Great episode! I looked into this guy's substack and he writes about interesting stuff. Definitely someone to follow if you're at all interested in labor issues.
Matt Groening is like 150 years older than this matt. I am pretty sure they've transferred his consciousness into an ai chatbot who's sole purpose is to write new episodes of the Simpsons
Let’s not forget that inflation strips the purchasing power of any and all money in savings. And wage increases might feel good, unless the inflationary pressure has reduced the purchasing power of those monies… effectively nullifying the wage increase.
But your investments should be appreciating as fast if not faster than inflation. Even at the rates we saw during/after covid, you shouldn't be losing any purchase power.
@dwil0311 Investments should be fine, because they are still within the market. But if you’d spent 10 years saving, and because of inflation it’s only has 2/3 the purchasing power. People feel that.
@ People don’t feel that. It’s not like people have large sums of money sitting in the bank for 10 years. So either have the bulk of their “savings” in investments, or they don’t have enough to invest, in which case that savings isn’t sitting in the bank for 10 years, it’s getting constantly cycled in and out so that the money currently in the bank is NOT the money I earned 10 years ago. In either case you aren’t feeling the 10 year inflation in your bank account because that money was either invested and kept up with the market or it was spent at the same purchasing power it was earned. And it also helps that the amount you will be saving will increase year by year since wages are outpacing inflation.
Well the goal with wage increases is that people that otherwise wouldn't have discretionary money, because of a rise in living costs for example, would now have access to it. Why is discretionary income important? It is important because individual can either take risks in making investments and consume more goods. You're right that wage increases are inflationary, but whatever increases in production cost it causes would be overshadowed by the following phenomena: The demand pressure that would be felt by businesses - this would vary by business size, style, and industry - would incentivize them to reinvest in improving the tech and intellectual capital that makes their production cheaper in the long run, and thus allowing them to increase output. This isn't even including the fact that wage raises tend to increase worker productivity to a certain point, because of diminishing returns of course. The inflation that "nullifies" the wage increase is mostly coming from other inflationary factors - like increases in energy costs, as historically has been a major factor, which drives up good/service prices.
2:32:47 Destiny you kicked the Georgist Hornets nest. You've gotta get Lars Doucet on, he knows the nitty gritty of all of this. Video game designer too!
1:14:50 European Conspiracy Mind activated: Maybe not having the sales Tax already added on the Pricetag is to intentionally annoy people and to train them to hate taxes/ have strong negative feelings against them early on. As a European I also would start to hate taxes if I would have to consider them every single time I go shopping as part of a math problem. But because they are included already in the price here, I don't think about it most of the time
1:53:07 I wonder if there’s a value in a sort of “health welfare” system that incentives/supports people being healthier in their earlier years that could even pay dividends in later years via greater longevity in the workforce and/or less expensive senior healthcare
I think Matt was not giving the MMT crowd a fair shake. MMT does not say that debt doesn't matter, it rather says that the actual total amount does not matter. And you should rather see it as a function of debt to productivity and unemployment. There is a German TH-camr Maurice höfgen who explains it very well. But sadly more in the context of the German economy, and his channel is fully in German. But maybe some German viewers might be interested.
@JohnDorian-j7x MMT doesn't even give any policy. It's just a framework to understand macroecon. It's like saying gravity is trash unless it's used very little in a large orbit around the sun. It makes no sense. People think MMT is just printing money, which is it not. There is a place and a time to do so and there is a time and a place to not. But it's main component says, that a larger debt will not automatically increase inflation. And that a government (with its own currency) does not need to collect taxes to fund whatever it wants.
Is it bad for society if a government worker as competent as Matt was fired for calling someone a scumbag? Idk seems like this is the kinda tax policy nerd you want in the civil service lol
Sweden’s top personal tax rate of 52.3 percent applies to all income over 1.1 times the average national income. In comparison, the United States levies its top personal income tax rate of 43.7 percent (federal and state combined) at 8.5 times the average U.S. income (at around $530,000). Don't forget VAT tax
A 52.3% effective personal tax rate starting for people that make just 10% above the average nat'l income is literally INSANE. I'm not saying we shouldn't/couldn't increase America's effective tax rates... but taxing someone at such insanely high levels for such relatively "mediocre" income levels is insanity. I don't care how rich you are, the government should never take more than half of your income... and especially not a regular schegular joe making 10 or even 20% above the average level of income. CRAZY.
The problem with the state sovereignty fund approach is that the government and the people are then tied into the same incentives of the companies they own in part in order to keep their budgets/benefits going. So for externalities and regulation, why would anyone oppose something that is more profitable when its potentially handicapping yourself?
Is destiny really saying he doesnt believe people should be allowed to sell their businesses?? Or that they just shouldn't build with that being the main goal? While i don't fully disagree with the latter, how the hell could that ever be enforced in a way that isn't completely unfair to the business owner?
They could sell them to a new owner, but not be merged into the new owner's other businesses. Maybe the exception being, mergers between similar businesses, since Destiny is against Vertical acquisitions, but I don't think he is against Horizontal ones
I think Jake Broe should come on Bridges: he does daily videos on the situation in ukraine, supported Kamela Harris, and has a unique background as a veteran.
Would be interesting to hear if he’s thought about how a sovereign wealth fund could work for a country as large and as geopolitically active as the US. The amount of money would be obscene and the US may end up owning entire foreign industries and countries. There must be a breaking point where that money is no longer just viewed as capital and rather as a centerpiece of great power politics. Napkin math to be very conservative and say $50k for each US citizen and you’re looking at a fund of 17 trillion. I’m at first pass very allergic to this idea.
@ I can imagine it not being a problem to throw massive amounts of government managed money into foreign private markets, when the country is small like Norway. On the other hand for the US’s size, you would be throwing around money enough to build and destroy nations.
@@Jombozeus But concerning your last point on "throwing around money enough to build and destroy nations".... we already do that, so what's the difference, lol
@@JohnDorian-j7x the US definitely does not outright own a bunch of countries. American companies owning a large amount of asset in foreign countries is a big leap away from America owning 15 trillion in foreign assets. Worst of all it’s a government with already an insane amount of debt even further leveraging into foreign assets. That’s actually kinda disgusting if you hold 120% gdp to debt ratio and you go further into debt to buy up foreign real estate or companies lol. Your state run idea could be interesting. Haven’t thought of that!
2:02:15 Destiny about to realise the whole point trump dislikes China and wants to put tariffs on them. It’s almost like that was the whole debate that shifted the Republican Party. Don’t get me wrong it’s shit. But that was what they were debating.
When you look how many are employed, you ignore demographics. An older country will have less people employed, but could still produce more wealth. I hate it when they hide the negative aspects of an idea.
Ok tbh, it doesn't matter, but why does this guy look like he's some non human creature wearing a human mask/costume? Like getting extreme uncanny valley feeling whenever he's in camera. Is it like just the way he looks or the lighting or what?
He looks completely normal to me? If you mean that he maybe doesn't look super expressive or something, Matt has said before that he has been diagnosed with autism so that might be a factor, idk.
I've been waiting for this colab for 6 years
Bridges has been such a success in terms of discourse quality
Great episode! I looked into this guy's substack and he writes about interesting stuff. Definitely someone to follow if you're at all interested in labor issues.
Damn, surprised this crossover took so damn long.
Bruenig is brilliant! Listened on Spotify already and happily listening again
I can't believe I allowed Bruenig to slip out of my TH-cam content radar. Thanks for reintroducing me to him. :)
He did some talks with econoboi that are really good
Loved this episode 👏 super engaging convo
I love seeing these guests bring the best out of Steve. Matt was wonderful. I want a part 2.
his point on unemployment was *chefs kiss*
I squealed and pissed a little when I saw Matt Bruenig's name
What a fantastic conversation.
excellent guest
can't believe he forgot to mention he is th CREATOR OF THE GODDAN SIMPSONS!!
Matt Groening is like 150 years older than this matt. I am pretty sure they've transferred his consciousness into an ai chatbot who's sole purpose is to write new episodes of the Simpsons
@@FarmerClarence something got lost in the transformation process, sadly.
Bruenig Bridges
Probably my favorite episode so far, great listen!
I'm confused. I'm an hour in and this socialist guy hasn't mentioned feudalism once???
My boy looks good with that shirt!!!
It's just a blue t shirt
excited to listen to this!
no erudite :(
Good!
Fired.
Let’s not forget that inflation strips the purchasing power of any and all money in savings. And wage increases might feel good, unless the inflationary pressure has reduced the purchasing power of those monies… effectively nullifying the wage increase.
But your investments should be appreciating as fast if not faster than inflation. Even at the rates we saw during/after covid, you shouldn't be losing any purchase power.
@dwil0311
Investments should be fine, because they are still within the market.
But if you’d spent 10 years saving, and because of inflation it’s only has 2/3 the purchasing power.
People feel that.
@ People don’t feel that. It’s not like people have large sums of money sitting in the bank for 10 years. So either have the bulk of their “savings” in investments, or they don’t have enough to invest, in which case that savings isn’t sitting in the bank for 10 years, it’s getting constantly cycled in and out so that the money currently in the bank is NOT the money I earned 10 years ago. In either case you aren’t feeling the 10 year inflation in your bank account because that money was either invested and kept up with the market or it was spent at the same purchasing power it was earned. And it also helps that the amount you will be saving will increase year by year since wages are outpacing inflation.
Well the goal with wage increases is that people that otherwise wouldn't have discretionary money, because of a rise in living costs for example, would now have access to it. Why is discretionary income important? It is important because individual can either take risks in making investments and consume more goods.
You're right that wage increases are inflationary, but whatever increases in production cost it causes would be overshadowed by the following phenomena:
The demand pressure that would be felt by businesses - this would vary by business size, style, and industry - would incentivize them to reinvest in improving the tech and intellectual capital that makes their production cheaper in the long run, and thus allowing them to increase output. This isn't even including the fact that wage raises tend to increase worker productivity to a certain point, because of diminishing returns of course.
The inflation that "nullifies" the wage increase is mostly coming from other inflationary factors - like increases in energy costs, as historically has been a major factor, which drives up good/service prices.
Real wages i.e. inflation adjusted are higher than before.
2:32:47 Destiny you kicked the Georgist Hornets nest. You've gotta get Lars Doucet on, he knows the nitty gritty of all of this. Video game designer too!
Georgism is dhuhmbh for any country that's not a city state, lol
@@JohnDorian-j7xmay I ask why?
where is kyla in this one
Where Kyla?
Kyla is a woman's name
1:14:50
European Conspiracy Mind activated: Maybe not having the sales Tax already added on the Pricetag is to intentionally annoy people and to train them to hate taxes/ have strong negative feelings against them early on. As a European I also would start to hate taxes if I would have to consider them every single time I go shopping as part of a math problem. But because they are included already in the price here, I don't think about it most of the time
1:53:07 I wonder if there’s a value in a sort of “health welfare” system that incentives/supports people being healthier in their earlier years that could even pay dividends in later years via greater longevity in the workforce and/or less expensive senior healthcare
Damn did Matt drop a bunch of weight recently? lookin' good I thought he was a burley boy
One day vaush and destiny will make up, get married, and become co-hosts for the show. Can't wait.
fuckkkkkk thatttttttt vaush too busy jacking it to pictures in his tax folder
In the mean time, we have our Roenn vids to keep up the dream
I think Matt was not giving the MMT crowd a fair shake. MMT does not say that debt doesn't matter, it rather says that the actual total amount does not matter. And you should rather see it as a function of debt to productivity and unemployment.
There is a German TH-camr Maurice höfgen who explains it very well. But sadly more in the context of the German economy, and his channel is fully in German. But maybe some German viewers might be interested.
MMT is trash unless its used at an extremely low level in an extremely well run economy
@JohnDorian-j7x MMT doesn't even give any policy.
It's just a framework to understand macroecon.
It's like saying gravity is trash unless it's used very little in a large orbit around the sun. It makes no sense.
People think MMT is just printing money, which is it not. There is a place and a time to do so and there is a time and a place to not.
But it's main component says, that a larger debt will not automatically increase inflation. And that a government (with its own currency) does not need to collect taxes to fund whatever it wants.
Need more left wing economics in the Democratic party asap.
I can see the US possibly developing into becoming a social democracy with the right circumstances.
Can you define social democracy
I seen a guy turn himself in at 6 am for court, then pull a cig & lighter out of his purse at 8am 😂
CINEMA PRODUCTION VALUE
Is it bad for society if a government worker as competent as Matt was fired for calling someone a scumbag?
Idk seems like this is the kinda tax policy nerd you want in the civil service lol
Sweden’s top personal tax rate of 52.3 percent applies to all income over 1.1 times the average national income.
In comparison, the United States levies its top personal income tax rate of 43.7 percent (federal and state combined) at 8.5 times the average U.S. income (at around $530,000). Don't forget VAT tax
A 52.3% effective personal tax rate starting for people that make just 10% above the average nat'l income is literally INSANE. I'm not saying we shouldn't/couldn't increase America's effective tax rates... but taxing someone at such insanely high levels for such relatively "mediocre" income levels is insanity. I don't care how rich you are, the government should never take more than half of your income... and especially not a regular schegular joe making 10 or even 20% above the average level of income. CRAZY.
When is tavarish's episode?
The problem with the state sovereignty fund approach is that the government and the people are then tied into the same incentives of the companies they own in part in order to keep their budgets/benefits going. So for externalities and regulation, why would anyone oppose something that is more profitable when its potentially handicapping yourself?
it took me a while to figure out why I enjoyed this episode way more than the usual ones, I won't say what it is though
Is destiny really saying he doesnt believe people should be allowed to sell their businesses?? Or that they just shouldn't build with that being the main goal?
While i don't fully disagree with the latter, how the hell could that ever be enforced in a way that isn't completely unfair to the business owner?
They could sell them to a new owner, but not be merged into the new owner's other businesses.
Maybe the exception being, mergers between similar businesses, since Destiny is against Vertical acquisitions, but I don't think he is against Horizontal ones
I think Jake Broe should come on Bridges: he does daily videos on the situation in ukraine, supported Kamela Harris, and has a unique background as a veteran.
Based on
Would be interesting to hear if he’s thought about how a sovereign wealth fund could work for a country as large and as geopolitically active as the US. The amount of money would be obscene and the US may end up owning entire foreign industries and countries. There must be a breaking point where that money is no longer just viewed as capital and rather as a centerpiece of great power politics.
Napkin math to be very conservative and say $50k for each US citizen and you’re looking at a fund of 17 trillion.
I’m at first pass very allergic to this idea.
Why are you "at first pass very allergic to this idea"?
@ I can imagine it not being a problem to throw massive amounts of government managed money into foreign private markets, when the country is small like Norway.
On the other hand for the US’s size, you would be throwing around money enough to build and destroy nations.
@@Jombozeus But concerning your last point on "throwing around money enough to build and destroy nations".... we already do that, so what's the difference, lol
What about a bunch of individual state run swf's then? Then they're more on/closer to the scale of "smaller" regular countries?
@@JohnDorian-j7x the US definitely does not outright own a bunch of countries. American companies owning a large amount of asset in foreign countries is a big leap away from America owning 15 trillion in foreign assets. Worst of all it’s a government with already an insane amount of debt even further leveraging into foreign assets. That’s actually kinda disgusting if you hold 120% gdp to debt ratio and you go further into debt to buy up foreign real estate or companies lol.
Your state run idea could be interesting. Haven’t thought of that!
Crips?
what the fuck is going on bottom left corner 1:58:55 I thought Destiny was on fire lmao
He addressed it on stream. Basically part of his shirt caught on fire but he didn’t want to “make a scene” during the recording
Cameras caught fire and died.
pog
Timestamps????????????
Aggtown!
2:02:15 Destiny about to realise the whole point trump dislikes China and wants to put tariffs on them. It’s almost like that was the whole debate that shifted the Republican Party.
Don’t get me wrong it’s shit. But that was what they were debating.
Socialism won
Won what?
You didn’t say his name right it rhymes with cake😭💀
poggers
Chat keeps saying fish face. So rude
What is that shirt
Where my future ex-wife?
Everything seems to be socialism! Even if these models are completely different. Can't we use a more explanatory term?
No Erudite? Gonna watch this one!
Real talk, she gives off "crazy girl" vibes HEAVY.
When you look how many are employed, you ignore demographics. An older country will have less people employed, but could still produce more wealth.
I hate it when they hide the negative aspects of an idea.
Why does he look like AI
Destiny is not a good interviewer he yaps to much bro needs to chill and be himself
Shut up bot
usps posted like a $9 billion loss
Matt’s face isn’t animated properly. It doesn’t move right.
First time I listen to this Matt guy. Love him.
But unironically, he is not a "true socialist". Most socialists I know would hate this guys' guts.
Ok tbh, it doesn't matter, but why does this guy look like he's some non human creature wearing a human mask/costume? Like getting extreme uncanny valley feeling whenever he's in camera. Is it like just the way he looks or the lighting or what?
He looks completely normal to me?
If you mean that he maybe doesn't look super expressive or something, Matt has said before that he has been diagnosed with autism so that might be a factor, idk.
as long as cheez wiz is cheap i believe the economy is doing great