I was hoping for more data points and charts showing how things are really going. While I appreciate the conversation I wasn’t looking for the feelings of Americans or the election, age, etc. Are Americans running out of money now. 6 months ago this channel said Americans have about 6 months of savings left, where is that now? How is the job market actually doing?

@williamgoode4848

3 ай бұрын

Your infrastructure is failing, because you’ve stuck with cars , so you have masses of roads to maintain

I appreciate you guys honest opinion about what’s going on in today’s economy.

I truly appreciate Prof G’s interviews with other subject matter experts actually more than his own personal commentary. You ask some of the best questions and allow your guests the space to actually elaborate on their ideas in more than just sound bites. I think the show would be even better if you had more diversity of thought, experience (and I dare say race and gender) on your show to engage in true dialogue and constructive disagreement ]

Superb channel, Prof G. Top shelf. You are the best of American socio economic thought.

Thanks for the content

Phenomenal content gentlemen!

Useful interview.

Is it really a shock that a country that actively supports and promotes individualism really isn't into the collective bargaining of a group?

David Really inciteful Video.

I'm a high school dropout . I dropped out my senior year in 1998 . I'm from a small town in south central Ohio that is considered Appalachia . I didn't sit on my ass I went to work . I went to work with my Dad in concrete construction . It is really hard work but in those days , if you worked your way up from a labour to a concrete finisher you could make enough to buy a home , new car and take care of your family . Benefits were decent . But in the early 2000's my purchasing power was dropping fast and prices were rising faster . In 2001 I bought a new Chevy S-10 . I overpaid because it was my first car but I could still afford it at $375 a month . I went to purchase a new truck around 2006 or 07 and the monthly payments were $500+ . From 2003 to 2024 my hourly pay rate has increased $15 more on the hour . BUT for a 40 hr week check my purchasing power has only increase $140-$160 according to inflation . The system is rigged . If you come from a poor uneducated family , more than likely that's where you'll stay . Price of life is unobtainable . Big Firms own everything and our markets are fixed . There is no more competition . All these companies merged and took over the market so no other companies can come in and compete . It's all about MAX profits . They don't care if it destroys the youth . The rich only care about their families and generation wealth . We need money out of politics and extreme anti trust laws but Wash DC is so infested with corruption it will never happen . The USA I thought I lived it is a SHIT hole .

Gotta give Scott credit, zero percent chance I'd listen to a NYT journalist outside of Scott interviewing him. Interesting interview.

I thought it was interesting that in the background was the Edward Tuffte Infographic of Napolean's March to Russia and back. Did anyone else notice that? Any thoughts on the significance of that.

@jonbudington1341

3 ай бұрын

That graphic was designed by Charles Minard.

2:18 can you break down life expectancy by state or regions? The problem maybe that many States are run like 2nd and 3rd tier countries and they don’t want the national government to help.

@technokicksyourass

3 ай бұрын

The reason life expectancy is down is totally obvious. People are overeating and too fat. I don't think the government can help you with that.

It is interesting how Scott only does political interviews with people that exactly align with his own politics.

@jonrussell739

3 ай бұрын

Yeah. A bit disappointing, but predictable. Echochamber banter that arrives at the most predictable conclusions. Reagan bad. More minimum wage. More immigration. Age is not so important. Blah blah. The problem is clear. When Louisiana or Mississippi go full red policy, we see it fails. When NY and CA with superior mega economies go full blue policy, we see it also fails. Why? Because you don't have any pushback to idiotic policy. The states that are growing organically the fastest are "purple states." The american people have spoken. They are voting with their feet. This echochamber politics is killing us, but at least there is enough autonomy left to the states to overcome some of it.

I always joined the union wherever I worked but when I was in a lower paying job my union dues were a hardship. That was an especial hardship when I was a teaching assistant because I paid the same amount for healthcare as the teaches did and they made twice or three times what I made. I think Union dues and healthcare costs as well as taxes should be a percentage of income which allows for a living wage.

Could the shift toward a service economy and incapacity to offshore production, the motivation to import more workers, I.e. immigration to fill those roles while fighting service economy unions?

Outstanding discussion. Galloway does a great job of getting pertinent information out there. And Leonhardt really hit the nail on the head: We need to focus on raising earnings for Americans making, say $50k to $150k - that’s the sweet spot - and help the low-income workforce by limiting (stopping?) (illegal?) immigration. The 2024 election should be about those two things!

@technokicksyourass

3 ай бұрын

If you think the government has a magic button that will raise earnings, your are in for a shock. The government can only transfer wealth or destroy it, it cannot produce anything. The best they can do is regulate markets and try to make them more productive. However at the end of the day the participants in those markets have to create the wealth.

Just getting started, I really like the guests focus on the 'quality of life' sorts of statistics. I grew up in the 70s and it was a much more optimistic time. Guest says, "Our economy and our society isn't working for huge numbers of people" Income inequality is under discussed, credit to this show for putting it out front. Take it from the man. I think of immigration as a growth issue. They come and work and pay taxes and build small businesses and help support older people who we have more and more.

@technokicksyourass

3 ай бұрын

Legal migration is not an issue, it's the unfettered illegal immigration of workers that don't pay taxes and don't follow employment laws. This drives down the wages of working class people, magically turning them into Trump supporters.

Did Scott have a Freudian slip or did he refer to Americans as “shares”? Unfortunately, the more I think about it, the more I think it makes sense.

@johnpaulpm

3 ай бұрын

He talks about stocks daily so it’s easy to throw in the usual monicker, however he was not referring to Americans per se, he meant to say 25 an hour.

Finally the point is made that distribution is the main problem of American economic reality.

@stevechance150

3 ай бұрын

By "distribution", I assume you mean wealth distribution, rather than distribution of materials, although repealing The Jones Act would go a long way to improving the distribution of materials within the US.

@Ryanandboys

3 ай бұрын

Distribution of wealth is totally made up has nothing to do with reality wealth is created by individual companies and peoples there's nothing that gets distributed it gets accumulated or earned by people and companies if you take that incentive away you don't end up with a more equal economy The only way to do that is to get more equal marginal productivity. If you take too much from the rich which is pretty much impossible to begin with but say if you do they just stop producing as much so that never works in the long run I mean if you go to any European economy that's much more equal it's because they're hiring people have much lower productivity in their lower in people have higher productivity and the lower and middle class play extremely high taxes compared to Americans. Like the average European household with a income of $80,000 pays $45,000 in taxes that's insane in America it's more like 10,000 in taxes.

@Ryanandboys

3 ай бұрын

As a working class America who has gone to college and worked in tech and management before I will never vote for a dem who is for " forgiveness of college debt" to idiots who got dumb degrees. First off it not even forgiveness the college gets paid and it's only going to increase college cost much faster and will probably increase the inflation because people with a hype propensity to spend now have more purchasing power magically..and unfair to people who paid off their debt or started a blue collar company and didn't attend college. It's just the dumbest worst incentive ever.

@technokicksyourass

3 ай бұрын

The monkey looks at the monkey next to him and wonders why that monkey has 2 grapes and he only has 1. So he asks the handler to give him the other monkeys grape. Then the other monkey looks at the monkey next to him and notices he only has 1 grape and the other monkey has 2, so ...

Wow. What a fool to say that age is not an important issue in this election.

@ehlava

3 ай бұрын

For 2 of the candidates for sure.

A problem with a "single union" and that being the federal government (even if it worked properly, and that isn't going to happen) is that the federal government cannot account for the nuances of different industries or even different regions. The federal government would try to paint with far too broad a brush. As such, the place for the federal government is to set minimums in basic areas that would not be industry dependent and even then, there should be an acknowledgement of the differences between the regions. Laws do need to change...there have been decades of whittling down the power of unions. There needs to also be a federal law governing the cost of servicing a labor union contract such that a person need not join a union but should have to support the costs of servicing the contract that they work under. The whole scheme of the "right to work [for less]" states is that you can have a union but you cannot compel someone to pay into the union (starve the union). It would be like if everyone got electricity for their house but only those that want to be members of the electric company get to pay...nobody would way (or a lot fewer). It still costs money to service the contract (pay lawyers and yes, even lobbying politicians for more favorable labor law because the companies are lobbying politicians to give more power to corporations over labor). If everyone that works under a union contract had to pay into servicing the contract, it would make it cheaper for everyone and it would tend to get more participation in the union.

@technokicksyourass

3 ай бұрын

The problems with unions are well documented in history. It ends up making an entire sector non productive, so the the jobs just go overseas to totalitarian dictatorships or other places that don't have unions. Or, if it's something like the electricity workers union, the rest of the population ends up paying for their cushy lifestyles, and eventually votes in a government to get rid of the union.

Agree with negative income tax but would rather have better earned income tax credit rather than higher minimum wage. Unions would work much better if there was universal catastrophic health coverage and shoring up social security.

Thoughtful. Thank you - I would add that Starbucks and Amazon are replacing people with machines which reduces total labor costs including workers' compensation and health insurance (noting a wage is typically estimated to cost an additional 33% for benefits). This improvement has already been recognized in agriculture with more food being produced by less people. So, Prof G is absolutely right, political stability will require universal income and healthcare. It is not about pushing the social security wage older and older. It is about improving efficiency and effectiveness in our pseudo-non-profit industries such as education and healthcare. We develop the prescriptions in the U.S. for instance, but, in contrast to the Henry Ford model of wages, drugs are irrationally priced with the amount reinforced by government subsidies and the ability to write off the difference between the charge and reimbursement rate as a loss. Likewise, we educate people from outside the U.S. to compensate for a sub-par system that fails many within the U.S. However, none of this can happen in a context of partisan division (created Willie Lynch Theory style by politicians and their patrons on both sides) and the perpetuation of an American Dream that has lottery style odds. The German system of education provides free education when it aligns with the needs in the economy. This could be a type of National Service extended beyond ROTC scholarships to other types of job programs and avoid the anomie that comes with a pure giveaway of wealth.

@technokicksyourass

3 ай бұрын

Yeah, with the trillions of dollars of entitlements already on the books we cant afford.. lets start universal income! Genius idea.

you can just use the word coruption and coolusion between government and cooperation

This guy is smart

great to find Scott Galloway again, this discussion was generally optimistic which i am not. covid taught me how easily a dying economy could be propped up to function beyond expectations and accelerate the transfer wealth to those few thousand individuals in control of the global economy. never thought this was possible but can this fiction economy last forever (aka my lifetime)?

Good Sunday to all….(🇫🇷) As I outsider, and will always be….connecting to your conversation, the young people mental condition is mostly due to the parents’s mental condition themselves therefore an insecurity that they mirror on their kids. The broad economy is constantly said to be perfectly growing though we know…. not showing for the majority of Americans . So the scary financial condition of the working class has nothing to loose. All they want as Leaders, is anyone but who has been in power the last decades. One thing that we should all agree & recognize is that, we here in the US, in Europe & or in the world, plus AI present more than ever, what is coming ahead will be nothing but what we have lived until now….And it will work what ever the way …like it or not for some….it will be …adapt & adopt…🇫🇷🇺🇸

This thing is starting slow, but we are seeing the beginning in Europe and a lot of other places. Countries do not have consumers and cant rely on exporting. They are in Recession. We do not have enough consumers to take on the load and we have tariffs. So we may be next depending on a few things.

worry more, David

In a service job, the only way to get rich is as an entrepreneur. Small businesses and sole proprietorships are the most flexible, innovative, and responsive organizations. Organized labor is just a deeper form of wage slavery.

Another interesting, relevant and timely interview. Thank you Prof. G.

Awesome video man! Do you suggest copy trading as good approach for beginner to start with trading or should I just invest long term while I learn things on how day trading works?? Thank you!

The law in 60s changed because of Black Americans fighting for the rights of people around the globe. MLK and others. It’s an important detail that was left out.

The fundamental problem is over the last 50 years marginal productivity of most workers is flat you can't get paid more if you don't produce more per hour. If you look at employment wages in fields where productivity has increased significantly above inflation like in information technology hydro fracking commercial agriculture you see that incomes go up with productivity The problem is when you average that all out with the productivity of the average cash ier or the average truck driver construction worker were productivity is flat or is actually down 50% in construction they can't get paid that much more without really increasing the prices of their goods and services. The reason why a company like Walmart pays its staff so little is because they're very low productivity if you look at Walmart and you redistributed all their profits among their over one and a half million staff that would only increase wages two bucks an hour. And if you confiscated all the CEOs 25 million a year in salary it would be a few cents per hour for worker they're just isn't enough profit in any of these companies to redistribute you need to increase productivity. And what you do in the case of say Walmart if you were to take all the profit away cuz you would crush the stock price and everyone's 401k and IRA and all the employees stock comp would go to zero so that's not really an option either. In an economy the only thing that matters in the long-term is increases in productivity everything else is window dressing I have not seen anyone talk about that fundamental issue. Doing anything else is like rearranging the chairs on the sinking Titanic sure you can do it make yourself feel the better maybe help a few people in the short term but does it matter at all in the long term..

There needs to be a reward for working more. If I work more than 40 hours a week I could be put into a higher bracket and take home less. It makes no sense.

I like this pod. But correct me if I’m wrong, but did they just promote communism?

Sooooo much better interview than half beard guy

Timing has never been more ripe for a political party called “The Working Class Party”

Could you have picked a more woke liberal person to talk to about the economy? I fully expect that after the interview he will put on his sequin skirt and head out to a protest somewhere.

Milania or Mike Johnson? The possibilities mindboggling. Bring back Mike Pence?

I like the framed nat geo poster on the wall!

Do you two think this is empathy ?

Was expecting more substance other than political conversation

need to talk about movement of guns and opiates across Mexican border is a major cause of the border crisis. If Mexico does not depend on the drug trade so much and instead we let them industrialize legitimately, they will become our most important trading partner and that will solve the border issues.

Galloway needs to unlearn the right wing economic ideology he was taught at UCLA in the 80’s. 1. Companies, in aggregate, were more productive before the 80’s than after. 2. Declining union membership was caused by changing laws, not due to unions failing (agreed they are not perfect) 3. The rich are not better allocators of capital than the poor, middle class or government (happy to show you the data on that) 😊

@stevechance150

3 ай бұрын

Amen on #3. We don't need any more concert halls with a billionaire's name on it. We have all the concert halls we need.

@magalengo

3 ай бұрын

Scott doesn’t want to hear information that conflicts with his current views, just like the rest of us.

@atg1962

3 ай бұрын

@@magalengo Most likely you are correct. Makes him far less credible.

The birth rate in America is 1.66 The birthrate of a healthy growing country is 2.1 or higher.

Two take aways on economy: (1) benefits of 30 years of increased economic productivity went to shareholders & upper management; and (2) trickle down effect policy of lowering taxation did not benefit lower & middle class as expected, au contraire, it concentrated benefits.

Immigration thought experiment: We need immigrates to grow our economy. The current U.S. population is about 340 million. If we allowed 1 million in every year for 100 years that would bring the population to 440 million by the year 2124. That number is considerably lower than either China or India's populations at about 1.4 Billion each. What do you think?

Scott doesn’t like unions because the union shut down the port or something and basically he blames that on his biggest failure as a entrepreneur I don’t remember the exact story, but I know it’s a personal thing that happened to him why he doesn’t like unions.

The Political disfunction shows just on this one subject alone on Immigration ….Government should provide financial funds, to construct an organization which could mostly be run & resolved by AI ….one of them..? The organization could be a huge long Architectural City Boarder Institution, built all along the boarder, where & when an immigrant would enter that big Building Boarder Institution, to legalize their request or wish, it still would not give them the authorization to enter into the US, until all the US requirements would be acquired. That big Boarder institution should be a massive database collected from the immigrants, and then run or managed by AI….this is not a pandemic where we have no control. We are responsible for never having had much control over that subject….reason being, this is not a business money making….therefore no interests😢🇺🇸🇫🇷🇺🇸

"Putting money in the hands of more people" these days have a terrible inflationary effect especially minimum wages. Let take example of a hospital. If you raise the minimum wage of a janitor or an orderly by $10 an hour, the paramedic who works down the hall, now make less than the janitor, so you are forced to raise the wage of the paramedic. Now that paramedic makes more than the CNA, so you raise that salary as well, so then the wage of the LPN needs to be raised as well, so on and so forth. You create an artificial and unsustained wage market that would bankrupt hospitals and accelerate inflation. It is a popular idea but a terrible one. The wage market needs to be driven by the market of supply and demand, not by some artificial force.

releasing the pandemic didn't help any

Statistical evaluations of people’s feelings about the economy ? Isn’t that for FoxNews ?

Unions don't really help anything what they do is they come in after productivity is increased and they on the margin move some of that to the workers while creating division and decreasing the incentive to increase productivity long-term they always fail unless if you have a very good culture where they work together which is possible and happens oftentimes in Europe but doesn't really seem to happen in America. In the past I worked for a union company and I really didn't like it cuz I couldn't negotiate on my own to get a comp package the way I wanted it give us one size fits all I left that company and now I work with a non-union in the company culture here is so much better and I get paid the comp package I want can't quite a bit more money with individual bonuses based on productivity and that was definitely not a thing at the Union shop. I've always found Union shop are very divisive and toxic and it just incentivize workers to do as little as possible and try to get as much money out of the company as possible and that just doesn't work in the long run..

Mandatory voting like most democratic countries. Australians have a 98% turnout and if you don’t vote you get fined. Enough with the fringe and get to a place where govt has to work for most people not the 15% that turnout for a primary.

@iggexec

3 ай бұрын

If you can get drafted to die for the country why can’t one have responsibility to vote. If you want social services in any way then you must be held responsible to vote. If one wants to use the infrastructure then one must be held accountable for voting.

@stevechance150

3 ай бұрын

And go to Ranked Choice Voting please, so politicians will work to appeal to the center rather than appealing to the most extreme among us.

@tuckerbugeater

3 ай бұрын

i don't care@@iggexec

This interview was everything I was afraid it’d be, completely bland. I’ve been subscribed for maybe 8 months and I always dread seeing the interview videos because I’m suspicious of the interviews will be meaningful or informative. My hobby is economics so that’s how I broke and finally watched an interview. Wow this interview had hardly anything to do with the state of the economy. Basically regurgitating the same generalizations of ‘Reagan ruined regulations & unions’ & ‘Starbucks won’t negotiate with unions.’ Which if you’ve been following these stories you already know this. What I would’ve preferred in the video instead: less brush strokes of history. Keep the guest more focused on current events. What do they think would help the economy? & is there a useful policy that can go too far? The highlights of the episode were when Scott made spitballing ideas of ‘federal government union & $25/share minimum wage.’ Completely unfleshed out but more interesting than generalizations.

Hey Leonhardt, you advocated for unions to elevate workers. You are correct in that. You also said that both political parties are responsible for nit serving the needs of the working class. So I have a question for you. Which political party supports unions and wants to strengthen them, and which political party tries to break them? You know the answer to that. Stop with the "both Siderisms" I'm sick and tired of supposed intellectuals promoting equivalency between the parties. Also, which party supports Healthcare for all? Housing support? Food support? Mass transit? I could go on. PLEASE Leonhardt, wake up and look at reality.

@stevechance150

3 ай бұрын

Yes, the "both parties are flawed" can be true, while "one party is significantly more flawed than the other" can also be true. And I'd argue that the party that allowed Citizens United poisoned the well (of politicians who would put "citizens before party") for both parties.

@559bman

3 ай бұрын

Dems need to try to get to know the people that are flocking to the right and address everyone's issues without judgement. A good number of them are exactly who benefit from public programs that Dems put forth.

Excellent interview. The liberal media's focus on Biden's age is recent, probably fueled by Biden's poll numbers. He is the wrong nominee for Dems. I just watched a documentary on Obama's candidacy and the great enthusiasm among the youth. Biden energizes the youth to criticize his handling of Gaza. Energy is going the wrong way Joe.

A lot of the economic doomerism mentioned in this video isn't fully accurate and have been popular talking points for several years now thanks to social media. Wish more research and attention was put into the "facts" about the economy or at least have an economist on that could put data points into better context. The US economy is actually doing pretty great especially compared to its peers. Can it improve? Of course, but to act as if for the past 50 years wages have remained stagnant (which was characterized in this video) is a misreading of a viral chart on twitter and shows a lack of understanding of what the data truly is.

Great immigration historian but completely out of touch with what is going on outside of the beltway. This is decades old partisan politics on display and as such can only offer a limited view of what is going on in the US regarding the economy, immigration, etc.

"Support immigrants but be careful about immigration" was a nice point by Leonhardt. His final point about OVERreporting an issue so that it becomes the TOP issue while not being the most important issue was also insightful. Thus, I hope Galloway will now pivot away from the age issue and focus more on the actual issues facing the country. Moreover, a person's age is immutable; so why complain so much about an issue that can't change? Scott, aim your criticism where change can actually take place -- like policy.

When I see Gavin Newsom, I wonder WTF he isn’t running? He has so much charisma and fights back.

@nalinsrivastava618

3 ай бұрын

Uhhh …. Because CA is a hellhole. Ppl are fleeing. Crime is crazy. WTF??? 😂😂😂😂😂😂

@robertmakins5070

3 ай бұрын

My guess is that it is because the DNC wants Biden and Newsom doesn't want to tick them off because he wants to run in 2028.

@kyleinpa5285

3 ай бұрын

Oh yea, California is doing great. Totally solvent.

Excellent piece! And I think he is correct in saying that continuing to talk about Joe Biden's age in light of his exceptional record is a foolish mistake that Democrats and the media are making.

Do you let your demented grandmother do your accounting? No. It IS the only thing that matters. Either that, or it doesn't matter who is president at all. It can be only those 2 things. Stop negotiating with reality because you don't like 'the other guy'.

Why not ending with monopole and look for full employment? Instead of more regulation?

This nose…

$25 an hour will kill small biz and then they will all get bought by PE...terrible idea

I would suggest you read Thomas Sowell's "A Conflict of Visions".

@atg1962

3 ай бұрын

Sowell is a joke in economics. He’s done no research and his philosophical rants are all easily refuted by data. He’s a right wing propagandist. No different than say Rachel Maddow on the left. They are both fools

If Biden was on his death bed, I would vote for him. Trump will throw the economy into a recession.

@stevechance150

3 ай бұрын

Imagine if Trump is reelected and dies in office. What kind of Ulta right wing VP will we get stuck with as our President for the remainder of Trump's term?

@firstlast8258

3 ай бұрын

​@@stevechance150not my president

@ehlava

3 ай бұрын

Trump voters and Biden voters are the problem. Most of us are sick of both sides, want to return to reason.

Scott finally comes out as a Marxist

Lets go berniiiieeeeeee (😢)

Mr. Leonhardt does not offer a counterfactual for the recovery from the 70s.

The economy is doing well. Inflation 3.1% GDP is growing 4% per quarter. It's fine we all got used to 0% interest rates but that was an enomally. We are back to a healthy rate of growth. We had to much money chasing vaporware promises from Elon and the new big app. I work in the trades it blowing up! Huge growth! The fact that New York offices space is empty is a tiny part of economy but ivory tower thinks its the end because their friends moves to Texas.

@tropics8407

3 ай бұрын

Great to hear you are doing well. Make hay while sun shine. Keep it lean and efficient. Watch out for that recession but then Talent is always rewarded 👍 Note those prices before Covid will never be back unless some huge recession. The huge government money printing has jacked up asset prices so your customers are feeling rich at the moment.

@ProfG is doing the public a disservice by focusing so much on Biden's age