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Common Sense: The Investor's Guide to Equality, Opportunity, and Growth Hardcover – September 8, 2020
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Even Joel Greenblatt, superb investor and lucid stylist, would be shocked if you agreed with each and every one of his ideas for improving the quality of American life. But there's not one idea in these fine and well-wrought pages that won't make you stop and think. -- James Grant, editor of Grant's Interest Rate Observer
The only thing more appealing than common sense, humor, and brevity is―impact. In this thoroughly engaging tome you will find, among other things, a workable way to break the cycle of poverty (imagine our country without an underclass!) and a bipartisan immigration reform that screams to be enacted. Not bad for twenty bucks. -- Andrew Tobias, author of The Only Investment Guide You'll Ever Need
About the Author
- Publisher : Columbia Business School Publishing (September 8, 2020)
- Language : English
- Hardcover : 144 pages
- ISBN-10 : 0231198906
- ISBN-13 : 978-0231198905
- Item Weight : 9.6 ounces
- Dimensions : 5.1 x 0.9 x 8.1 inches
- Best Sellers Rank: #284,634 in Books (See Top 100 in Books)
- Customer Reviews:
About the author
Top reviews from the United States
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This is the bulk of the book. Joel Greenblatt has been a long time backer of charter schools. His statistics are astounding:
-New York already spends the most of any state on education per pupil while offering the highest teacher pay in the country (fourth-grade reading and math scores rank the state 27th and 36th by results).
-de Blasio’s plan was to keep the schools open, reclassify them as Renewal Schools, and spend more money—an additional $773 million—to try to improve them. Though the standards used to measure improvement were set quite low, the program largely failed.
-Over the past fifty years, as per-pupil spending in the United States has doubled in real terms, average reading and math scores on the National Assessment of Educational Progress (NAEP) exam haven’t improved at all.
-Most of the schools are located in the poorest areas of New York City, with 87 percent children of color and 75 percent from economically disadvantaged backgrounds. In 2019, over 90 percent of Success students passed the New York state math and English tests, while fewer than 40 percent of similar students in the city’s district schools passed the same tests. These results made Success #1 for student achievement in all of New York, outperforming every wealthy suburban school district in the state.
-In New York, state testing begins in the third grade. After less than one year at Success, these new students went from 39 percent passing the state math exam at their old school (below the city average) to 92 percent.
For those without access to a expensive degree, the author talks about some innovations in accreditation that show a candidate has the necessary skills needed in the job market. This flexibility is essential in a world in which skills change rapidly (the author notes that 40% of Americans worked on farms in 1900, now its 2%).
Earned Income Tax Credit:
Vastly increasing the EITC helps the poorest paid without distorting employer's incentives, provides additional tax revenue and reduces the need for welfare payments. As a result, a $200 billion increase would only cost $50 billion and potentially be free in the long run in high productivity and poverty alleviation.
Increasing Skilled Immigration:
"Immigrants have been one of the key founders of 51 percent of U.S. startup companies worth $1 billion or more. In fact, immigrants are twice as likely to start a business as native-born citizens. Research at Duke found that roughly 25 percent of U.S. technology and engineering firms have at least one immigrant as a founder. The U.S. Chamber of Commerce believes that foreign-born STEM workers (those in science, technology, engineering, or math fields) account for up to a quarter of U.S. productivity growth over the past twenty years. Of Fortune 500 companies, 216 were founded by immigrants or their children. This includes Google, Intel, Apple, Amazon, Pfizer, Tesla, etc."
Increasing Equity Capital in Banks:
Not a new concept but Greenblatt suggests doing this by eliminating taxes on preferred securities making it more appealing for investors to buy this less senior (and less likely to be bailed out) part of the capital structure.
Invest a portion of Social Security:
By redirecting the currently untaxed phase out for high earners, those funds could be invested and compound over time and an upfront taxed amount could be deferred to people with smaller pensions. This would bolster our SS's financial footing and grow the overall amount to be distributed.
Thanks and God bless you, Joel.
Top reviews from other countries
O livro todo é baseado em sugestões para sociedade com base em política americana.