1/28/21 Power Five

1. Biden’s Effort to Ease Child Poverty – “Because low-income households tend to be disproportionately Black and Latino, members of these groups would gain a great deal from the Biden proposal. The expansion in the child tax credit would “lift 9.9 million children above or closer to the poverty line, including 2.3 million Black children, 4.1 million Latino children, and 441,000 Asian American children,” Chuck Marr, the senior director at the Center on Budget and Policy Priorities, a liberal think tank, wrote last week. Projections like these explain why both progressive and centrist Democrats are enthused by the Biden proposal. Under the covid-19 relief package, the expansion of the child tax credit would last a year and cost upward of a hundred billion dollars. But if the proposal does become law, the clear intention of the Administration and its backers is to go back to Congress to make it permanent. “The cost would be about one trillion dollars over ten years,” Marr told me. “That’s about half the size of the 2017 tax bill, and it would cut child poverty nearly in half. To me, that’s a good investment.”

2. Forced Monkey Labor? – “PETA alleged last year that its investigators found young monkeys were chained and trained to pick coconuts at multiple farms in the South Asian country, including farms used to produce Chaokoh coconut milk and water. Investigators found conditions unchanged more than a year later on subsequent visits.”

3. America’s Senate Conundrum – Can democracy survive when the democratic half of the Senate represents 41 million more people than the republican half? Should Wyoming really have the same number of senators as California or Texas?

4. The Munger Operating System – Incredible insights from one of the world’s greatest people. “Learn to think through problems backwards as well as forward,” “Get rid of self-serving bias, envy, resentment, and self-pity,” “You’ll be most successful where you’re most intensely interested.” Etc etc.

5. Hong Kong Migrants are Fleeing to the U.K. – The U.S. would be well advised to create a similar program – “The UK will introduce a new visa at the end of January that will give 5.4 million Hong Kong residents – a staggering 70% of the territory’s population – the right to come and live in the UK, and eventually become citizens.