Justin Wolfers

And the cause of that, there have been very few forces raising the material living standards of the working class. But actually trade with China is one of them. Und es sind nicht nur Spiele. Der Präsident nutzt Dolls als Metapher, aber eigentlich kommt fast alle unsere Baby-Equipment aus China. Aber es ist nicht nur das.

And the cause of that, there have been very few forces raising the material living standards of the working class. But actually trade with China is one of them. Und es sind nicht nur Spiele. Der Präsident nutzt Dolls als Metapher, aber eigentlich kommt fast alle unsere Baby-Equipment aus China. Aber es ist nicht nur das.

Die Furniture, ich meine, ich bin sicher, dass Sie skandinavische, mittelalterliche, moderne Furniture kaufen, weil ich assume, das ist, was Gay-Männer tun.

Die Furniture, ich meine, ich bin sicher, dass Sie skandinavische, mittelalterliche, moderne Furniture kaufen, weil ich assume, das ist, was Gay-Männer tun.

Die Furniture, ich meine, ich bin sicher, dass Sie skandinavische, mittelalterliche, moderne Furniture kaufen, weil ich assume, das ist, was Gay-Männer tun.

They did great work. Right. So people who cannot afford that, who don't have your exuberant lifestyle, Tim, they're buying furniture from Wayfair, which has great prices. All of that furniture is from China. So when you walk into a working middle class family and you can see that they can afford a material standard of living that folks a generation ago couldn't It's actually trade with China.

They did great work. Right. So people who cannot afford that, who don't have your exuberant lifestyle, Tim, they're buying furniture from Wayfair, which has great prices. All of that furniture is from China. So when you walk into a working middle class family and you can see that they can afford a material standard of living that folks a generation ago couldn't It's actually trade with China.

They did great work. Right. So people who cannot afford that, who don't have your exuberant lifestyle, Tim, they're buying furniture from Wayfair, which has great prices. All of that furniture is from China. So when you walk into a working middle class family and you can see that they can afford a material standard of living that folks a generation ago couldn't It's actually trade with China.

And so that's where all of this hits working middle class families. That's the first thing. Second, so I'm going to try and think about it the way a macroeconomist does. All that's saying tariffs are what we economists call a supply shock. They raise the cost of doing business. Stuff becomes more expensive. And as we rearrange things, that may cause unemployment to rise.

And so that's where all of this hits working middle class families. That's the first thing. Second, so I'm going to try and think about it the way a macroeconomist does. All that's saying tariffs are what we economists call a supply shock. They raise the cost of doing business. Stuff becomes more expensive. And as we rearrange things, that may cause unemployment to rise.

And so that's where all of this hits working middle class families. That's the first thing. Second, so I'm going to try and think about it the way a macroeconomist does. All that's saying tariffs are what we economists call a supply shock. They raise the cost of doing business. Stuff becomes more expensive. And as we rearrange things, that may cause unemployment to rise.

The second thing that's happened is just a massive rise in uncertainty. So high, my guess, Tim, is that you prefer not to talk to economists, if you can help it. Okay.

The second thing that's happened is just a massive rise in uncertainty. So high, my guess, Tim, is that you prefer not to talk to economists, if you can help it. Okay.

The second thing that's happened is just a massive rise in uncertainty. So high, my guess, Tim, is that you prefer not to talk to economists, if you can help it. Okay.

It's nice to hear. Many journalists prefer not to talk to economists. Right now they are. Why is that? Because they understand that all of our lives feel very much up in the air right now. Should I buy an air conditioner or not? Is my job safe? What's going to happen to prices? Should I try and buy stuff ahead of the tariffs? On and on and on it goes. That uncertainty is paralyzing.

It's nice to hear. Many journalists prefer not to talk to economists. Right now they are. Why is that? Because they understand that all of our lives feel very much up in the air right now. Should I buy an air conditioner or not? Is my job safe? What's going to happen to prices? Should I try and buy stuff ahead of the tariffs? On and on and on it goes. That uncertainty is paralyzing.

It's nice to hear. Many journalists prefer not to talk to economists. Right now they are. Why is that? Because they understand that all of our lives feel very much up in the air right now. Should I buy an air conditioner or not? Is my job safe? What's going to happen to prices? Should I try and buy stuff ahead of the tariffs? On and on and on it goes. That uncertainty is paralyzing.

That uncertainty means, let me take the business side of this because it's easier. If you're the CEO of any kind of company right now and your staff came to you with expansion plans or they wanted to break ground on a new factory or open a new outlet, you might say to yourself, I don't know what the future looks like. Let me wait three to six months for the air to clear.

That uncertainty means, let me take the business side of this because it's easier. If you're the CEO of any kind of company right now and your staff came to you with expansion plans or they wanted to break ground on a new factory or open a new outlet, you might say to yourself, I don't know what the future looks like. Let me wait three to six months for the air to clear.

That uncertainty means, let me take the business side of this because it's easier. If you're the CEO of any kind of company right now and your staff came to you with expansion plans or they wanted to break ground on a new factory or open a new outlet, you might say to yourself, I don't know what the future looks like. Let me wait three to six months for the air to clear.