The Pomp Podcast #1406 Dave Collum | The Economy Is Worse Than You Think
Sep 9, 2024
Dave Collum, a chemistry professor at Cornell University, shares his insights on the precarious state of the U.S. economy and underreported inflation. He critiques political narratives and discusses the alarming disconnect between rising debt and stagnant GDP, emphasizing the need for principled leadership. The dialogue also touches on the skepticism surrounding climate change narratives and the implications for societal movements. Collum advocates for independent thinking amidst modern political theater, offering a thought-provoking look at economic and political complexities.
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Declining US Economy
- Dave Collum believes the US economy is declining, citing stagnation in tech and misleading inflation data.
- He questions the relevance of modern tech companies to the real economy and points out the shift from wealth creation to consumption.
CPI Criticism
- Dave Collum criticizes the Consumer Price Index (CPI) for its flawed methodology, including hedonic adjustments and substitution.
- He argues these adjustments misrepresent the true cost of living and underestimate real inflation.
Innovation Comparison
- Dave Collum argues that modern innovations are less impactful than historical ones, citing examples like the Sears catalog and Amazon.
- He believes current tech advancements are incremental rather than transformative.