Oren Cass, Director of American Compass: The New Right
Jan 16, 2024
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Oren Cass, founder of American Compass, challenges economic statistics and explores the cost of thriving in the middle class. He discusses changing dynamics within conservative ideologies, the role of unions in the new right, and the future of GOP/labor relationships. Cass delves into automation, globalization, and apprenticeships. He critiques industrial policy and offers unconventional advice on success.
Economic statistics like GDP do not provide a comprehensive picture of the economy - factors like productivity should be considered.
The cost of living cannot be solely measured by inflation - it should incorporate aspects of well-being and quality adjustments.
The relationship between labor and capital needs to be reevaluated - worker power and collective bargaining are important for addressing wealth inequality.
Deep dives
Reevaluating Economic Statistics
The podcast episode discusses the limitations of economic statistics, particularly GDP, in providing a comprehensive picture of how the economy is performing. The guest emphasizes the need to go beyond these narrow data points and focus on factors like productivity as a more meaningful measure. The conversation highlights the importance of understanding the variation in types of work and the variation in economic conditions in different parts of the country. Overall, the episode challenges the conventional economic wisdom and calls for a more nuanced and holistic approach to assessing economic performance.
Rethinking the Cost of Living
The episode explores the cost of living index and questions the traditional focus on inflation measures as the sole indicator of the cost of living. The guest argues that inflation measures do not capture the full picture of the actual cost of living, especially considering factors like lifestyle creep and quality adjustments in products. The discussion delves into the impact of health insurance costs and the trade-offs between access to innovative treatments and affordability. The episode calls for a broader understanding of cost of living that goes beyond inflation and incorporates essential aspects of well-being.
Examining Wealth Inequality and Union Advocacy
The podcast episode delves into wealth inequality and the role of labor and unions in addressing it. The guest emphasizes the importance of worker power and collective bargaining to ensure that workers benefit from productivity gains and economic progress. The discussion highlights the relationship between labor and innovation, acknowledging potential tensions while also recognizing the necessity of providing workers with a share of the gains. The episode explores the complexities of public sector unions and their role in policymaking, discussing potential alliances between labor and the GOP. Ultimately, the episode challenges conventional conservative views on labor and calls for a reevaluation of the relationship between capital and labor.
Reconsidering Education and Career Choices
The episode questions conventional wisdom surrounding education and career choices, highlighting the limitations of a 'follow your dreams' approach. The guest argues that pursuing one's passion may not always align with viable professional opportunities, and encourages individuals to consider the practical aspects and potential for long-term satisfaction in their chosen path. The discussion also critiques the focus on formal education and the lack of emphasis on on-the-job training and apprenticeships. The episode calls for a more balanced approach that incorporates both formal education and practical, hands-on experience in career development.
Challenging Conventional Economic Thinking
The podcast episode challenges conventional economic thinking and encourages a more critical approach to understanding the economy. The guest expresses skepticism of conspiracy theories but highlights the limitations of our current understanding of complex fields such as quantum physics. The discussion emphasizes the importance of distinguishing factual knowledge from value judgments in expert opinions. The episode also examines the implications of stock buybacks and the need for a more balanced approach in corporate decision-making. Overall, the episode encourages listeners to question the status quo and think critically about economic theories and assumptions.
In this episode, Oren discusses the limitations of common economic statistics, emphasizing their narrow scope in capturing the overall economic landscape. He challenges prevailing notions about the cost of thriving in the middle class, shedding light on inflation measures and geographical variations that impact individual spending.
The conversation extends to the changing dynamics within conservative ideologies, the role of unions in the new right, and the future of GOP/labor relationships. Oren explores the implications of automation on the workforce, shares insights on globalization, and critiques industrial policy. The episode also touches on the decline of apprenticeships in favor of formal education, concluding with Oren’s unconventional advice on success. Tune in for a straightforward exploration of tech, data, and macroeconomics that challenges conventional economic wisdom.
