Freakonomics Radio 421. How to Prevent Another Great Depression
Jun 11, 2020
Join Andrew Yang, former presidential candidate and entrepreneur, as he dives into the pressing economic challenges of our time. He advocates for universal basic income, especially in the face of massive job losses due to automation and the pandemic. Yang discusses the failures of past bailouts and calls for proactive strategies to combat economic downturns. He also highlights the political tensions surrounding UBI initiatives and critiques the U.S. response to COVID-19, emphasizing the need for a robust social safety net.
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Pandemic Accelerates Automation
- The pandemic accelerated automation, making job losses permanent.
- This necessitates a more dramatic and urgent implementation of UBI than initially envisioned.
Re-employment Strategies
- Avoid simply bailing out banks and hoping for trickle-down job creation.
- Consider direct cash payments, aid to struggling institutions, and government-funded jobs.
Averting a Depression
- Prevent a long-lasting depression by taking significant action.
- The government should become the payer of first resort, directly covering essential expenses.
