Author Archive: Glenn Reynolds

WHAT HAS HAPPENED TO THE FRENCH?

To be fair, those look like the dorm beds when I was in college, which were notably unsuccessful at preventing sex.

EVERYTHING IS GOING SWIMMINGLY: Inflation Puts More Retirees at Risk of Running Out of Money: Rising prices require bigger withdrawals from retirement savings.

Retirees took more money out of their savings to keep up with rising prices, raising the risk of depleting their nest eggs.

The rise in spending since 2021 shows how pernicious inflation can be for those in or near retirement, especially since higher prices can also erode the value of the cash and fixed-income investments many plan to live on in the near future, according to a study Boston College released Wednesday.

“High inflation later in life is often harmful to retirement security,” said Laura Quinby, a senior research economist at Boston College’s Center for Retirement Research and co-author of the study.

Though inflation has cooled from the 9.1% pace it set for the 12 months ended in June 2022, it remains above the Federal Reserve’s 2% annual target rate. Prices rose 3.4% in April from a year earlier, according to the latest Labor Department data released Wednesday, compared with an annualized 3.5% pace in March.

Higher withdrawals are one reason Boston College projects that inflation caused a 14.2% decline in the financial wealth held by middle-income retirees between 2021 and 2025. (If rising interest rates trigger a recession, their wealth would decline 16.6%.)

Note that “inflation has cooled” just means the rate at which prices are rising has slowed. Things still cost more than they used to, and they’ll still cost more next year than they do this year. It doesn’t actually mean that things have gotten better, just that they’re getting worse more slowly.

NOT YOUR GRANDFATHER’S PHILLIPINES: A Nation On The Rise.

OPEN THREAD: Hump Day.

LIKE IMMIGRATION AND “CLIMATE CHANGE,” AFFIRMATIVE ACTION IS A PRIORITY FOR OUR ELITES, EVEN THOUGH IT’S NOT A PRIORITY OF THE VOTERS: Congress is Preparing to Restore Quotas in College Admissions: And everywhere else — as a very quiet part of the bipartisan “privacy” bill. “More than two-thirds of Americans think the Supreme Court was right to hold Harvard’s race-based admissions policy unlawful. But the minority who disagree have no doubt about their own moral authority, and there’s every reason to believe that they intend to undo the Court’s decision at the earliest opportunity. Which could be as soon as this year. In fact, undoing the Harvard admissions decision is the least of it. Republicans and Democrats in Congress have embraced a precooked “privacy” bill that will impose race and gender quotas not just on academic admissions but on practically every private and public decision that matters to ordinary Americans.”

Plus: “Not surprisingly, quota advocates don’t want to fight such a war in the light of day. That’s presumably why APRA obscures the mechanism by which it imposes quotas.”

EVERYTHING IS GOING SWIMMINGLY (CONT’D):

THE BEGINNER’S GUIDE TO defensive knives.

GLOBAL BABY BUST UPDATE: What Is Causing This? “Demographic Winter Is Coming” As Fertility Rates Plummet All Over The Globe. “There are about 8 billion people living on our planet today. But it won’t stay that way for long.”

The ruling class wants it this way, but they don’t have our best interests at heart.

Flashback: ‘The Population Bomb’ was wrong: The world now struggling to make more babies.

Plus: The Global Fertility Collapse.

2006 flashback: The Parent Trap.

Related: Montesquieu’s Warning About Our Childlessness.

Also: car seats as contraception: “Since 1977, U.S. states have passed laws steadily raising the age for which a child must ride in a car safety seat. These laws significantly raise the cost of having a third child, as many regular-sized cars cannot fit three child seats in the back. Using census data and state-year variation in laws, we estimate that when women have two children of ages requiring mandated car seats, they have a lower annual probability of giving birth by 0.73 percentage points. Consistent with a causal channel, this effect is limited to third child births, is concentrated in households with access to a car, and is larger when a male is present (when both front seats are likely to be occupied). We estimate that these laws prevented only 57 car crash fatalities of children nationwide in 2017. Simultaneously, they led to a permanent reduction of approximately 8,000 births in the same year, and 145,000 fewer births since 1980, with 90% of this decline being since 2000.”

And: How China’s baby bust can help birth a second American Century.