The single issue that might decide the upcoming presidential election also happens to be: very confusing. Political economist Mark Blyth helps us understand: how inflation starts, how inflation is stopped, and shares his theory about why the powers-that-be may be just as confused about inflation as we are. Support the show: searchengine.show To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices
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Welcome to Search Engine. I'm PJ Vogt. No question too big. No question too small. I am typically pretty comfortable with embarrassing public disclosures, but I have been struggling with this one. I genuinely do not understand inflation. I'm not joking about either part of this. I both don't understand inflation and I find my confusion about it somewhat embarrassing.
Like when I'm listening to NPR and they start talking about how the Fed might hike interest rates or something, something cool down or something, something soft landing, the words themselves hit my brain and my brain starts to shake and melt like jello in a microwave. Inflation talk makes me feel like I missed a class in school. And honestly, it's possible I did.
I missed tons of classes in school. It's just, this is the one that is now bothering me. When polled, American voters this year reliably reported that the single most important issue determining their vote is inflation. To be fair, it gets lumped in with the economy and prices, but inflation. Not immigration, which often comes in second. Not climate change, which I've seen down at number 10.
Inflation. By which I think they mostly mean that the things we all have to regularly buy have gotten more expensive. I'm not a complete idiot, and also I'm somewhat cheap, so I do notice when prices go up. I understand that inflation partly explains why I paid over $4 a gallon for gas in Nevada last month. or why I now can't walk out of a fast food restaurant without breaking a 20.
I just don't really get the underlying mechanics of it. There's a difference between being able to mumble an explanation and actually understanding something, and I live in that difference. I felt it pretty acutely, actually, watching the presidential debate. The very first question spoke to the issue that this election will likely come down to.
I want to begin tonight with the issue that voters repeatedly say is their number one issue, and that is the economy and the cost of living in this country. Vice President Harris, you and President Trump were elected four years ago, and your opponent on the stage here tonight often asks his supporters, are you better off than you were four years ago?
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