GoTranscript Audio Test Answers April 29, 2022

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All of this means that it matters a lot that this group has acquired so much power, that the concentration of income and wealth at the top has distorted our society has led us to make bad choices just in terms of the overall state of the economy, as well as unjust Choices, choices that hurt ordinary people, even if they may benefit a few people at the top. We need to try to turn this around to maybe the most important thing is that we still have this tendency to assume that be that because people have a lot of money, that that means that they actually understand the world, that being rich means that you also are wise, that is very, very much not true. I don't want to romanticize the wisdom of the common man.

But the fact of the matter is that if anything, the top 1% has the worst idea about the realities of life and real impacts of policy than any random 1500. Ordinary schmoes, you'd pick up off the street. Anything we can do to curb that influence is going to make it's going to help make America a better place. I was reminded of Larry pink from Blackstone who said that we should raise the retirement age because people mostly just sit around in their jobs till they hit their 60s and start goofing off. Other countries like the Nordics are living refutation of the orthodoxies of saying that high taxes are enormously destructive. What is true about the 1% even the Nordics are not that successful attacks in extreme wealth.

They make more of an effort at it than we do, but they do live in a globalized world. The rich are elusive. You've got people like Olivier Blanchard and Larry Summers saying the deficits fears have been vastly overblown. I think we are in a situation where we shouldn't be worrying much about deficits. However, that doesn't mean that you can completely blow it away. Combination of debt deficit spending on investment and taking the wealthy to pay for social programs is the way I would go. Seems it seems like we are maintaining a government game of Whack a Mole with a very inadequate hammer. I want to understand what the whole picture needs to look like if we could design it ourselves.

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GoTranscript Audio test answers 2022