Businesses leaving Illinois have rapidly accelerated

 Tweet from Brian Costing.

 

The average federal income tax rate has risen for the top 20% since 1979 but fallen for others and the federal tax code remains progressive

Tweet by Jessica Riedl of Brookings.

 

 

Did median wealth in the U.S. fall nearly 20% from 2020-2025?

See The U.S. Added 1,200 New Millionaires a Day Last Year by Miriam Gottfried of The WSJ. Excerpt:

"While average wealth per U.S. adult climbed by almost 10% between 2020 and 2025 net of inflation, median wealth fell by nearly 20%."

This was based on a report from UBS, A Swiss multinational investment bank and financial services firm (according to Wikipedia). 

But I am skeptical. I looked at some data from the Federal Reserve on the wealth of the bottom 50% over these years and even if we adjust for population growth and inflation, it is clear that per person wealth of the bottom 50% has gone up over these years (and it is possible that the numbers at the Fed site are adjusted for inflation but it just does not say).

The Fed site is Distribution of Household Wealth in the U.S. since 1989. (Hat Tip to Timothy Taylor for this link-his blog is The Conversable Economist).

This graph shows that wealth for the bottom 50% in the U.S. about doubled from $2 trillion in 2020 to $4 trillion in 2026

 

It might be hard to see but it does say "Bottom 50%." You can got to the link and select bottom 50% to see for yourself. They also have an option to see a table with these numbers. This link will take you directly to the table.

In the 2nd quarter of 2020, the bottom 50% had $2.21 trillion in wealth. In the 2nd quarter of 2025 it was $4.13 trillion. So it was up 87%. The U.S. was up just 3.3%. See US Population by Year.

So if the total is up 87% and the number of persons is up just 3.3%, the wealth per person must be way up. And this is for the bottom 50%. Median means that half are below a certain number and half are above. The article says the median wealth went down. But that seems unlikely if the per person wealth of the bottom 50% is up.

If we adjust for inflation (and the numbers might have already been adjusted, I just can't tell), let's use the CPI increase of 24% from 2020-25. See Consumer Price Index Data from 1913 to 2026. I got the % increase by using the yearly average for each year.

So let's reduce the $4.13 trillion wealth owned by the bottom 50% in the 2nd quarter of 2025 by 24%. That gets us about $3.14 trillion. That is 42% higher than the $2.21 trillion in the 2nd quarter of 2020. Which is still much higher than the 3.3% increase in the U.S. population. That means per capita wealth increased for the bottom 50%. That makes me skeptical that the median wealth went down.

Air Conditioning, Scourge of the French Left

Heat waves kill thousands in Europe, but politicians resist the relief Americans can take for granted

By Alexander Kustov. He is an associate professor of global affairs at the University of Notre Dame. Excerpts:

"The French left argues that air conditioning is a selfish indulgence and an ecological menace. Jean-Luc Mélenchon, the country’s most prominent left-wing leader, warned that cooling would mean “increasing the damage,” and says he wouldn’t expose his grandchildren to air conditioning because it “destroys your sinuses.”"

"The economist Alan Barreca and his colleagues found that the spread of home cooling explains most of the decline in “hot-day-related fatalities” in the U.S. since 1960."

"Air conditioning accounts for about 3% of global emissions today, and in France, where two-thirds of the power is nuclear and much of the rest is low-carbon, running a unit is close to carbon-free."

"a group of left-wing economists, among them Joseph Stiglitz, Thomas Piketty and Kate Raworth, declared economic growth “a doomed strategy” and signed on in support of a road map, developed by United Nations Special Rapporteur Olivier De Schutter, for a new “degrowth economy.” Its policies aim to reduce material consumption, shorten the workweek, and impose caps on personal income. Underlying this road map is the idea that wanting to be comfortable is shameful."

"In France, a condominium owner generally needs the consent of the other owners to install air conditioning. In the country’s heritage zones, a state architect can veto any unit visible from the street. In England and Wales, an air conditioner that has no heating function requires permission. The canton of Geneva issues a permit for comfort cooling only to people who prove they need it. Spain forbids public and commercial buildings from cooling below 80 degrees."

"The left’s most respectable voices are telling grandmothers to draw down the shutters and wait it out." 

Tennessee students make gains with tutoring and a back-to-basics approach that emphasizes phonics

See National Test Scores Are Dropping. This State Is Fighting Back by Chao Deng of The WSJ. Excerpts:

"As schools across the nation search for remedies, one of the most closely watched efforts is playing out in Tennessee. The state’s schools—once among the U.S.’s worst-performing—have made gains with intensive tutoring, mandatory summer school for struggling pupils and a back-to-basics approach that emphasizes phonics."

"From 2022 to 2025, Tennessee ranked second out of 38 states in math improvement and fourth out of 35 states in reading gains"

"The state’s most recent scores on a key national test placed it 17th out of 50 states and Washington, D.C."

"up from near the bottom in 2009"

"Much of the work has revolved around early literacy and carefully tracking schools’ and students’ progress."

"American schools have wrestled with learning loss for the better part of a decade and no one has found a panacea. Stalling of student progress in K-12 math and reading coincided with less emphasis on standardized tests and a rise in social-media use."

"Researchers believe the secret lies in the components of a state’s plan and how they are implemented. Mississippi, which began emphasizing phonics-based literacy instruction over a decade ago, has since made major academic strides, for example. Researchers say the key ingredients likely included investing in literacy coaches, holding schools and districts accountable, and holding back struggling students at the end of third grade."

"Tennessee policymakers required districts to adopt high-quality instructional materials and trained teachers on how to implement evidence-based reading in classrooms. A 2021 state law required third-graders scoring just below reading proficiency to show “adequate growth” at the end of summer camps to advance to fourth grade." 

As Europe Sweats, Some Politicians Talk of Air-Conditioning, Not Climate Action

Heat-related deaths and disruptions to daily life are forcing politicians to reckon, in different ways, with a rapidly warming planet

By Michael D. Shear and Jeanna Smialek of The NY Times. Excerpts:

"In the context of northern Europe’s traditionally mild, temperate climate, some left-wing and green parties opposed air-conditioning and have instead favored renovating buildings with architectural fixes to keep them cool when it gets hot. But the dangers to health posed by this week’s heat wave are piling pressure on that view — and changing minds.

In the Belgian city of Ghent, which is run mostly by left-of-center politicians, the municipal website this week discouraged citizens from using air-conditioners, saying that “the best air-conditioner is a tree” and advising they use fans and request a free tree to plant outside their houses.

Maurits Vande Reyde, a right-wing member of the Flemish Parliament, responded to Ghent’s recommendations on social media.

“It is absurd that all governments in our country, under pressure from left-green mumbo-jumbo, advise against the use of air-conditioning,” he wrote on Tuesday. “The most efficient and best solution. How many deaths would the government already have on its conscience with this kind of absurd advice?”

After The New York Times sent a request for comment, Ghent removed wording that read “avoid air-conditioners,” replacing it with the phrase “cool smartly.”

Thomas Dierckens, a spokesman for the mayor of Ghent, said in a written comment that the city was not against air-conditioning — noting that it had installed 30 portable air-conditioners into day care centers this week.

Marine Tondelier, the head of the Green Party in France, acknowledged that she was “breaking a taboo” when she said on Tuesday that “there are places where we can no longer do without air-conditioning.”

In London, Sadiq Khan, the center-left Labour Party mayor, said on Thursday that air-conditioning would need to be installed in the capital’s schools, offices and hospitals, as he warned that London needed to “act now” to strengthen its resilience ahead of worse heat waves to come. And at the European level, Terry Reintke, co-president of the European Parliament’s Green group, said in an interview that some air-conditioning was necessary, alongside longer-term solutions like planting more green spaces."

Competition intensifies in broadband and media markets

See Comcast Plans Company Split as Competition Escalates by Jessica Toonkel and Gareth Vipers of The WSJ. Excerpts:

"Comcast up pointing triangle plans to separate its media and connectivity businesses, dismantling an earlier bet on combined entertainment and distribution as it navigates intensifying competitive pressure."

"company leaders believe the media and connectivity businesses should stand alone as publicly traded companies, providing more opportunity to pursue deals and better compete."

"it became clear greater flexibility would help the company navigate the increasingly challenging broadband and media markets, people familiar with the matter said."

"Comcast has been working to stem broadband and cable TV subscriber losses"

"Broadband businesses have been challenged by cellphone carriers offering home internet service beamed over the air. Elon Musk’s Starlink satellite connectivity company has added further competition for providers."