This is the second appearance of JD Vance's book, Communion, as the Amazon Eye Candy du Jour; the first was back in April, when I defended its cover (picturing a rural Virginia church) against some truly nothingburger media slurs.
But the book came out in June, people are actually reading it instead of staring at the cover, and there's a particularly problematic chapter near the endâ¦
Our first critic is Ryan Bourne, who squeezed out two rebuttal posts at Cato about it. Number one: JD Vanceâs Feared "Cult of Growth" Has Never Run America.
JD Vanceâs new book, Communion, includes a chapter railing against economists. The central thesis of his chapter âA Dismal Scienceâ is that the government has preoccupied itself with GDP maximization at the expense of well-being. Americans only seem so well off, Vance argues, because âwe bombard [them] with all manner of creature comforts and add their consumptionâprice club mega-size junkâto our national GDP.â
The vice presidentâs criticism is mostly a strawman. I donât know any economists who advocate GDP maximization. In fact, most economists talk about ill-defined concepts like âsocial welfareâ all the time. The limits of GDP as a proxy for human welfare are emphasized in any 101-level economics course, including this study aid for high schoolers. As my colleague John Cochrane tweeted last month: âGDP answers the question posed to itâ¦. What is the total value of goods and services produced in the market economyâ¦. It is a terrible measure of things it wasnât designed to measure: consumer surplus, welfare, non-market activity, happiness, etc.â
Ryan followed up with an even more devastating charge: JD Vanceâs Problem Is with Your Choices, Not GDP.
[The chapter's] greatest mistake isnât to misunderstand GDP or even to misrepresent what policymakers aim for. Itâs to conflate GDP statistics with a motive. Lots of things we do every day grow GDP, yet few of us wake up in the morning with GDP maximization in mind. GDP is a by-product of much human action and decisionmakingâdecisions that are for the most part voluntary. Reading the chapter carefully, it becomes clear that Vanceâs problem isnât really with GDP per se but with people who make choices that contribute to higher GDP, but who donât chime with his own view of whatâs best.
Consider Vanceâs example of someone working on Thanksgiving ahead of Black Friday. âA healthier society,â he writes, âwould recognize how gross it is to send sixteen-year-olds to work from 4 p.m. on Thanksgiving to 4 a.m. on Friday.â But who exactly is sending people to work? That young worker is not sacrificing his or her holiday because some economist or politician demanded they work for higher GDP. Instead, he or she sought a job with a certain schedule, opted to enjoy higher holiday pay, or prioritized taking a different day off because that was deemed the best decision given the real-life circumstances that person faced.
Also piling on is Phil Magness at the Argument, playing off the title of JD's first book, Hillbilly Elegy: Hillbilly economics.
JD Vanceâs disdain for economists has become a pronounced and recurring theme of his political career. In his new book Communion, the vice president devotes an entire chapter titled âA Dismal Scienceâ to attacking the way that mainstream economists have allegedly distorted our entire political system for the worse.
Itâs unclear if Vance knows that his chosen pejorative for economics â âthe dismal scienceâ â originated in a notorious pro-slavery essay by Thomas Carlyle. The abolition-inclined economists of the 19th century were âdismalâ in Carlyleâs mind precisely because they wedded the tools of âsupply and demandâ to the âsacred cause of Black Emancipation,â and thereby upended what he saw as a natural social order. Vance largely misses that lesson, although he shares other dimensions of Carlyleâs famously acerbic disdain for measurements of economic prosperity.
Phil goes on to discuss JD's "eccentric lesson" involving Japanese strawberries.
I've put JD's book on my get-at-library list. Might as well see if he's right about anything.
Also of note:
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I'm afraid Betteridge's Law of Headlines applies. Joseph C. Sternberg asks: Is Congress About to Reform Social Security? (WSJ gifted link)
You may be surprised to hear that Congress is getting serious, after a fashion, about Social Security reform. You wonât be at all surprised to learn that this is taking the form of an attempt to pass the responsibility to someone else.
As we know, current law calls for an approximate 22% cut in Social Security checks when its "trust fund" empties out, estimated to occur in 2032 or so. What to do? Trump is (of course) MIA. So some CongressCritters are reluctantly moving into "we gotta do something" mode.
Cue the latest flurry of activity on Capitol Hill. The emerging consensus appears to be that lawmakers doubt their capacity to reach a consensus. They propose instead to form a study committee of some sort to tell them what to do.
The Senate version would deputize the existing Social Security Advisory Boardâa panel of technocratic experts that normally labors in obscurity producing reports on how to manage the programs more efficientlyâto craft a wholesale reform of the entitlement. That panel would write a reform bill that Congress would have to consider on an expedited basis, although lawmakers would be free to amend it at will.
The House iteration of the idea would involve the creation of a new, more overtly political panel with 13 members appointed by the president and House and Senate leaders. If at least nine of this boardâs members could agree on a reform package, it would be fast-tracked to an up-or-down vote in Congress with no opportunities for amendments.
But as foretold by the Law of Headlines:
Alas for them, their plans are unlikely to work. The challenge confronting Social Security has been obvious for several decades. The program has become an unsustainable drag on public finances as lifespans extend, the demographic balance of the population tilts toward the elderly, baby boomers retire, and the design of the retirement program ratchets up benefit payouts.
A quick check of the campaign websites for my local wannabe CongressCritters does not show anyone with a smidgen of interest in dealing with the issue. Vaguely reassuring platitudes are the norm.
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Just don't call them late for dinner. David Harsanyi also has a question, but it's not yes/no: If 'Woke 1' Was 'Crazy,' What Does AOC Call the DSA?
Hey, remember that unhinged cultural revolution we launched a few years back? That was insane â amirite?
That's essentially what Rep. Alexandria Ocasio-Cortez (D-N.Y.) told ABC News host Jonathan Karl recently, quoting a New York City Council member who describes socialist Wisconsin gubernatorial candidate Francesca Hong's past tweets about defunding the police and shuttering prisons.
"Woke 1 was crazyyyy," she said with a laugh.\
The revolution will be sanitized. But as I remember it, "Woke 1" was a high-tech progressive jihad that relied on intimidation, public shaming and economic ruin to dictate what words and ideas were permissible in the public square.
For one thing, you were reviled for saying in public what Anthony Fauci admitted to his diary in private.
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You say "profoundly corrupt" as if it was a bad thing. Tosin Akintola covers the latest development in an ongoing scam: Trump Media is selling early access to the president's Truth Social posts for $100,000 a month.
Trump Media & Technology Groupâthe company owned by President Donald Trump that operates Truth Socialâis facing a lawsuit alleging that its plan to monetize access to the social media posts of the president and his closest advisers through its Truth API tool is unconstitutional.
Announced in July and rolled out at the start of August, Trump Media describes its API as a data feed that "provides licensed, real-time access to posts from the highest-ranking Truth Social accounts." It does so at prices ranging from $60,000 to $100,000 per month, according to Trump Media CEO Kevin McGurn. Under the terms of the licensing agreement, Truth API subscribers will receive posts from the Trump administration delivered directly to their devices in "milliseconds," giving them an edge over regular users scrolling through their social feeds.
Filed by The Intercept and the Freedom of the Press Foundation, the lawsuit states that the president's monetization of government information is "profoundly corrupt" and violates the First and Fifth Amendments. The groups argue they have a "right to access President Trump's public comments on equal terms with other members of the press and public," which is burdened by the president's Truth API "scheme." They say the plan to sell access to the posts burdens their First Amendment right "not to associate with Truth Social or subsidize its expressive activity" by conditioning "faster access" to government information on "subsidizing" government officials' activity on Truth Social.
Given Trump's spotty attachment to economic reality, I'm not sure what financial advantage could be gleaned from early access to his Truth Social emissions. I assume the $60K-$100K bite per month is just simple bribery.
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History lesson du jour. John Fund reminds us: America Has Tried Socialism Before â and Quickly Abandoned It.
The rise of the Democratic Socialists of America is nothing new, says historian Michael Barone, who for 40 years was the principal author of the magnificent Almanac of American Politics. Nor will he be surprised if the DSA suddenly declines.
Barone acknowledges that key policies of Franklin Rooseveltâs New Deal â especially Social Security â are entrenched in American life. Our future challenge will be to build private-sector alternatives that allow people to save enough for their retirement and create jobs that reduce dependency on benefits.
But before FDR, Barone notes that the Woodrow Wilson administration took maximum control of the private-sector economy, including the dissemination of news and opinion.
⦠and also put Eugene Debs, presidential candidate of the Socialist Party of America in jail for a time. I guess Woody didn't care for the competition.
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