00:57:37 · S2, S6
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00:58:03 · S6, Ed Elson
Ad[00:58:03] S6: This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed Sponsored Jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs. [00:58:37] S3: We're back with Prof G Markets. Let's talk about the youth vote, people, because that to me was sort of the most resounding group. And I think it says a lot about where things are headed in America, which is gonna be massively important for the economy and for markets. But that is... I mean, you look at voters between the ages of 18 and 29, they supported Democrats this cycle 70% to 30%. I mean, you saw a 38 shift among young men who went hard Trump two years ago and lurched hard Democrats, this year. And by the way, we also saw a lot more younger candidates running. More than a third of this year's congressional candidates were 45. Millennials were the largest generation running for senate. A lot of new blood, young blood running for congress. Like, I think that was the other takeaway from the midterms, which is everything that we've been calling for and complaining about. Finally, we got what we wanted. Young people showed up, and young people led led the polls as well.
00:59:50 · Scott Galloway
[00:59:50] S0: That was another very exciting thing here. Bill Al Sayed, 42, beat Mike Rogers at 63, James Talarico, 37, beat Kim Jackson, 63, Chris Pappas, forty six six, first openly gay senator elected, beat John Sununu, 62. It was definitely... I think America has been listening to people saying, okay. At some point, we need an electorate that looks, smells, and feels like America. A lot of doctors, a lot of women, more gay representation. We have never had... In in American history, there's only been three black governors. Now there's five sitting black governors. So the youth vote was incredible here. Hands down, the largest swing. If we go to sort of... I've said that 2024 was about masculinity. Young men did not feel seen, and they felt that politics had become overly feminized. And then Trump came in with World Wrestling Federation, crypto, rockets, and said to young men, I see you. And I think over the last two years, there's been an evolution, a healthy evolution of masculinity, that it's about service, that it's about empathy, that strength is in the agency and service of others, and he has been anything but that. Then you see all these young dreamy people, many of whom have served in the military, many of whom who are doctors, many of whom look like they might actually have kids at home. I think young men aren't as Neanderthal about social issues as people think. The story for young men was economics. The boring shit is what moves the needle. Believe... I mean, this was the perfect storm of bad things for Trump in terms of who is most likely to swing, and the people most likely to swing are young men. And look what look what's happened to young men over the last couple of years. All of the job growth in America has gone to industries that are largely populated by women. Healthcare, education, 80% women, right? Those have been the growth areas in the economy. The areas... And they're not as big a swingers. They're a little bit more resolute in terms of the parties tend to go with. Young men over index on what industries? Manufacturing and transportation. By the way, the two industries that have had... That have observed some of the greatest job losses. Let's talk about men drive, get this, men drive on average 30 more miles than women. So who do skyrocketing gas prices affect most? Men.
01:02:24 · Scott Galloway
So everything everything everything went wrong for this guy. When I say this guy, I mean Trump. Everything went wrong for him. And men just saw... I think they really were revolted by what is a very... I hate to use toxics, but but perverted vision of masculinity that Trump put forward, an abuse of religious values, quoting scripture as you're cutting food stamps to poor people, the role models put forward in this administration. And, also, I just think they said, look. Whatever his economic plan is, I don't buy it because I keep seeing a billboard on every three blocks called gas prices that is telling me it's gonna cost me a $160 to fill up my truck. And he seems... You know, this... Again, the GOP went through a full transition, and you said they're a no man's land right now. There is no GOP. The GOP was kicked out. Adam Kinzinger and Liz Cheney, who I would like to congratulate for being steadfast, and I hope that they're enjoying this moment. There is no GOP. There's MAGA. And, the primary association that they have lost was the GOP was always seen as pro business. Now these guys are seen as pro billionaire, and billionaires have not acquitted themselves well because it's no longer even the billionaire class. There's an association with tech brothers who have not acquitted them... Selves well, and as John Alsop says, the Epstein class. But young men... The way I would describe it though in the cautionary tale of the Democrats is we're renting them. We don't own them. And unless there is a very strong set of policies that say, we see that for the first time in our nation's history, a 30 year old is not doing as well as a 30 year old was, and then your parents were at 30. We're going to change that. And then the statistic that just blew my mind, since 2022, I'm not talking about thirty years ago, in the last four years, in the last four years, people over the age of 65 have increased their wealth by 62%. People under the age of 25 have seen their wealth decrease by 23%. Democrats need to say, we are going to start reinvesting in the middle class and specifically young people, and we're going to fund it through doing away with the Trump tax credits or tax cuts. We're going to refund the IRS to close the tax gap.
01:04:53 · Scott Galloway, Ed Elson
We're gonna have an alternative minimum tax on people making over a certain amount of money in corporations because they should pay their fair share, and a lot of Republicans agree with that. A lot... You know, the whole... Bernie Sanders doesn't get enough credit. Bernie Sanders basically a decade ago said, and it seemed very populous and left wing at the time, that we have to stop transferring money from the middle class to billionaires. [01:05:22] S3: He was fucking right.
01:05:24 · Scott Galloway
[01:05:24] S0: He just said that over and over that the billionaire class is sucking all the oxygen out of the room, and that message has resonated with, you know, everyone, obviously, from AOC to Joe Rogan. So young men, I think they're a bellwether. They are all of a sudden... You are gonna see a lot more programs focused on young men. We're already seeing it from governors Moore, governors Newsom, because politicians are gonna have to respond and say, alright. We see this group. And while they may still not turn out at the same level as older voters, they're up for grabs. And generally speaking, the big transition or structural shift in this election in terms of the electorate is that more people are up for grabs than ever before, and that is fewer... The the largest political affiliation now is independent. It used to be you just went in behind the curtain and you went all red or all blue. Now more and more people are saying, no. I'm... I might vote for that young pastor named Talarico. Everything... And this is a good thing is up for play. And then you layer on top of that possibly the elimination of the electoral college. And then all of a sudden, people in states that never had power have power, groups that never had power, of a sudden have power. And quite frankly, we stop obsessing over the soccer mom in Wisconsin. Anyways, I... This is a huge moment for young people in terms of who was elected, in terms of the power. The swing amongst young people was dramatic. Oh my gosh. That was... I mean, arguably, you could say that's the story of this election, but it's really exciting. The electorate is starting to look more like America. It's coming down. And what would be the the best theme, I think, I think the two themes for the Democratic Party if they wanna own versus just rent this group is to say, we are going to do what America has been best at, and that is offer you more opportunity than was offered your parents, even more than previous generations. And America's gonna do whatever it takes, whatever it costs. We are a $30,000,000,000,000 economy. We are going to ensure that we are going to continue to support Ukraine or restart our support of Ukraine until he leaves Ukraine.