Revisiting the 21st Century Draft Horse posting

In August 2010 I wrote a posting titled “unemployed = 21st century draft horse?” that questioned the extent to which American employers were likely to want to re-hire the lowest skilled workers in the U.S. Today’s New York Times has a related article: “The Vanishing Male Worker.” The article starts off with a guy that has been fired from two jobs that don’t require especially high levels of skill. It quotes an economist:

“They’re not working, because it’s not paying them enough to work,” said Alan B. Krueger, a leading labor economist and a professor at Princeton.

The (mostly American, presumably) readers take up this idea eagerly. There are hundreds of comments supporting raising the minimum wage and other non-market approaches to getting the least-attractive-to-employers Americans into well-paid jobs.

The employers’ perspective was not sought by the New York Times.

My own casual discussions with employers reveal a picture in which anyone with a reasonable level of attention to detail already has a job. A friend is an attorney in Denver, Colorado, where the cost of living is close to the national average. She is trying to hire an administrative assistant. This job requires no legal knowledge. The worker has simply to show up on time, be able to use Web sites such as Orbitz to book travel, be organized enough to keep a calendar, etc. How much will she have to pay to get someone qualified? “At least $70,000 per year,” was her answer, and in fact she hasn’t been able to find anyone good so far.

[In response to comments, I researched the Bureau of Labor Statistics numbers on what admin assistants get paid. It seems that roughly $50,000 per year is a national median, with a range of $32,000 to $75,000 per year going from the 10th to the 90th percentile. Thus the lawyer’s expectation of her (large) firm paying $70k/year for a high quality assistant is not unreasonable Returning to the median $50,000 number, that’s about 3X current minimum wage for a job that requires no specialized training or degrees (i.e., a diligent high school graduate could be effective in the role). In my opinion this supports the theory that any American who can be effective in a modern workplace is already highly sought-after by employers and therefore continued economic expansion won’t result in a flood of job offers to the men featured in the New York Times article.]

So… was the 2010 posting prescient? Or will the seventh year of “recovery” somehow make American employers enthusiastic about those working-age Americans who’ve spent the past six years at home?

[Note that government regulation over the past six years has made low-skill workers less attractive to employers. Obamacare requires that more employees be provided with health insurance (a big fraction of the total cost of hiring a low-skill worker). Minimum wages are higher in some places and for some employers, e.g., those with government contracts. The Lilly Ledbetter Fair Pay Act (2009) opens up new fields of potential litigation.]

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Maryland Commission on Child Custody Decision-Making

On December 1, 2014 the Maryland Commission on Child Custody Decision-Making issued its final report. This committee, most of whose members are attorneys or people who get paid to serve as custody evaluators or expert witnesses in divorce lawsuits, recommended statutes and procedures for resolving child custody disputes in Maryland going forward. Note that this commission did not address Maryland’s child support guidelines, which determine the cash value of obtaining custody.

The commission recommended as a guiding principle “there should be no presumed schedule of parenting time.” In other words, a judge can impose any schedule between 0/100 and 100/0 on the child of two fit parents. Attorneys we’ve interviewed nationwide say that this leads to the most litigation and the highest total fees billed. It also puts a premium on attorneys’ personal connections with judges because we were told that, in the absence of striking facts (e.g., one parent is a drug addict), judges generally award custody and set parenting schedules based on personal prejudice and/or their relationships with attorneys. A litigant who has the means to hire a well-connected attorney can reasonably hope for a better custody outcome when there are no limits on what judges can do. (Rigid guidelines, such as “mother always wins; children with father every other weekend” or “neither parent can become primary via litigation; absent parental agreement, children alternate weeks or have a 2-2-5-5 schedule” lead to the least litigation.)

The commission’s proposed statutory language enables a judge to use virtually any conceivable basis for an award of a 0/100 or 100/0 schedule, or any schedule in between. Judges are encouraged to investigate the share of parenting responsibilities “performed by each party … before the initiation of litigation.” Aside from this approach having been discredited by academic psychologists (see the Linda Nielsen interview in one of our draft chapters), attorneys that we interviewed said that it led to substantial rewards for people who engage in pre-lawsuit planning. If Parent A expects to sue Parent B, Parent A will eagerly volunteer for all kinds of child-related tasks while asking Parent B to shop, cook, work extra hours, and do other non-child-related tasks in the marital partnership.

The commission’s proposed statutory language encourages judges to deny shared parenting to parents who are in conflict by making “the ability of each party to effectively communicate with the other party” a factor. In nearly every state where this is a factor litigators told us that parents who thought that they had a good chance to win primary custody, and the child support profits to accompany it, would simply generate conflict with the other parent. How does that work? Here’s a text message exchange contained in an exhibit to a motion in a Massachusetts case, Kosow v. Shuman. The mother of a 2-year-old sued the father following four years of marriage, seeking primary physical custody and approximately $5 million in tax-free child support. The parents, who live about 15 minutes’ drive apart from each other, are trying to coordinate an exchange:

Jessica: She gets picked up at noon if she were to go to school. Drop her off at noon.
Michael: I won’t be home till 12:45. I can drop her off at 9:30 if you u want but she will prob sleep late
Jessica: Ok well WTF. School is out at noon.
Jessica: U r fucking a selfish fuck
Jessica: And u r no role model
Jessica: I wont even say it and it is sooooooo vile
Michael: I can drop her off at 1 or u can pick her up earlier. What is ur problem?
Jessica: Fuck u
Jessica: I have had it with u and ur abuse

(After a 2012 trial, Judge Maureen Monks of Middlesex County awarded Ms. Kosow about $2 million in child support cash, a free house for 20 years, all of the expenses of the child paid (including a nanny to relieve Ms. Kosow of any hands-on child-related chores), health insurance for herself, $50,000 in annual alimony, and half of her attorney’s fees. We estimated that Kosow, while relaxing at home, out-earns her average full-time employed University of Pennsylvania classmate by 3.2:1.)

If the proposed statute is passed, Maryland should be on track to build up courthouse filing cabinets full of similar material.

The commission proposes changing some language so that it is more gender-neutral and rubs less salt into the wounds of loser parents (who will have “parenting time” rather than “visitation” under the proposed statute). Other states and countries have tried this over the past 20 years and the attorneys we interviewed generally said that it didn’t affect the amount of litigation. As long as it was plain to litigants that there would be a primary parent collecting money every month and a secondary parent paying the money the court battle could continue until all parental resources were paid over to attorneys, psychologists, and other segments of the divorce industry. Here’s a snippet from our book:

The lawyers we interviewed who had not been involved in this kind of legislation scoffed at the renaming, e.g., “You get sued, have to pay me $200,000 to defend the lawsuit, lose your parental role, are ordered to pay 100 percent of a child’s expenses plus 100 percent of the mother’s expenses to live in a five-bedroom house and not work, and babysit for free what used to be your kid every other weekend. If you can’t recognize that this is a loss because the court calls you a ‘secondary parent’ instead of a ‘noncustodial parent’, you’re an idiot.”

In something of a side-note on page 29, the commission recommends “statutory or rule change” so that it is easier for judges to make the higher-income parent (usually the defendant) pay the lower-income parent’s attorney’s fees in an “adequate and predictable” manner. This would encourage more people to file lawsuits, since they wouldn’t have to pay the costs of attorneys on either side, and would ensure that litigation could continue until the savings and income of both parents had been consumed.

If the proposed statute is adopted, Maryland will be in pretty much the same situation it is now. Children are cash-producing assets whose ownership is uncertain. The profits from ownership of these assets may be greatly in excess of what a college degree will generate. Ownership of these cash-producing assets will be determined by a single person, the family court judge, based on a combination of (1) evidence that is considered irrelevant by academic psychologists, (2) attorney argument, (3) personal prejudice, and (4) personal connections to the attorneys. Thoughtful litigants who engage in pre-lawsuit planning and post-lawsuit conflict generation will be rewarded with more time with their children and enhanced cash profits.

[How profitable are children in Maryland? Using UCLA Professor of Economics Bill Comanor’s numbers on actual child-rearing costs (previous post), the OECD’s estimate of how much time working parents spend on child care, a 67/33 parenting time split, and the Maryland Child Support Guidelines, obtaining a custody of a child whose other parent earns $180,000 per year will generate about $77 per hour in tax-free cash. This is more than 3X the median (taxable) hourly wage in Maryland (Bureau of Labor Statistics). Adjusting for taxes, the successful custody/child support plaintiff in Maryland will out-earn the worker by 4:1.]

Note that I don’t want this posting to be seen as an attack on the integrity of litigators, including those on the Maryland committee. Most of the 100+ litigators that we’ve interviewed for our book seem like good people. But at the same time they can’t help but feel very comfortable with what they do every day, i.e., litigate. They often don’t see litigation as harmful to children and when litigation consumes 100% of a family’s assets and parental energy for several years they explain the phenomenon by saying that there was some sort of psychological defect in the litigants. “They were high conflict people,” a litigator will say about a case that went to trial over custody of children with a cash value of $5 million, not “Our legislature, with input from our bar association, set up a completely unbounded winner-take-all system and both parents tried hard to be the winner rather than the loser.”

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One more reason why I love Sonos

No suburban paradise is complete without whole-house music. In setting up the latest here in Lincoln, Massachusetts I plugged in a Sonos ZP100 that the company’s records show I purchased in 2006 (yay for the RDBMS!). It failed to boot. I called the company on a Sunday, was connected to a competent native speaker of English, and offered the chance to pay about $150 (including shipping, tax, etc.) to swap the dead eight-year-old box for a working new one (retail price: $500). Of course they are sending me the new one right away and I will return the old one in the box that they provide.

Now my only complaint about Sonos is that they don’t make dishwashers

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Golden opportunity for online universities: campus rape stories

The media are carrying a lot of stories about rape on campus lately. The latest is a retraction by Rolling Stone of a story about University of Virginia. The stories fall into various broad categories:

  • a high percentage of women who live on campus are being raped
  • universities falsify statistics and/or cover up rape reports
  • kangaroo courts set up by university administrators, at the behest of their federal overlords, are overly skeptical regarding rape allegations brought by women, resulting in men being wrongly acquitted
  • kangaroo courts set up by universities are insufficiently skeptical, resulting in men being wrongly convicted

If we combine the above concerns with the multi-decade trends of tuition costs outpacing inflation and parents wanting to supervise their child’s every moment (“helicopter parents”), it seems as though there is no better time to be marketing online education.

Western Governors University, for example, charges about $6000 per year, barely enough to pay for library coffee bar lattes at the universities that are featured in the news. Why wouldn’t they buy ad space next to stories about on-campus rape? The headline could be “Wouldn’t you rather keep your 20-year-old darlings safe at home? (and save $250k)”

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Income inequality leads to lower marriage rates?

Today’s New York Times carries a story that shows a correlation between income equality and marriage rates. From this correlation, the author, an academic sociologist, infers causation.

For me the article raises a few questions. First, are the data presented correct? This almanac shows a steady marriage rate, per 1000 population, from 1900 to 1970, a period over which the article shows a huge increase in the rate at which American men in particular careers were actually married. The author uses “U.S. born men ages 20 to 49” for the chart. Just using this age range has the potential for distortion if the age of first marriage changes (example: if all men wait until age 50 to get married, the charted rate of marriage would go to 0). This almanac page shows that the age for men of first marriage did indeed reach a low point in the 1960s.

The second question would be why having an income lower than a successful physician or a Wall Street banker would lead to remaining single. A “poverty line” standard of living today is similar to a “middle class” standard of living in the 1950s. So two people who are officially “poor” can afford the same square footage of house and other items that were formerly considered requisites for being married. And if we still believe that “two can live as cheaply as one” (possibly even “three can live as cheaply as one” using UCLA Professor of Economics Bill Comanor’s analysis), wouldn’t people of modest means be more inclined to marry (or at least cohabit) than people of higher incomes?

A third question would be “What about international data?” https://www.census.gov/compendia/statab/2012/tables/12s1336.pdf shows that countries that are cited as examples of equality among citizens, such as Denmark and Sweden, have lower rates of marriage than the U.S. and higher percentages of children born to unmarried women.

There have been a lot of legal changes in the U.S. since the 1960s peak of marriage in the article’s chart. We have introduced no-fault divorce. We have introduced child support guidelines that make out-of-wedlock children equally profitable compared to children of a marriage. If you believe that one reason Americans get married is to realize an economic benefit by being able to spend the income of a partner, the law has substantially changed the incentives faced by Americans. It is no longer necessary to get married or stay married in order to spend someone else’s income (a one-night encounter in a bar in will suffice in every state, though the revenue is likely to be highest in California, Massachusetts, or Wisconsin). Could it be these legal and social changes that are driving any fall in rates at which Americans are getting or staying married?

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Should we have unarmed police?

Apropos of the recent protests regarding Americans killed by police… Now that the crime rate has fallen so much in the U.S., why continue to arm the typical police officer? It is true that we are a nation of gun nuts, but it is still a minority of Americans engaged in criminal activity who carry guns, right? Why should every police officer bring a gun onto the scene? That would seem to invite a huge escalation of the violence, either with the officer afraid that the suspect is going to grab the gun or that the suspect might choose to shoot him or her before the gun can be pulled out, etc. The British seem to manage with the first line of law enforcement being unarmed with deadly force. Is it crazy to think that it could work here? (The Economist did a comparison of shootings by police in Britain versus the U.S. in an August 15, 2014 story.)

Related: My October 2014 posting about armed police approaching a stalled-out car.

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Best way to publish a narrated slide show?

Folks:

I have about 200 images from Burning Man that I’d like to present with audio narration. I want the slides to be shown at maximum quality (i.e., I’m not sure if an MPEG video from YouTube is the best idea). I want to record the audio and the timing/sequence myself. Right now the slides are already a Google Plus album (friends who are programmers at Google: Why isn’t this a standard feature? “Add narration to an album”? Microsoft PowerPoint lets you do it, so it can’t be impossible to code.).

What’s the most practical way to do this? If worst comes to worst I guess I wouldn’t mind publishing it as a 1080p video on youtube.com but even then I have to author it somehow. I do have Adobe Premiere but I feel that there should be an easier way to author. I think that if I make every photo a PowerPoint slide I can have PPT export a WMV file.

Thanks in advance for any help.

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Oberlin College Ghetto Dorms

I toured Oberlin College today with a friend and his son, a high school senior looking for a place to study science. For someone who has spent most of his time on the campuses of research universities, I was struck by how the students talked about their professors as accessible, dedicated to their learning, and “the best thing about Oberlin.” At MIT and Harvard, for example, professors are generally rather remote figures from the perspective of an undergraduate. With some help from Mindy the Crippler we met with a wide range of students and all spoke positively about their experience at Oberlin.

I was also struck when the student guide told us about a dormitory with an African heritage theme and specializing in serving “soul food” (link). She also mentioned a “Third World House” where “people of color” and “of low socioeconomic status” could live (link). It seemed odd that a college administration could set up places like this. Suppose that the school put out a Web page saying that “70 percent of our students are white and from wealthy families. Despite their stacks of cashmere sweaters, they wouldn’t feel comfortable living with anyone who was poor or black. So we’d appreciate it if students with darker skin or without a closet full of designer outfits would please move into Third World House or Soul Food Dorm.” If it wouldn’t be okay to do that, why is it okay to have the houses at all? Does having the best and most inclusive intentions make it okay to do something that might otherwise appear racist and classist?

[Separately, we learned about a house for women and transgender students (link) and talked to a young woman who’d applied to live there. She explained that it was open to anyone who had female chromosomes and identified as “female” and also anyone who was transgender. The only students to whom the living group was closed were males who identified as “male.”]

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Family Law Reform Conference Report

Here are some notes about the things that struck me when attending the Divorce Corp. Family Law Reform conference, November 15-16 in Washington, D.C.

Joe Sorge opened the conference by framing some of the issues (slides). In his view, setting up a litigated winner/loser system is harmful to children because (1) it takes a long time, (2) tends to inflame tensions between parents, and (3) drains parental financial resources. Additional harm is done by having a single human being, the trial court judge, make all of the decisions regarding a child’s future (as a practical matter, because these are decisions of “fact,” a divorce court judge’s decisions are not reviewable by an appeals court). Why is the end of a short-term American marriage a mad litigated grab for kids, cash, and long-term financial support for apparently healthy working-age adults? Sorge, whose own former partner collected assets worth about $14 million from him in her first lawsuit against him, had to keep defending additional actions (seeking more money) for a 12-year period. He noted that Federal Law, via Title IV-D of the Social Security Act, provides financial incentives for states to establish a “dominant” parent and entering child support awards to be paid by the secondary parent to that primary parent. Necessarily there were explicit disincentives therefore for states to award shared parenting. Sorge thought that the divorce industry was an anachronism that persisted due to its use of some of its $50 billion in annual revenue for lobbying. He pointed out that in the 1970s only 30 percent of mothers worked while today approximately 70 percent of mothers do. “Women age 25-34 make 88 percent of what men earn,” Sorge pointed out. There is thus a system built on the assumption that women cannot or will not work embedded in a society where women, at least those who are not alimony and child support recipients, do generally work.

Sorge pointed to Sweden as a model. Divorce is generally an administrative procedure, akin to working with the IRS on taxes in the U.S. Only about 1-2 percent of divorcing couples end up embroiled in the legal system there. You can’t get rich having a child with a high-income co-parent. Child support is fixed, according to Sorge, at roughly 1/2 the cost of feeding and clothing a child. Each parent is responsible for half of this amount (currently about $4000 per year total, which means $2000 per parent per year). Although litigation is much cheaper in Sweden than in the U.S., it is discouraged by the country’s practice of making each parent pay his or her own fees, unlike in many U.S. states (such as Sorge’s California) where a $200,000/year plaintiff can get a $300,000/year defendant ordered, as a matter of routine, to pay the fees on both sides of the lawsuit (thus removing any incentive for the plaintiff to settle).

The first formal presentation was by Malin Bergstrom, a Swedish epidemiologist who used data from a national survey of 172,000 children aged 12-15 (slides). Due to the lack of financial incentive to seek sole parenting in Sweden, approximately 40 percent of Swedish children of separated parents live in a 50/50 arrangement. This plus the fact that she used a comprehensive national survey means that Professor Bergstrom worked from better data than any previous researcher on the every-other-weekend versus shared parenting question. Her results? An intact family is best for kids, but a 50/50 arrangement is pretty close in terms of the child’s mental and physical health. Children who lived primarily with their mother did substantially worse and children who lived primarily with their father were even more disadvantaged. Bergstrom noted that when a mother has pulled back to every-other-weekend (or less) in Sweden it is usually due to mental health or substance abuse problems.

The U.S. is unusual internationally due to the following factors: (1) there is no official custody presumption (i.e., children are up for grabs), (2) obtaining custody of children can be more profitable than going to college and working, and (3) litigation is the default process for a divorce or a custody and child support determination. No society in the history of humanity has ever devoted as high a proportion of its resources to custody litigation and wealth transfers via child support. I talked with Bergstrom a couple of times privately during the conference. She said that she hadn’t known anything about the U.S. system before coming to speak and was amazed that a society would set things up the way that we had. In response to the clinical psychologists who said that they wanted to be involved (paid) in every custody lawsuit to determine which parent had a narcissistic or borderline personality disorder, she said “Don’t you need to have a system for normal loving parents as well?”

One area that has been mystifying is why American parents fight so hard over custody and parenting time schedules that affect child support revenue. The fight plainly makes financial sense when $200,000 per year in tax-free cash is at stake (e.g., when suing a radiologist or dermatologist), but why when the numbers are closer to the USDA-estimated costs of child-rearing? And if kids are really as expensive as state child support guidelines suggest, why don’t married parents put most or all of their children up for adoption? For our forthcoming book on divorce, custody, and child support laws in the 51 jurisdictions nationwide we interviewed policy makers in a variety of states. An Illinois family law drafter (and also a working divorce litigator, as seems to be the typical arrangement nationwide (i.e., the litigators write the laws)) was presented with a hypothetical scenario of two physicians, each of whom earned $200,000 per year after taxes, with two children together. Assuming a 60/40 parenting time split, the loser would pay the winner $56,000 per year in tax-free cash. Assuming young children, therefore, the wealth difference for these two equal earners would be approximately $2 million by the time the kids aged out. The policy maker responded that the parents would not be motivated by this $2 million to seek to become the 60-percent parent as opposed to the 40-percent parent. “Child support does not compensate the parents for having children,” she said, taking the position that $56,000 was not nearly enough to pay the expenses of two children.

William Comanor, a professor of economics at UCLA, shed some light on the issue (slides). Economists have identified two main flaws in the typical state’s child support guideline numbers. The first is that the non-custodial parent, e.g., the one who takes care of a child 40 percent of the time in the above example, is considered to have zero expenses for housing, food, clothing, transportation, etc. The system as designed, therefore, gives the primary parent’s household a much higher share of the combined parental income than the secondary parent’s household even when the children spend a substantial percentage of their time with the secondary parent. Comanor did not address this issue, which has been previously covered by economists (see this 2013 report to the Massachusetts commission).

Comanor’s talk, and a forthcoming journal article, related to how people figure the actual cost of children in intact families, which is the starting point for many child support calculations (“Put yourself in the child’s diaper,” one California attorney said, saying that the relevant question for the judge is “How much would have been spent on the child if these two people, instead of just meeting for one night in a bar, had gotten married and stayed together until the child turned 18?”). Big components are food, housing, and transportation. How much does a married couple with one child spend on transportation for the child? The conventional approach has been to take what they spend on transportation and divide by three. Comanor used the same U.S. Census Bureau data regarding consumer expenditures that the USDA uses and found that the actual number is pretty close to $0: married couples with and without children (except low-income families with three or more children) spend about the same on transportation. Similarly for housing. Some approaches take the cost of a house or apartment and divide by the number of people occupying it. Other conventional approaches have been to estimate the housing cost of a child by looking at the marginal cost of a two-bedroom apartment compared to a one-bedroom apartment. Professor Comanor looked at what American couples, with and without children, actually do spend. It turns out that on average a married couple with no children will spend the same as a married couple with one child. Maybe a guest bedroom or den turns into a nursery but the actual dollars spent doesn’t change until the second child comes along. Similarly, spending on food is about the same before and after the first child arrives. Comanor finds that the basic cost of a child in an American household with less than $56,000 per year in pre-tax income is about $4300 per year, i.e., not very different from the Sweden child support number and about the same as what some Western states use as the starting point for child support (adding in an extra amount for luxuries if the parents’ income is larger than $15,000 per year or so). Comanor’s number is somewhat lower than foster care reimbursements in most states ($6000 to $8000 per year per child). That’s about 10 percent of the top of the Massachusetts child support guidelines (suing a $250,000/year earner yields $40,000 per year in tax-free child support), which means that a Massachusetts plaintiff could expect a 90-percent profit on child support revenue, assuming that the child’s clothes are purchased at Target.

[A smaller issue with child support guidelines is that spending by single-parent households may be overstated. Since child support is not “income” a single parent with a $50,000-per-year job who collects $50,000 per year in tax-free child support may fall into the “$50,000 per year” income category, though he or she would have a spending power closer to that of a person with $135,000 per year in taxable income. There would still be a lack of comparability if the example single parent were considered to have a “pre-tax income” of $100,000 per year because a married couple with $100,000 in income would pay taxes on all of it. Comanor wasn’t sure which conventional approaches, if any, were adjusted for these factors. His own analysis shows higher spending on children in “single households” than “married households” with the same “income”.]

Using OECD data on the amount of hands-on time put into child care by working parents (about one hour per day, averaging weekends and weekdays) and Comanor’s analysis of the Census data, obtaining custody of a child and collecting child support should be worth about $150 per hour at the top of the Massachusetts guidelines, for example (assumes two-thirds/one-third parenting time split and a $250,000-per-year income for the loser parent). The Bureau of Labor Statistics says that a “private nonfarm” worker in American earns an average wage of less than $25 per hour. Given that child support is tax-free and wages are taxable, a thoughtful custody and child support plaintiff should be able to earn at least 8X per hour compared to a W-2 employee.

Attorneys whom we interviewed both before and at the conference told us that allegations of child abuse are common whenever profitable custody of children is being sought. Dr. Joyanna Silberg (web site), in a panel discussion, noted that children are not being protected from actual abuse: “Family court looks at children as property for one side or the other.” What does this experienced therapist say about the custody evaluation or guardian ad litem process engaged in by psychologists nationwide? “It’s a game of chance whether a custody evaluator gets it right,” she said. Silberg noted that the divorce industry misleads with precise-sounding terms that are meaningless to psychology professionals.

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New York’s new train station

The Tax Foundation says that New York collects a higher percentage of residents’ income than any other state. How does the money get spent? The New York Times has an article on a new $4 billion train station for lower Manhattan. If it does not slip further it will have taken 11 years to complete (when it opens in 2015).

What can $4 billion buy in terms of passenger train infrastructure? Wikipedia says that was roughly the cost of the Zhengxi PDL high-speed rail line in China (built starting in 2005 when the exchange rate was different). For a return on their $billions, the Chinese waited five years rather than 11. Instead of 1 train station they got 10 train stations plus a 284-mile-long railroad connecting them. Trains travel along the line at roughly 220 mph. As part of this package, the Chinese also got the longest bridge in the world at the time and an assortment of tunnels, some more than five miles long.

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