Category: Journalism

Mundell Thought Low Taxes Nourish Entrepreneurs

(p. B11) Robert A. Mundell, a Nobel Prize-winning economist whose theorizing opened the door to understanding the workings of global finance and the modern-day international economy, while his more iconoclastic views on economic policy fostered the creation of the euro and the adoption of the tax-cutting approach known as supply-side economics, died on Sunday [April 4, 2021] at his home, a Renaissance-era palazzo that he and his wife restored, near Siena, Italy.

. . .

. . . he provided intellectual grounding for lowering the top tax rates on the rich, whose advocates rallied under the banner of supply-side economics and won over many right-leaning politicians and policymakers in the United States, Britain and elsewhere while drawing the scorn of more progressive economists, who disputed the notion that cutting taxes for the wealthy was the best way to spur economic growth.

“Supply-side economics made the argument that steeply progressive tax rates reduced the size of the pie to be distributed,” Professor Mundell said in a 2006 interview with the American Economic Association. “The poor might be better off with a smaller share of a larger pie than with a larger share of a small pie.”

To encourage a growing economy, he argued for keeping the maximum tax rate under 25 percent. “The stimulus and rewards of the entrepreneurial group must be fed and nourished,” he said in a 1986 interview.

His ideas were promoted with evangelical fervor in the 1970s particularly by Arthur Laffer, an economist who became known for the “Laffer curve,” postulating that lower tax rates would generate higher government revenues, and Jude Wanniski, an editorial writer for The Wall Street Journal, whose opinion pages took up Professor Mundell’s cause after a series of lunches and dinners at a Lower Manhattan restaurant, Michaels 1, which were later described by Robert Bartley, The Journal’s opinion editor, in his book “The Seven Fat Years” (1992).

For the full obituary, see:

Tom Redburn. “Robert Mundell, a Father of the Euro and Reaganomics, Dies at 88.” The New York Times (Tuesday, April 6, 2021): B11.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the obituary was updated April 6, 2021, and has the title “Robert A. Mundell, a Father of the Euro and Reaganomics, Dies at 88.”)

The book by Bartley mentioned above is:

Bartley, Robert L. The Seven Fat Years: And How to Do It Again. New York: Free Press, 1992.

Mundell and Laffer Agreed High Taxes Hurt Poor

(p. A12) Robert A. Mundell began to make his name in the 1960s as a maverick economist eager to challenge his more orthodox colleagues. He ended up influencing mainstream economic policy in the U.S. and Europe in profound ways that few of his peers could have imagined.

. . .

Dr. Mundell’s influence on U.S. economic policy also dates to the 1960s. He was teaching at the University of Chicago when he met Arthur Laffer in 1967. Dr. Laffer, a Stanford-educated economist, later recalled their first meeting as a shock. “In walked a sallow, tousle-headed, pipe-smoking figure wearing a faded trench coat belted with a clothesline cord,” Dr. Laffer wrote.

The disheveled Dr. Mundell and the buttoned-down Dr. Laffer agreed that steeply progressive taxes were deterring investment and employment in ways that hurt the poor.

In the 1970s, Dr. Mundell argued that the U.S. should defy conventional economic wisdom by raising interest rates to protect the dollar’s value while reducing taxes to stimulate the economy. “I knew I was in the minority,” he said in an 1988 interview. “But I thought my vote should count much more than the others because I understood the subject.”

Dr. Laffer introduced Dr. Mundell and his ideas to Jude Wanniski and Robert Bartley of The Wall Street Journal editorial pages, whose work influenced Republican politicians including Jack Kemp and Mr. Reagan.

For the full obituary, see:

James R. Hagerty. “Canadian Economist Inspired U.S. Tax Cuts.” The Wall Street Journal (Saturday, April 6, 2021): A12.

(Note: ellipsis added.)

(Note: the online version of the obituary has the date April 9, 2021, and has the title “Robert Mundell Helped Inspire U.S. Tax Cuts and the Euro.” In the last paragraph quoted above, the online version mentions Jack Kemp. The print version did not.)

Press Should Be “Watchdog, Not Partisan Attack Dog”

(p. 7) WASHINGTON — I’ve been waiting for this moment. The moment when some on the left would react indignantly to journalists doing their job.

It was so enthralling and gratifying to assail Donald Trump as a liar and misogynist that it was bound to be jarring when the beast slouched out of town and liberals had to relearn the lesson that reporters don’t — or shouldn’t — suit up for the blue team.

. . .

. . . , the left declared it a national emergency and acted as though all journalistic objectivity should be suspended. Some thought that the media should ignore Trump’s news conferences and tweets and that the only legitimate interview with Trump was one where you stabbed him in the eye with a salad fork.

Many reporters offered sharp opinions, the kind not seen before in covering a president.

. . .

A whole generation of journalists was reared in the caldera that was Trump’s briefing room.

Some Washington reporters have been worried about this for some time, that the left would “work the refs,” as one put it, and turn on the media and attack if they dared to report something that could endanger the Republic (a.k.a. hurt a Democrat).

But the role of the press in a functioning democracy is as watchdog, not partisan attack dog. Politicians have plenty of people spinning for them. They don’t need the press doing that, too.

For the full commentary, see:

Maureen Dowd. “Democrats, High on Their Own Supply.” The New York Times, SundayReview Section (Sunday, February 28, 2021): 7.

(Note: ellipses added.)

(Note: the online version of the commentary has the date Feb. 27, 2021, and has the title “High on Their Own Supply.”)

Only Very Few of Those Vaccinated Get Covid-19, and When They Do, Symptoms Are Mild or Absent

(p. A8) Nearly 83 million Americans have received at least one dose of a Covid vaccine, and it’s unclear just how many of them will have a “breakthrough” infection, though two new reports suggest the number is very small.

One study found that just four out of 8,121 fully vaccinated employees at the University of Texas Southwestern Medical Center in Dallas became infected. The other found that only seven out of 14,990 workers at UC San Diego Health and the David Geffen School of Medicine at the University of California, Los Angeles tested positive two or more weeks after receiving a second dose of either the Pfizer-BioNTech or Moderna vaccines. Both reports, published on Tuesday [March 23, 2021] in the New England Journal of Medicine, show how well the vaccines work in the real world, and during a period of intense transmission.

. . .

Only some of the virus-positive health workers in the California study showed symptoms, . . ., and they tended to be mild, suggesting that the vaccines were protective. That echoes data from the vaccine trials indicating that breakthrough infections were mild and did not require hospitalizations. Some people had no symptoms at all, and were discovered only through testing in studies or as part of their medical care.

For the full commentary, see:

Denise Grady. “The Vaccinated Can Get Covid, but the Odds are Slim.” The New York Times (Wednesday, March 24, 2021): A8.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the commentary has the date March 23, 2021, and has the title “Vaccinated People Can Get Covid, but It’s Most Likely Very Rare.”)

The study discussed above is:

Sacerdote, Bruce, Ranjan Sehgal, and Molly Cook. “Why Is All Covid-19 News Bad News?” National Bureau of Economic Research, NBER Working Paper #28110, Nov. 2020.

The NEJM articles mentioned above are:

Daniel, William, Marc Nivet, John Warner, and Daniel K. Podolsky. “Early Evidence of the Effect of Sars-Cov-2 Vaccine at One Medical Center.” New England Journal of Medicine (March 23, 2021).

Keehner, Jocelyn, Lucy E. Horton, Michael A. Pfeffer, Christopher A. Longhurst, Robert T. Schooley, Judith S. Currier, Shira R. Abeles, and Francesca J. Torriani. “Sars-Cov-2 Infection after Vaccination in Health Care Workers in California.” New England Journal of Medicine (March 23, 2021).

U.S. Media Covid-19 Stories More Negative than World Media Stories and than Scientific Journal Stories

(p. A8) Bruce Sacerdote, an economics professor at Dartmouth College, noticed something last year about the Covid-19 television coverage that he was watching on CNN and PBS. It almost always seemed negative, regardless of what was he seeing in the data or hearing from scientists he knew.

When Covid cases were rising in the U.S., the news coverage emphasized the increase. When cases were falling, the coverage instead focused on those places where cases were rising. And when vaccine research began showing positive results, the coverage downplayed it, as far as Sacerdote could tell.

But he was not sure whether his perception was correct. To check, he began working with two other researchers, building a database of Covid coverage from every major network, CNN, Fox News, Politico, The New York Times and hundreds of other sources, in the U.S. and overseas. The researchers then analyzed it with a social-science technique that classifies language as positive, neutral or negative.

The results showed that Sacerdote’s instinct had been right — and not just because the pandemic has been mostly a grim story.

The coverage by U.S. publications with a national audience has been much more negative than coverage by any other source that the researchers analyzed, including scientific journals, major international publications and regional U.S. media. “The most well-read U.S. media are outliers in terms of their negativity,” Molly Cook, a co-author of the study, told me.

About 87 percent of Covid coverage in national U.S. media last year was negative. The share was 51 percent in international media, 53 percent in U.S. regional media and 64 percent in scientific journals.

For the full commentary, see:

David Leonhardt. “The Pandemic Is a Grim Story, but is Bad news the Only Kind?” The New York Times (Wednesday, March 24, 2021): A8.

(Note: the online version of the commentary has the same date as the print version, and has the title “Bad News Bias.”)

The study discussed above is:

Sacerdote, Bruce, Ranjan Sehgal, and Molly Cook. “Why Is All Covid-19 News Bad News?” National Bureau of Economic Research, NBER Working Paper #28110, Nov. 2020.

Journalism on the Left: “Nobody Censored What We Wrote”

(p. D7) James Ridgeway, an investigative reporter who exposed corporate dirty tricks, the secrets of environmental polluters and the horrors of solitary confinement in the nation’s prison systems, died on Saturday [Feb. 13, 2021] in Washington.

. . .

Mr. Ridgeway focused on the nation’s 2,200 public and private institutions of higher learning in “The Closed Corporation: American Universities in Crisis” (1968). The book contended that colleges and universities, hiding behind tax exemptions and interlocked with private corporations and government agencies, were riddled with conflicts of interest in a corrupt system of profiteering.

“Ridgeway notes that 50 years ago, the universities were run by social reformers and scholars,” H.L. Nieburg wrote in a review for The Times, “while today they are operated by teams of middle-management executives more involved with pyramiding financial holdings and keeping faculty in line than in undergraduates.”

. . .

In 2012, after the death of Alex Cockburn, with whom he had shared a column in The Voice, Mr. Ridgeway wrote in Mother Jones: “We did our reporting in a way that most people in the press would die for. Nobody censored what we wrote. Nobody messed with how things were written, or dreamed of questioning a political opinion.”

For the full obituary, see:

Robert D. McFadden. “James Ridgeway, a Journalist Who Attacked Skulduggery, Is Dead at 84.” The New York Times (Monday, February 15, 2021): D7.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the obituary has the date Feb. 14, 2021, and has the title “James Ridgeway, Hard-Hitting Investigative Journalist, Dies at 84.”)

James Ridgeway’s book on higher education was:

Ridgeway, James. The Closed Corporation: American Universities in Crisis. New York: Random House, 1968.

“A Safe Space for Entrepreneurs to Share Their Stories of Ascent”

(p. 1) Guy Raz is wrapping up an episode of How I Built This, his podcast about the origin stories of late capitalism, when his guest, the Israeli investor Haim Saban, gets to the good part. The throw-your-arms-aloft, finish-line moment of his personal business journey. In the story Mr. Saban is telling, he is about to make a lot of money, and then quadruple it into even more money.

Mr. Raz cuts in, astonished. “But half a billion dollars — that’s a lot of money,” he says. “I mean, wow.”

“Two billion is more,” Mr. Saban says.

“Was money — becoming really rich — did that motivate you?” Mr. Raz asks a moment later.

“You know, it wasn’t only money, but it was also money,” Mr. Saban says. “Money is a marker to success.”

There’s a moment like this in every episode of How I Built This. The guest has let his or her guard down and revealed something intimate, or financial, or financially intimate, and Mr. Raz keeps the disclosures rolling by reacting with total marvelment.

. . .

By creating a safe space for entrepreneurs to share their stories of ascent, Mr. Raz has become one of the most popular podcasters in history.

For the full story, see:

Nellie Bowles. “How Guy Raz Built ‘How I Built This’.” The New York Times, SundayBusiness Section (Sunday, November 25, 2018): 1 & 7.

(Note: ellipsis added. In the original, the word “more” is italicized.)

(Note: the online version of the story has the date Nov. 23, 2018, and has the same title as the print version.)

New York Times’s “Inexcusable” Reporting Ignored Sophia Farrar, Whose Actions Belied the Kitty Genovese Narrative

(p. A24) The story of Kitty Genovese, coupled with the number 38, became a parable for urban indifference after Ms. Genovese was stalked, raped and stabbed to death in her tranquil Queens neighborhood.

Two weeks after the murder, The New York Times reported in a front-page article that 37 apathetic neighbors who witnessed the murder failed to call the police, and another called only after she was dead.

It would take decades for a more complicated truth to unravel, including the fact that one neighbor actually raced from her apartment to rescue Ms. Genovese, knowing she was in distress but unaware whether her assailant was still on the scene.

That woman, Sophia Farrar, the unsung heroine who cradled the body of Ms. Genovese and whispered “Help is on the way” as she lay bleeding, died on Friday [Aug. 28, 2020] at her home in Manchester, N.J.

. . .

The murder was reported in a modest four-paragraph article in The Times. Two weeks later, its interest piqued by a tip from the city’s police commissioner, The Times produced a front-page account of the killing that transformed the murder into a global allegory for callous egocentrism in the urban jungle and undermined the innocent-bystander alibi.

. . .

That account — epitomized by one neighbor’s stated excuse that “I didn’t want to get involved” — galvanized outrage, became the accepted narrative for decades and even spawned a subject of study in psychology: how bystanders react to tragedy. Except that with the benefit of hindsight, the number of eyewitnesses turned out to have been exaggerated; none actually saw the attack completely; some who heard it thought it was a drunken brawl or a lovers’ quarrel; and several people said they did call the police.

. . .

In several retrospectives decades after the murder, The Times reassessed the original account, concluding that more neighbors might have heard Ms. Genovese’s screams than actually witnessed the attack. But only one Times article, during Mr. Moseley’s trial, even mentioned Mrs. Farrar’s name, reporting that she and Ms. Zielonko found the victim in the vestibule.

Since Mrs. Farrar was interviewed on camera in “The Witness,” though, among those who criticized The Times’s failure to report her presence in earlier accounts of the crime was Joseph Lelyveld, who was the executive editor of The Times in the 1990s. He has called the omission “inexcusable.”

For the full obituary, see:

Sam Roberts. “Sophia Farrar Dies at 92; Belied Indifference to Kitty Genovese Attack.” The New York Times (Friday, September 4, 2020): A24.

(Note: ellipses added.)

(Note: the online version of the obituary has the date Sept. 2, 2020, and has the same title as the print version.)

“Pessimism of the Intellect and Optimism of the Will”

(p. C4) Advertisers may have been peddling baubles or junk food, but their cash funded serious journalism — the kind that could afford to send a reporter to, say, every municipal board meeting. “People knew that,” the former editor of the once mighty Youngstown Vindicator told Sullivan, “and they behaved.” This watchdog function had tangible benefits for subscribers and nonsubscribers alike. “When local reporting waned,” Sullivan writes, “municipal borrowing costs went up.” Local news outlets provide the due diligence that bondholders often count on. Without the specter of a public shaming, corruption is freer to flourish.

. . .

“Ghosting the News” concludes with a soaring quote from the Italian theorist Antonio Gramsci about “pessimism of the intellect and optimism of the will,” but the local reporter in Sullivan follows it up with a more immediate analogy: Even if no one seems to be coming to the rescue while your house is on fire, you still have to “get out your garden hose and bucket, and keep acting as if the fire trucks are on the way.”

For the full review, see:

Jennifer Szalai. “Books of the Times; Another Endangered Species.” The New York Times (Thursday, July 30, 2020): C1 & C4.

(Note: ellipsis added.)

(Note: the online version of the review has the date July 26, 2020, and has the title “Books of the Times; Yes, Fake News Is a Problem. But There’s a Real News Problem, Too.”)

The book under review is:

Sullivan, Margaret. Ghosting the News: Local Journalism and the Crisis of American Democracy. New York: Columbia Global Reports, 2020.

Founder of Hong Kong Pro-Democracy Newspaper: “We Will Persevere”

(p. A12) HONG KONG — After more than 200 police officers raided the newsroom of Hong Kong’s biggest pro-democracy newspaper, Apple Daily, a staff reporter messaged the editor in chief with a question: Should I still go to work?

“You decide,” the top editor, Ryan Law, replied. “This is the biggest news story in the world.”

The reporter hurried to the office. The Monday [Aug. 10, 2020] raid led reporters and editors to produce livestreams and more than two dozen articles that day about the police sweep. They detailed the arrest of the newspaper’s founder, Jimmy Lai, analyzed the legal implications of the crackdown, and covered the international outrage that it triggered.

“Apple will definitely keep fighting,” screamed a bold red banner headline in Tuesday’s edition.

. . .

On Wednesday [Aug. 12, 2020], Apple Daily staff took a brief moment to celebrate the return of Mr. Lai, their embattled owner, after he was released on bail.

Mr. Lai, who had been marched through his newspaper in handcuffs while police officers carried out the search on Monday [Aug. 10, 2020], was given a hero’s welcome. He bowed and waved as employees applauded and handed him a bouquet of flowers. Cheung Kim-hung, the Next Digital chief executive who had also been arrested, gave him a hug.

“We will persevere and just keep going,” Mr. Lai told the team.

For the full story, see:

Tiffany May and Austin Ramzy. “‘We Will Persevere’: A Newspaper Faces the Weight of a Crackdown.” The New York Times (Thursday, August 13, 2020): A12.

(Note: ellipsis, and bracketed dates, added.)

(Note: the online version of the story has the date Aug. 12, 2020, and has the same title as the print version.)

The New York Times Advises Its Readers How to Survive the Pandemic

(p. D3) BEST MAIL-ORDER ICE CREAM

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For the full story, see:

“The New Essentials: Family Fun.” The New York Times, AtHome Section (Sunday, May 24, 2020): 8.

(Note: all-cap heading, bolds, italics, and absence of period after italics, all in original.)

(Note: after a thorough search, as of 5/25/20, it appears that the New York Times did not post this article online.)