Pitchfork Economics with Nick Hanauer

America has never been wealthier—so why does it feel so hard to get by?  New York Times economics reporter Talmon Joseph Smith joins Nick and Goldy this week to unpack the growing gap between economic headlines and the lived reality of most Americans. With nearly $200 trillion in national wealth and half the country holding just a sliver of it, they explore why GDP and aggregate growth keep telling a story working families don’t recognize—and what that disconnect means for our economy and our politics. Talmon Joseph Smith is an economics reporter currently covering labor markets, inequality, and political economy. His recent work at The New York Times has focused on the tension between headline economic indicators and lived economic reality. His forthcoming book, Clout and Capital, examines how power, influence, and wealth shape economic outcomes in America. Social Media:  @talsmith.bsky.social @talmonsmith Further reading:  America Has Never Been Wealthier. Here’s Why It Doesn’t Feel That Way. Michael W. Green - How a Broken Benchmark Quietly Broke America Read more from Talmon Joseph Smith Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: ⁠The Pitch⁠

Osita Nwanevu, a political writer and journalist, delves into the intertwined crises of democracy and economic inequality. He discusses how extreme wealth concentration distorts politics, threatening democratic stability. Nwanevu argues that true democratic governance must extend to workplaces, advocating for workers' rights and decision-making power. He critiques the constitutional flaws that perpetuate anti-democratic practices and outlines a vision for a more inclusive system, emphasizing that achieving this requires long-term, generational efforts.

This discussion dives into the most impactful economics books of the year. Highlights include Ezra Klein’s 'Abundance' and Cory Doctorow’s critical take on platform decay in 'Enshittification.' They explore Thomas Piketty’s new works on inequality, emphasizing their relevance in today’s debates. Diane Coyle challenges traditional GDP measures, advocating for a broader view of progress. The conversation also touches on the fascinating history of the Garland Fund and offers intriguing gift recommendations for economics enthusiasts.

Wendy Carlin, a Professor at University College London and director of the CORE project, teams up with Suresh Naidu, a Columbia University economist, to transform how we learn economics. They discuss the failures of traditional curricula post-2008 crisis and highlight their problem-driven approach that addresses inequality, climate change, and innovation. Students engaged with CORE's methods show more interest and understanding compared to standard textbooks. Their passionate insights challenge the outdated economic perspectives taught in many classrooms.

Law professor Mehrsa Baradaran, an expert on banking law and inequality, joins the conversation to discuss the pervasive influence of neoliberalism. She describes how this ideology restructured our legal and political systems, turning them into tools for capital over democracy. Baradaran connects neoliberalism's roots to racial inequality and highlights how it operates like an algorithm, fueling systemic economic disparities. She proposes community-centered investment solutions to combat these entrenched issues, drawing from her own experiences.

Diane Coyle, Bennett Professor of Public Policy at the University of Cambridge and author of *The Measure of Progress*, joins the conversation to challenge traditional economic metrics. She argues that GDP misrepresents modern economies by equating harmful activities with positive contributions. Coyle advocates for a broader approach to measurement, including valuing unpaid work and using time-use surveys. She critiques the limitations of current dashboards and emphasizes the importance of understanding real progress to inform policy decisions.

Ben McKenzie, notable for his roles in The O.C. and Gotham, dives deep into the murky waters of cryptocurrency in his new book, Easy Money. He uncovers how a mix of hype and libertarian ideology inflated crypto into a trillion-dollar bubble while illuminating the psychology behind its cult-like following. Discussing its flaws as real money and comparing it to legalized gambling, McKenzie warns of the systemic risks posed by corporate-issued stablecoins. His insights reveal why many still cling to crypto despite its damaging realities.

Senator Cory Booker, a New Jersey U.S. Senator and former Newark mayor, dives into the controversial world of stock buybacks, revealing their role in exacerbating economic inequality. He discusses how these corporate strategies shift focus from long-term investments to short-term profits, harming workers along the way. Booker introduces the Workers' Dividend Act, aiming to ensure that employees share in buyback gains. He also addresses the political challenges of reforming corporate practices while advocating for broader policies to rebalance the economy.

Thea Lee, an economist and former Deputy Undersecretary for International Affairs at the U.S. Department of Labor, joins Todd Tucker, a political scientist and trade expert at the Roosevelt Institute. They debate the need for labor rights in trade and how past agreements have exploited workers. Lee highlights the success of USMCA in enforcing labor protection, while Tucker discusses how industrial policy can bolster domestic supply chains. Together, they argue for a shift towards worker-centered trade that strengthens both democracy and economic stability.

Juan Carlos Moreno-Brid, a renowned economist from UNAM and former ECLAC Deputy Director, shares insights on the impact of NAFTA on Mexico's economy. He reveals the startling contrast between soaring exports and stagnant wages, highlighting how Mexico’s dependency on the U.S. was solidified. Moreno-Brid discusses the lack of shared prosperity and the traps of export-led growth, as well as what a truly equitable U.S.–Mexico trade relationship could entail. His expert perspective sheds light on the seldom-heard reality of trade dynamics in North America.