“We’re seeing more inequality at the very highest end of the wage scale”
Ed Conard is an AEI visiting scholar who authored two top 10 New York Times bestselling books: The Upside of Inequality: How Good Intentions Undermine the MiddleClass (2016) and Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong (2012). He has written op-eds for most major news outlets and has made hundreds of media appearances. He is a retired partner at Bain Capital, where he headed the firm’s New York office.
On this episode, Ed corrects the misconceptions about the middle-class wagers being squeezed by the top 1% as we are all made to believe. He gives a fresh perspective of the upsides of inequality relative to economic growth. He also shares his vision of what the U.S. economy would be like in the next couple of years. At the end of this episode, Ed discloses his own personal portfolio including how he manages his money and where he invests.
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ILAB 93 Show Notes
Where we are:
Johnny – Bulgaria
Sam – Florida
ArtofFX – start with just a $10,000 account (reduced from $25,000)
Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)
Wealthfront – get your first $15,000 managed free
04:30 – The Middle Class vs. the Top 1%
06:21 – What’s driving slow growth for the middle class?
09:32 – Understanding the American economy
16:04 – Measuring GDP
18:57 – Financial stability of households now and then
23:30 – American households’ savings
26:44 – Taxes on Government Services
30:02 – To what point will taxes slow down growth?
33:38 – His stand on the Trump Economy
35:12 – What he sees in the future economy
38:32 – Ed’s personal asset allocation
41:09 – Long-term upsides of inequality
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