Daily Archive: May 4, 2016
Old poetry is laden with the baggage of centuries of hidden metaphor and archaic references. New poetry is prone to abstraction and whimsical laziness. But poetry deserves our consideration as an art form nonetheless. After all, all the music we love is poetry, and all the fun little things we can do with language are best done in poetic form.
The U.S. economy’s power-law features, in which averages disguise massive inequalities in outcomes, go a long way in explaining how Obama can tell a story about the economy vastly different from the ones that are propelling some presidential candidates. A prime example is the pattern of income growth. Between 2009 and 2013, most measures of real personal income showed slow but steady improvement. Average hourly earnings for private sector workers grew about 7 percent. But what about the distribution? The top 1 percent saw its disposable income grow by 11 percent. Everybody else got close to nothing. For the bottom 99 percent, income actually declined through the first five years of the recovery. “So far all of the gains of the recovery have gone to the top 1 percent,” the economist Justin Wolfers wrote.