The Jacob Shapiro Podcast Alone in the Insane Asylum
Sep 24, 2025
Chase Taylor, a macro researcher and founder of Pinecone Macro, joins for a deep dive into U.S. competitiveness. They discuss the critical impact of electricity costs and labor quality over factors like tariffs. The conversation covers the fragility of the power grid, rising energy demands, and labor shortages alongside the increasing role of automation. Insights into global capital flows, agriculture policies, and the potential of bitcoin round out their analysis as they explore how these elements could reshape America's economic future.
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Competitiveness Is The Core Problem
- U.S. competitiveness is the hidden bucket behind energy, labor, and industrial policy concerns.
- Policy myopia and misplaced debates (tariffs/rate cuts) mask deeper competitiveness erosion.
Electricity Is The Inflation Driver
- Electricity is already driving inflation via rising retail prices despite weak fossil fuel costs.
- Grid transmission, data center demand, and exports create three hard choices for policymakers.
Prioritize All Practical Power Sources
- Prioritize every electron and stop canceling imminent projects that add capacity.
- Support diversified generation including nuclear, storage, and existing pipelines to meet surging demand.