Tag Archives: political economy

Some Prosperity Data

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Courtesy of the Census Bureau, via Just the News and The Wall Street Journal. These data concern the last year.

  • median household income rose to more than $68,700 just over the last year, a 6.8% year-on-year rise
  • black median household income rose to $66,500—up 7.9%
  • Hispanic median household income rose to $56,100—up 7.1%
  • women median income rose to $47,300—up 3%
  • poverty rate fell to 10.5%
  • child poverty rate fell to 14.1%

These are all highs (or lows) over the last several decades, and the sizes of the changes are historically large, also.

Over the last three-ish years, median household income has increased by 9%. That’s associated with a decrease in income inequality, including a small decrease in the share of income held by the top 20% over the same period paired with a bottom quintile increase of 2.4%.

Notice how all of this coincides with the pre-Wuhan Virus situation unemployment rates—at historic lows for our general population and for blacks and Hispanics in particular—along with rising labor force participation rate, which remains low, but it’s climbing from the historic lows achieved during the prior administration’s eight years.

One major factor little commented on in the NLMSM is the effect on prosperity and income inequality of folks in the bottom quintile actually having a job and an income—especially minority folks.

Which administration is it, again, that’s been in charge?

Insufficient

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Recall that Oracle and ByteDance have a proposal on the table for Oracle to take a minority partnership position in ByteDance’s TikTok.  In response to objections to that, some

Trump administration officials are looking to give American investors a majority share of the company that will take over the Chinese-owned video-sharing app TikTok[.]

Senators Marco Rubio (R, FL), Rick Scott (R, FL), Thom Tillis (R, NC), Roger Wicker (R, MI), Dan Sullivan (R, AK), and John Cornyn (R, TX), object to that, too.

Any deal between an American company and ByteDance must ensure that TikTok’s US operations, data, and algorithms are entirely outside the control of ByteDance or any Chinese-state directed actors, including any entity that can be compelled by Chinese law to turn over or access US consumer data.

The Senators are absolutely correct. Any fraction of ownership by a People’s Republic of China company that’s greater than zero is too much; giving, as it would, the PRC’s intelligence community access to all the data TikTok scoops up from the individuals and businesses that use it.

A TikTok Partnership

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Oracle Corp has become the frontrunner in the race to do a deal with the People’s Republic of China company ByteDance, which owns TikTok, for an acquisition of that app. That status seems solidified by ByteDance having submitted a proposal to the US government that lays out the terms of a deal in which Oracle would become the junior partner in a TikTok-Oracle(-ByteDance?)…alliance.

Recall that President Donald Trump has required that ByteDance divest itself of TikTok as a condition of TikTok’s being allowed to continue operating in the United States. Trump’s objection to TikTok is centered on the app’s scooping up of a vast range of personal and personally identifying data and the subsequent transmittal of those data to back to ByteDance inside the PRC.

Recall further that three years ago the PRC passed a law requiring every single company based or operating inside the PRC to cooperate with every single request for information that the PRC’s intelligence community might have.  That would include the personal and personally identifying data that TikTok vacuums up on each of its users, including the 100 million American users.

Critical aspects of this proposed “partnership” include these two:

  • the ByteDance proposal will involve expanding TikTok’s US offices to become the global headquarters
  • hav[e] Oracle certify the security of the app’s data….

The first is an insult to our intelligence, intended as it is solely to distract from the security problem.

The second is insufficient to the point of irrelevancy. Under the PRC law, to repeat, every PRC domiciled or headquartered company must comply with every information request from the PRC’s intelligence community. It matters not a whit how “secure” TikTok’s data might be; so long as a PRC company owns even a smidge of TikTok, that company will be bound by law to submit any and all TikTok data—those personal and personally identifiable data, for instance—to the PRC’s intelligence agency when asked, and TikTok will be bound to submit those data to that company for passing along.

And that should be a deal breaker.

The Evil 1%

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…those so hated by the Left, at least publicly, are heavily funding the Progressive-Democratic Party Presidential candidate Joe Biden’s campaign. And those Evil 1% are paying more into the Biden campaign than they are into the Trump campaign.

Biden has raised slightly more money ($187.3 million) than Trump ($183.9 million) among big donors.

That also compares to the amount small donors, those contributing less than $200 each, have contributed to the Biden campaign: $139 million. In sum, big donors have contributed over 57% of the funds donated for Biden.

Meanwhile, stinking rich President Donald Trump’s reelection campaign is being funded largely by small, grassroots donors; they’ve contributed $229.5 million to Trump’s campaign—over 55% of the donations for Trump.

Oh, the irony. The party that pretends to hate the 1% is beholden to the 1%.

Couple Critical Errors

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…in an otherwise well-intended and worthy effort. California Governor Gavin Newsom (D) wants to make it possible for prison inmates who have been trained in firefighting and have place[d] themselves in danger assisting firefighters to defend the life and property of Californians to join fire departments after they’ve been released from prison.

Long-time readers of my blog know that I am a firm believer in rehabilitation and redemption, and this move would open one path to each of those.

There are a couple of tweaks, though, that are necessary for making this a truly effective move. One is this: Newsom has signed into law

legislation allowing inmate firefighters to get their criminal records dismissed so they can qualify for civilian firefighting jobs after they are released.
…
The dismissal opens the door for model inmate firefighters to qualify for paramedic certification, a requirement for civilian fire departments. Currently, those with convictions are barred by state law from becoming an EMT.

I don’t agree, generally, with expunging criminal records when the crimes were committed by adults. In this sort of case, though, it would be appropriate to seal an (ex-)felon’s record so he can apply to a fire department.

A better option, however, would be to alter the State’s law regarding EMT eligibility to permit ex-felons otherwise trained as firefighters (even if trained while in prison) to become EMTs for the purpose of joining a fire department as a firefighter. (And, if that works out after some number of years of empirical observation, expanding the eligibility of ex-felons to become EMTs more generally.)

The other is one of mindset.

Inmates who have stood on the frontlines, battling historic fires should not be denied the right to later become a professional firefighter[.]

Rather, inmates who have stood on the frontlines, battling historic fires should not be denied the opportunity to later become a professional firefighter. No one has a right to any particular job, or career, or avocation. All of us do have a right to opportunity.