Economist Austan Goolsbee on Guess What? The Economy (Feb. 20, 2022)
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- Опубликовано: 8 ноя 2024
- Historic Growth, High Inflation, & Strained Supply Chains. Oh, My!
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Al is truly needed out there. We all need to be a tad more Al like.
Totally
I love when people get all enthusiastic about economics! Thanks Al and Austin.
My feeling grumpier does not detract from my feeling that this was a good podcast, you know for a change.
A great one indeed. I wish you change your "former" senator title to "future" senator. America needs you Al Franken.
So correct Clara, nice going.
He mentioned that he should be announcing his run for office (although he didn't say which one) fairly soon in a recent interview.
Not knowledgeable about economics, so you are doing me a service presenting clear, plausible, information to consider. Thanks!
Corporate greed is a big factor in current inflation. They are raising prices because they think they can. Look at CEO pay increases and astronomical profit margin growth for large companies. It's obscene.
Yeah.. I was thinking the same and wondering why there was no discussion about that.
Profit margin growth is key in this monopoly driven inflationary economy. If margins had remained stable corps would still have had record profits. Does someone else reads earnings call transcripts? I believe you are right.
I believe the supply chain is a major problem but I also believe gouging is playing as well, boils down to greed.....always money, never about the needs of people
The common assertion that price increases are primarily driven by price gouging ignores every principle of ECON101. I suggest listening to the video again.
@@kylenolan2710 The problem I remember from ECON courses is they are based on utopian constructs. Life will teach you differently.
24:30 Austin is spot on. At my local wal-marts here in NE TN, they were selling dumbbells (10-40 lbs) and resistance bands and home benches at clearance prices for the last month. There was a PALLET of barbell weights that sold out in about a week because they were about 60% off.
They don’t sell Pelotons at Wal-Mart 😄. Us regular folk don’t usually have that kind of cheddar…
And free weights have a great shelf life.
@@richardjones2455 😂
@@richardjones2455 yup- they can taste great YEARS after you buy them
Another "Great One", Al. Thanks very much. Regarding the potential for an endemic phase- it's close. Omicron is doing the heavy lifting and (according to the virologists I follow) will very likely provide the herd immunity we're all hoping for. So, the economy has a tailwind coming. However, I think we're in for a very rough ride shorter term. Assuming Putin continues his insanity, tensions in Europe will probably cause energy prices to climb fast = more inflationary pressure at a time when the FED is already pushed to raise rates aggressively. From my very limited perspective this means a stifling of economic activity even with the referenced tailwind. At best, I see a mixed bag. At worst, I see the Ukraine problem becoming something much bigger if China jumps in and does something silly with Taiwan, e.g. Both China and Russia have serious, chronic economic and political structural issues and we all know what desperate leaders tend to do in such an environment - stupid things. I'm an optimist long term, but not so over the next 6+ months.
The classical role of government is to tax away economic rents and use it to lower the cost of production. This is done through subsidies for such things as public infrastructure, education, and health care, not raising the cost of living and therefore the cost of labor, as with monopolistic privatization.
The problem with economics as it is understood in America, is that there is no distinction between wealth production and wealth extraction. Production of goods and services speaks for itself, but monopolies and the banks (FIRE, finance, insurance, and real estate) extract what is called economic rent. In the US, economic rent is counted as an addition to GDP, when in fact it is an extraction from GDP. The free market Adam Smith talked about is free FROM economic rent, not free FOR economic rent.
This is Industrial Capitalism (China) as opposed to Financial Capitalism (USA), and it is what the conflict is really all about.
American democracy is entirely theatrical with the majority having no more effect on the rentier oligarchy than the Chinese majority on the Communist Party of China.
If the US was a democracy, we would have a decent minimum wage, public health care, free education, parental leave, and gun control, to name a few, all by the expressed will of the majority.
By definition, an oligarchy is a form of government in which power is held by a small number of people. Republics are a type of democracy in which the people elect representatives to create and vote on legislation, rather than voting on that legislation themselves.
We have institutionalized opposition at best, not representation at all.
Nice job!
A republic is any form of government that isn't a monarchy. China is a republic but not controlled by the people.
Let's not believe the monster won't get support. The crazies are still out there and in our legislators.
Please Al and I know you must be tired of hearing that but I'll say it anyway PLEASE Run again the country Needs YOU Now more than ever! All Franken Return to the SENATE
My question would be, do you want to look like a country that sends an ex-president to the "hoosegow" or do you want to look like a country that lets its leaders do whatever the hell they want and face no consequences? I know there is a history of not going after former administrations, but Trump took douchery to a whole new level.
Open a dictionary to the word "Douchebag," and there's Donald Trump's picture, along with the antonymic phrase "Decent Human Being."
There is SO MUCH MEAT HERE. I had to save it to listen again! Extraordinary post. Geez, how I love and appreciate AF and his Fantastic guests! Pure gold here!
Al needs to go back to the Senate. We need him.
No visits to Texas, Al we really need you to appear in Texas, this state is jacked up
Information is good to hear from such funny fellas.u
What ever happened to the idea of fireside chats? Someone needs to take charge!
i miss the sentiment of fdr...what a President.!
This is such a good talk to understand the inflation issue and economics in general since 2007 crash.
Goolsbee tells you what is going on in a way that is understandable, not preachy and definitely not talking down to us or talking strictly partisan politics.
Thank you for then and so much more for now.
Great show…for a change.
Always love the beautiful guitar music.
The fist thing to be bargained away on build back better was tuition free community college, Not good.
BBB, in my opinion, was a health & welfare changer for us. Republicans being who they are and their core beliefs, were not about to vote it through. Add to that, the common ordinary republican voter is ignorant of what was in the bill, they could not tell you. Had it been better advertised, them made aware, it may have created pressure on their representatives. What also may have helped is it broken up into parts rather than the conglomeration. I didn't agree with 100% of it but I agreed with most, so compromise and accept it.
Austen makes "The Dismal Science" actually pleasurable... this was a keeper
The news does the debates and tells the audience what to think on issues. I think people think debates are actually happening, when they aren't.
It’s disappointing that the corporations hiking prices, reaping huge profits, and CEOs huge bonuses isn’t being addressed a contributing factor to inflation.
holy price gouging!
Al, any idea why is Senator Sinema is running ads in Arizona talking about how great she is for Arizona, when she isn't up for reelection till 2024. McConnell wants Ducey, our Governor whose term limit is up this year to run for Senate against Kelly. If Sinema decides to run for Governor and won, is there any possibility she could appoint Ducey to her seat even though he's a Republican?
Tell me there is some protection against her "bipartisanship."
*A great one.*
Chaos is not a policy. Unless you're Orange Julius Ceasar.
Fear is a weapon; Courage the Armor; Solidarity is Power; Peace is the Prize...✌
Greatly informative, Thank you.
Great one Al!
Really great talk!♡
I live in MD and the first two restaurants I went to on Sat nite 2/19 were packed. Ended up getting a burger at a sports bar
I know it would be a bit of work but it would be very fruitful for future comment section debates if a summary of Goolsbee's data and arguments inre economic growth, employment, inflation, etc. were to be summarized in the video description or pinned comment.
Mr. Goolsbee, always informative & easy on the ears. wish he worked for President Biden as...economic communicator?
i agree with him that spending on services will go along way to balance things out, we kind of need an overproduction and commodity glut, and not due to demand dropping off a cliff. that would lower prices, but consumption would stay strong.
Can you explain companies with huge profit margins? Can inflation be also caused by corporate greed?
I would ask, "Is it a good look to have a former President who is engaged in a criminal enterprise remain a free man?" I disagree with Al: Joe Biden doesn't decide if we have the rule of law or the rule of power.
He can pardon on federal charges.
Inflation is also increasing because corporations are increasing their margins so they are choosing to charge more for stuff than is the increase in the cost of materials…
One thing that I wish had entered your discussion is the roll of racism in the fight against providing resources for any of the Build Back Better programs. You almost went there when discussing the early reaction to the COVID pandemic, but then backed off.
Lol, BBB was doa over a year ago. The donors who own Mancinema ordered them to kill it so the two of them played good cop-bad cop. One would come out as supposedly being in favor of one part and like clockwork the other one would come out against it. Just switch it back and forth and viola, no support to do any of it. Sad thing is if those two traitors did not kill it donors who own dozens of other senators would have ordered their bribed politicians to do the same. Both parties are donor owned, so it's a totally hopeless situation unless you can make it illegal to legally bribed then. And all the media except a few progressive sources are all corporate owned and just do PR for the donors/politicians.
About Trump: This economist is crazy thinking Trump is not running. Thinking like the orange criminal he has to run and become a dictator in order to stop all the various prosecutions against him for endless illegal acts he committed. There is only one way out for Trump, that is to sieze power and end the Republic. As of right now it's pretty much baked into the books that will take place within the next 1-3 years. I doubt he and his minions will even wait for the next presidential election as Trump will already control all of Congress this time next year.
Al- we need you back in the Senate! We need to take a page out of the Republican playbook and have everyone in unison continue to repeat all the failures of the Republican party and the Trump administration. Eventually people will hear it but we can’t stop repeating it.
Another great one, for a change.
You should commision a re creation of a Hoover rally. I'll bet the Coern bros. would be on board?
I left out an h. Sorry.
Get current... today's monopolistic market squeeze is the new normal...
Corporations will gain record
profits.
Biden will get the fall out...
So Republican's can keep the
IRS at bay and regulations will
disappear and the media's 24
hour seperation tactics will
keep their billions flowing.
No pitch forks or guillotines
In the land of propetchual
misinformation.
Well..
Waiting for my last post to load here but I case it doesn’t ty💙
Btw
Even if BBB goes to the floor and gets voted on WE don’t get to vote so...?
I respect both of these men greatly but I am disappointed about this conversation on 3 fronts:
1) How could you not mention the relationship between the steady increase of the PROFIT MARGINS of the largest corporations (in spite of increased labor costs) and inflation during the pandemic?
2) The discussion of Early Education benefits does not take into account that many parents are afraid that their kids may end up smarter than they (the parents) are very quickly & particularly those that have chosen to live in ignorance, gullibility, stupidity, bigotry or greed will be revealed in short order. That makes for uncomfortable dinner discussions. And if the parents are brainwashed dupes that belong to a cult, things get even more complicated, which leads to ...
3) How can you have discussions about a 2024 candidacy from Trump & ignore the fact that he is clearly unqualified to hold public office under the 14th Amendment (Sec 3)? In fact, the whole GOP is eligible for expulsion.
Nothing says "brainwashed cult" like a mob that thinks they can save American democracy by going with Fascism, Authoritarianism, Totalitarianism, Oligarchy. Fealty to one man is fascism. "Trumpism" is fascism. And that brainwashed cult is at least 21 million strong courtesy of the constant firehose of disinformation through their Propaganda Brainwashing Machine. A mental health dilemma if ever there was one.
The Majority Party has an obligation, an overwhelming opportunity, and clear evidence to support defining the GOP as a Domestic Terrorist Organization (and brainwashed cult). The 14th Amendment (Section 3) of the Constitution states that those who "give aid & comfort" to insurrectionists are no longer qualified to hold political office.
The GOP goal of absolute power started about 60 years ago - this is not new. They are complicit/culpable to an attempted coup, insurrection, sedition, and treason and are worthy of wholesale expulsion & the dismantling of the cult & their propaganda/ brainwashing components in their entirety.
The GOP has become the Party of Fantasy, Fiction, Falsehoods, Fallacy, Fascism, Foolishness. Their "participation" is no longer welcome. They only seek to obstruct, under & sabotage American democracy.
Interest rates: 3 decades ago banks paid interest to ordinary folks who saved money. That interest was substantial & at times exceeded 10%. Why is this no longer available?
Savings interest was eliminated to force folks into the stock market
@@organican As a policy choice or as a law/regulation? And thank you to Organican.
@@organican ...
@@organican as a policy choice or by law/regulation?
@@organican Right about the same time salaries stopped rising and credit cards appeared. Hmmm.
Why not address the housing crunch? That's a BIG cause of supply and demand equation right now. These companies buying up real estate in cities and pushing up rents...so people are building houses when it costs more than ever to build!
Producer Price Index is "20% in China", yet inflation is 2-3% in the country. Perhaps the US ought to do what China does, which is what Nixon did in August 1971, making increasing prices illegal? Yeah i know; those who increase prices won't like it
ECON101. Take it.
i like that idea.
give companies an incentive to price things down...bigger profits in long run...more units sold...or spank them with a fine to pay if prices go up above a certain point.
How many were lost as well in both
Goolsbee needs to get in touch with everyman’s reality.
Austan,
Those OTR CDL’s
are unemployment,
Not restricting the flow of durable goods
You inadvertently dignify them, eh?
I am tired of this trope of concern about how it "looks" to adjudicate a president or previous president for rampant criminality.
How does it "look" if we don't?
your guess, he was funny.
Sinema cares only about her wardrobe and the people who pay for it. There's no conscience involved.
Who TF wants to go back to the way we used to?
Unless you mean the way we used 50 years ago...
While I do not dispute any of what this man said, it is equally true that to keep their profit margins moving forward, companies simply raise their prices. It's a last resort, but it gets done because while we are all taking a hit, they simply refuse to.
The government did things that made some companies profit obscenely from the pandemic, because it starved others out who's customers were driven elsewhere. There is nothing communistic or socialist about our government leveling that playing field by taxing the profiteers and relieving those who were negatively effected. This cash injection at the grassroots level will stave off any recession and help with employment and Housing.
The FED and interest rates is a shyte system if ever there was one and it's proven 2-3 times every 2 decades, with 1 in 10 being massively painful. We need our financial system to stop being predicated on every citizen living in debt. Maybe owning something by the time we die...
It's getting to the point where the youth of America are not going to ask so passively. You can see it now with all the strikes and the labor movement the press do not support. You have to find guys like Robert Reich, former Sec. of Labor under Clinton and the creator of 22 million jobs to hear that story...
Fantastic guest. Now if only we could get those points across to the Republican voters. So sick of hearing the false narratives from trumpers.
When primary season for 2024 comes around I predict Trump will be indicted already.
Would the GOP nominate an indicted Trump ? Surely not.
your speaker's name needs to be printed on your pod cast....until then?
The pandemic is the core issue why people feel insecure in this country however once it's controlled, people will feel more optimistic. Democrats must be aggressive on getting the voting acts bill passed asp. This should be a priority. Don't they realize how critical this is?
I really would have liked to hear MORE DISCUSSION about the failure to extend the Child Tax Credit and the failure to eliminate a significant portion of the total Student Debt outstanding. These 2 (two) things could have made a huge difference in the lives of a huge number of Americans. I appreciate the extended discussion about the causal elements of the high rate of inflation, but I think it would have been a lot less of a "distraction talking point" for the Right, if these two, relatively easier actions, could have been accomplished.
Golly, Al, it sure would be nice = you know, for a change = if you stated the similarity between slavery and the fact that the government (and big business) avoid early childhood education and provide for more people to become imprisoned as adults is so that companies can hire prison labor for pennies instead of dollars and the cost of keeping those prisoners falls upon the taxpayers - actual people who work and pay taxes.
People want a different economy. Female add 13% to the GDP. Female Labor participation in reality is low and temporary and net negative to a large part. At the same time we are breeding a population with ever lower IQ and EA. We need different people.
Quit your jobs and find you a Labor intensive job. Oh that's right, that's below you.
Sure, get all that cheap abused low income labor back in the work place- women!
Misogyny has become overwhelming in the work place and keeps women in low income, unskilled positions.
Don't you just love economists, particularly Austan Goolsbee?! Economists are so apolitical because we are all part of the economic structure. Don't you just love Al Franken for standing on the principles? The government influences the economy, so the political can get in the way of sound economic policies. There are two of the most rational people in economics and politics here in this video to make sense of the crisis, and so speaking for everyone whose life is being affected by the crisis, it would be great if Austan Goolsbee and Al Franken would get together to address others factors, too, speaking from the economic and political perspectives.
Al, you first. What triggered the pandemic? What if the scientists are wrong, and it wasn't manufactured in a lab, nor "out there in nature ready to get us" as seems to be the case? Compare this with the Spanish Flu. Have you seen the movie 1917? That is where the virus first broke out. It is an avian flu, and someone equated flying machines and birds, and the birds had machine guns. The flu still kills people. What if the Covid 19 virus, a corona virus--kings were crowns-- was manifested into the physical when someone in Wuhan China equated people and snakes as a result of Trump's maximum pressure trade war on China? Is there a fear of the rise of authoritarianism? Is China responding to their crisis by getting revenge on the United States for destabilizing their economy? What if the virus cannot be uncreated but mankind must evolve out of it? A similar situation is occurring with AIDS. Suddenly, there are spontaneous healings that are occurring, likely the evolutionary process that includes same -sex marriage. But, a new variant of HIV has also been discovered as laws are being written to deny people our rights. What would it take for the United States, and the rest of the world, to evolve out of the pandemic? What if a paradigm shift is necessary to end the pandemic and the US government is not willing to make any changes?
Austan, what if this time period is different than all others because it is the ultimate conclusion of the power games, and there is no return to normal because a paradigm shift is necessary? Trump's 74 million supporters support him because he is really rich and he promised to make them prosperous again, but is maximum pressure, including sanctions, the solution? The backbone of any economy is small business. What is the economic paradigm shift that must be made? We all live within a global economy, what can each of us do, and what can the US government do and what can the other nations do to create a new paradigm that allows everyone to prosper? And, if these are the end times for the democracy and the economy, instead of leaping into the abyss, what are the factors that can trigger mankind to start a new cycle of prosperity for all? How can one person have an impact of the future?
I am a grandmother, and I can say I speak for all grandmothers when it comes to leaving the world in a better place. What is the legacy we are leaving for our children and grandchildren and what can can we do about making our legacy better?
Just wow. You started out so good and then nose-dived into insane woo in 3 seconds flat.
Professional democrat mouth pieces
Too many liars pushing lies on both sides.
False equivalence is the standard RW response when the Right is indefensible.
@@kylenolan2710 That's what the blind would suggest.
@@MegaAshabasha, no, that's an obvious fact unless you're a RW dupe/shill or complete rube.
@@kylenolan2710 Nah. The real rubes can't see how fractured society really has become...they have spent too much time in relative comfort compared to most of humanity. They will find their willful ignorance/malevolence a detriment in "the long run."
@@MegaAshabasha, your response is utterly nonresponsive. And your false equivalence is still false. The US Left isn't always right but its Right is now almost universally wrong as well as disingenuous, deceptive, and corrupt.