Is the working class made of candy glass? Is Oren Cass wrong? Is the universe probabilistic? AEI economics scholar Michael Strain joins The Remnant to answer these and other questions.

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There are 11 comments.

  1. Lincoln

    Didn’t Remnant podcasts used to have their own icon. Can that be restored?

    • #1
    • January 11, 2019 at 9:13 am
    • 1 like
  2. Coolidge

    Dear Jonah,

    You were pretty reasonable on this podcast. I particularly liked your comments on Madonna and people with high social capital. A few items:
    1) “elites” are not just the ruling class in DC, but also those with high social capital (cultural elite), technology titans, educational elite, and media elite. The Venn diagram of elites has lots of intersections.
    2) GDP is not an organic metric. It is a synthetic metric created and maintained by ruling and education elites. I think it vastly over-weights financial services. As a result our national growth decisions over-weight financial services.
    3) When it comes to personal responsibility, the working class lost their homes, while banking elites got the $1T bailout. This still resonates.
    4) The US spends $1.2T/year on education, which is controlled entirely by ruling and educational elites, and is entirely focused on the 20% of students who will graduate college and take a career in their field of study. You can pretend that the choices of elites don’t matter, but they affect every person every day.

    • #2
    • January 11, 2019 at 10:59 am
    • 4 likes
  3. Lincoln

    You take your fantasy super hero movies a little too seriously.

    • #3
    • January 11, 2019 at 11:35 am
    • 1 like
  4. Member

    Michael Strain has proven, without a doubt, that vocal fry is just as annoying with men as it is with women.

    • #4
    • January 11, 2019 at 12:09 pm
    • Like
  5. Member

    Overvalued currencies and trade deficits have such a “calming” effect on populations that, for at least a hundred years, social scientists used the terms of trade (how much imports you can buy with every export) as a proxy for social welfare. Over time, certain political families whose name starts with “B” and their toadies came up with the idea of deliberately running fiscal deficits, so as to induce “King Dollar” and a large trade deficit on purpose. Their plan was to engineer a permanent majority by giving handouts through the tax code and Medicare, while ensuring all Americans had access to ever-cheaper imports–all paid for with debt.

    The Bush people need to understand that no one takes them seriously: not their pretensions to “conservatism,” their small-government activism, fiscal prudence or their ability to grasp–much less handle–international balance of payments politics. They just have no credibility.

    • #5
    • January 12, 2019 at 3:33 am
    • 1 like
  6. Member

    I’d like Michael Strain to read this paper from Brookings:

    https://www.brookings.edu/wp-content/uploads/2017/06/working-paper-104-web-v2.pdf

    And then come back on Jonah’s podcast and talk about.

    • #6
    • January 12, 2019 at 3:42 am
    • 1 like
  7. Member

    DonG (View Comment):

    Dear Jonah,

    You were pretty reasonable on this podcast. I particularly liked your comments on Madonna and people with high social capital. A few items:

    The idea that the Trump administration is – how did you put it – “a lurch to the left?” is at best woefully incomplete.

    • The Trump administration is the most aggressive deconstructor of the administrative state ever. Granted, that’s a low bar, but there’s no disputing that the Trump administration is at least as pro-business as was Calvin “the business of America is business” Coolidge;
    • The Trump administration is protecting the free exercise of religion more strenuously than any administration in your lifetime, certainly;
    • No Republican president in your lifetime has nominated two such rock-solid originalist judges as Trump has;
    • The Trump administration’s foreign policy is as pro-capitalist/anti-enemies of capitalism as was the Reagan administration’s foreign policy;
    • The Trump administration’s (promoted) policy on immigration is hardly a leftward move; and perhaps most importantly
    • The Trump administration’s historically unique policy of directly opposing the Democrat-Media Complex is a giant, lowered-shoulder lunge to the right.

     

    • #7
    • January 13, 2019 at 9:43 am
    • 1 like
  8. Member

    Joseph Eagar (View Comment):
    Over time, certain political families whose name starts with “B” and their toadies came up with the … plan was to engineer a permanent majority by giving handouts through the tax code and Medicare, while ensuring all Americans had access to ever-cheaper imports–all paid for with debt.

    Do you have any documents supporting this plan? I’m not disagreeing with you, I just think it’s a rather shocking Machiavellian scheme of epic proportions (how do you like them melodramatic metaphorical apples, huh?), and if it were indeed such a “plan” as you describe it, surely there would be books written by the planners, or articles, or commentary, or at least leaks to the press.

    • #8
    • January 13, 2019 at 9:51 am
    • Like
  9. Member

    DonG (View Comment):

    Dear Jonah,

    You were pretty reasonable on this podcast. I particularly liked your comments on Madonna and people with high social capital. A few items:
    1) “elites” are not just the ruling class in DC, but also those with high social capital (cultural elite), technology titans, educational elite, and media elite. The Venn diagram of elites has lots of intersections.
    2) GDP is not an organic metric. It is a synthetic metric created and maintained by ruling and education elites. I think it vastly over-weights financial services. As a result our national growth decisions over-weight financial services.
    3) When it comes to personal responsibility, the working class lost their homes, while banking elites got the $1T bailout. This still resonates.
    4) The US spends $1.2T/year on education, which is controlled entirely by ruling and educational elites, and is entirely focused on the 20% of students who will graduate college and take a career in their field of study. You can pretend that the choices of elites don’t matter, but they affect every person every day.

    I agree with much of what you say, except #3.

    The banking elites did not get a $1 trillion bailout. TARP totaled about $400 billion, and essentially all of it was paid back. It didn’t all go to banks — there was about $68 billion to AIG, about $80 billion for automakers, and about $45 billion for homeowner bailouts.

    The details are complicated. Wikipedia entry here.

    • #9
    • January 15, 2019 at 12:58 pm
    • Like
  10. Member

    Arizona Patriot (View Comment):

    DonG (View Comment):

    Dear Jonah,

    You were pretty reasonable on this podcast. I particularly liked your comments on Madonna and people with high social capital. A few items:
    1) “elites” are not just the ruling class in DC, but also those with high social capital (cultural elite), technology titans, educational elite, and media elite. The Venn diagram of elites has lots of intersections.
    2) GDP is not an organic metric. It is a synthetic metric created and maintained by ruling and education elites. I think it vastly over-weights financial services. As a result our national growth decisions over-weight financial services.
    3) When it comes to personal responsibility, the working class lost their homes, while banking elites got the $1T bailout. This still resonates.
    4) The US spends $1.2T/year on education, which is controlled entirely by ruling and educational elites, and is entirely focused on the 20% of students who will graduate college and take a career in their field of study. You can pretend that the choices of elites don’t matter, but they affect every person every day.

    I agree with much of what you say, except #3.

    The banking elites did not get a $1 trillion bailout. TARP totaled about $400 billion, and essentially all of it was paid back. It didn’t all go to banks — there was about $68 billion to AIG, about $80 billion for automakers, and about $45 billion for homeowner bailouts.

    The details are complicated. Wikipedia entry here.

    It was still a pretty generous package (especially when you consider that the Fed also financed the European Central Bank’s 2008-2009 dollar liquidity programs through liquidity swaps).

    • #10
    • January 16, 2019 at 7:06 pm
    • Like
  11. Coolidge

    Loved the government policymaker propeller hat reference! Too smart for their own good.

    Frys#6012168

    • #11
    • January 17, 2019 at 3:07 pm
    • Like