Tag Archives: Politics

Essays, History, Politics

Politics & History: ‘The Gilded Age Never Ended’

THE NEW YORKER MAGAZINE (February 24, 2025):

When, in the nineteen-nineties, people decided that we were living in a new Gilded Age, the meaning was plain. The term, borrowed from the 1873 Mark Twain novel of the same name—a mediocre book by a great writer with a memorable title, like Anthony Trollope’s “The Way We Live Now”—indicated an efflorescence of wealth and display, of overabundance and nouveau-riche excess. It referred mostly to the Veblenian side of American life: status competition through showy objects, from the cloud-level duplexes of the New York skyline to the Met Gala. Perhaps not enough attention was paid to the original concept, which implied a contrast between the truly golden and the merely gilded.

Hierarchies of power are intrinsic to human societies, no doubt, and sometimes the best we can hope for is that those on top become devoted to a higher ideal of education or common welfare or simple beauty.

What we didn’t anticipate was that our new Gilded Age would become even more like its precursor—not only in the seeming concentration of overwhelming wealth into fewer and fewer hands but in the gravitation toward a plutocracy. In the industrial age, the totemic figures were Frick and Morgan and Rockefeller; in our post-industrial era, they are Bezos and Musk and Zuckerberg. During that first Gilded Age—if we imagine it running from the eighteen-seventies to 1910—a counter cast of characters had a glamorous appeal of their own. These were the anarchists, whose isolated but highly publicized acts of individual retaliation were intended as inspirational melodramatic theatre rather than as actual revolutionary politics. In these years, anarchists claimed the lives of a French President, an American President, an Italian king, and a Russian tsar, and threw bombs at several American tycoons. Whether or not Luigi Mangione’s recent alleged murder of a helpless insurance executive on a cold New York morning belongs to this tradition, its affect and effect certainly evoke the past, with the curly-haired Ivy-educated youth conferring, in the realm of social media, an improbable aura of martyrdom and purpose on what otherwise would have seemed a sordid act.

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Magazines, Politics, Reviews

‘How Progressives Froze The American Dream’

THE ATLANTIC MAGAZINE (February 10, 2025): The idea that people should be able to choose their own communities—instead of being stuck where they are born—is a distinctly American innovation. It is the foundation for the country’s prosperity and democracy, and it just may be America’s most profound contribution to the world.

No society has ever been as mobile as the United States once was. No society has even come close. In the 19th century, the heyday of American mobility, roughly a third of all Americans changed addresses each year. European visitors were astonished, and more than slightly appalled. The American “is devoured with a passion for locomotion,” the French writer Michel Chevalier observed in 1835; “he cannot stay in one place.” Americans moved far more often, over longer distances, and to greater advantage than did people in the lands from which they had come. They understood this as the key to their national character, the thing that made their country distinctive. “We are a migratory people and we flourish best when we make an occasional change of base,” one 19th-century newspaper explained. “We have cut loose from the old styles of human vegetation, the former method, of sticking like an oyster to one spot through numberless succeeding generations,” wrote another.

As the 19th century turned into the 20th, as two world wars passed, as the Baby Boom began, Americans kept on moving. And as Americans moved around, they moved up. They broke away from stultifying social hierarchies, depleted farmland, declining towns, dead-end jobs. If the first move didn’t work out, they could always see a more promising destination beckoning them onward.

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This article is adapted from Yoni Appelbaum’s new book, Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity. It appears in the March 2025 print edition with the headline “Stuck In Place.”

Essays, Foreign Affairs, Politics

Foreign Affairs Essay: ‘The Post-Neoliberal Delusion’

FOREIGN AFFAIRS MAGAZINE (February 10, 2025): Although there are many explanations for Donald Trump’s victory in the 2024 U.S. presidential election, voters’ views of the U.S. economy may have been decisive. In polling shortly before the election, more than 60 percent of voters in swing states agreed with the idea that the economy was on the wrong track, and even higher numbers registered concern about the cost of living. In exit polls, 75 percent of voters agreed that inflation was a “hardship.”

These views may seem surprising given various economic indicators at the time of the election. After all, unemployment was low, inflation had come down, GDP growth was strong, and wages were rising faster than prices. But these figures largely missed the lasting effects that dramatic price increases had on many Americans, which made it harder for them to pay for groceries, pay off credit cards, and buy homes. Not entirely unreasonably, they blamed that squarely on the Biden administration.

Biden arrived in office in 2021 with what he understood as an economic mandate to “Build Back Better.” The United States had not yet fully reopened after nearly a year of restrictions necessitated by the COVID-19 pandemic, which had suppressed activity in the service sector. Biden set out to restructure the country’s post-pandemic economy based on a muscular new approach to governing. Since the 1990s, Democratic economic policy had largely been shaped by a technocratic approach, derided by its critics as “neoliberalism,” that included respect for markets, enthusiasm for trade liberalization and expanded social welfare protections, and an aversion to industrial policy. By contrast, the Biden team expressed much more ambition: to spend more, to do more to reshape particular industries, and to rely less on market mechanisms to deal with problems such as climate change. Thus, the administration set out to bring back vigorous government involvement across the economy, including in such areas as public investment, antitrust enforcement, and worker protections; revive large-scale industrial policy; and support enormous injections of direct economic stimulus, even if it entailed unprecedented deficits. The administration eventually came to dub this approach “Bidenomics.”

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JASON FURMAN is Aetna Professor of the Practice of Economic Policy at Harvard University. He was Chair of the White House Council of Economic Advisers from 2013 to 2017.

Essays, Politics

Politics: ‘Ronald Reagan’s Road To Conservatism’

Ronald Reagan did not read his way to conservatism, as some people do. He experienced his way. The concerns and travails of middle Americans taught him that unaccountable government could be a grave obstacle to the pursuit of happiness, and the experience of dealing with Communists and bureaucrats strengthened his lifelong distrust of overbearing elites.

THE IMAGINATIVE CONSERVATIVE (February 5, 2025): In the autumn of 1948, as Harry Truman campaigned to remain president, the International Ladies’ Garment Workers Union produced a pro-Truman radio advertisement that aired on stations across the country. The fifteen-minute program had two principal speakers: a liberal Minnesota politician named Hubert Humphrey, on his way to being elected that year to the U.S. Senate, and an equally liberal motion picture actor named Ronald Reagan.

Speaking from Hollywood, Reagan lambasted the bête noire of liberals everywhere in 1948: the “do nothing,” Republican-controlled Eightieth Congress, which he held responsible for the nation’s current economic misery. It was “Republican inflation,” Reagan charged, that was eroding workers’ paychecks while the profits of giant corporations were soaring. In fact, said Reagan, the recent surge in consumer prices had been caused by these “bigger and bigger profits.” “Labor has been handcuffed by the [recently enacted] vicious Taft-Hartley law,” Reagan continued. Social Security benefits had been “snatched away from almost a million workers” by a recent bill in the Republican Congress. Meanwhile the Republicans had enacted tax cuts that benefited “the higher income brackets alone.” “In the false name of economy,” he concluded, “millions of children have been deprived of milk once provided through the federal school lunch program.”

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Essays, Foreign Affairs, Politics

Foreign Affairs Essays: ‘China’s Trump Strategy’

FOREIGN AFFAIRS MAGAZINE (February 6, 2025): In the months since Donald Trump won the U.S. presidential election in November, policymakers in Beijing have been looking to the next four years of U.S.-Chinese relations with trepidation. Beijing has been expecting the Trump administration to pursue tough policies toward China, potentially escalating the two countries’ trade war, tech war, and confrontation over Taiwan. The prevailing wisdom is that China must prepare for storms ahead in its dealings with the United States. 

Trump’s imposition of ten percent tariffs on all Chinese goods this week seemed to justify those worries. China retaliated swiftly, announcing its own tariffs on certain U.S. goods, as well as restrictions on exports of critical minerals and an antimonopoly investigation into the U.S.-based company Google. But even though Beijing has such tools at its disposal, its ability to outmaneuver Washington in a tit-for-tat exchange is limited by the United States’ relative power and large trade deficit with China. Chinese policymakers, aware of the problem, have been planning more than trade war tactics. Since Trump’s first term, they have been adapting their approach to the United States, and they have spent the past three months further developing their strategy to anticipate, counter, and minimize the damage of Trump’s volatile policymaking. As a result of that planning, a broad effort to shore up China’s domestic economy and foreign relations has been quietly underway.

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