The Tom Woods Show Ep. 2650 Will AI Take All the Jobs, and Other Current Issues
Jun 5, 2025
Economist Peter St. Onge joins the discussion, bringing insights into recent economic trends and the controversial role of AI in the job market. They explore how past policies shaped current income growth and inflation rates, and delve into the complexities of tariffs in international trade. Peter humorously contrasts snack cravings with serious economic discussions, while emphasizing political uncertainty. The conversation also examines AI’s potential to disrupt jobs, echoing historical movements like the Luddites and discussing possible solutions like universal basic income.
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Episode notes
Trump Economy Shows Strong Growth
- Under Trump, incomes have increased sharply while inflation remains low, indicating strong economic growth.
- The trade deficit drop is temporary but correlates with positive GDP growth projections, showing economic resilience.
Tariffs Need Competent Governance
- Tariffs can work effectively when combined with competent government intervention, as seen in East Asian economies.
- Slashing taxes and red tape is crucial to reindustrialize the U.S. and attract foreign investment incentivized by tariffs.
Trump's Tariffs: Game of Chicken
- Trump's inconsistent tariff policy makes other countries reluctant to negotiate due to unpredictability.
- This creates a game of chicken where the U.S. acts unnegotiable, which may encourage foreign investment despite uncertainty.