The industry makes most of its profits from those who are vulnerable, with 86% of online betting profits coming from 5% of customers. Most of thesepeople are already suffering from gambling–related harms or have been diagnosed as suffering from an addiction. Further, the statistics show that 35% of people with a gambling disorder receive daily incentives to gamble, compared to only 4% of those without. All too often there are reports in the media of people receiving offers of ‘free’ spins and the chance to be a ‘VIP customer’ when they have been trying to stop gambling.

Coroners currently do not need to record an opinion on the factors that may have caused a person to taketheir life. My Private Members Bill, the Coroners (Determination of Suicide) Bill aims to change that.

It is estimated that between 400 – 500 people take their lives each year in this country due to gambling. Yet when the House of Lords ministers answered my questions they claimed that there was no reliable statistics of the numbers of deaths caused by gambling. Furthermore, they showed little concern to find out.

If this bill comes into law, the requirement on coroners to record the ‘where, how and what’ questions associated with each suicide will remain unchanged. However, once this part of the inquesthas been concluded, each coroner will be required to record the co-morbidities of each suicide….

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Coroners currently do not need to record an opinion on the factors that may have caused a person to take their life this has to change, argues the Bishop of St Albans in this important article discussing his PMB – https://t.co/pK6hMtBJlC #Parliament #SuicidePrevention

— Alistair Thompson (@ali_thompson1) March 17, 2023

The speed of the change is astonishing. Since entering America in 2017, TikTok has picked up more users than all but a handful of social-media apps, which have been around more than twice as long (see chart 1). Among young audiences, it crushes the competition. Americans aged 18-24 spend an hour a day on TikTok, twice as long as they spend on Instagram and Snapchat and more than five times as long as they spend on Facebook, which these days is mainly a medium for communicating with the grandparents (see chart 2).

TikTok’s success has prompted its rivals to reinvent themselves. Meta, which owns Facebook and Instagram, has turned both apps’ main feeds into algorithmically sorted “discovery engines” and launched Reels, a TikTok clone bolted onto Facebook and Instagram. Similar lookalike products have been created by YouTube (Shorts), Snapchat (Spotlight), Pinterest (Watch) and even Netflix (Fast Laughs). The latest TikTok-inspired makeover, announced on March 8th, was by Spotify, a music app whose homepage now features video clips that can be skipped by swiping up. (TikTok’s Chinese sister app, Douyin, is having a similar effect in its home market, where digital giants like Tencent are increasingly putting short videos at the centre of their offerings.)

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Short-form video has taken over social media. Although users have a seemingly endless appetite for the format, it is proving less profitable for platforms than the old news feed https://t.co/3uUiiiW4VL

— The Economist (@TheEconomist) March 21, 2023

And here is my real beef with Welby’s Church: managerialism. The backdrop to Welby’s appointment was the banking crisis and the subsequent Occupy camp at St Paul’s Cathedral. The Church needed to get a bit more this worldly, many thought. It needed to understand finance and business. When it came to capitalism, Welby was a grown-up, having worked for Elf Aquitaine in a previous life. And 11 years in the oil industry clearly shaped his thinking about organisational structures. The old, slightly bumbling high-table, soft-power understanding of Lambeth Palace was not for him. Welby wanted to change things and have access to levers of real executive power.

But the Church of England is not set up like this. It never has been. The parish system is the very model of subsidiarity. If anything, the Church is a bottom-up institution rather than top-down. You bow to your bishop, but you don’t necessarily do everything he asks. Under Welby, however, the centre has grown ever stronger, the parishes increasingly weaker. Max Weber famously divided power into the charismatic, the traditional and the legal/rational. Welby is the first archbishop who has tried to govern through the latter.

The “Save the Parish” movement was established as a fightback. Too many bishops became middle managers, hidden behind their laptops. Directives and new initiatives came down from head office, which many of the clergy, myself included, received with an inner groan. In the face of declining attendance, we all had to learn that evangelical up-speak, and get on with the paperwork. Morale has plummeted.

The Church’s reaction to Covid was the depressing conclusion of Welby’s legal/rational approach to power.

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This is first rate: serious but not unsympathetic. It aligns with my thoughts: there is much to like about JW. He has been unfailingly kind towards me despite my implicit criticisms on Safeguarding. All the more reason to be “Father in God” rather than CEO https://t.co/qeiCvC9rIm

— MartinSewell (@SewellMartin) March 21, 2023

‘So what has been uncovered in the week since we learned that Silicon Valley Bank was no more trustworthy than a crypto spam text? A startup culture once considered the gem of the economy has been exposed as careless with its money, clueless in its judgment of character, hypocritical in its ideology, and ruthless in exercising its political clout as a powerful special interest. Meanwhile, the financial world is still jittery, with other banks failing and just about everyone wondering what comes next. And from here on, the concept of a cap on FDIC insurance is at risk. But at least the SBV credit cards are working again. And VCs can take a victory lap as they brag about how they saved the day….’

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Although ultimately no depositor lost money in the Silicon Valley Bank saga, what happened to the bankers, founders, and avowed libertarians in the crisis can't be unseen. https://t.co/ud1PE7PlG6

— WIRED (@WIRED) March 17, 2023

ZENIT spoke with Father Tarcisio Giuseppe Stramare of the Congregation of Oblates of Saint Joseph, director of the Josephite Movement, about Tuesday’s feast of St. Joseph the Worker….

ZENIT: What does “Gospel of work” mean?

Father Stramare: “Gospel” is the Good News that refers to Jesus, the Savior of humanity. Well, despite the fact that in general we see Jesus as someone who teaches and does miracles, he was so identified with work that in his time he was regarded as “the son of the carpenter,” namely, an artisan himself. Among many possible activities, the Wisdom of God chose for Jesus manual work, entrusted the education of his Son not to the school of the learned but to a humble artisan, namely, St. Joseph.

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Joseph the Carpenter
Georges de La Tour, c. 1645
Saint Joseph Feast pic.twitter.com/d5ijdfBFZv

— Marysia (@marysia_cc) March 20, 2023

If Texas points to the future, what lessons does it offer? One is that its leaders understood earlier than most that companies and people are mobile. Rick Perry, a former governor, went on “hunting trips” in search of business prey in other states; Greg Abbott, today’s governor, has followed suit. Covid-19 highlighted the attractions of a state which was quicker to leave lockdown than many others, such as California, and boasts a cheaper cost of living and fewer restrictions. Texas has offered some incentives to firms, but much of the growth has been down to the lure of a place with no income tax, lots of land for expansion, less red tape and a pro-business attitude. Granted, liberals and moderates abhor the state’s shrill, deep-red politics. Mr Abbott courts headlines by, for example, sending busloads of unauthorised immigrants to New York. Such stunts do not seem to have deterred many individuals or companies from moving to Texas, however; it remains to be seen whether recent draconian abortion laws will.

Another lesson from Texas is that nurturing one golden goose is not enough. The oil shock of the 1980s was painful, but the state has since diversified its economy. Finance and property have blossomed. The big cities all have different strengths: tech in Austin, energy in Houston, finance and more in Dallas. Instead of relying solely on oil and gas until the wells run dry, Texas has positioned itself on the cutting edge of new energy technologies (although listening to the rhetoric of the state’s politicians, you would not always know it). Places that have only one strong industry should start thinking about how they can use it as a platform to launch the next new thing.

The last lesson, however, is a cautionary one. For much of its history, Texas has had an exceptionally lean government. It has been loth to invest in the people and projects required for the future, including education and roads. Of late, as its formidable growth shows, it has got away with this. But the lean approach almost certainly has its limits, which it would be complacent to ignore.

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Sometime in the 2040s, Texas is likely to pass California in population. Like it or not, America is becoming a bit more Texan every day https://t.co/qC2xA3B5ra

— The Economist (@TheEconomist) March 16, 2023

Workers who have ever dreaded writing a briefing for your boss, building a digital presentation of your ideas or sifting through long email threads to get caught up on the latest projects may soon have some assistance — in the form of artificial intelligence.

At least that’s what Google aims to do for workers who use its suite of enterprise software tools called Google Workspace, which includes Google Docs, Google Sheets and Gmail. The tech giant plans to integrate its office products with generative AI that can do things like generate an entire document or create images based on a prompt. Workers will be able to access these capabilities by clicking a new wand icon that’ll appear in their apps.

Google plans to begin rolling out some features, starting with writing functions in Google Docs and Gmail, to select enterprise customers within the next couple of weeks, it said. It’s unclear when other features may become available.

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Google Workspace, including Google Docs, Sheets and Gmail, will soon include generative AI tools that aim to aid with work. https://t.co/knON3lnVNg

— The Washington Post (@washingtonpost) March 14, 2023

The Federal Reserve is facing criticism over Silicon Valley Bank’s collapse, with lawmakers and financial regulation experts asking why the regulator failed to catch and stop seemingly obvious risks. That concern is galvanizing a review of how the central bank oversees financial institutions — one that could end in stricter rules for a range of banks.

In particular, the episode could result in meaningful regulatory and supervisory changes for institutions — like Silicon Valley Bank — that are large but not large enough to be considered globally systemic and thus subject to tougher oversight and rules. Smaller banks face lighter regulations than the largest ones, which go through regular and extensive tests of their financial health and have to more closely police how much easy-to-tap cash they have to serve as a buffer in times of crisis.

Regulators and lawmakers are focused both on whether a deregulatory push in 2018, during the Trump administration, went too far, and on whether existing rules are sufficient in a changing world.

While it is too early to predict the outcome, the shock waves that Silicon Valley Bank’s demise sent through the financial system, and the sweeping response the government staged to prevent it from inciting a nationwide bank run, are clearly intensifying the pressure for stronger oversight.

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What happened at Silicon Valley Bank? The failure has accusing fingers pointed at the Fed. And at the central bank, it's kicked off a bout of regulatory soul-searching.

with @FlitterOnFraud https://t.co/qptaFO0iSO

— Jeanna Smialek (@jeannasmialek) March 15, 2023

Another question is what will happen to the venture debt market. svb was a major player, with $6.7bn of such loans outstanding when it went under. Startups used this low-cost lending to top up balance-sheets between equity funding rounds. Most now expect such loans to become more expensive, especially for the youngest firms. Venture-capital outfits are unlikely to lower themselves en masse to the comparatively small returns offered by this sort of lending. Other wheels on the venture-capital machine will need oiling, too. For example, svb often provided bridge financing to venture-capital firms, allowing them to strike deals while awaiting cash from investors.

All this means that the loss of svb is likely to have a chilling effect on an industry already suffering from higher interest rates. Bankers may have to wait some time to see venture capital’s dry powder hit their deposit accounts—after all, in the last quarter, the amount of money flowing into startups globally fell by two-thirds. Limits on financing and difficulties banking baby firms will make the industry’s adjustment to higher rates more painful still. After such an adjustment, trips to the bank will remind dealmakers of their own mortality. That is not necessarily a bad thing.

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Startups used low-cost lending to top up balance-sheets between equity funding rounds. Most now expect such loans to become more expensive https://t.co/9Ty10mOPhT

— The Economist (@TheEconomist) March 14, 2023

“I think we might exceed a one-to-one ratio of humanoid robots to humans,” Elon Musk declared on March 1st. Coming from the self-styled technoking of Tesla, it was not so much a prediction as a promise. Mr Musk’s car company is developing one such artificially intelligent automaton, codenamed Optimus, for use at home and in the factory. His remarks, made during Tesla’s investor day, were accompanied by a video of Optimus walking around apparently unassisted.

Given that Mr Musk did not elaborate how—or when—you get from a promotional clip to an army of more than 8bn robots, this might all smack of science-fiction. But he has waded into a very real debate about the future of work. For certain forms of ai-enabled automation are fast becoming science fact.

Since November Chatgpt, an ai conversationalist, has dazzled users with its passable impression of a human interlocutor. Other “generative” ais have been conjuring up similarly human-like texts, images and sounds by analysing reams of data on the internet. Last month the boss of ibm, a computing giant, forecast that ai will do away with much white-collar clerical work. On March 6th Microsoft announced the launch of a suite of ai “co-pilots” for workers in jobs ranging from sales and marketing to supply-chain management. Excitable observers murmur about a looming job apocalypse.

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Absolute levels of adoption of industrial robots remain low. Even South Korean firms, by far the world’s keenest robot-adopters, employ ten manufacturing workers for every industrial robot https://t.co/mwHsvq9LoZ

— The Economist (@TheEconomist) March 9, 2023

When the US last week added several units of BGI Group, a Chinese genetic sequencing firm, to its entity list restricting technology transfer, the primary justification was that the company had been “contributing to monitoring and surveillance”, including of ethnic minorities. Yet the human rights implications of China’s domestic surveillance state aren’t Washington’s only concern. The new regulations also state that BGI’s programmes of “collection and analysis of genetic data [present] a significant risk of diversion to China’s military”. 

Biotechnology has quietly become America’s newest national security concern. From Congress to the intelligence agencies, Washington’s leaders have concluded that control over biotechnologies will be critical not only to the country’s health, but to national security as well.

Biotech tools have made rapid advances of late, enabling new therapies, vaccines, manufacturing techniques — and biosecurity risks. It’s long been recognised that DNA is just a complex type of code, telling cells how to operate. Gene-editing technologies have become more precise and vastly cheaper, making it easier than ever to “reprogramme” organisms. In addition, more powerful computing capabilities have provided new clarity into the meaning of DNA’s “code”.

One use of these capabilities is for manufacturing. For centuries, humans have relied on micro-organisms to produce beer and yoghurt, but with the right reprogramming, bacteria can be made to produce many new types of chemicals. In 2010, Darpa, the Pentagon’s long-range R&D arm, launched a programme called Living Foundries, aiming to synthetically manufacture 1,000 molecules….

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This author of Chip War keeping us on our toes re new competition coming down the track. There’s a new US national security obsession — biotech via @FT
https://t.co/tZrtlkHK9r

— George Magnus (@georgemagnus1) March 7, 2023

The Bible begins with the words “In the beginning God created the heavens and the earth”. One chapter later, we’re told that when God created the world he was “at work”. That the very first thing we learn about God is that he is a worker is very significant.

The nations around Israel believed that humans were created because the gods didn’t want to work – work was beneath them. But the Scriptures show us a God who works. Work is not an evil necessity but something associated with God’s character and so, when he creates humans and tells them to go and work in his garden, this is not a jail sentence but a privilege.

Genesis 2 also tells us that God rested. He worked and he rested, and in so doing established a pattern for us. Humans aren’t made for work alone but for work and rest. And as Hebrews tells us, rest is ultimately about our eternal relationship with God. We are made for the heavenly rest where we enjoy the presence of the living God and life full of joy and relationship in a renewed heavens and earth.

Against this backdrop we read that God created us. And there are two really important truths here. First, we are created in the image of God. And second, as those created in God’s image we are created specifically for work.

When God made men and women – to fill the earth and to rule over it – he gave us the privilege of working as his agents in his creation. It’s easy for us to miss the significance of this. Work is very, very good. Work is not the thing that you do to get to the good bits. There is something good about work, even when it’s very “worky”! Even when it’s tiring and difficult.

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Joseph the Carpenter by Georges de La Tour, circa 1642.#YearofStJoseph pic.twitter.com/bzbZRYUnuk

— Brant Law (@Mr_BLaw) July 29, 2021

Xi Jinping, China’s most powerful leader since Mao Zedong, is preparing to use the upcoming rubber-stamp parliamentary session to launch a “forceful” overhaul of the government by appointing his most trusted acolytes to oversee the financial, technology and other sectors.

The annual National People’s Congress, which kicks off on Sunday, will replace Premier Li Keqiang, the head of government, and his team of technocrats that has been credited with steering the economy through the turmoil of the past five years. Important portfolios such as the financial sector may also be restructured.

Xi pledged at a meeting on Tuesday that the party was planning “far-reaching” changes which, aside from financial sector reform, would include exerting closer control over the technology and science sectors and — perhaps most ominously for business — increased party involvement in “non-public enterprises”.

The changes come at a sensitive moment for China’s economy, which was hamstrung by Xi’s draconian zero-Covid strategy last year and regulatory crackdowns on the tech and property sectors that have damaged business sentiment. Gross domestic product in 2022 grew just 3 per cent, well below the official target of 5.5 per cent.

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Xi Jinping, China’s most powerful leader since Mao Zedong, is preparing to launch a 'forceful' overhaul of the government by appointing his most trusted acolytes to oversee the financial, technology and other sectors https://t.co/mQWZnHwX8Y

— FT China (@ftchina) March 2, 2023

It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society.

More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations around the globe.

Now, Republicans around the country say Wall Street has taken a sharp left turn, attacking what they term “woke capitalism” and dragging businesses, their onetime allies, into the culture wars.

The rancor escalated on Tuesday as Republicans in Congress used their new majority in the House to vote by a margin of 216 to 204 to repeal a Department of Labor rule that allows retirement funds to consider climate change and other factors when choosing companies in which to invest. In the Senate, Republicans are lining up behind a similar effort and have been joined by Senator Joe Manchin III, Democrat of West Virginia.

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(NYT front page) The Cultural and Partisan Divide
Of Socially Conscious #Investing https://t.co/uLO6W0hcKW #economy #stockmarket #ESG #corporations #ecology #culture #21stc

— Kendall Harmon (@KendallHarmon6) March 1, 2023

Faye Johnson-Smith thought it was too good to be true when her boss said she could have every Wednesday off without a cut in salary.

Her firm was taking part in a six-month trial, testing the costs and benefits of a four-day week on full pay.

Like most of the workers involved, Faye was much happier working shorter hours.

But at the end of the trial almost all the 61 employers, which included a brewery and a fish and chip shop, were also keen to keep the new work pattern.

The scheme, organised by 4 Day Week Global, took place between June and December 2022, and involved organisations across the UK, including some non-profit organisations, as well as private firms in recruitment, software, and manufacturing.

A report assessing its impact has found it had “extensive benefits” particularly for employees’ well-being.

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Big day for the #4DayWeek as we reveal that almost almost every company that took part in the UK four-day week pilot has decided to continue with it at the end of the trial.

Surely the time has now come to begin rolling it out across the country.https://t.co/nKWaPyoQOF

— Joe Ryle (@JoeRRyle) February 21, 2023

At 82 years old, with an aggressive form of blood cancer that six courses of chemotherapy had failed to eliminate, “Paul” appeared to be out of options. With each long and unpleasant round of treatment, his doctors had been working their way down a list of common cancer drugs, hoping to hit on something that would prove effective—and crossing them off one by one. The usual cancer killers were not doing their job.

With nothing to lose, Paul’s doctors enrolled him in a trial set up by the Medical University of Vienna in Austria, where he lives. The university was testing a new matchmaking technology developed by a UK-based company called Exscientia that pairs individual patients with the precise drugs they need, taking into account the subtle biological differences between people.

The researchers took a small sample of tissue from Paul (his real name is not known because his identity was obscured in the trial). They divided the sample, which included both normal cells and cancer cells, into more than a hundred pieces and exposed them to various cocktails of drugs. Then, using robotic automation and computer vision (machine-learning models trained to identify small changes in cells), they watched to see what would happen.

In effect, the researchers were doing what the doctors had done: trying different drugs to see what worked. But instead of putting a patient through multiple months-long courses of chemotherapy, they were testing dozens of treatments all at the same time.

The approach allowed the team to carry out an exhaustive search for the right drug. Some of the medicines didn’t kill Paul’s cancer cells. Others harmed his healthy cells. Paul was too frail to take the drug that came out on top. So he was given the runner-up in the matchmaking process: a cancer drug marketed by the pharma giant Johnson & Johnson that Paul’s doctors had not tried because previous trials had suggested it was not effective at treating his type of cancer.

It worked. Two years on, Paul was in complete remission—his cancer was gone.

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On average, it takes more than 10 years and billions of dollars to develop a new drug.

Incorporating AI into the drug development pipeline could help create cheaper pharmaceuticals faster. https://t.co/xYVZFyA5fY

— MIT Technology Review (@techreview) February 15, 2023

A better way to think about the moral import of gambling, and by extension the ubiquity of online sports betting, is to consider what it reveals about the gambler. The Hebrew and Christian scriptures warn many times against the excessive desire for wealth. It is remarkable, for example, that the last of the 10 commandments forbids the inward, private act of coveting: that is, the desire for what rightfully belongs to someone else. Jesus asserted—similarly referring to an unseeable sin—that a man cannot serve both God and mammon. The apostle Paul called the love of money “the root of all kinds of evil.”

Most forms of gambling, it’s fair to say, manifest a desire for money so inordinate that one is willing to take stupid risks to get more of it. Heavily investing in a stock you haven’t researched, putting your savings in a Ponzi scheme, betting on the Chiefs or the Eagles with money you can’t afford to lose—these are follies of the human heart. Or, to use a plainer word, sins.

Of course, the Bible doesn’t forbid risky investments. Jesus himself encourages a certain kind of them. “The kingdom of heaven is like unto a merchant man, seeking goodly pearls: who, when he had found one pearl of great price, went and sold all that he had, and bought it.”

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Sports betting is no longer taboo. Even the Manning boys say it’s OK. But is it wrong? asks Barton Swaim https://t.co/QHnmzXzURL

— Wall Street Journal Opinion (@WSJopinion) February 10, 2023

President Biden scored an early political point this month in his fight with congressional Republicans over taxes, spending and raising the federal debt limit: He forced Republican leaders to profess, repeatedly, that they will not seek cuts to Social Security and Medicare.

In the process, Mr. Biden has effectively steered a debate about fiscal responsibility away from two cherished safety-net programs for seniors, just as those plans are poised for a decade of rapid spending growth.

New forecasts from the nonpartisan Congressional Budget Office, released on Wednesday, showed Medicare and Social Security spending growth rapidly outpacing the growth in federal tax revenues over the next 10 years. That is the product of a wave of baby boomers reaching retirement age and beginning to tap the programs, which provide guaranteed income and health insurance from the time benefits are claimed until death.

Those retirees are an electoral force. In refusing to touch so-called entitlement programs, Mr. Biden was appealing to seniors, along with generations of future retirees, when he used his State of the Union address and subsequent speeches this month to amplify attacks on Republican plans to reduce future spending on Social Security and Medicare or potentially sunset the programs entirely.

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A healthy country would tackle this program head on and make the necessary adjustments and compromises to do so 4/4 https://t.co/bjLzztGF23 #socialsecurity #medicare #unfundedliabilities #usa #Stewardship all we are doing now is making things worse for those who come after us

— Kendall Harmon (@KendallHarmon6) February 16, 2023

Workers of the world are more exhausted than ever.

More than 40% of people with desk jobs feel burned out at work, a pandemic-era high, according to a survey released Wednesday by Future Forum, a research consortium backed by Salesforce Inc.’s Slack Technologies. The pain is particularly acute outside the US, where the burnout rate has been rising enough to offset slight improvements seen by American workers.

Economic uncertainty, fear of job cuts and rising pressure to return to in-office work have added to workplace malaise, Future Forum researchers said. Women and younger workers, in particular, reported struggling with burnout.

Regional pressures are also getting people down. In the UK, strikes have crippled the country as public-sector unions protest what they see as paltry pay increases. Japan’s government has asked firms there to help workers cope with the highest inflation since 1981. French citizens have taken to the streets to protest the government’s plan to raise the retirement age to 64 from 62, which could result in some concessions around working from home, a government spokesman said earlier this week.

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More than 40% of people with desk jobs feel burned out at work, a pandemic-era high, according to a survey.https://t.co/ygLR2uE8FI

— Bloomberg Law (@BLaw) February 15, 2023

Economists will spend hours poring over US inflation data released on Tuesday. But their calculations mostly obscure the experience of American families trying to make ends meet.

In 1985, an American man working the typical full-time job could support a family of four on 40 weeks of income, and be able to afford a range of nutritious foods, a three-bedroom house, a comprehensive health insurance plan, a family car, even saving to put both kids through the state university. In 2022, paying for all that would require 62 weeks of his income, which is a problem, there being only 52 weeks in a year.

These figures come from the Cost-of-Thriving Index (Coti), which compares the rate at which wages are rising to the rate of cost increases for middle-class staples. They show starkly the effect on household budgets of a decades-long stretch in which housing prices, health insurance premiums, college tuition, and more skyrocketed much faster than wages.

Traditional measures of inflation miss this fact. When inflation-adjusted figures report that a 2022 earner could afford roughly what a 1985 earner could, that assumes the 2022 earner still wants to drive a 1985 car, live in a 1985 house, watch a 1985 television, and receive 1985 medical care — and that we would call that “middle class”. 

Think about healthcare, where economists (rightly) celebrate extraordinary but costly breakthroughs in medical technology while families (also rightly) notice that insurance premiums keep eating a larger share of their salary.

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US inflation data is out today and economists will be poring over it. But their calculations hide the real experience of ordinary Americans trying to make ends meet, says Oren Cass https://t.co/01hAdmzLAo

— FT Opinion (@ftopinion) February 14, 2023

State laws tend to allow the gambling industry to regulate itself, which means that these companies are expected to identify and exclude their steadiest customers. This has been as unsuccessful as one might expect; as much as 50 percent of revenue comes from “problem gamblers,” while one study showed that in 1998, only 4 percent of gambling revenue from video lottery games came from “responsible” gamers. Just as tobacco companies would go out of business if people used their products responsibly, gambling wouldn’t be a multibillion-dollar industry if it weren’t for addicts.

Marijuana has a more complicated legacy, especially because it has real (but rather modest) benefits for medicinal use. However, careful analyses show that marijuana legalization has contributed to a rise in opioid-related deaths, especially when dispensaries can legally sell all sorts of cannabis products. Permitting dispensaries also increases referrals for addiction treatment, which is unsurprising considering that higher-potency products are more dangerous. The best evidence we have suggests that marijuana is harmful to teenage brains as they develop and that more teenagers use marijuana when it is legalized in their state.

The industries that profit off addiction want to frame the question of access around “responsible use” and occasionally suggest that some people might have a genetic predisposition to addiction. This individualistic framing allows them to avoid talking about how much effort they’re putting into making their products as accessible as possible. Even more important, it elides the question of whether we are all better off when it’s easier to start an addiction and harder to escape one.

There’s a richer and more compelling vision, one that is drawn from philosophical traditions across the ages. It recognizes that our life together isn’t merely a series of contracts we negotiate, and that our ability to make good decisions isn’t based simply on our rationality. Virtue is not simply doing good deeds, but also a set of dispositions and habits that must be practiced in order to flourish. Just as people can be sucked into addictions, we can also work to develop the virtues inside us so that we can be kind, generous, and self-controlled throughout our lives.

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America Has Gone Too Far in Legalizing Vice https://t.co/b8WnbgFO49

— Matt Lewis (@mattklewis) February 13, 2023

Americans are more likely to predict negative rather than positive outcomes for five key aspects of the U.S. economy over the next six months. Higher inflation, unemployment and interest rates, as well as reduced economic growth and stock market values, are all expected.

A majority of U.S. adults (67%) expect inflation to rise, although more (79%) predicted that it would last year. At the same time, the public’s outlook for unemployment and the stock market have become more pessimistic and are now negative on balance. Expectations for economic growth and the stock market are the most pessimistic in Gallup’s periodic trend.

Gallup first asked Americans in October 2001 what they expected would happen with these five aspects of the economy and updated them monthly until 2006. Since then, Gallup has asked about them eight times, though not during the late 2007-early 2009 Great Recession. The latest results are from the Jan. 2-22 Mood of the Nation poll, which also found that Americans’ confidence in the economy remains low, mentions of inflation as the nation’s most important problem are still elevated and perceptions of the job market are positive but weakened compared with a year ago.

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Americans are more likely to predict worsening rather than improving conditions for five economic aspects, including inflation, unemployment, economic growth, the stock market and interest rates. https://t.co/xsV2WlFSyE

— GallupNews (@GallupNews) February 6, 2023

Here’s something odd: We’re getting worse at construction. Think of the technology we have today that we didn’t in the 1970s. The new generations of power tools and computer modeling and teleconferencing and advanced machinery and prefab materials and global shipping. You’d think we could build much more, much faster, for less money, than in the past. But we can’t. Or, at least, we don’t.

Throughout the 1950s and 1960s, productivity in the construction sector — how much more could be done given the same number of workers and machines and land — grew faster than productivity in the rest of the economy. Then, around 1970, it began to fall, even as economywide productivity kept rising. Today, the divergence is truly wild. A construction worker in 2020 produced less than a construction worker in 1970, at least according to the official statistics. Contrast that with the economy overall, where labor productivity rose by 290 percent between 1950 and 2020, or to the manufacturing sector, which saw a stunning ninefold increase in productivity.

In the piquantly titled “The Strange and Awful Path of Productivity in the U.S. Construction Sector,” Austan Goolsbee, the newly appointed president of the Chicago Federal Reserve and a former chairman of the Council of Economic Advisers, under President Barack Obama, and Chad Syverson, an economist at the University of Chicago’s Booth School of Business, set out to uncover whether this is all just a trick of statistics, and if not, what has gone wrong.

Read it all.

A Really Good Piece: The Story Construction Tells About America’s Economy Is Disturbing https://t.co/4BEMy8ScKA

— Francis Fukuyama (@FukuyamaFrancis) February 6, 2023

Africa’s largest economy, Nigeria, is in the process of introducing new banknotes for the first time in more than 20 years. The move is an attempt to reignite confidence in the currency, the naira, which is under severe pressure. With inflation at more than 20%, people are struggling to cope with the rising cost of living. It is leading to the largest exodus of young professionals in years.

“Imagine going to the grocery store one day, and everything has tripled in price? How do you even cope? You have a family at home. What do you cut out of the budget?” Oroma Cookey Gam tells me by Zoom, her face incredulous.

The fashion designer left Nigeria’s biggest city, Lagos, with her young family a year ago for the UK capital, London. Her husband and business partner Osione, an artist, was granted a Global Talent visa, which enables leaders in academia, arts and culture, as well as digital technology to work in the UK.

She says it had become too expensive to raise their young family in Lagos. “Our money was buying us less and less. We weren’t able to pay our bills, we weren’t able to do normal things that we were doing.”

Oroma studied law at the UK’s University of Northumbria and moved back to Nigeria almost 20 years ago, keen to use her degree to help develop her country. Along with Osione, she eventually set up This Is Us, a sustainable fashion and lifestyle brand that uses local materials and artisans, including cotton grown and dyed in northern Nigeria.

Read it all.

Important piece.

“Despite having one of the largest health workforces on the continent, Nigeria's skilled health workforce density is only 1.95/1,000 population, well below the recommended benchmark”.

On brain drain @MayeniJones https://t.co/O9banuAPIw

— Ashis Basu (@BasuAshis) January 31, 2023

More Americans name the government as the nation’s top problem in Gallup’s latest poll, which encompassed the rocky start of the 118th Congress’ term. With high prices persisting, inflation remains the second most-cited problem (15%), and amid elevated tensions about the southern U.S. border, illegal immigration edged up three percentage points to 11%. Mentions of the economy in general fell six points, to 10%, the lowest reading in a year.

The poll’s Jan. 2-22 field period included the four-day, 15-vote process in which Republicans, who now hold a slim majority in the U.S. House of Representatives, ultimately elected Kevin McCarthy to be Speaker of the House. Revelations about classified government documents from 2009 to 2017 found in President Joe Biden’s private office and home also surfaced while the poll was in the field. Although mentions of the government as the nation’s top problem rose six points this month to 21%, job approval ratings of Biden (41%) and Congress (21%) remained flat.

The government ranks as the top problem for both Republicans and Republican-leaning independents (24%) and Democrats and Democratic-leaning independents (18%). Inflation and immigration are each cited by 18% of Republicans, while mentions of inflation (11%), the economy in general and race relations (9% each) trail the government among Democrats. Democrats are more likely than Republicans to view unifying the country and the environment as top problems.

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More Cite Gov't as Top U.S. Problem; Inflation Ranks Second https://t.co/Gie0ExDGc5

— Living Without Lust/Jay Haug Executive Director (@LWLorg) January 31, 2023

The U.S. government may have awarded roughly $5.4 billion in coronavirus aid to small businesses with potentially ineligible Social Security numbers, offering the latest indication that Washington’s haste earlier in the pandemic opened the door for widespread waste, fraud and abuse.

The top watchdog overseeing stimulus spending — called the Pandemic Response Accountability Committee, or PRAC — offered the estimate in an alert issued Monday and shared early with The Washington Post. It came as House Republicans prepared to hold their first hearing this week to study the roughly $5 trillion in federal stimulus aid approved since spring 2020.

The suspected wave of grift targeted two of the government’s most generous emergency initiatives: the Paycheck Protection Program, known as PPP, and the Economic Injury Disaster Loan, dubbed EIDL. Started under President Donald Trump — and managed by the beleaguered Small Business Administration — the roughly $1 trillion in loans and grants aimed to help cash-strapped companies stay afloat financially during the worst economic crisis since the Great Depression.

Read it all.

Some $5.4B in #COVID19 aid may have gone to businesses using fishy Social Security numbers. Nearly 70,000 suspect SSNs, including ones that didn't exist or didn't match name & birth records.
House #Republicans are holding hearings on aid fraud this week.https://t.co/m4Mteizpdr

— Laurie Garrett (@Laurie_Garrett) January 30, 2023

Millennials and Gen Z are less enthusiastic about having children than their parents. The reasons are many: financial, social, and biological, along with the preference among younger generations for “freedom.”

America’s falling fertility rates have been a cause for concern for several decades. During the Great Recession in 2008, millennials delayed marriage and having children, causing fertility rates to drop.

Then, early in the COVID-19 pandemic, there was a short-lived “baby-bust,” when conceptions fell slightly. Months later, the rates rebounded but were inconsequential compared to the huge number of daily deaths.

Over the next few decades, demographers expect the population growth to decline further. But there’s one hope for increasing the U.S. population: immigrants.

A report by the Congressional Budget Office (CBO) released Tuesday predicts that the nation’s population will near 373 million by 2053, up by almost 3 million from CBO estimates a year ago. The difference? An increase in immigrants over the next three decades.

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The birth dearth is coming. And it's going to make the already tight labor market impossibly tight before long https://t.co/PRfYDqjxyz pic.twitter.com/NohDJvhlzq

— Alyson Shontell (@ajs) January 25, 2023

Eighteen months ago, the online used car retailer Carvana had such great prospects that it was worth $80 billion. Now it is valued at less than $1.5 billion, a 98 percent plunge, and is struggling to survive.

Many other tech companies are also seeing their fortunes reverse and their dreams dim. They are shedding employees, cutting back, watching their financial valuations shrivel — even as the larger economy chugs along with a low unemployment rate and a 3.2 percent annualized growth rate in the third quarter.

One largely unacknowledged explanation: An unprecedented era of rock-bottom interest rates has abruptly ended. Money is no longer virtually free.

For over a decade, investors desperate for returns sent their money to Silicon Valley, which pumped it into a wide range of start-ups that might not have received a nod in less heady times. Extreme valuations made it easy to issue stock or take on loans to expand aggressively or to offer sweet deals to potential customers that quickly boosted market share.

Read it all.

High valuations in Silicon Valley made it easy to issue stock or take on loans to expand aggressively or to offer sweet deals to potential customers that quickly expanded market share. Not anymore, @DavidStreitfeld reports. https://t.co/rHsLe5mXfZ

— NYTimes Tech (@nytimestech) January 24, 2023

The FBI’s purpose, according to Herbert N. Foerstel in his book “Surveillance in the Stacks,” was to demand details about library use by people from countries “hostile to the United States, such as the Soviet Union.” Agents tended to approach whoever was at the reference desk — often a student assistant or paraprofessional — and ask for names and other details of people who used the library to locate technical and scientific materials, such as engineering journals and publications of the National Technical Information Service. At the University of Wisconsin, according to Foerstel, agents watched a Soviet national reading the Russian newspaper “Pravda” and then asked a librarian if that copy “had been marked up.”

The rise in book bans, explained
The public was largely ignorant of these encounters until the case of Gennady Zakharov, a Russian-born United Nations aide who was indicted in 1986 for trying to transmit “unclassified information about [American] robotics and computer technology” to the Soviets. His source turned out to be a Guyanese college student who stole publicly available microfiche from several New York-area libraries and sold it to Zakharov.

The next year, the New York Times reported for the first time on the existence of the Library Awareness Program, calling it part of a national counterintelligence effort.

The FBI immediately tried to downplay the program’s significance. “Hostile intelligence has had some success working the campuses and libraries,” said James Fox, deputy assistant director of the New York FBI office, “and we’re just going around telling people what to be alert for.”

This explanation didn’t satisfy librarians. “We’re extremely concerned,” said Betsy Pinover, public relations director of the New York Public Library, “about intellectual freedom and the reader’s right to privacy, and are committed to protecting the privacy of our readers.” The New York Library Association and American Library Association issued similar statements. Rep. Major R. Owens (D-N.Y.), a former librarian, called it “a new low for the anti-intellectualism of the Reagan administration.” Cartoonists took aim; humorists made hay.

Read it all.

When the FBI Was Secretly Spying on People's Library Habits | @washingtonpost https://t.co/0jLhLJEkO9

— Publishers Weekly (@PublishersWkly) January 24, 2023

The corporate cafeteria can be an especially lonely place these days.

“You used to walk in at 12 o’clock on a Tuesday and stand in line to get something,” said Casey Allen, 46, who works for a division of the agricultural chemical company BASF in Raleigh, N.C. “Now, you walk in and you’re usually first in line.”

A paternalistic fixture of white-collar life born of the Industrial Revolution, the office dining room survived the midcentury move to sprawling suburban office parks. It weathered the rise and fall of cubicle culture and power lunches, and more recently, the lavish excess of the Silicon Valley office lunch.

But as the American office emerges from its pandemic slumber, can the cafeteria survive layoffs, a workweek that sometimes requires only a few days in the mother ship and a new, more demanding generation of employees?

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Employees, especially younger ones, are demanding more culturally authentic meals and climate-friendly kitchen protocols, like reducing waste.

The Corporate Cafeteria Is Broken. So How to Feed Workers? https://t.co/CSz9fBWlSR

— Sean Graf (@seangraf) January 24, 2023