While the economy is showing signs of life as restrictions have been lifted on businesses and the pump has been primed by the federal government throughout the pandemic, there are concerning signs that inflation may eat away at some of the gains we are seeing. The question is whether this will be a short term issue or persist into the future, thus eating away at the consumers spending level and confidence. While some suggest that pent-up demand and lagging supply chains is the reason for inflation, we decided to dig deeper into the subject on today’s podcast.  Ted Oakley, Managing Partner of Oxbow Advisors, joins us to touch on many of the economic flashpoints today such as the growing debt, cryptocurrency, the spate of resignations and other issues in the job market, and then back again to the elephant in the room–inflation.  Just days ago, President Biden addressed the topic and indicated that he would look to the Federal Reserve to adjust its easy money policy if the 20 year high in inflation persists.  It’s worth keeping an eye on.  Some of us remember the impact of rampant inflation of the 1970’s.  That is a trend we do not want to see re-emerge.

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The many generations that are growing old in today’s America are as different from one another as they are from the millennials and Gen X’ers.  There is no way to look at the experiences of those in their 60’s and equate them to the fastest growing population in the country, those 85 plus.  Yet, many marketers lump everyone 55 plus in one bucket.  It’s a foolish strategy since an AARP study shows that Americans 50 and older would be the world’s third largest economy.  And while older Americans defy past stereotypes the notion of ageism and discrimination still exist.  This phenomenon is particularly acute related to women of a certain age.  Our guest, Maddy Dychtwald, and her husband Ken, founded Age Wave over thirty years ago and it remains a definitive source of the effects that this booming boomer generation is having on America.  In this podcast, Maddy and I explore a range of issues around aging in 21st century America.

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A clash of competing political movements in America result in leaders presiding over a fractured and dispirited electorate and a troubled political economy.  And while President Joe Biden has attempted to restore the political order to something reminiscent of more conventional times, his success or failure could usher in a new wave of strident dissent on both flanks of the political spectrum.  Suffice to say, America’s politics has not settled into a more centrist default position.  A great chronicler of what this all means is John Judis, Editor-At-Large at Talking Points Memo and author of many books on our politics.  We discuss his recent compilation from Columbia Global Reports which clarifies and updates recent individual works on the three dominant strands in our politics–populism, nationalism and socialism.  In our wide-ranging conversation, we explore the themes laid out in ‘The Politics of Our Time’.

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The answer to the question posed in our title of this episode is an emphatic ‘no’.  Regrettably, the practice of eugenics has occurred in the United States, more specifically in California, through the 1970’s. And it has occurred in many other countries. You could look it up or just listen to our podcast, featuring University of Michigan professor, Alexandra Minna Stern, author of ‘Eugenic Nation: Faults and Frontiers of Better Breeding in Modern America’.  The issue is pertinent today for several reasons.  As Harriet Washington pointed out in a podcast we posted in May, 2021 ‘informed medical consent’ is loosely applied in our country today.  Given our tendency to ascribe a ladder of value to different groups, some greater, some lesser, this is the genesis for the practice of eugenics. Thus there is a  need for ongoing vigilance, as the practice comes in many forms.  Further, as our society attempts to recover from a pandemic, vaccine acceptance is required among minority populations who recall their treatment in the past and thus remain hesitant. Finally, it is pertinent because ‘eugenics by choice’ may well be the future as medical technology gives us much greater information to work with before a child has left the womb.  It’s a complicated issue but we break it down today on this episode.

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In this moment of increasing social isolation, social media platforms, like Facebook and Twitter, are some of the key tools we have to communicate and understand one another.  While many consider these platforms to be a mirror to define our place in society, our guest tells us they function more like a prism that distorts our identities and gives greater voice to status-seeking extremists.  In the process, the majority in our country who consider themselves political moderates are rendered all but invisible.  Chris Bail is a professor of sociology and public policy at Duke University.  He is also the director of its Polarization Lab and author of ‘Breaking the Social Media Prism’.  Get ready as he explodes one wildly held myth that if we did not seal ourselves off in our respective echo chambers and opened ourselves up to divergent political opinions it would change the rancor that pervades our political discourse.   He’ll explain.  We also discuss a new study he’s been involved with regarding the poisonous cocktail which poses a grave danger to our democracy as our differences on issues morph into political sectarianism.  

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Americans aren’t particularly good at recycling.  We have no federal policy related to it and plastics manufacturers, for instance, fight the process in Congress where the effort really needs to begin.  ‘Reduce, reuse, recycle’ was a mantra from back in the 1970’s which is still applicable today.  And as our guest reminds us if you reduce and reuse, in the first place, there can be less emphasis on the whole complicated process of recycling.  So much contaminated recycled material from the United States was going to China, until a few years ago, that they stopped buying our smashed glass, cans and containers.  Jennie Romer, author of ‘Can In Recycle This?’ walks us through the economics of recycling trying to help us understand how municipalities that used to sell the recycled material for a profit now must pay to have it taken away and she walks us through what happens to a bin of recyclables after it leaves our home.  We discuss single stream vs. dual stream recycling, plastic bag bans and legislation involving single-use plastic.  We don’t leave the discussion without asking whether pizza boxes are recyclable.  Stay tuned for the answer to that $64,000 question.

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Are you a sports fan who has been told that you’re wasting your time watching your favorite team night in and night out?  Recent studies suggest that this devotion may pay off in making you happier and healthier than those who have no interest.  With the onset of fantasy sports, not a single team focus, there are cognitive benefits because of the analytics you must apply to the competition.  Even rooting for a losing team involves a certain level of bonding with others, with whom you might agree on little else, to form community and connection.  During the pandemic, we have seen what the absence of a live crowd of fans does to the feel of the game itself, thus reminding us of the role we play in bringing excitement to these contests.  And certain sports, like the Olympics, often encourage spectators to try their hand at various of the competitions.  In his book, ‘Fans: How Watching Sports Makes Us Happier, Healthier and More Understanding’, Larry Olmsted presents a game-changing look into why being a fan is good for us both as individuals and a society.  We will debunk the myth that watching sports is a waste of time and that while fan is short hand for fanatic, it rarely leads to excessive behaviors that are harmful and, in fact, more often does just the opposite.  

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Nancy Pelosi is the most powerful member of Congress–again.  She is Speaker of the House for a second time and wielding tremendous power with a Democrat in the White House. While misunderstood and maligned by many, she is, perhaps, the most effective person in that role since Sam Rayburn.  Her Republican predecessors, John Boehner and Paul Ryan, look like amateurs when it comes to understanding how the U.S. House of Representatives works and getting bills through.  Her centrality to virtually all of the key legislation passed in the 21st century is clear.  In her book, ‘Pelosi’,TIME journalist Molly Ball describes how she came to be a master of the legislative process and the intracacies of the process.  Her knowledge of the needs of each member of her caucus and their districts is key to knowing which legislation gets to the House floor.  These are traditional skills, honed by party bosses of old, yet many mischaracterize her as a wide-eyed San Francisco liberal when her Baltimore roots, at the knee of her father who was Mayor and Congressman, better reflects her approach.

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I am certain you’ve discussed money matters with a friend or relative and been shocked at how little they know about the subject.  It’s obvious by knowing the terrible decisions that they have made over time.  Or, perhaps, you’re that person. Money is the universal language of America and yet only six states require that it be taught in public schools.  A majority of us do not have a budget, half of us do not have enough saved for a $400 emergency and a third of adults have nothing tucked away for retirement.  Our guest, Cindy Couyoumjian, a certified financial planner, has a new book titled ‘Redefining Financial Literacy’.  In it she encourages us to know the basics of our own financial situation but she adds to the standard jargon in suggesting that we pay more attention to the overall economy and its impact on our finances.  She goes on to take a jab at conventional wisdom about the 60/40 rule and that our holdings should all be in stocks and bonds. Hear her out about more asset classes to invest in and Modern Portfolio Theory.  

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It’s hard to look at America and not recognize that money will have to be spent in the period ahead on a range of emerging priorities, including addressing income inequality, infrastructure, day care, health coverage and the long tail of the pandemic.  The question is where do you get the money to address these issues?  If past is a prologue to the future, much of it will be printed, borrowed and, reluctantly, taxed into existence.  Which taxes and on whom?  President Biden has said that no one making under $400,000 a year will see their federal taxes go up.  Under consideration are a host of ideas to squeeze more revenue out of sources, like large corporations, who have helped write the current tax code which favors them.  Giving back will involve a complicated political dance.  Fred McKinney, the Carlton Highsmith Chair for Innovation and Entrepreneurship and director of the People’s United Center for Innovation and Entrepreneurship at Quinnipiac University, join me to introduce you to new ideas like a ‘1009 New’ to capture more business revenue, a proposal to raise capital gains taxes to a level comparable to wages and a global corporate tax, among others.

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