What’s Happening to Our Economy Is Like a Natural Disaster

What’s Happening to Our Economy Is Like a Natural Disaster

The Biden administration’s first legislative priority is a $1.9 trillion economic rescue package. It’s the kind of mega-package where the individual policies contained inside it — a $15 minimum wage, $1,400 checks, a huge child tax credit expansion, a $50 billion virus testing infrastructure — would be big deals on their own. But together, this would be one of the most consequential packages ever passed.

So there’s a lot to talk about here. And who better to talk about it with than my now-colleague Paul Krugman? We dig into the details of the plan and then spiral off into some other topics I wanted to run by the nearest Nobel laureate: the major rethinking of debt and deficits among left-of-center economists, the differences between Keynesians and Modern Monetary Theorists, how Krugman made a bunch of money off Bitcoin (it’s not how you’d think!), why progressives need a better theory of technological change, Krugman’s favorite indie bands of the mid-2000s, and more.

Mentioned in this episode:

“Notes on the Coronacoma (Wonkish)” by Paul Krugman

“Why Markets Boomed in a Year of Human Misery” by Neil Irwin and Weiyi Cai

“Who’s Afraid of Budget Deficits?” By Jason Furman and Lawrence Summers

“Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates” by Olivier Blanchard

“America’s anti-democratic Senate, in one number” by Ian Millhiser

Book Recommendations:

“Laundry Files” series by Charlie Stross

“Merchant Princes” series by Charlie Stross

“The Price of Peace” by Zachary Carter

Band Recommendations:

The Be Good Tanyas

Larkin Poe

Reina del Cid

You can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein.

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

“The Ezra Klein Show” is produced by Rogé Karma and Jeff Geld; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Episoder(459)

Will A.I. Break the Internet? Or Save It?

Will A.I. Break the Internet? Or Save It?

The internet is in decay. Do a Google search, and there are so many websites now filled with slapdash content contorted just to rank highly in the algorithm. Facebook, YouTube, X and TikTok all used to feel more fun and surprising. And all these once-great media companies have been folding or shedding staff members, unable to find a business model that works.And into this weakened internet came the flood of A.I.-generated junk. There’s been a surge of spammy news sites filled with A.I.-generated articles. TikTok videos of A.I.-generated voices reading text pulled from Reddit can be churned out in seconds. And self-published A.I.-authored books are polluting Amazon listings.According to my guest today, Nilay Patel, this isn’t just a blip, as the big platforms figure out how to manage this. He believes that A.I. content will break the internet as we know it.“When you increase the supply of stuff onto those platforms to infinity, that system breaks down completely,” Patel told me “Recommendation algorithms break down completely. Our ability to discern what is real and what is false breaks down completely. And I think, importantly, the business models of the internet break down completely.”Patel is one of the sharpest observers of the internet, and the ways technology has shaped and reshaped it. He’s a co-founder and the editor in chief of The Verge, and the host of the “Decoder” podcast. In this conversation, we talk about why platforms seem so unprepared for the storm of A.I. content; whether an internet filled with cursory A.I. content is better or worse than an internet filled with good A.I. content; and if A.I. might be a kind of cleansing fire for the internet that enables something new and better to emerge.Mentioned:Help us win a Webby Award“Scenes from a dying web” by Casey Newton“The Work of Art in the Age of Mechanical Reproduction” by Walter Benjamin“257 CES gadgets in 3 minutes — CES 2015” by The VergeBook Recommendations:The Conquest of Cool by Thomas FrankLiar in a Crowded Theater by Jeff KosseffSubstance by Peter HookEverything I Need I Get From You by Kaitlyn TiffanyExtremely Hardcore by Zoe SchifferBeyond Measure by James VincentThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing from Isaac Jones and Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

5 Apr 20241h 25min

How Should I Be Using A.I. Right Now?

How Should I Be Using A.I. Right Now?

There’s something of a paradox that has defined my experience with artificial intelligence in this particular moment. It’s clear we’re witnessing the advent of a wildly powerful technology, one that could transform the economy and the way we think about art and creativity and the value of human work itself. At the same time, I can’t for the life of me figure out how to use it in my own day-to-day job.So I wanted to understand what I’m missing and get some tips for how I could incorporate A.I. better into my life right now. And Ethan Mollick is the perfect guide: He’s a professor at the Wharton School at the University of Pennsylvania who’s spent countless hours experimenting with different chatbots, noting his insights in his newsletter One Useful Thing and in a new book, “Co-Intelligence: Living and Working With A.I.”This conversation covers the basics, including which chatbot to choose and techniques for how to get the most useful results. But the conversation goes far beyond that, too — to some of the strange, delightful and slightly unnerving ways that A.I. responds to us, and how you’ll get more out of any chatbot if you think of it as a relationship rather than a tool.Mollick says it’s helpful to understand this moment as one of co-creation, in which we all should be trying to make sense of what this technology is going to mean for us. Because it’s not as if you can call up the big A.I. companies and get the answers. “When I talk to OpenAI or Anthropic, they don’t have a hidden instruction manual,” he told me. “There is no list of how you should use this as a writer or as a marketer or as an educator. They don’t even know what the capabilities of these systems are.”Book Recommendations:The Rise and Fall of American Growth by Robert J. GordonThe Knowledge by Lewis DartnellBlindsight by Peter WattsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Kristin Lin. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Rollin Hu. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

2 Apr 20241h 14min

The Rise of ‘Middle-Finger Politics’

The Rise of ‘Middle-Finger Politics’

Donald Trump can seem like a political anomaly. You sometimes hear people describe his connection with his base in quasi-mystical terms. But really, Trump is an example of an archetype — the right-wing populist showman — that recurs across time and place. There’s Jair Bolsonaro in Brazil, Boris Johnson in Britain, Javier Milei in Argentina. And there’s a long lineage of this type in the United States too.So why is there this consistent demand for this kind of political figure? And why does this set of qualities — ethnonationalist politics and an entertaining style — repeatedly appear at all?John Ganz is the writer of the newsletter Unpopular Front and the author of the forthcoming book “When the Clock Broke: Con Men, Conspiracists, and How America Cracked Up in the Early 1990s.” In this conversation, we discuss how figures like David Duke and Pat Buchanan were able to galvanize the fringes of the Republican Party; Trump’s specific brand of TV-ready charisma; and what liberals tend to overlook about the appeal of this populist political aesthetic.This episode contains strong language.Mentioned:“Right-Wing Populism” by Murray N. Rothbard“The ‘wave’ of right-wing populist sentiment is a myth” by Larry Bartels“How we got here” by Matthew YglesiasBook Recommendations:What Hath God Wrought? by Daniel Walker HoweAfter Nationalism by Samuel GoldmanThe Politics of Cultural Despair by Fritz R. SternThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

29 Mar 20241h 18min

Matter of Opinion: Paul Krugman on Inflation, ‘Bad Vibes’ and 2024

Matter of Opinion: Paul Krugman on Inflation, ‘Bad Vibes’ and 2024

We’ll be back on Friday with a new episode. In the meantime, we wanted to share one of our favorite recent episodes from our sister podcast, “Matter of Opinion.”Why does the economy look so good to economists but feel so bad to voters?The Nobel laureate economist Paul Krugman joins the hosts on “Matter of Opinion” to discuss why inflation, interest rates and wages aren’t in line with voters’ perception of the economy. Then, they debate with Paul how big of an influence the economy will be on the 2024 presidential election, and which of the two presumed candidates, Joe Biden and Donald Trump, it could benefit. Plus, Ross Douthat’s lessons on aging, through Michael Caine impressions.Mentioned:“Believing Is Seeing,” from Paul Krugman’s newsletter“The Age of Diminished Expectations,” by Paul Krugman“The Trip” scene: “This Is How Michael Caine Speaks” Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

26 Mar 202436min

The Deep Conflict Between Our Work and Parenting Ideals

The Deep Conflict Between Our Work and Parenting Ideals

American policy is uniquely hostile to families. Other wealthy countries guarantee paid parental leave and sick days and heavily subsidize early childhood care — to the tune of about $14,000 per year per child, on average. (The United States, by contrast, spends around $500 per child per year.) So it’s no wonder our birthrate has been in decline, with many people saying they’re having fewer children than they would like.Yet if you look closer at those other wealthy countries, that story doesn’t entirely hold. Sweden, for example, has some of the most generous work-family policies in the world, and according to the most recent numbers from Our World in Data, from 2021, their fertility rate is 1.67 children per woman — virtually identical to ours.Caitlyn Collins is a sociology professor at Washington University in St. Louis and the author of “Making Motherhood Work: How Women Manage Careers and Caregiving.” To understand how family policies affect the experience of child-rearing, she interviewed over a hundred middle-class mothers across four countries with different parenting cultures and levels of social support for families: the United States, Sweden, Italy and Germany. And what she finds is that policies can greatly relieve parents’ stress, but cultural norms like “intensive parenting” remain consistent.In this conversation, we discuss how work-family policies in Sweden frame spending time with children as a right rather than a privilege, how these policies have transformed the gender norms around parenting, why family-friendly policies across the globe don’t increase birthrates, how cultural pressures in America to be both an ideal worker and an ideal parent often clash, why many American parents feel it’s impossible to have more than one or two children, how cultural discourse has led younger women to “dread” motherhood and more.Mentioned:“Parenthood and Happiness: Effects of Work-Family Reconciliation Policies in 22 OECD Countries” by Jennifer Glass, Robin W. Simon and Matthew A. Andersson“Is Maternal Guilt a Cross-National Experience?” by Caitlyn CollinsIf you're interested in this topic, we also recommend checking out this series from the New York Times Opinion:“Would You Have Four Kids if It Meant Never Paying Taxes Again?” by Jessica Grose“Are Men the Overlooked Reason for the Fertility Decline?” by Jessica Grose“If We Want More Babies, Our ‘Profoundly Anti-Family’ System Needs an Overhaul” by Jessica GroseBook Recommendations:Competing Devotions by Mary Blair-LoyMothering While Black by Dawn Marie DowHope in the Dark by Rebecca SolnitThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Jessica Grose and Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

22 Mar 20241h 6min

Birthrates Are Plummeting Worldwide. Why?

Birthrates Are Plummeting Worldwide. Why?

For a long time, the story about the world’s population was that it was growing too quickly. There were going to be too many humans, not enough resources, and that spelled disaster. But now the script has flipped. Fertility rates have declined dramatically, from about five children per woman 60 years ago to just over two today. About two-thirds of us now live in a country or area where fertility rates are below replacement level. And that has set off a new round of alarm, especially in certain quarters on the right and in Silicon Valley, that we’re headed toward demographic catastrophe.But when I look at these numbers, I just find it strange. Why, as societies get richer, do their fertility rates plummet?Money makes life easier. We can give our kids better lives than our ancestors could have imagined. We don’t expect to bear the grief of burying a child. For a long time, a big, boisterous family has been associated with a joyful, fulfilled life. So why are most of us now choosing to have small ones?I invited Jennifer D. Sciubba on the show to help me puzzle this out. She’s a demographer, a political scientist and the author of “8 Billion and Counting: How Sex, Death and Migration Shape Our World.” She walks me through the population trends we’re seeing around the world, the different forces that seem to be driving them and why government policy, despite all kinds of efforts, seems incapable of getting people to have more kids.Mentioned:“Would You Have Four Kids if It Meant Never Paying Taxes Again?” by Jessica Grose“Are Men the Overlooked Reason for the Fertility Decline?” by Jessica Grose“If We Want More Babies, Our ‘Profoundly Anti-Family’ System Needs an Overhaul” by Jessica GroseBook Recommendations:Extra Life by Steven JohnsonThe Bet by Paul SabinReproductive States edited by Rickie Solinger and Mie NakachiThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Jeff Geld and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Jessica Grose and Sonia Herrero.  Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

19 Mar 20241h

What a Second Biden Term Would Look Like

What a Second Biden Term Would Look Like

President Biden gave a raucous State of the Union speech last Thursday, offering his pitch for why he should be president for a second term. It’s the clearest picture we have yet of Biden’s campaign message for 2024. But while he listed off all kinds of proposals, it’s not as easy to parse what a second Biden term might actually look like. So I sat down with my editor Aaron Retica, who had a lot of questions for me about the speech itself and what Biden would be likely to accomplish if he got another four years in the job.We discuss how my argument for Biden to step aside holds up after he gave such a deft, high-energy performance; what a second Biden administration would likely do when it comes to abortion rights and foreign policy; the issues that didn’t receive much attention in the speech but would likely play a huge role in a second Biden term; the strongest 2024 campaign message that I’ve heard so far; and whether this is a Locke election or a Hobbes election — and what that means.Book Recommendations:Tip O'Neill and the Democratic Century by John A. FarrellA Nation Without Borders by Steven HahnThe Field of Blood by Joanne B. FreemanThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

12 Mar 20241h 1min

How America’s Two Abortion Realities Are Clashing

How America’s Two Abortion Realities Are Clashing

When the Supreme Court overturned Roe v. Wade, it scrambled the landscape of abortion access in America, including in ways that one might not entirely expect. Many conservative states made the procedure essentially illegal — that part was predictable. But there’s also been this striking backlash in blue states, with many of them making historic efforts to expand abortion access, for both their residents and for women living in abortion-restricted states.And this has created all kinds of new battle lines — between states, and states and the federal government — involving travel, speech, privacy and executive power. It’s an explosion of conflicts and constitutional questions that the legal historian Mary Ziegler says has no parallel in modern times. She’s the author of six books on reproductive rights in America, including “Roe: The History of a National Obsession,” and the Martin Luther King Jr. professor of law at the University of California, Davis. “We’re seeing, from conservative and progressive states, moves to project power outside of their borders in ways we really haven’t seen in a really long time,” she told me.In this conversation, Ziegler explains the bifurcated abortion landscape that has emerged since the decision in Dobbs v. Jackson Women’s Health Organization overturned Roe. We discuss the different political and legal strategies conservative and progressive states are using to pursue their opposing goals; why the abortion rate has gone up, even as 14 states have implemented near-total bans on abortion; and how a second Trump administration could try to restrict access to abortion for all Americans, no matter what states they live in.Mentioned:“Harsh Anti-abortion Laws Are Not Empty Threats” by Mary ZieglerBook Recommendations:The Family Roe by Joshua PragerTiny You by Jennifer L. HollandDefenders of the Unborn by Daniel K. Williams“Before Roe v. Wade” by Linda Greenhouse and Reva B. SiegelThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon and Kristin Lin. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. The show’s production team also includes Annie Galvin and Rollin Hu. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

8 Mar 202457min

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