Milk Road Macro Jim Bianco Explains Why 2026 Marks the End of the Old Economic Playbook
Jan 8, 2026
Jim Bianco, a seasoned macro analyst and founder of Bianco Research, reveals why 2026 may signal a major economic shift. He discusses how immigration is becoming a key driver of GDP growth, shifting focus from traditional models. AI is highlighted as a 'good bubble', enhancing productivity and creating jobs, much like the internet boom. Bianco warns of sticky inflation despite tax cuts and the Fed's cautious stance, emphasizing the need for internal dissent to improve policy decisions. His insights challenge existing economic paradigms.
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Episode notes
Opening Joke Sets The Tone
- Jim opens with a joke about someone stealing his records to lighten the conversation.
- He uses the quip to segue into the interview with John Gillen.
Venezuela Cuts Are Near-Term Bullish For Oil
- Venezuela's oil output collapse is short-term bullish for crude due to China's lost supply.
- Bianco stresses repairs and investment will take years and geopolitical risk limits rapid production recovery.
Population, Not Tariffs, Drives Growth
- U.S. economic growth now depends heavily on population changes driven by immigration.
- Jim Bianco says low or near-zero net immigration means payrolls of ~11,000 jobs are sufficient for stability.