This is correct on the symptoms (it's harder to make a living now) but still missing a full understanding of the causes.
Much of this comes down to debt. After the GFC, US government debt went from 60% of GDP to 100%. After the pandemic it shot up and settled at 120%. [1]
Countries don't function well with this level of debt. Inflation is a way of dealing with debt without explicitly raising taxes. But it's the most regressive possible way of taxing people.
If we talk about loving our children- non-functional government debt is simply stealing from them- our children have to pay it back. That's 25 trillion of public debt. The debt to revenue ratio is almost 7- that's 7 years we want our children to work to pay for the things we are doing now. [2]
Debt is useful when it creates more value long-term than was otherwise possible. However, much of our government spending produces less than one useful dollar of value for every dollar spent. The most obvious being the trillions of dollars spent on most of the recent wars. I am not a libertarian- choosing between big or small government is still a mistaken line of thinking. The government should be doing things for us, but doing them well (productively, a dollar in produces more than a dollar of value). If they can't do them well then its probably better to do less until they can figure out how to do them well again.
He did mention debt towards the end. Debt is certainly part of it, but not the entire picture. I don’t think the substantial increase in teen girl suicide is because they spend too much time reading up on debt numbers.
Much of this comes down to debt. After the GFC, US government debt went from 60% of GDP to 100%. After the pandemic it shot up and settled at 120%. [1]
Countries don't function well with this level of debt. Inflation is a way of dealing with debt without explicitly raising taxes. But it's the most regressive possible way of taxing people.
If we talk about loving our children- non-functional government debt is simply stealing from them- our children have to pay it back. That's 25 trillion of public debt. The debt to revenue ratio is almost 7- that's 7 years we want our children to work to pay for the things we are doing now. [2]
Debt is useful when it creates more value long-term than was otherwise possible. However, much of our government spending produces less than one useful dollar of value for every dollar spent. The most obvious being the trillions of dollars spent on most of the recent wars. I am not a libertarian- choosing between big or small government is still a mistaken line of thinking. The government should be doing things for us, but doing them well (productively, a dollar in produces more than a dollar of value). If they can't do them well then its probably better to do less until they can figure out how to do them well again.
[1] https://fred.stlouisfed.org/series/GFDEGDQ188S
[2] https://en.wikipedia.org/wiki/National_debt_of_the_United_St...