This is one of the strangest weeks of the year for Americans. Labor Day marks the end of summer but it takes a bit to shake off the remains of the dog days.
Every day can jarring these days as whole world can narrow to a pinpoint with personal pain. Death will be stalking millenials as their parents age and die even as the money seems tilted in their favor with healthcare spending.
But as debts go up, investors price in risk and the state grapples with the turn and spend. It’s jarring to live as usual as change plays out in the personal and geopolitical.
I say Rome didn’t collapse in a day because anyone rushing for the exits doesn’t realize that change has surprising ways of reorganizing attention and power.
The week of 9/11 reminds Americans in particular. But the US Open closes and fashion week opens in New York and life finds a way.
It’s already playing out and we are all rearranging our lives and interests and families as we see whose time is sunsetting and who might be clever enough to ascend. I myself hope to thrive in the churn
When millennials were children the 1992 Higher Education Reauthorization Act (HEA92) made college loans available to all families, regardless of financial need.
And the trend in spending on education and the cost if higher education has been up and to the right ever since. Over the 59-year period from 1963 to 2022, college tuition increased nearly 300% when adjusted for inflation.
The effects of the cultural experiment in social mobility some call The Sort where children with good test scores were shuffled into universities and into the managerial class is driving spend and anxiety.
From Max Weber’s Bureaucratic Society of group status competition to Randy Collin’s work in the 70s on the rise of credentialism in the workplace, it seems as if modern industry drove a deep mimetic desire for prestigious university educations to stay ahead socially.
Last week a picture went viral of a table of Harvard and Stanford graduates in Silicon Valley (mostly Asian students) was all angst as their credentials mean something to them but not necessarily to employers or founders. So what is the point?
The data shows college education spending consistently outpaces inflation. But is it doomed to keep going up and up even if we are getting less from it? Walter Kirn had a turn of phrase in a tweet today I found apt. We have a problem with fiat prestige in America.
Power flows in the country — human, social & intellectual power flows — look bad for the legacy brokerages & gate keepers. Their services are of declining value, their cartel-like arrangements are dissolving & their ability to maintain their own mystique through circular credentialing & prize-giving — the issuance of what one might call “fiat prestige” — is failing. It’s unclear to me what moves they have left
Inflated currency destroys value. Our Federal Reserve worries about being over a 2% inflation rate and yet we let it happen. So why aren’t we more concerned with fiat prestige and its credentialist inflationary pressures? Our system of social credibility is under significant pressure and if I were Harvard I’d be terrified of going fully Zimbabwe on my social capital.
I’ve got the urge to do some spring cleaning. But not in the typical “the house is messy” way so much as I want to take inventory of my shit. I’ve got just a little bit of an unsettled feeling watching food prices creep up over the last few months. I was insulated in many ways because I buy local and I buy upfront in farm shares. But a new season means new prices and reasonably so as everything is more expensive.
If I’m totally candid even a tripling of food prices wouldn’t really hurt us. We’d absorb it and have been absorbing it in our expensive takeout habit. Our local BBQ joint has been slowly upping the prices on our favorites. Even the burger has gone from a fancy $14 affair to $17 over the last six months.
It’s not that I haven’t encountered the dreaded $20 burger plenty in Manhattan but there is something surreal about having ground chuck basics be that expensive in Colorado. It’s just so clear that life is getting more expensive and it’s doing so rapidly.
I’m not a total doomer about rising fertilizer costs and the knock on effects of the war in Ukraine. I’m not anticipating famine in America. But I also feel like I need to take stock and do better planning around my food supply.
