Editor's Choice

Can't save, won't save

In discussions of the current economic woes in the U.S., the dismal savings rate is a topic that frequently comes up, with virtually every commentator agreeing that this must be raised in order to begin to correct the problem. David Leonhardt, in his must-read NYT Magazine article about Obama's economic ideology this weekend, explains the problem succinctly.

For the first time on record, an economic expansion seems to have ended without family income having risen substantially. Most families are still making less, after accounting for inflation, than they were in 2000. For these workers, roughly the bottom 60 percent of the income ladder, economic growth has become a theoretical concept rather than the wellspring of better medical care, a new car, a nicer house — a better life than their parents had.

Americans have still been buying such things, but they have been doing so with debt. A big chunk of that debt will never be repaid, which is the most basic explanation for the financial crisis. Even after the crisis has passed, the larger problem of income stagnation will remain.

In order to minimize that unpaid chunk of dent -- and minimize the damage -- increased savings over time must be used to pay that debt down. (At a macro level, too, increased savings will mitigate trade imbalances, stabilize the dollar, and reduce our reliance on foreign banks to fund our borrowing.)

But with the stagnating wages comes a greater reluctance to save and a loss of faith in the traditional "work a lot, save a lot" method to wealth. Instead, people rightly conclude that they will continue to fall behind without supplementing their wages with another form of income. Some try lottery tickets, others apparently try the upscale equivalent -- short-term investing. Felix Salmon takes note of a survey about American attitudes to saving.

Here's a depressing statistic. In a recent Harris survey, 3,866 Americans were asked which things were "extremely important to achieving financial security in your retirement". 39% said that "investing wisely" was extremely important, while just 34% said that saving money during one's working years was.

The problem is that while the financial-services industry is very good at marketing and selling investment products, it's very bad at marketing and selling thrift, and living within one's means. After all, the only thing which is marketed more aggressively than investments is credit products.

It's not merely the fault of the marketing departments in the financial services industry, though. It's the fault of marketing, period. Advertising works hard to undermine the ethic of saving, making acquiring more goods seem all important and making our faltering wages seem even more inadequate. This works hand in hand, then, with ads touting more credit products. There is virtually no commercial incentive to encourage thrift; that's not where the fat margins are. And prioritizing not having stuff is unlikely to become anything but an alternative lifestyle -- a marginal mode of bourgeois rebellion -- any time soon. Our sense of self is too bound up with what we possess and display; expecting people to consume and acquire less is almost tantamount to asking them to become less of a person.

That's why the government must do what it can to encourage thrift -- mandating an opt-out standard for participation in 401k's for example. But what mainly needs to change is the sense of unfairness that permeates the economy, something that shows up in the class divide between those who earn income through wages and those who earn it through investments. The consensus seems to be this: Working and saving are noble goals, but consuming is what gets people's attention and pins down the sorts of things we are committed to (putting our money where our mouth is). And working is sort of for suckers; having your money work for you is where it is at. Wage earners thought buying houses would make their money work for them -- the house magically doubled their money as property values irrationally increased (creating knock-on wealth effects and encouraging increased consumption). But now that it has become clear that buying houses is simply more consumption, and not investment, the shortfall in national savings is easily recognized as an abyss.

From genre-busting electronic music to new highs in the ever-evolving R&B scene, from hip-hop and Americana to rock and pop, 2017's music scenes bestowed an embarrassment of riches upon us.


60. White Hills - Stop Mute Defeat (Thrill Jockey)

White Hills epic '80s callback Stop Mute Defeat is a determined march against encroaching imperial darkness; their eyes boring into the shadows for danger but they're aware that blinding lights can kill and distort truth. From "Overlord's" dark stomp casting nets for totalitarian warnings to "Attack Mode", which roars in with the tribal certainty that we can survive the madness if we keep our wits, the record is a true and timely win for Dave W. and Ego Sensation. Martin Bisi and the poster band's mysterious but relevant cool make a great team and deliver one of their least psych yet most mind destroying records to date. Much like the first time you heard Joy Division or early Pigface, for example, you'll experience being startled at first before becoming addicted to the band's unique microcosm of dystopia that is simultaneously corrupting and seducing your ears. - Morgan Y. Evans

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Electronic music is one of the broadest-reaching genres by design, and 2017 highlights that as well as any other year on record. These are the 20 best albums.


20. Vitalic - Voyager (Citizen)

Pascal Arbez-Nicolas (a.k.a. Vitalic) made waves in the French Touch electro-house scene with his 2005 debut, OK Cowboy, which had a hard-hitting maximalist sound, but several albums later, Voyager finds him launching into realms beyond at his own speed. The quirky, wallflower vocals and guitar snippets employed throughout Voyager drop a funk that brings to mind WhoMadeWho or Matthew Dear if they had disco-pop injected between their toes. "Levitation" is as pure a slice of dance floor motivation as theoretically possible, a sci-fi gunfight with a cracking house beat sure to please his oldest fans, yet the album-as-form is equally effective in its more contemplative moments, like when Miss Kitten's vocals bring an ethereal dispassion to "Hans Is Driving" to balance out its somber vocoder or the heartfelt cover of "Don't Leave Me Now" by Supertramp. Voyager may infect you with a futuristic form of Saturday Night Fever, but afterwards, it gives you a hearty dose of aural acetaminophen to break it. - Alan Ranta



19. Antwood: Sponsored Content (Planet Mu)

Sponsored Content is a noisy, chaotic, occasionally beautiful work with a dark sense of humor that's frequently deployed to get Antwood's point across. For instance, throughout the aforementioned "Disable Ad Blocker", which sounds mostly like the creepy side of Tangerine Dream's early '80s experimental output, distorted slogans and recognizable themes worm their way into the mix. "I'm Loving It", we hear at one point, the Sony PlayStation startup music at another. And then there's a ten-second clip of what sounds like someone getting killed in a horror movie. What is there to make of the coexistence of those sorts of samples? Probably nothing explicit, just the uneasiness of benign and instantly-recognizable brand content in the midst of harsh, difficult art. Perhaps quality must to some extent be tied to sponsorship. That Antwood can make this point amidst blasts and washes of experimental electronic mayhem is quite the achievement. - Mike Schiller



18. Bonobo - Migration (Ninja Tune)

Although Bonobo, a.k.a. Simon Green, has been vocal in the past about not making personality driven music, Migration is, in many respects, a classic sounding Bonobo record. Green continues to build sonic collages out of chirping synths, jazz-influenced drums, sweeping strings and light touches of piano but on Migration sounds more confident than ever. He has an ability to tap into the emotions like few others such as on the gorgeous "Break Apart" and the more percussive "Surface". However, Bonobo also works to broaden his sound. The electro-classical instrumental "Second Sun" floats along wistfully, sounding like it could have fit snugly onto a Erased Tapes compilation, while the precise and intricate "Grains" shows the more intimate and reflective side of his work. On the flipside, the higher tempo, beat driven tracks such as "Outlier" and "Kerala" perfectly exhibit his understanding of what works on the dance floor while on "Bambro Koyo Ganda" he even weaves North African rhythms into the fabric. Migration is a multifaceted album full of personality and all the better for it. - Paul Carr


17. Kiasmos - Blurred EP (Erased Tapes)

The Icelandic duo of Olafur Arnalds and Janus Rasmussen, aka Kiasmos, is a perfect example of a pair of artists coming from two very different musical backgrounds, finding an unmistakable common ground to create something genuinely distinctive. Arnalds, more known for his minimal piano and string work, and Rasmussen, approaching from a more electropop direction, have successfully explored the middle ground between their different musical approaches and in doing so crafted affecting minimalist electronic music. Blurred is one of the most emotionally engaging electronic releases of the year. The duo is working from a refined and bright sonic palette as they consummately layer fine, measured sounds together. It is an intricate yet unforced and natural sounding set of songs with every song allowed room to bloom gradually. - Paul Carr



16. Ellen Allien - Nost (BPitch Control)

BPitch boss and longtime lynchpin of the DJ scene in Berlin, Ellen Allien's seven full-length releases show an artist constantly reinventing herself. Case in point, her 2013 offering, LISm, was a largely beat-less ambient work designed to accompany an artsy dance piece, while its follow-up, 2017's Nost, is a hardcore techno journey, spiritually born in the nightclubs and warehouses of the early '90s. It boasts nine straight techno bangers, beautifully minimalist arrangements with haunting vocals snippets and ever propulsive beats, all of which harken back to a hallowed, golden, mostly-imagined age when electronic music was still very much underground, and seemingly anything was possible. - Alan Ranta

It's just past noon on a Tuesday, somewhere in Massachusetts and Eric Earley sounds tired.

Since 2003, Earley's band, Blitzen Trapper, have combined folk, rock and whatever else is lying around to create music that manages to be both enigmatic and accessible. Since their breakthrough album Furr released in 2008 on Sub Pop, the band has achieved critical acclaim and moderate success, but they're still some distance away from enjoying the champagne lifestyle.

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Aaron Sorkin's real-life twister about Molly Bloom, an Olympic skier turned high-stakes poker wrangler, is scorchingly fun but never takes its heroine as seriously as the men.

Chances are, we will never see a heartwarming Aaron Sorkin movie about somebody with a learning disability or severe handicap they had to overcome. This is for the best. The most caffeinated major American screenwriter, Sorkin only seems to find his voice when inhabiting a frantically energetic persona whose thoughts outrun their ability to verbalize and emote them. The start of his latest movie, Molly's Game, is so resolutely Sorkin-esque that it's almost a self-parody. Only this time, like most of his better work, it's based on a true story.

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There's something characteristically English about the Royal Society, whereby strangers gather under the aegis of some shared interest to read, study, and form friendships and in which they are implicitly agreed to exist insulated and apart from political differences.

There is an amusing detail in The Curious World of Samuel Pepys and John Evelyn that is emblematic of the kind of intellectual passions that animated the educated elite of late 17th-century England. We learn that Henry Oldenburg, the first secretary of the Royal Society, had for many years carried on a bitter dispute with Robert Hooke, one of the great polymaths of the era whose name still appears to students of physics and biology. Was the root of their quarrel a personality clash, was it over money or property, over love, ego, values? Something simple and recognizable? The precise source of their conflict was none of the above exactly but is nevertheless revealing of a specific early modern English context: They were in dispute, Margaret Willes writes, "over the development of the balance-spring regulator watch mechanism."

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