In search of reasonable conservatism

Feb 21JDN 2459267

This is a very tumultuous time for American politics. Donald Trump, not once, but twice was impeached—giving him the dubious title of having been impeached as many times as the previous 45 US Presidents combined. He was not convicted either time, not because the evidence for his crimes was lacking—it was in fact utterly overwhelming—but because of obvious partisan bias: Republican Senators didn’t want to vote against a Republican President. All 50 of the Democratic Senators, but only 7 of the 50 Republican Senators, voted to convict Trump. The required number of votes to convict was 67.

Some degree of partisan bias is to be expected. Indeed, the votes looked an awful lot like Bill Clinton’s impeachment, in which all Democrats and only a handful of Republicans voted to acquit. But Bill Clinton’s impeachment trial was nowhere near as open-and-shut as Donald Trump’s. He was being tried for perjury and obstruction of justice, over lies he told about acts that were unethical, but not illegal or un-Constitutional. I’m a little disappointed that no Democrats voted against him, but I think acquittal was probably the right verdict. There’s something very odd about being tried for perjury because you lied about something that wasn’t even a crime. Ironically, had it been illegal, he could have invoked the Fifth Amendment instead of lying and they wouldn’t have been able to touch him. So the only way the perjury charge could actually stick was because it wasn’t illegal. But that isn’t what perjury is supposed to be about: It’s supposed to be used for things like false accusations and planted evidence. Refusing to admit that you had an affair that’s honestly no one’s business but your family’s really shouldn’t be a crime, regardless of your station.

So let us not imagine an equivalency here: Bill Clinton was being tried for crimes that were only crimes because he lied about something that wasn’t a crime. Donald Trump was being tried for manipulating other countries to interfere in our elections, obstructing investigations by Congress, and above all attempting to incite a coup. Partisan bias was evident in all three trials, but only Trump’s trials were about sedition against the United States.

That is to say, I expect to see partisan bias; it would be unrealistic not to. But I expect that bias to be limited. I expect there to be lines beyond which partisans will refuse to go. The Republican Party in the United States today has shown us that they have no such lines. (Or if there are, they are drawn far too high. What would he have to do, bomb an American city? He incited an invasion of the Capitol Building, for goodness’ sake! And that was after so terribly mishandling a pandemic that he caused roughly 200,000 excess American deaths!)

Temperamentally, I like to compromise. I want as many people to be happy as possible, even if that means not always getting exactly what I would personally prefer. I wanted to believe that there were reasonable conservatives in our government, professional statespersons with principles who simply had honest disagreements about various matters of policy. I can now confirm that there are at most 7 such persons in the US Senate, and at most 10 such persons in the US House of Representatives. So of the 261 Republicans in Congress, no more than 17 are actually reasonable statespersons who do not let partisan bias override their most basic principles of justice and democracy.

And even these 17 are by no means certain: There were good strategic reasons to vote against Trump, even if the actual justice meant nothing to you. Trump’s net disapproval rating was nearly the highest of any US President ever. Carter and Bush I had periods where they fared worse, but overall fared better. Johnson, Ford, Reagan, Obama, Clinton, Bush II, and even Nixon were consistently more approved than Trump. Kennedy and Eisenhower completely blew him out of the water—at their worst, Kennedy and Eisenhower were nearly 30 percentage points above Trump at his best. With Trump this unpopular, cutting ties with him would make sense for the same reason rats desert a sinking ship. And yet somehow partisan loyalty won out for 94% of Republicans in Congress.

Politics is the mind-killer, and I fear that this sort of extreme depravity on the part of Republicans in Congress will make it all too easy to dismiss conservatism as a philosophy in general. I actually worry about that; not all conservative ideas are wrong! Low corporate taxes actually make a lot of sense. Minimum wage isn’t that harmful, but it’s also not that beneficial. Climate change is a very serious threat, but it’s simply not realistic to jump directly to fully renewable energy—we need something for the transition, probably nuclear energy. Capitalism is overall the best economic system, and isn’t particularly bad for the environment. Industrial capitalism has brought us a golden age. Rent control is a really bad idea. Fighting racism is important, but there are ways in which woke culture has clearly gone too far. Indeed, perhaps the worst thing about woke culture is the way it denies past successes for civil rights and numbs us with hopelessness.

Above all, groupthink is incredibly dangerous. Once we become convinced that any deviation from the views of the group constitutes immorality or even treason, we become incapable of accepting new information and improving our own beliefs. We may start with ideas that are basically true and good, but we are not omniscient, and even the best ideas can be improved upon. Also, the world changes, and ideas that were good a generation ago may no longer be applicable to the current circumstances. The only way—the only way—to solve that problem is to always remain open to new ideas and new evidence.

Therefore my lament is not just for conservatives, who now find themselves represented by craven ideologues; it is also for liberals, who no longer have an opposition party worth listening to. Indeed, it’s a little hard to feel bad for the conservatives, because they voted for these maniacs. Maybe they didn’t know what they were getting? But they’ve had chances to remove most of them, and didn’t do so. At best I’d say I pity them for being so deluded by propaganda that they can’t see the harm their votes have done.

But I’m actually quite worried that the ideologues on the left will now feel vindicated; their caricatured view of Republicans as moustache-twirling cartoon villains turned out to be remarkably accurate, at least for Trump himself. Indeed, it was hard not to think of the ridiculous “destroying the environment for its own sake” of Captain Planet villains when Trump insisted on subsidizing coal power—which by the way didn’t even work.

The key, I think, is to recognize that reasonable conservatives do exist—there just aren’t very many of them in Congress right now. A significant number of Americans want low taxes, deregulation, and free markets but are horrified by Trump and what the Republican Party has become—indeed, at least a few write for the National Review.

The mere fact that an idea comes from Republicans is not a sufficient reason to dismiss that idea. Indeed, I’m going to say something even stronger: The mere fact that an idea comes from a racist or a bigot is not a sufficient reason to dismiss that idea. If the idea itself is racist or bigoted, yes, that’s a reason to think it is wrong. But even bad people sometimes have good ideas.

The reasonable conservatives seem to be in hiding at the moment; I’ve searched for them, and had difficulty finding more than a handful. Yet we must not give up the search. Politics should not appear one-sided.

Love in a time of quarantine

Feb 14JDN 2459260

This is our first Valentine’s Day of quarantine—and hopefully our last. With Biden now already taking action and the vaccine rollout proceeding more or less on schedule, there is good reason to think that this pandemic will be behind us by the end of this year.

Yet for now we remain isolated from one another, attempting to substitute superficial digital interactions for the authentic comforts of real face-to-face contact. And anyone who is single, or forced to live away from their loved ones, during quarantine is surely having an especially hard time right now.

I have been quite fortunate in this regard: My fiancé and I have lived together for several years, and during this long period of isolation we’ve at least had each other—if basically no one else.

But even I have felt a strong difference, considerably stronger than I expected it would be: Despite many of my interactions already being conducted via the Internet, needing to do so with all interactions feels deeply constraining. Nearly all of my work can be done remotely—but not quite all, and even what can be done remotely doesn’t always work as well remotely. I am moderately introverted, and I still feel substantially deprived; I can only imagine how awful it must be for the strongly extraverted.

As awkward as face-to-face interactions can be, and as much as I hate making phone calls, somehow Zoom video calls are even worse than either. Being unable to visit someone’s house for dinner and games, or go out to dinner and actually sit inside a restaurant, leaves a surprisingly large emotional void. Nothing in particular feels radically different, but the sum of so many small differences adds up to a rather large one. I think I felt it the most when we were forced to cancel our usual travel back to Michigan over the holiday season.

Make no mistake: Social interaction is not simply something humans enjoy, or are good at. Social interaction is a human need. We need social interaction in much the same way that we need food or sleep. The United Nations considers solitary confinement for more than two weeks to be torture. Long periods in solitary confinement are strongly correlated with suicide—so in that sense, isolation can kill you. Think about the incredibly poor quality of social interactions that goes on in most prisons: Endless conflict, abuse, racism, frequent violence—and then consider that the one thing that inmates find most frightening is to be deprived of that social contact. This is not unlike being fed nothing but stale bread and water, and then suddenly having even that taken away from you.

Even less extreme forms of social isolation—like most of us are feeling right now—have as detrimental an effect on health as smoking or alcoholism, and considerably worse than obesity. Long-term social isolation increases overall mortality risk by more than one-fourth. Robust social interaction is critical for long-term health, both physically and mentally.

This does not mean that the quarantines were a bad idea—on the contrary, we should have enforced them more aggressively, so as to contain the pandemic faster and ultimately need less time in quarantine. Timing is critical here: Successfully containing the pandemic early is much easier than trying to bring it back under control once it has already spread. When the pandemic began, lockdown might have been able to stop the spread. At this point, vaccines are really our only hope of containment.

But it does mean that if you feel terrible lately, there is a very good reason for this, and you are not alone. Due to forces much larger than any of us can control, forces that even the world’s most powerful governments are struggling to contain, you are currently being deprived of a basic human need.

And especially if you are on your own this Valentine’s Day, remember that there are people who love you, even if they can’t be there with you right now.

What happened with GameStop?

Feb 7 JDN 2459253

No doubt by now you’ve heard about the recent bubble in GameStop stock that triggered several trading stops, nearly destroyed a hedge fund, and launched a thousand memes. What really strikes me about this whole thing is how ordinary it is: This is basically the sort of thing that happens in our financial markets all the time. So why are so many people suddenly paying so much attention to it?

There are a few important ways this is unusual: Most importantly, the bubble was triggered by a large number of middle-class people investing small amounts, rather than by a handful of billionaires or hedge funds. It’s also more explicitly collusive than usual, with public statements in writing about what stocks are being manipulated rather than hushed whispers between executives at golf courses. Partly as a consequence of these, the response from the government and the financial industry has been quite different as well, trying to halt trading and block transactions in a way that they would never do if the crisis had been caused by large financial institutions.

If you’re interested in the technical details of what happened, what a short squeeze is and how it can make a hedge fund lose enormous amounts of money unexpectedly, I recommend this summary by KQED. But the gist of it is simple enough: Melvin Capital placed huge bets that GameStop stock would fall in price, and a coalition of middle-class traders coordinated on Reddit to screw them over by buying a bunch of GameStop stock and driving up the price. It worked, and now Melvin Capital lost something on the order of $3-5 billion in just a few days.

The particular kind of bet they placed is called a short, and it’s a completely routine practice on Wall Street despite the fact that I could never quite understand why it is a thing that should be allowed.

The essence of a short is quite simple: When you short, you are selling something you don’t own. You “borrow” it (it isn’t really even borrowing), and then sell it to someone else, promising to buy it back and return it to where you borrowed it from at some point in the future. This amounts to a bet that the price will decline, so that the price at which you buy it is lower than the price at which you sold it.

Doesn’t that seem like an odd thing to be allowed to do? Normally you can’t sell something you have merely borrowed. I can’t borrow a car and then sell it; car title in fact exists precisely to prevent this from happening. If I were to borrow your coat and then sell it to a thrift store, I’d have committed larceny. It’s really quite immaterial whether I plan to buy it back afterward; in general we do not allow people to sell things that they do not own.

Now perhaps the problem is that when I borrow your coat or your car, you expect me to return that precise object—not a similar coat or a car of equivalent Blue Book value, but your coat or your car. When I borrow a share of GameStop stock, no one really cares whether it is that specific share which I return—indeed, it would be almost impossible to even know whether it was. So in that way it’s a bit like borrowing money: If I borrow $20 from you, you don’t expect me to pay back that precise $20 bill. Indeed you’d be shocked if I did, since presumably I borrowed it in order to spend it or invest it, so how would I ever get it back?

But you also don’t sell money, generally speaking. Yes, there are currency exchanges and money-market accounts; but these are rather exceptional cases. In general, money is not bought and sold the way coats or cars are.

What about consumable commodities? You probably don’t care too much about any particular banana, sandwich, or gallon of gasoline. Perhaps in some circumstances we might “loan” someone a gallon of gasoline, intending them to repay us at some later time with a different gallon of gasoline. But far more likely, I think, would be simply giving a friend a gallon of gasoline and then not expecting any particular repayment except perhaps a vague offer of providing a similar favor in the future. I have in fact heard someone say the sentence “Can I borrow your sandwich?”, but it felt very odd when I heard it. (Indeed, I responded something like, “No, you can keep it.”)

And in order to actually be shorting gasoline (which is a thing that you, too, can do, perhaps even right now, if you have a margin account on a commodities exchange), it isn’t enough to borrow a gallon with the expectation of repaying a different gallon; you must also sell that gallon you borrowed. And now it seems very odd indeed to say to a friend, “Hey, can I borrow a gallon of gasoline so that I can sell it to someone for a profit?”

The usual arguments for why shorting should be allowed are much like the arguments for exotic financial instruments in general: “Increase liquidity”, “promote efficient markets”. These arguments are so general and so ubiquitous that they essentially amount to the strongest form of laissez-faire: Whatever Wall Street bankers feel like doing is fine and good and part of what makes American capitalism great.

In fact, I was never quite clear why margin accounts are something we decided to allow; margin trading is inherently high-leverage and thus inherently high-risk. Borrowing money in order to arbitrage financial assets doesn’t just seem like a very risky thing to do, it has been one way or another implicated in virtually every financial crisis that has ever occurred. It would be an exaggeration to say that leveraged arbitrage is the one single cause of financial crises, but it would be a shockingly small exaggeration. I think it absolutely is fair to say that if leveraged arbitrage did not exist, financial crises would be far rarer and further between.

Indeed, I am increasingly dubious of the whole idea of allowing arbitrage in general. Some amount of arbitrage may be unavoidable; there may always be people people who see that prices are different for the same item in two different markets, and then exploit that difference before anyone can stop them. But this is a bit like saying that theft is probably inevitable: Yes, every human society that has had a system of property ownership (which is most of them—even communal hunter-gatherers have rules about personal property), has had some amount of theft. That doesn’t mean there is nothing we can do to reduce theft, or that we should simply allow theft wherever it occurs.

The moral argument against arbitrage is straightforward enough: You’re not doing anything. No good is produced; no service is provided. You are making money without actually contributing any real value to anyone. You just make money by having money. This is what people in the Middle Ages found suspicious about lending money at interest; but lending money actually is doing something—sometimes people need more money than they have, and lending it to them is providing a useful service for which you deserve some compensation.

A common argument economists make is that arbitrage will make prices more “efficient”, but when you ask them what they mean by “efficient”, the answer they give is that it removes arbitrage opportunities! So the good thing about arbitrage is that it stops you from doing more arbitrage?

And what if it doesn’t stop you? Many of the ways to exploit price gaps (particularly the simplest ones like “where it’s cheap, buy it; where it’s expensive, sell it”) will automatically close those gaps, but it’s not at all clear to me that all the ways to exploit price gaps will necessarily do so. And even if it’s a small minority of market manipulation strategies that exploit gaps without closing them, those are precisely the strategies that will be most profitable in the long run, because they don’t undermine their own success. Then, left to their own devices, markets will evolve to use such strategies more and more, because those are the strategies that work.

That is, in order for arbitrage to be beneficial, it must always be beneficial; there must be no way to exploit price gaps without inevitably closing those price gaps. If that is not the case, then evolutionary pressure will push more and more of the financial system toward using methods of arbitrage that don’t close gaps—or even exacerbate them. And indeed, when you look at how ludicrously volatile and crisis-prone our financial system has become, it sure looks an awful lot like an evolutionary equilibrium where harmful arbitrage strategies have evolved to dominate.

A world where arbitrage actually led to efficient pricing would be a world where the S&P 500 rises a steady 0.02% per day, each and every day. Maybe you’d see a big move when there was actually a major event, like the start of a war or the invention of a vaccine for a pandemic. You’d probably see a jump up or down of a percentage point or two with each quarterly Fed announcement. But daily moves of even five or six percentage points would be a very rare occurrence—because the real expected long-run aggregate value of the 500 largest publicly-traded corporations in America is what the S&P 500 is supposed to represent, and that is not a number that should change very much very often. The fact that I couldn’t really tell you what that number is without multi-trillion-dollar error bars is so much the worse for anyone who thinks that financial markets can somehow get it exactly right every minute of every day.

Moreover, it’s not hard to imagine how we might close price gaps without simply allowing people to exploit them. There could be a bunch of economists at the Federal Reserve whose job it is to locate markets where there are arbitrage opportunities, and then a bundle of government funds that they can allocate to buying and selling assets in order to close those price gaps. Any profits made are received by the treasury; any losses taken are borne by the treasury. The economists would get paid a comfortable salary, and perhaps get bonuses based on doing a good job in closing large or important price gaps; but there is no need to give them even a substantial fraction of the proceeds, much less all of it. This is already how our money supply is managed, and it works quite well, indeed obviously much better than an alternative with “skin in the game”: Can you imagine the dystopian nightmare we’d live in if the Chair of the Federal Reserve actually received even a 1% share of the US money supply? (Actually I think that’s basically what happened in Zimbabwe: The people who decided how much money to print got to keep a chunk of the money that was printed.)

I don’t actually think this GameStop bubble is all that important in itself. A decade from now, it may be no more memorable than Left Shark or the Macarena. But what is really striking about it is how little it differs from business-as-usual on Wall Street. The fact that a few million Redditors can gather together to buy a stock “for the lulz” or to “stick it to the Man” and thereby bring hedge funds to their knees is not such a big deal in itself, but it is symptomatic of much deeper structural flaws in our financial system.

On the accuracy of testing

Jan 31 JDN 2459246

One of the most important tools we have for controlling the spread of a pandemic is testing to see who is infected. But no test is perfectly reliable. Currently we have tests that are about 80% accurate. But what does it mean to say that a test is “80% accurate”? Many people get this wrong.

First of all, it certainly does not mean that if you have a positive result, you have an 80% chance of having the virus. Yet this is probably what most people think when they hear “80% accurate”.

So I thought it was worthwhile to demystify this a little bit, an explain just what we are talking about when we discuss the accuracy of a test—which turns out to have deep implications not only for pandemics, but for knowledge in general.

There are really two key measures of a test’s accuracy, called sensitivity and specificity, The sensitivity is the probability that, if the true answer is positive (you have the virus), the test result will be positive. This is the sense in which our tests are 80% accurate. The specificity is the probability that, if the true answer is negative (you don’t have the virus), the test result is negative. The terms make sense: A test is sensitive if it always picks up what’s there, and specific if it doesn’t pick up what isn’t there.

These two measures need not be the same, and typically are quite different. In fact, there is often a tradeoff between them: Increasing the sensitivity will often decrease the specificity.

This is easiest to see with an extreme example: I can create a COVID test that has “100% accuracy” in the sense of sensitivity. How do I accomplish this miracle? I simply assume that everyone in the world has COVID. Then it is absolutely guaranteed that I will have zero false negatives.

I will of course have many false positives—indeed the vast majority of my “positive results” will be me assuming that COVID is present without any evidence. But I can guarantee a 100% true positive rate, so long as I am prepared to accept a 0% true negative rate.

It’s possible to combine tests in ways that make them more than the sum of their parts. You can first run a test with a high specificity, and then re-test with a test that has a high sensitivity. The result will have both rates higher than either test alone.

For example, suppose test A has a sensitivity of 70% and a specificity of 90%, while test B has the reverse.

Then, if the true answer is positive, test A will return true 70% of the time, while test B will return true 90% of the time. So there is a 70% + (30%)(90%) = 97% chance of getting a positive result on the combined test.

If the true answer is negative, test A will return false 90% of the time, while test B will return false 70% of the time. So there is a 90% + (10%)(70%) = 97% chance of getting a negative result on the combined test.

Actually if we are going to specify the accuracy of a test in a single number, I think it would be better to use a much more obscure term, the informedness. Informedness is sensitivity plus specificity, minus one. It ranges between -1 and 1, where 1 is a perfect test, and 0 is a test that tells you absolutely nothing. -1 isn’t the worst possible test; it’s a test that’s simply calibrated backwards! Re-label it, and you’ve got a perfect test. So really maybe we should talk about the absolute value of the informedness.

It’s much harder to play tricks with informedness: My “miracle test” that just assumes everyone has the virus actually has an informedness of zero. This makes sense: The “test” actually provides no information you didn’t already have.

Surprisingly, I was not able to quickly find any references to this really neat mathematical result for informedness, but I find it unlikely that I am the only one who came up with it: The informedness of a test is the non-unit eigenvalue of a Markov matrix representing the test. (If you don’t know what all that means, don’t worry about it; it’s not important for this post. I just found it a rather satisfying mathematical result that I couldn’t find anyone else talking about.)

But there’s another problem as well: Even if we know everything about the accuracy of a test, we still can’t infer the probability of actually having the virus from the test result. For that, we need to know the baseline prevalence. Failing to account for that is the very common base rate fallacy.

Here’s a quick example to help you see what the problem is. Suppose that 1% of the population has the virus. And suppose that the tests have 90% sensitivity and 95% specificity. If I get a positive result, what is the probability I have the virus?

If you guessed something like 90%, you have committed the base rate fallacy. It’s actually much smaller than that. In fact, the true probability you have the virus is only 15%.

In a population of 10000 people, 100 (1%) will have the virus while 9900 (99%) will not. Of the 100 who have the virus, 90 (90%) will test positive and 10 (10%) will test negative. Of the 9900 who do not have the virus, 495 (5%) will test positive and 9405 (95%) will test negative.

This means that out of 585 positive test results, only 90 will actually be true positives!

If we wanted to improve the test so that we could say that someone who tests positive is probably actually positive, would it be better to increase sensitivity or specificity? Well, let’s see.

If we increased the sensitivity to 95% and left the specificity at 95%, we’d get 95 true positives and 495 false positives. This raises the probability to only 16%.

But if we increased the specificity to 97% and left the sensitivity at 90%, we’d get 90 true positives and 297 false positives. This raises the probability all the way to 23%.

But suppose instead we care about the probability that you don’t have the virus, given that you test negative. Our original test had 9900 true negatives and 10 false negatives, so it was quite good in this regard; if you test negative, you only have a 0.1% chance of having the virus.

Which approach is better really depends on what we care about. When dealing with a pandemic, false negatives are much worse than false positives, so we care most about sensitivity. (Though my example should show why specificity also matters.) But there are other contexts in which false positives are more harmful—such as convicting a defendant in a court of law—and then we want to choose a test which has a high true negative rate, even if it means accepting a low true positive rate.

In science in general, we seem to care a lot about false positives; a p-value is simply one minus the specificity of the statistical test, and as we all know, low p-values are highly sought after. But the sensitivity of statistical tests is often quite unclear. This means that we can be reasonably confident of our positive results (provided the baseline probability wasn’t too low, the statistics weren’t p-hacked, etc.); but we really don’t know how confident to be in our negative results. Personally I think negative results are undervalued, and part of how we got a replication crisis and p-hacking was by undervaluing those negative results. I think it would be better in general for us to report 95% confidence intervals (or better yet, 95% Bayesian prediction intervals) for all of our effects, rather than worrying about whether they meet some arbitrary threshold probability of not being exactly zero. Nobody really cares whether the effect is exactly zero (and it almost never is!); we care how big the effect is. I think the long-run trend has been toward this kind of analysis, but it’s still far from the norm in the social sciences. We’ve become utterly obsessed with specificity, and basically forgot that sensitivity exists.

Above all, be careful when you encounter a statement like “the test is 80% accurate”; what does that mean? 80% sensitivity? 80% specificity? 80% informedness? 80% probability that an observed positive is true? These are all different things, and the difference can matter a great deal.

A new chapter in my life, hopefully

Jan 17 JDN 2459232

My birthday is coming up soon, and each year around this time I try to step back and reflect on how the previous year has gone and what I can expect from the next one.

Needless to say, 2020 was not a great year for me. The pandemic and its consequences made this quite a bad year for almost everyone. Months of isolation and fear have made us all stressed and miserable, and even with the vaccines coming out the end is still all too far away. Honestly I think I was luckier than most: My work could be almost entirely done remotely, and my income is a fixed stipend, so financially I faced no hardship at all. But isolation still wreaks its toll.

Most of my energy this past year has been spent on the job market. I applied to over 70 different job postings, and from that I received 6 interviews, all but one of which I’ve already finished. Then, if they liked how I did in those interviews, I will be invited to another phase, which in normal times would be a flyout where candidates visit the campus; but due to COVID it’s all being done remotely now. And then, finally, I may actually get some job offers. Statistically I think I will probably get some kind of offer at this point, but I can’t be sure—and that uncertainty is quite nerve-wracking. I may get a job and move somewhere new, or I may not and have to stay here for another year and try again. Both outcomes are still quite probable, and I really can’t plan on either one.

If I do actually get a job, this will open a new chapter in my life—and perhaps I will finally be able to settle down with a permanent career, buy a house, start a family. One downside of graduate school I hadn’t really anticipated is how it delays adulthood: You don’t really feel like you are a proper adult, because you are still in the role of a student for several additional years. I am all too ready to be done with being a student. I feel as though I’ve spent all my life preparing to do things instead of actually doing them, and I am now so very tired of preparing.

I don’t even know for sure what I want to do—I feel disillusioned with academia, I haven’t been able to snare any opportunities in government or nonprofits, and I need more financial security than I could get if I leapt headlong into full-time writing. But I am quite certain that I want to actually do something, and no longer simply be trained and prepared (and continually evaluated on that training and preparation).

I’m even reluctant to do a postdoc, because that also likely means packing up and moving again in a few year (though I would prefer it to remaining here another year).

I have to keep reminding myself that all of this is temporary: The pandemic will eventually be quelled by vaccines, and quarantine procedures will end, and life for most of us will return to normal. Even if I don’t get a job I like this year, I probably will next year; and then I can finally tie off my education with a bow and move on. Even if the first job isn’t permanent, eventually one will be, and at last I’ll be able to settle into a stable adult life.

Much of this has already dragged on longer than I thought it would. Not the job market, which has gone more or less as expected. (More accurately, my level of optimism has jumped up and down like a roller coaster, and on average what I thought would happen has been something like what actually happened so far.) But the pandemic certainly has; the early attempts at lockdown were ineffective, the virus kept spreading worse and worse, and now there are more COVID cases in the US than ever before. Southern California in particular has been hit especially hard, and hospitals here are now overwhelmed just as we feared they might be.

Even the removal of Trump has been far more arduous than I expected. First there was the slow counting of ballots because so many people had (wisely) voted absentee. Then there were the frivolous challenges to the counts—and yes, I mean frivolous in a legal sense, as 61 out of 62 lawsuits were thrown out immediately and the 1 that made it through was a minor technical issue.

And then there was an event so extreme I can barely even fathom that it actually happened: An armed mob stormed the Capitol building, forced Congress to evacuate, and made it inside with minimal resistance from the police. The stark difference in how the police reacted to this attempted insurrection and how they have responded to the Black Lives Matter protests underscores the message of Black Lives Matter better than they ever could have by themselves.

In one sense it feels like so much has happened: We have borne witness to historic events in real-time. But in another sense it feels like so little has happened: Staying home all the time under lockdown has meant that days are alway much the same, and each day blends into the next. I feel somehow unhinged frrom time, at once marveling that a year has passed already, and marveling that so much happened in only a year.

I should soon hear back from these job interviews and have a better idea what the next chapter of my life will be. But I know for sure that I’ll be relieved once this one is over.

2020 is almost over

Dec27 JDN 2459211

I don’t think there are many people who would say that 2020 was their favorite year. Even if everything else had gone right, the 1.7 million deaths from the COVID pandemic would already make this a very bad year.

As if that weren’t bad enough, shutdowns in response to the pandemic, resulting unemployment, and inadequate fiscal policy responses have in a single year thrown nearly 150 million people back into extreme poverty. Unemployment in the US this year spiked to nearly 15%, its highest level since World War 2. Things haven’t been this bad for the US economy since the Great Depression.

And this Christmas season certainly felt quite different, with most of us unable to safely travel and forced to interact with our families only via video calls. New Year’s this year won’t feel like a celebration of a successful year so much as relief that we finally made it through.

Many of us have lost loved ones. Fortunately none of my immediate friends and family have died of COVID, but I can now count half a dozen acquaintances, friends-of-friends or distant relatives who are no longer with us. And I’ve been relatively lucky overall; both I and my partner work in jobs that are easy to do remotely, so our lives haven’t had to change all that much.

Yet 2020 is nearly over, and already there are signs that things really will get better in 2021. There are many good reasons for hope.


Joe Biden won the election by a substantial margin in both the popular vote and the Electoral College.

There are now multiple vaccines for COVID that have been successfully fast-tracked, and they are proving to be remarkably effective. Current forecasts suggest that we’ll have most of the US population vaccinated by the end of next summer.

Maybe the success of this vaccine will finally convince some of the folks who have been doubting the safety and effectiveness of vaccines in general. (Or maybe not; it’s too soon to tell.)

Perhaps the greatest reason to be hopeful about the future is the fact that 2020 is a sharp deviation from the long-term trend toward a better world. That 150 million people thrown back into extreme poverty needs to be compared against the over 1 billion people who have been lifted out of extreme poverty in just the last 30 years.

Those 1.7 million deaths need to be compared against the fact that global life expectancy has increased from 45 to 73 since 1950. The world population is 7.8 billion people. The global death rate has fallen from over 20 deaths per 1000 people per year to only 7.6 deaths per 1000 people per year. Multiplied over 7.8 billion people, that’s nearly 100 million lives saved every single year by advances in medicine and overall economic development. Indeed, if we were to sustain our current death rate indefinitely, our life expectancy would rise to over 130. There are various reasons to think that probably won’t happen, mostly related to age demographics, but in fact there are medical breakthroughs we might make that would make it possible. Even according to current forecasts, world life expectancy is expected to exceed 80 years by the end of the 21st century.

There have also been some significant environmental milestones this year: Global carbon emissions fell an astonishing 7% in 2020, though much of that was from reduced economic activity in response to the pandemic. (If we could sustain that, we’d cut global emissions in half each decade!) But many other milestones were the product of hard work, not silver linings of a global disaster: Whales returned to the Hudson river, Sweden officially terminated their last coal power plant, and the Great Barrier Reef is showing signs of recovery.

Yes, it’s been a bad year for most of us—most of the world, in fact. But there are many reasons to think that next year will be much better.

Adversity is not a gift

Nov 29 JDN 2459183

For the last several weeks I’ve been participating in a program called “positive intelligence” (which they abbreviate “PQ” even though that doesn’t make sense); it’s basically a self-help program that is designed to improve mood and increase productivity. I am generally skeptical of such things, and I could tell from the start that it was being massively oversold, but I had the opportunity to participate for free, and I looked into the techniques involved and most of them seem to be borrowed from cognitive-behavioral therapy and mindfulness meditation.

Overall, I would say that the program has had small but genuine benefits for me. I think the most helpful part was actually getting the chance to participate in group sessions (via Zoom of course) with others also going through the program. That kind of mutual social support can make a big difference. The group I joined was all comprised of fellow economists (some other grad students, some faculty), so we had a lot of shared experiences.

Some of the techniques feel very foolish, and others just don’t seem to work for me; but I did find at least some of the meditation techniques (which they annoyingly insist on calling by the silly name “PQ reps”) have helped me relax.

But there’s one part of the PQ program in particular that I just can’t buy into, and this is the idea that adversity is a gift and an opportunity.

They call it the “Sage perspective”: You observe the world without judging what is good or bad, and any time you think something is bad, you find a way to transform it into a gift and an opportunity. The claim is that everything—or nearly everything—that happens to you can make you better off. There’s a lot of overlap here with the attitude “Everything happens for a reason”.

I don’t doubt that sincerely believing this would make you happier. Nevertheless, it is obviously false.

If indeed adversity were a gift, we would seek it out. If getting fired or going bankrupt or getting sick were a gift and an opportunity, we’d work to make these things happen.

Yes, it’s true that sometimes an event which seems bad at the time can turn out to have good consequences in the long run. This is simply because we are unable to foresee all future ramifications. Sometimes things turn out differently than you think they will. But most of the time, when something seems bad, it is actually bad.

There might be some small amount of discomfort or risk that would be preferable to a life of complete safety and complacency; but we are perfectly capable of seeking out whatever discomfort or risk we choose. Most of us live with far more discomfort and risk than we would prefer, and simply have no choice in the matter.

If adversity were a gift, people would thank you for giving it to them. “Thanks for dumping me!” “Thanks for firing me!” “Thanks for punching me!” These aren’t the sort of thing we hear very often (at least not sincerely).

I think this is fairly obvious, honestly, so I won’t belabor it any further. But it raises a question: Is there a way to salvage the mental health benefits of this attitude while abandoning its obvious falsehood?

“Everything happens for a reason” doesn’t work; we live in a universe of deep randomness, ruled by the blind idiot gods of natural law.

“Every cloud has a silver lining” is better; but clearly not every bad thing has an upside, or if it does the upside can be so small as to be utterly negligible. (What was the upside of Rwandan genocide?) Restricted to ordinary events like getting fired this one works pretty well; but it obviously fails for the most extreme traumas, and doesn’t seem particularly helpful for the death of a loved one either.

“What doesn’t kill me makes me stronger” is better still, but clearly not true in every case; some bad events that don’t actually kill us can traumatize us and make the rest of our lives harder. Perhaps “What doesn’t permanently damage me makes me stronger”?

I think the version of this attitude that I have found closest to the truth is “Everything is raw material”. Sometimes bad things just happen: Bad luck, or bad actions, can harm just about anyone at just about any time. But it is within our power to decide how we will respond to what happens to us, and wallowing in despair is almost never the best response.

Thus, while it is foolish to see adversity as a gift, it is not so foolish to see it as an opportunity. Don’t try to pretend that bad things aren’t bad. There’s no sense in denying that we would prefer some outcomes over others, and we feel hurt or disappointed when things don’t turn out how we wanted. Yet even what is bad can still contain within it chances to learn or make things better.

Trump will soon be gone. But this isn’t over.

Nov 8 JDN 2459162

After a frustratingly long wait for several states to finish counting their mail-in ballots (particularly Pennsylvania, Nevada, and Arizona), Biden has officially won the Presidential election. While it was far too close in a few key states, this is largely an artifact of the Electoral College: Biden’s actual popular vote advantage was over 4 million votes. We now have our first Vice President who is a woman of color. I think it’s quite reasonable for us all to share a long sigh of relief at this result.

We have won this battle. But the war is far from over.

First, there is the fact that we are still in a historic pandemic and economic recession. I have no doubt that Biden’s policy response will be better than Trump’s; but he hasn’t taken office yet, and much of the damage has already been done. Things are not going to get much better for quite awhile yet.

Second, while Biden is a pretty good candidate, he does have major flaws.

Above all, Biden is still far too hawkish on immigration and foreign policy. He won’t chant “build the wall!”, but he’s unlikely to tear down all of our border fences or abolish ICE. He won’t rattle the saber with Iran or bomb civilians indiscriminately, but he’s unlikely to end the program of assassination drone strikes. Trump has severely, perhaps irrevocably, damaged the Pax Americana with his ludicrous trade wars, alienation of our allies, and fawning over our enemies; but whether or not Biden can restore America’s diplomatic credibility, I have no doubt that he’ll continue to uphold—and deploy—America’s military hegemony. Indeed, the failure of the former could only exacerbate the latter.

Biden’s domestic policy is considerably better, but even there he doesn’t go far enough. His healthcare plan is a substantial step forward, improving upon the progress already made by Obamacare; but it’s still not the single-payer healthcare system we really need. He has some good policy ideas for directly combating discrimination, but isn’t really addressing the deep structural sources of systemic racism. His anti-poverty programs would be a step in the right direction, but are clearly insufficient.

Third, Democrats did not make significant gains in Congress, and while they kept the majority in the House, they are unlikely to gain control of the Senate. Because the Senate is so powerful and Mitch McConnell is so craven, this could be disastrous for Biden’s ability to govern.

But there is an even more serious problem we must face as a country: Trump got 70 million votes. Even after all he did—his endless lies, his utter incompetence, his obvious corruption—and all that happened—the mishandled pandemic, the exacerbated recession—there were still 70 million people willing to vote for Trump. I said it from the beginning: I have never feared Trump nearly so much as I fear an America that could elect him.

Yes, of course he would have had a far worse shot if our voting system were better: Several viable parties, range voting, and no Electoral College would have all made things go very differently than they did in 2016. But the fact remains that tens of millions of Americans were willing to vote for this man not once, but twice.

What can explain the support of so many people for such an obviously terrible leader?

First, there is misinformation: Our mass media is biased and can give a very distorted view of the world. Someone whose view of world events was shaped entirely by right-wing media like Fox News (let alone OAN) might not realize how terrible Trump is, or might be convinced that Biden is somehow even worse. Yet today, in the 21st century, our access to information is virtually unlimited. Anyone who really wanted to know what Trump is like would be able to find out—so whatever ignorance or misinformation Trump voters had, they bear the greatest responsibility for it.

Then, there is discontent: Growth in total economic output has greatly outpaced growth in real standard of living for most Americans. While real per-capita GDP rose from $26,000 in 1974 to $56,000 today (a factor of 2.15, or 1.7% per year), real median personal income only rose from $25,000 to $36,000 (a factor of 1.44, or 0.8% per year). This reflects the fact that more and more of our country’s wealth is being concentrated in the hands of the rich. Combined with dramatically increased costs of education and healthcare, this means that most American families really don’t feel like their standard of living has meaningfully improved in a generation or more.

Yet if people are discontent with how our economy is run… why would they vote for Donald Trump, who epitomizes everything that is wrong with that system? The Democrats have not done enough to fight rising inequality and spiraling healthcare costs, but they have at least done something—raising taxes here, expanding Medicaid there. This is not enough, since it involves only tweaking the system at the edges rather than solving the deeper structural problems—but it has at least some benefit. The Republicans at their best have done nothing, and at their worst actively done everything in their power to exacerbate rising inequality. And Trump is no different in this regard than any other Republican; he promised more populist economic policy, but did not deliver it in any way. Do people somehow not see that?

I think we must face up to the fact that racism and sexism are clearly a major part of what motivates supporters of Trump. Trump’s core base consists of old, uneducated White men. Women are less likely to support him, and young people, educated people, and people of color are far less likely to support him. The race gap is staggering: A mere 8% of Black people support Trump, while 54% of White people do. While Asian and Hispanic voters are not quite so univocal, still it’s clear that if only non-White people had voted Biden would have won an utter landslide and might have taken every state—yes, likely even Florida, where Cuban-Americans did actually lean slightly toward Trump. The age and education gaps are also quite large: Among those under 30, only 30% support Trump, while among those over 65, 52% do. Among White people without a college degree, 64% support Trump, while among White people with a college degree, only 38% do. The gender gap is smaller, but still significant: 48% of men but only 42% of women support Trump. (Also the fact that the gender gap was smaller this year than in 2016 could reflect the fact that Clinton was running for President but Harris was only running for Vice President.)

We shouldn’t ignore the real suffering and discontent that rising inequality has wrought, nor should we dismiss the significance of right-wing propaganda. Yet when it comes right down to it, I don’t see how we can explain Trump’s popularity without recognizing that an awful lot of White men in America are extremely racist and sexist. The most terrifying thing about Trump is that millions of Americans do know what he’s like—and they’re okay with that.

Trump will soon be gone. But many others like him remain. We need to find a way to fix this, or the next racist, misogynist, corrupt, authoritarian psychopath may turn out to be a lot less foolish and incompetent.

How do we fix the Supreme Court?

Oct 4 JDN 2459127

By now I’m sure you have already heard the news of Ruth Bader Ginsburg’s death. My social media feeds have been full of people either lionizing her for her accomplishments on behalf of women’s rights or demonizing her for her record on Indigenous rights.

If you are a woman, a person of color, or LGBT, her death likely struck fear into your heart. If right-wing justices gain a majority, your—our—civil rights are once again up for grabs. Obergefell v. Hodges, Grutter v. Bollinger, even Lawrence v. Texas and Roe v. Wade may not be safe. Even if you’re a straight White male, you should be probably be concerned about the possibility of overturning Massachusetts v. EPA or Riley v. California. And while Trump’s shortlist of potential appointees includes quite a few women, nearly everyone on it is dangerously right-wing.

This is not how the system should work. The death of a single person should not result in the loss of rights for hundreds of millions of other people. Democracy and rule of law are supposed to protect us from this kind of capricious government.

What can we do to fix this system? We obviously do need some kind of judicial branch, but it may not need to be a Supreme Court as we know it.

First, we should fight tooth and nail to block whoever Trump nominates, just as Republicans blocked Merrick Garland. Once again I find myself agreeing with Jacobin.

The next step is clearly to pack the court: Congress can pass a law increasing the number of Supreme Court seats, and then the President can appoint new justices to those seats. Add 8 seats to the existing 9 and you regain a strong liberal majority.

After that, pass a Constitutional amendment to prevent future court-packing. Otherwise we just get a cycle of retaliation in which the Supreme Court doubles in size with every new administration. This amendment should also include term limits for justices, so that new justices are appointed on a regular schedule instead of whenever one happens to retire or die.

Let me emphasize that this plan is 100% legal and Constitutional. It feels unfair and underhanded, and it is certainly playing hardball; but there is nothing illegal about it. This is exactly how we need to respond to fascism: Follow all the rules of democracy to the letter, but otherwise it’s scorched earth. No doubt Republicans would complain that we are violating standards and norms—but they’ve done far worse.

In order to achieve this, we need to win elections across the board. The Presidency is not nearly enough; we need to take control of both houses of Congress (to pack the court) and most of the state legislatures as well (to pass a Constitutional amendment).

But this may not be enough. We should ask whether the Supreme Court as an institution is worth keeping around, or if we could replace it with something better.

We clearly do need some sort of judiciary, and probably some kind of top-level court to act as the court of last resort. In that sense, I guess we need a Supreme Court.

But there’s no particular reason justices need to be appointed by the President. The UK recently established a Supreme Court whose justices are appointed by an independent commission. The Court of Cassation in France is huge, with over 85 trial judges and 40 deputy judges; judges each have a relatively narrowly-defined jurisdiction of the types of cases they handle. The High Court of Australia is modeled on the US Supreme Court and is appointed by the Prime Minister; and yet it has a mandatory retirement age of 70.

I’m not aware of any country that directly elects its supreme court justices, but that would be feasible as well. Whether it would be wise is a different matter: There’s evidence that direct election of judges is a major contributing factor to our mass incarceration, because judges want to look “tough on crime” in their election campaigns. And most people simply aren’t well-informed enough to elect judges. But it’s worth considering whether direct election—requiring re-election every few years—would be better than a system where a single appointment puts someone in power for generations.

In any case, it is clear that the Supreme Court is broken. Our rights should not be this fragile.

Reasons to like Joe Biden

Sep 6 JDN 2459099

Maybe it’s because I follow too many radical leftists on social media (this is at least a biased sample, no doubt), but I’ve seen an awful lot of posts basically making this argument: “Joe Biden is terrible, but we have to elect him, because Donald Trump is worse.”

And make no mistake: Whatever else you think about this election, the fact that Donald Trump is a fascist and Joe Biden is not is indeed a fully sufficient reason to vote for Biden. You shouldn’t need any more than that.

But in fact Joe Biden is not terrible. Yes, there are some things worth criticizing about his record and his platform—particularly with regard to civil liberties and war (both of those links are to my own posts making such criticisms of the Obama administration). I don’t want to sweep these significant flaws under the rug.

Yet, there are also a great many things that are good about Biden and his platform, and it’s worthwhile to talk about them. You shouldn’t feel like you are holding your nose and voting for the lesser of two evils; Biden is going to make a very good President.

First and foremost, there is his plan to invest in clean energy and combat climate change. For the first time in decades, we have a Presidential candidate who is explicitly pro-nuclear and has a detailed, realistic plan for achieving net-zero carbon emissions within a generation. We should have done this 30 years ago; but far better to start now than to wait even longer.

Then there is Biden’s plan for affordable housing. He wants to copy California’s Homeowner Bill of Rights at the federal level, fight redlining, expand Section 8, and nationalize the credit rating system. Above all, he wants to create a new First Down Payment Tax Credit that will provide first-time home buyers with $15,000 toward a down payment on a home. That is how you increase homeownership. The primary reason why people rent instead of owning is that they can’t afford the down payment.

Biden is also serious about LGBT rights, and wants to pass the Equality Act, which would finally make all discrimination based on sexual orientation or gender identity illegal at the federal level. He has plans to extend and aggressively enforce federal rules protecting people with disabilities. His plans for advancing racial equality seem to be thoroughly baked into all of his proposals, from small business funding to housing reform—likely part of why he’s so popular among Black voters.

His plan for education reform includes measures to equalize funding between rich and poor districts and between White and non-White districts.

Biden’s healthcare plan isn’t quite Medicare For All, but it’s actually remarkably close to that. He wants to provide a public healthcare option available to everyone, and also lower the Medicare eligibility age to 60 instead of 65. This means that anyone who wants Medicare will be able to buy into it, and also sets a precedent of lowering the eligibility age—remember, all we really need to do to get Medicare For All is lower that age to 18. Moreover, it avoids forcing people off private insurance that they like, which is the main reason why Medicare For All still does not have majority support.

While many on the left have complained that Biden believes in “tough on crime”, his plan for criminal justice reform actually strikes a very good balance between maintaining low crime rates and reducing incarceration and police brutality. The focus is on crime prevention instead of punishment, and it includes the elimination of all federal use of privatized prisons.

Most people would give lip service to being against domestic violence, but Biden has a detailed plan for actually protecting survivors and punishing abusers—including ratifying the Equal Rights Amendment and ending the rape kit backlog. The latter is an utter no-brainer. If we need to, we can pull the money from just about any other form of law enforcement (okay, I guess not homicide); those rape kits need to be tested and those rapists need to be charged.

Biden also has a sensible plan for gun control, which is consistent with the Second Amendment and Supreme Court precedent but still could provide substantial protections by reinstating the ban on assault weapons and high-capacity magazines, requiring universal background checks, and adding other sensible restrictions on who can be licensed to own firearms. It won’t do much about handguns or crimes of passion, but it should at least reduce mass shootings.

Biden doesn’t want to implement free four-year college—then again, neither do I—but he does have a plan for free community college and vocational schooling.

He also has a very ambitious plan for campaign finance reform, including a Constitutional Amendment that would ban all private campaign donations. Honestly if anything the plan sounds too ambitious; I doubt we can really implement all of these things any time soon. But if even half of them get through, our democracy will be in much better shape.

His immigration policy, while far from truly open borders, would reverse Trump’s appalling child-separation policy, expand access to asylum, eliminate long-term detention in favor of a probation system, and streamline the path to citizenship.

Biden’s platform is the first one I’ve seen that gives detailed plans for foreign aid and international development projects; he is particularly focused on Latin America.

I’ve seen many on the left complain that Biden was partly responsible for the current bankruptcy system that makes it nearly impossible to discharge student loans; well, his current platform includes a series of reforms developed by Elizabeth Warren designed to reverse that.

I do think Biden is too hawkish on war and not serious enough about protecting civil liberties—and I said the same thing about Obama years ago. But Biden isn’t just better than Trump (almost anyone would be better than Trump); he’s actually a genuinely good candidate with a strong, progressive platform.

You should already have been voting for Biden anyway. But hopefully now you can actually do it with some enthusiasm.