The Elephant in America

The NYU professor is correct that young Americans are worse off than their parents. He need to go deeper on the real driver of this madness: America's currency.

Dear Fellow Traveler:

NYU Professor Scott Galloway has emerged as one of the common-sense voices in the breakdown of the social contract in the United States.

In a popular 2024 TED Talk, Galloway laid out all the economic mobility problems in the United States...

He talks about bailouts… and the massive transfer of wealth from America's youth to older Americans. It’s imperative that anyone—even if they don’t have a dime in the equity markets—listen to his perspective.

Galloway has discussed three structural issues in American society…

He’s argued that most economic policies in the U.S. function as a "thinly veiled transfer of wealth from the young to the old." He specifically points to Social Security, tax deductions for mortgage interest, and capital gains taxes as mechanisms that disproportionately benefit older, wealthier individuals. That’s largely fiscal policy.

He contends that these policies have contributed to a generational wealth gap, in which younger people are less likely to…