The Prof G Pod with Scott Galloway
00:17:07 · George Hahn, Ed Elson
One third of American couples say money is a major source of conflict in their relationship, and research shows financial disagreements are the strongest predictor of divorce. Economic stress is tearing at the fabric of young families today, as 35 year old Americans have half as much wealth than they did in 1989. Meanwhile, 75 year olds are twice as rich. We continue via nimbiest housing permit laws, rollbacks on child tax credits, preferential capital gains tax rates, and corporate tax loopholes to transfer money and opportunity from young to old. Congress should continue the bipartisan effort to extend the child tax credit, which relieves some of the economic burden facing young parents. We don't have to do any of this, but we're barreling toward a nation of old people where over half of government spending will be on seniors, diminishing our ability to invest. As is happening in Japan and Italy, this results in an anemic economy that loses relevance on the global stage. The population decline across the West is the biggest threat to democracy. Today, one in six Americans is 65 or older. A century ago, it was one in twenty. We spend, as a percentage of GDP, 7% on seniors versus 0.5% on children. The demographic situation is getting so dire that ratings agencies are predicting half of nation's credit ratings will be downgraded to junk in the next forty years. We discussed this on Prof G Markets. [00:18:59] S2: Scott, can you explain to us how demographics impact a country's creditworthiness?
00:18:59 · Ed Elson, Scott Galloway
[00:18:59] S2: Scott, can you explain to us how demographics impact a country's creditworthiness? [00:19:05] S7: Well, in this instance, I mean, essentially, young populations are just more productive because old people wanna stop working and relax, and they require more government assistance because they get sick, and they want pensions. So, the ratio of young to old people is an indicator of the productivity and the economic vibrance or potential of a country.
00:19:28 · George Hahn
[00:19:28] S4: The population bomb predicted in the seventies was half right. It has detonated, but it was an implosion. Democracy and capitalism need household formation, which means they need more economically and emotionally viable men to partner with women who've registered exceptional hard fought gains. One of the primary reasons women terminate pregnancies is they feel they do not have a reliable partner. Each year, dollars 8,000,000,000,000 worth of stocks and bonds trade hands. Of that $8,000,000,000,000 only $300,000,000,000 represents true investment used to grow companies via IPOs or secondary issuances. That's a problem. We've become a nation of arbitragers versus investors. We arbitrage information, distributing whatever creates the most engagement versus pursuing the truth. We arbitrage fossil fuels and ignore the externalities. And worse yet, we arbitrage youth, milking them for capital and labor to enrich the incumbents. If there was ever a law that highlighted the war on youth other than a minimum wage that's below the poverty line, Student loan debt. Debt that cannot be discharged in bankruptcy. A clean start, a second chance. These ideals are core to the American experience. However, our youth are sequestered from this American ideal. Think about this. Not given a second chance is the generation that deserves it most, young people. What is the point of all this? Our economy, education, laws, our society? I'd offer that the whole shooting match, the whole reason for a nation, is to create a context for deep and meaningful relationships. Deaths of despair, a lack of economic opportunity, and lost young men are all signs that our nation continues to offer prosperity but not progress. It's time again to start investing. America needs young men, and they need us.
00:22:07 · Scott Galloway, Ed Elson, S3, S8
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00:22:51 · S8, S9, S1
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