Why So Many Young Men Have Given Up

Zachary Yost—cohost of Radio Rothbard and a freelance writer—joins me to discuss the real state of the US economy. While some contend the United States is enjoying full employment, many data points tell a different story: employment and labour-market participation below pre-COVID-19 levels.

To compound the problem, easily half of all new jobs in the US economy, under the Joe Biden tenure, came from the public sector. Such jobs might deliver a paycheck, but they do not add much value. Further, they compound the problem of rising national debt and cement the new normal of elevated inflation. My preference would be to remove government spending from GDP calculations, as advocated recently by Peter St Onge.

Although I have followed Yost's work for a few years, a recent article by him caught my attention and compelled me to examine it in more detail. Although I do not agree with its entirety, it has many insights and is worth a read: “You're Gonna Have to Serve Somebody.”

Sponsor: Adrian Day's Global Analyst, one of my go-to sources for stock recommendations. Use the FERG coupon code for a 10 percent discount. You can also subscribe over the phone (410-224-8885) with the code.

In this episode, Yost delves into the challenges he has experienced personally, grappling with unsatisfying work and manual labor to survive: “All work has dignity in it, but the situation in which you’re working may not be a very dignified situation.” He addresses how to get out of major corporations and approach freelancing with an eye towards financial stability. We also touch upon open discrimination against straight white men—under the branding of diversity, equity, and inclusion—and how to respond to it: “Acknowledging that young men are facing rough waters right now is the first step … to gaining their trust.”

Links:

* Yost on X;

* Yost's Mises Institute archive;

* “The Tragedy of Great Power Dating”;

* the Yost Post.

Note: we recorded this in late January.