I think Jonas is really addressing challenges in two areas - lifespan and economic / academic opportunity (they are pretty much the same thing in many respects).
It reminds me of a universal human trait - we fear / and feel , âlossesâ much more than we enjoy âbenefitsâ. For the first time white males are really on the âlosingâ side of economic progress and lifespan. We all feel losses strongly - so this is a huge issue, irrespective of whether others are in a worse situation or losing more.
White males are a huge part of the population and for the first time that category is suffering a great deal. This isnât to take away from anyone elseâs suffering - but it means that its a big issue for a large part of the US population.
Blacks and Native Americans have it much, much worse⌠but thats nothing new really from an economic perspective. And those groups are a much smaller part of the entire population. Iâm just talking from a political / societal perspective here⌠just trying to convey why this is such a big issue in the USA these days.
We are all concerned (reasonably so), about our own economic, social, health opportunities. Each group is rightfully concerned when they see significant losses in these areas.
Sadly, I donât see either political party in the US doing much to address the issue.
Source: The U.S. Just Lost 26 Yearsâ Worth of Progress on Life Expectancy (Scientific American)
The issue is âlossâ⌠many groups are losing right now, but the incentive system in politics is seriously misaligned with the goal of helping improve the lives of most people; US politicians really get âpaidâ by companies / lobbyists, and 1% give them the
they need to get re-elected, so they are going to do what is best to help the donors, not the electorate.
Loss aversion in behavioral economics refers to a phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain. For instance, the pain of losing $100 is often far greater than the joy gained in finding the same amount.
The psychological effects of experiencing a loss or even facing the possibility of a loss might even induce risk-taking behavior that could make realized losses even more likely or more severe.
Loss Aversion: Definition, Risks in Trading, and How to Minimize.