs. Sachs has said that the “financial transactions tax is a solid idea that has been resisted by Wall Street for years.” Instead of repealing the tax, New York should restart collection and use the revenues to stimulate equitable economic growth.

This article originally appeared in the print version of The Nation and online.

There is no American dream for black children

Recent events in Ferguson, Missouri, have once again made the nation consider the durability of racial injustice as a defining factor of the American experience. Black children go to increasingly segregated schools, experience significantly less mobility than whites and are far more likely to be incarcerated for nonviolent crimes. The American dream has always been defined by upward mobility, but for black Americans, it’s harder to get into the middle class, and a middle-class lifestyle is more precarious.

There are numerous factors that help explain why blacks have lower levels of upward mobility, but a surprisingly unpersuasive one is family structure. Conservatives like to tout the research of Raj Chetty and others who find that, “The fraction of children living in single-parent households is the single strongest correlate of upward income mobility among all the variables we explored.” But this observation comes with a caveat — children in two-parent households fare worse in areas with large numbers of single parents. There is reason to believe the causation is reversed. Rather than single-parent households causing low upward mobility, low upward mobility and rampant poverty lead to single-parenthood.

Two researchers from the National Bureau of Economic Research — Melissa Schettini Kearney and Phillip B. Levine — find that single motherhood is largely driven by poverty and inequality, not the other way around. They write,

The combination of being poor and living in a more unequal (and less mobile) location, like the United States, leads young women to choose early, non-marital childbearing at elevated rates, potentially because of their lower expectations of future economic success.

A report by the British Rowntree Foundation had a similar finding: “Young people born into families in the higher socio-economic classes spend a long time in education and career training, putting off marriage and childbearing until they are established as successful adults.” Women in the slow track, in contrast, face “a disjointed pattern of unemployment, low-paid work and training schemes, rather than an ordered, upward career trajectory.” This is largely due to “truncated education.”

Most recently, Bhashkar Mazumder finds that, among those between the late 1950s and early 1980s, 50 percent of black children born into the bottom 20 percent of the income scale remained in the same position, while only 26 percent of white children born into the bottom 20 percent of the income scale remained in the same position. His research finds that the role of two-parent families for mobility is less important than conservatives assert. While living in a two-parent households increases upward mobility for blacks, it has no effect on upward mobility for white children, nor does it affect downward mobility for either race.  If marriage has a significant effect, it is not marriage per se, but rather income and parenting effects that are at work; married people by default have more incomes and more time to spend with children. The solution, then, is paid leave, universal pre-K and government-provided daycare, not wealthy conservatives clutching their pearls and chastising young people for not getting hitched.

So, marriage fails to explain black-white gaps in mobility. What, then, is responsible for the lack of upward mobility among blacks?

1. Housing segregation

Racial segregation explains how it’s so easy for the black middle class to slip back into poverty. As sociologist John R. Logan writes, “The most recent census data show that on average, black and Hispanic households live in neighborhoods with more than one and a half times the poverty rate of neighborhoods where the average non-Hispanic white lives.” This has profound implications for upward mobility.

A 2009 study by Patrick Sharkey finds that, “Neighborhood poverty alone accounts for a greater portion of the black-white downward mobility gap than the effects of parental education, occupation, labor force participation, and a range of other family characteristics combined.” Sharkley finds that if black and white children grew up in similar environments, the downward mobility gap would shrink by 25-to-33 percent. As the chart below shows, black children are far more likely to grow up in high poverty disadvantaged neighborhoods, which makes upward mobility difficult. (Source)

2. War on drugs and mass incarceration

The war on drugs disproportionately targets people of color: One in 12 working-age African-American men are incarcerated. While whites and blacks use and sell drugs at similar rates, African-Americans comprise 74 percent of those imprisoned for drug possession. The U.S. prison population grew by 700 percent between 1970 and 2005, while the general population grew only 44 percent. The effects of incarceration on upward mobility are profound.

Bruce Western finds that, “by age 48, the typical former inmate will have earned $179,000 less than if he had never been incarcerated.” This impact, however, is more profound for blacks. Western finds that incarceration reduces lifetime earnings for whites by 2 percent, but Hispanics and blacks by 6 percent and 9 percent, respectively. All of this means that men who are incarcerated will live a life at the bottom. For men who begin life in the lowest income quintile, only 2 percent of those who are incarcerated will make it into the top fifth, while 15 percent of those who are not incarcerated will.

3. Segregated employment opportunities

In “When Work Disappears,” Harvard sociologist William Julius Wilson points to the importance of occupational segregation — the fact that African-Americans who are often concentrated in poor urban areas struggle to get jobs in the suburbs or places with a long commute. Only 2.9 percent of white workers rely on public transportation, compared to 8.3 percent of Latino workers and 11.5 percent percent of black workers.

An excellent example of occupational segregation is in Silicon Valley, where data released after pressure from advocacy groups like Color of Change suggests that at Facebook, Twitter, LinkedIn, Yahoo, Google and eBay, only 3 to 4 percent of workers are black or Hispanic. However, a study by Working Partnerships USA finds that, “While Blacks and Latinos make up only 3 to 4 percent of the disclosed companies’  core tech workforce, they are 41 percent of all private security guards in Silicon Valley, 72 percent of all janitorial and building cleaning workers, and 76 percent of all grounds maintenance workers.” (Source)

Much of the problem is social networks. Recent research by Nancy DiTomaso finds that favoritism perpetuates inequality, even in the absence of racial bias. She finds that most employees relied on social networks to obtain a majority of the jobs they held in their lifetime. Because social networks tend to be segregated, this fosters occupational segregation. Miles Corak shows that many children get their first job through their parents, further solidifying the effect of social networks on occupational segregation.

Marianne Bertrand finds that changing the names on résumés to those that are traditionally white or black affects call-backs for jobs. White-sounding names were 50 percent more likely to get called for an initial interview. She also finds that whites with better résumés were 30 percent more likely to get a call-back than whites with worse résumés, but for blacks, more experience only increased call-backs by 9 percent. Another barrier to employment can be social networks.

4. Wealth gaps

Wealth is an important part of a middle-class lifestyle. When a family or individual is struck with illness or the loss of a job, wealth provides support. When a child attends college or is trying to get on his or her feet, a family with wealth can help pay the bills. The large wealth gaps between black families and white families, then, helps explain why black families have such high levels of downward mobility. The recently released Survey of Consumer Finances allows us an opportunity to examine wealth gaps. Matt Bruenig finds that, “The median white family has a net worth of $134,000. The median Hispanic family has a net worth of $14,000. The median black family has a net worth of $11,000.”

Between 2007 and 2010, all racial groups lost large amounts of wealth. However, the effects fell disproportionately on Hispanics and blacks, who saw a 44 percent and 31 percent reduction in wealth, compared to an 11 percent drop for whites. This was due to blacks and Latinos disproportionately receiving subprime loans, both because of outright lending discrimination and housing segregation. A recent research brief by the Institution on Assets and Social Policy finds that the wealth gap between white families and African-Americans has tripled between 1984 and 2009. They find five main factors responsible for driving the gap, which together explain 66 percent of the growth in inequality. The factors, in order of importance, are number of years of homeownership, household income, unemployment, college education and financial support or inheritance

5. Two-tiered education system

The U.S. increasingly has a two-tiered education system, with students of color trapped in underfunded schools. (Source)  A recent study finds that, “schools with 90 percent or more students of color spend a full $733 less per student per year than schools with 90 percent or more white students.”

Schools today are becoming more segregated, rather than less segregated. The average white student attends a school that is 72.5 percent white and 8.3 percent black, while the average black student attends a school that is only 27.6 percent white, but is 48.8 percent black. These schools are underfunded and understaffed. In 2001, the American Civil Liberties Union filed a lawsuit after 18 public schools had “literature classes without books,” computer classes where students discuss what they would do if they had computers, “classes without regular teachers” and classes without enough seats where students stood in the back.

Mazumder finds that student scores on the Armed Forces Qualification Test (a comprehensive test taken toward the last few years of high school) can help explain differences in upward mobility between blacks and whites. He also finds that completing 16 years of education is a crucial factor in upward mobility. The fact that AFQT scores help predict upward mobility is often used by those who argue that racial differences in intelligence largely explain differences in upward mobility. However, since the AFQT is taken in high school, a better explanation is that differences in AFQT scores represent the combined impacts of poverty, bad schools, wealth gaps, substandard healthcare and segregated employment opportunities working together to reduce long-term mobility.

The idea that there are biological factors reducing upward mobility for African-Americans is both odious and entirely false. As Nathaniel Hendren told me when discussing his research,

We can absolutely reject that theory. In order to believe that theory, you have to believe that the spacial differences across the U.S. are differences in some kind of transmission of genes. Suppose you move from one area to another and you have a kid. Does your kid pick up the mobility characteristics of the place you go to? Now obviously, your genes don’t change when you move. What we find is that kids start to pick up the mobility characteristics of the place they move to, and they do so in the proportion to the amount of time they end up spending in that place. The majority of the differences across places are casual. If people lived in different places, they would have different outcomes.

This all leads to the saddest conclusion — were it not for poorly conceived policies, we could have more upward mobility in the U.S. While conservatives like to point at cultural factors and throw up their hands, a far more productive solution is to redress our massive public policy problems — like the war on drugs and dropout mill schools — that are proven to reduce upward mobility.

The conservative mind-set is ahistorical — we are told to throw away the legacy of slavery and segregation and expect blacks to pull themselves up by their own bootstraps, ignoring the structural dynamics keeping them down. Research by Graziella Bertocchi and Arcangelo Dimico finds that counties with higher concentrations of slave ownership in 1870 had higher levels of poverty and racial inequality in 2000. Matthew Blackwell finds that Southerners who live in counties with higher levels of slave ownership in 1860 express more racial resentment and are more likely to oppose affirmative action. As Marx noted, “Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like a nightmare on the brains of the living.”

 

 

This article originally appeared on Salon.

Careers and jobs

James Surowiecki is very worried. He is worried that a large group of Americans are overworked and overtired. They are often called in at odd hours, which makes it harder for them to get a good night’s sleep and perform at high cognitive levels. These Americans are… Wall Street bankers. Surowiecki writes, “For decades, junior bankers and Wall Street firms had an unspoken pact: in exchange for reasonably high-paying jobs and a shot at obscene wealth, young analysts agreed to work fifteen hours a day, and forgo anything resembling a normal life.” Here’s David Brooks citing a similar, albeit broader, phenomenon in 2006,

Today’s super-wealthy no longer go off on four-month grand tours of Europe, play gin-soaked Gatsbyesque croquet tournaments or spend hours doing needlepoint while thinking in full paragraphs like the heroines of Jane Austen novels. Instead, their lives are marked by sleep deprivation and conference calls, and their idea of leisure is jetting off to Aspen to hear Zbigniew Brzezinski lead panels titled ”Beyond Unipolarity.” Meanwhile, down the income ladder, the percentage of middle-age men who have dropped out of the labor force has doubled over the past 40 years, to over 12 percent.

We’ll talk about labor force participation later, but let’s start with the assertion that the richest Americans are overworked. The first problem with this analysis is a distinction madepotently by Chris Rock [language] between a “job” and a “career.” He cites the difference his time at at Red Lobster, constantly scraping food into the garbage with his stand-up comedy and concludes, “There ain’t enough time when you got a career, when you’ve got a job, there’s too much time.”  Investment bankers, wealthy businessmen and thought leaders aren’t spending their long-weeks waiting tables and picking up trash, they’re doing intellectually fulfilling work, and being highly compensated for it. For instance, I’m sure most of us would you rather excited to jet off to Aspen to hear a lecture on “Beyond Unipolarity,” and would enjoy it far more than waiting tables for 8 hours in an uncomfortable uniform.

If Brooks and Suroweicki stepped out of their bubble, they would find many people working two jobs while raising children, or two jobs while attending college or one job with insane and inflexible hours with little way out. Some of them are lucky enough to work a job they like, others struggle through hours upon hours of drudgery for little or no pay and have virtually no control over the hours they work. Their privacy is routinely invaded, their time is not their own and their wages are stagnant. Research shows that this takes a significant toll on physical and emotional well-being (see page 75).

But even were we to pretend this distinction did not exist, there are still reasons to doubt the “hard-working rich” vs. “lazy poor” narrative. For one, the data don’t show it. Contra Brooks, a 2005 study by the Dallas Federal Reserve Bank finds that,

[labor force] participation rates are pro-cyclical—positively correlated with economic output—and that the strongest correlation for males and females is between GDP today and participation two and three quarters from today. This supports the contention above that labor force participation decisions respond to changes in economic output with a slight lag.

The decline in labor force participation is not due to the working class being lazy, but is rather, connected to economic growth. Worse, Brooks isn’t only wrong, he’s diametrically wrong. The report finds that the decline in labor force participation between 1994 and 2004 was actually more pronounced among those more with higher educational attainment:

In fact, labor force participation rates have risen among individuals ages 25 to 64 who lack a high school diploma—from 58.3 percent in 1994 to 63.2 percent in 2004. All other education groups have experienced declines, and the higher the education level, the greater the decline.

That is, the low level of labor force participation of the working class is more often due to the fact that they can’t find jobs than their unwillingness to work.

Before the Great Recession created a vast army of unemployed workers, working class Americans were taking on more hours (see blue bar) while making less in hourly wages (see black line).

Source: Larry Mishel, “Vast Majority of Wage Earners Are Working Harder, And for Not Much More,” January 2013

Among the one percent, wage growth was even more obscene, 156.2% between 1979 and 2007.  Although the change has been for the rich to work fewer hours, they were working more hours in 1970, so the working class and middle class have been playing catch-up. They’ve taken more hours, but have lttle to show for it in terms of higher wages. It’s hard to square this data with the idea that the rich are working more and more and the poor are working less. In reality, the gap between hours worked by the rich and poor is closing (see line, right axis).

Source: Larry Mishel, “Vast Majority of Wage Earners Are Working Harder, And for Not Much More,” January 2013

The rich are working slightly more hours, but the real story is the dramatic increase in the hours by the poor and middle-class that are not corresponding with higher wages. And these hours are not of the same quality; they are more satisfying and less stressful.

So why this hard-working narrative? In the old days of a class, obscene inequality of wealth needn’t be justified. The rich were rich because they are born that way. Now that we live in a “meritocracy,” the rich often justify their wealth by citing their virtues and contrast it with the feckless poor. It helps them feel that the distribution of wealth is “just.” The other explanation is simply that Brooks and Surowiecki don’t know the working poor. They are wealthy guys with wealthy friends, and they see how “hard” their friends work and write about it. I’ve noted before how increasing inequality separates the experiences of the rich and poor. I’m lucky enough to know lots of poor and working class people as well as many wealthy people, which I suppose puts me in a unique place to call out this sort of bunk. It might make sense for The New Yorker or The New York Times to hire a few people who actually know what poverty looks like. Until then, we’re stuck with these “wealth-porn” narratives.

In conclusion, it seems hard, especially after The Wolf of Wall Street, to feel much sympathy for over-worked Wall Street bankers. They may well work insane hours, but they pay-off in terms of leisure, economic security, fulfillment and control of their work hours seems more than compensatory. They are the primary beneficiaries of the inequality that has robbed the middle class of $19,000 between 1970 and 2007. Wolf may be an exaggeration, but acquaintances who work in the field assure me that the apartments are lavish and the parties rancorous. The people who need attention, and help, are the millions of silent, working poor struggling to put food on the table. But you’re unlikely to find their story in a Brooks column.

Thanks to Mark Price for tweeting the Mishel brief.