All-In with Chamath, Jason, Sacks & Friedberg E58: November's CPI, preparing for a downturn, macro outlook, Better.com's botched layoffs & more
Dec 11, 2021
The podcast kicks off with humorous anecdotes from Art Basel, highlighting memorable interactions. A deep dive into the 6.8% CPI sparks discussions on inflation and its misleading nature. The crisis at Better.com reveals shocking corporate layoffs and their implications. Market dynamics are scrutinized through clam metaphors, and the challenges of rising labor costs are examined amidst automation trends. Themes of government spending, investor expectations, and the complexities of corporate strategy weave through the conversation, keeping it lively and insightful.
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Inflation Concerns
- CPI, a key inflation metric, has risen to 6.8%, its highest since 1982.
- Experts like Jerome Powell and Paul Krugman wrongly called inflation "transitory".
Build Back Better's Cost
- The Biden administration's Build Back Better bill, meant to combat inflation, is projected to cost $5 trillion.
- This will add $3 trillion to the deficit if programs aren't sunsetted, worsening the situation.
CPI Calculation Flaws
- Bill Ackman highlights flaws in CPI calculation, specifically owner's equivalent rent (OER).
- Using actual rental data reveals a much higher CPI (10.1%) than reported (6.8%).