Part 2: Scott Galloway’s Viral TED Talk on How the Old Are Stealing from the Young

30 Aug 2024 (19 days ago)

Economic Policy and the Younger Generation

Galloway has heard from people in the budget office and Congress about eliminating capital gains tax, creating one income tax, and putting more money in young people's pockets.
Capitalism is desired during periods of economic growth, with low taxes for those deemed most productive, but during crises, bailouts are expected, creating a system of cronyism.
Artificially inflating markets through stimulus benefits older generations at the expense of younger generations who need market crashes to purchase assets at lower prices.
Young people are concerned about the deficit and the burden being placed on them, and political action is necessary, including electing younger and more moderate leaders who will address these issues.
The most important issue for young people is the national deficit.

Social Security, as it currently stands, requires a significant tax contribution from young people (6% of income) while benefiting older, wealthier individuals who may be taking out more than they contributed.
There is a suggestion that Social Security should be means-tested, the retirement age should be adjusted to reflect longer lifespans, and the current cap on Social Security contributions for high earners should be removed.
Government spending on programs for seniors is projected to reach 50% in ten years, potentially impacting investments in education and technology.

Scott Galloway participated in a Zoom call with Speaker Pelosi and Senators Blumenthal and Blackburn to discuss Big Tech.
Galloway believes that there is a movement to expand freshman classes at elite colleges, invest in vocational programs, and return higher education to a place of public service.
The US government has historically made significant investments in innovation, leading to the success of companies like Apple, Google, and Nvidia.

A federally mandated minimum wage of $25 per hour is proposed, with exceptions for areas with a low cost of living.
GLP-1 drugs are suggested as a potential solution for obesity, particularly in low-income communities, with a call to make them more accessible and affordable.
Young men are four times as likely to commit suicide, three times as likely to be addicted, and 12 times as likely to be incarcerated than their peers.
Sixty percent of people aged 30 to 34 had at least one child 40 years ago, compared to 27 percent today.