“In general, transit use decreased as income increased, but respondents in the highest bracket—$150,000 and up—reported riding transit more than any other group except those in the lowest bracket, who make less than $25,000.”
'Millennials Love Transit Most, Boomers Still Stuck on Cars' via CityLab
“Transit riders are disproportionately young, members of ethnic minorities, and—most important of all—they live in relatively dense neighborhoods where high-quality transit is available. The most important factor for them in choosing transit is travel time and reliability, not fancier amenities such as wifi.”
— 'Millennials Love Transit Most, Boomers Still Stuck on Cars' via CityLab
“In this framework, house prices do not rise in superstar cities because there is increasing value from amenities or productivity benefits. Instead, the composition of families living in superstar cities shifts to those who are willing to pay more as high-income families become more numerous.”
— 'Superstar Cities' - Joseph Gyourko, Christopher Mayer, and Todd Sinai
“The result is a kind of cognitive capture: the problems and opinions of affluent Americans loom large for politicians because they spend so much of their time around affluent Americans.”
— Nick Carnes via Vox
“David Albouy, an economics professor at the University of Illinois, has created a metric, the sacrifice measure, which essentially charts how poor a person is willing to be in order to live in a particular city. Portland, he discovered, is near the top of the list. Even when college-educated residents get jobs there, they earn 84 cents for the average dollar earned in other cities, according to Greg Schrock and Jason Jurjevich, professors of urban studies at Portland State University. In 41 of the country’s 50 largest cities, young, educated people earn more than they do in Portland.”
“I doubt whether any other Convention we can obtain may be able to make a better Constitution. For when you assemble a number of men to have the advantage of their joint wisdom, you inevitably assemble with those men, all their prejudices, their passions, their errors of opinion, their local interests, and their selfish views. From such an assembly can a perfect production be expected?”
— Benjamin Franklin reflecting on the document that was shortly adopted as the United States Constitution via HistoryToday
“The fear that a Senate elected by the state legislatures might too faithfully reflect the parochial wishes of its constituents led many of the framers to begin to think of the president, in the words of Gouverneur Morris, as ‘the general guardian of the national interests’ and potentially as an active force in politics.”
“Predictors of inflation look more and more like Dorothy Martin’s acolytes, the subjects of the groundbreaking study “When Prophecy Fails,” about true believers whose faith in a predicted apocalypse persists even after it fails to materialize.”
— Jesse Eisinger, ‘Recognizing Bubbles, but Still Cautious on Deflating Them' via NYTimes
“The overall debt level is already high relative to historical norms. At its current level of 74%, the ratio of federal debt-to-GDP is at its highest ever, except for seven years around World War II. At that time, the debt ratio peaked at 106% at the end of the war and then fell rapidly, due to low interest rates, inflation, and a generation’s worth of strong economic growth that we can only hope to see again anytime soon.”