WEBVTT - Trust in Science, Politics, and Taylor Swift

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<v Speaker 1>You're listening to the Bloomberg Opinion podcast counts Saturdays at

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<v Speaker 2>Welcome to Bloomberg Opinion. I Amy Morris. This week it's

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<v Speaker 2>a matter of trust, trust in science and in scientists.

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<v Speaker 2>We'll talk with Bloomberg's Faith Lamb, and we'll explore the

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<v Speaker 2>erosion of trust in politics in our country's institutions and

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<v Speaker 2>where that might lead the country in an alarmingly short time.

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<v Speaker 2>But we begin with Taylor Swift and her Era's tour

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<v Speaker 2>that took her through Brazil. The Grammy winner returned to

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<v Speaker 2>the stage in Rio de Janeiro. Here she is performing

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<v Speaker 2>Bigger Than the Whole Sky. It's one of her surprise

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<v Speaker 2>songs in that tour. It happened a day after she

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<v Speaker 2>had to postpone her ERR's tour because of the extreme

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<v Speaker 2>temperatures at the time. This also appeared to be something

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<v Speaker 2>of a tribute to a fan who died reportedly in

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<v Speaker 2>connection with that triple digit heat. The heat index reached

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<v Speaker 2>fifty nine point seven degrees celsius at one point, that's

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<v Speaker 2>nearly one hundred and forty degrees fahrenheit. Let's talk about

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<v Speaker 2>this with Bloomberg Opinion colonist Lara Williams. She covers climate change. Lara,

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<v Speaker 2>those temperatures are insane. I had to double check those numbers.

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<v Speaker 3>Yeah, they're ads the importantly, so that's the heat indebt.

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<v Speaker 3>So it combines the actual heat, which was around forty

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<v Speaker 3>degrees celsius one hundred and two fahrenheit, with the humidity,

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<v Speaker 3>and that that's what really was made in The temperature

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<v Speaker 3>is so dangerous. Just the heat humidity combination can be

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<v Speaker 3>really really.

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<v Speaker 2>Bad, and a fan actually passed away. Swift had trouble breathing.

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<v Speaker 2>The tour had to be postponed. And as you point

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<v Speaker 2>out in your column, this is not the first perform

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<v Speaker 2>means to be impacted by the effects of climate change.

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<v Speaker 3>No, so Billboard has been keeping tally of major concerts

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<v Speaker 3>around the world that have been impacted by extreme weather,

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<v Speaker 3>and I think the count, not including the tailor concerts,

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<v Speaker 3>actually was above above thirty. And you know, so that's

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<v Speaker 3>you know, evacuations, cancelations, postponements, and it's you know, everything

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<v Speaker 3>from you know, people being directly impacted by extreme rain,

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<v Speaker 3>extreme heat. To Pearl Jam had to cancel three concerts

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<v Speaker 3>because their lead singer got throat damage from performing in

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<v Speaker 3>an outdoor concert in Paris and got affected by the

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<v Speaker 3>heat and dust and wildlife smoke. So there are all

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<v Speaker 3>these kind of not on effects from climate change that

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<v Speaker 3>aren't even direct. It can be indirect as well.

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<v Speaker 2>And you say thirty, at least thirty performances, and that's

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<v Speaker 2>just this year, just.

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<v Speaker 3>This year, and that's just major ones that Billboard have

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<v Speaker 3>picked up. So I'm sure there's been plenty of smaller

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<v Speaker 3>gibs and you know, up and coming musicians that have

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<v Speaker 3>been affected.

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<v Speaker 2>To I completely forgot about the wildfires too, that's crazy.

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<v Speaker 2>So would this then help drive the message of climate

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<v Speaker 2>change home? Or is any when listening or people just

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<v Speaker 2>annoyed that their favorite show is being postponed.

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<v Speaker 3>I'm sure lots of people were annoyed that their favorite

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<v Speaker 3>show is being postponed. I know some people didn't make it.

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<v Speaker 3>Saturday Night Dot postponed to Monday, and some people weren't

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<v Speaker 3>going to be in Rio on Monday, so that was

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<v Speaker 3>annoying for them. But I think kind of longer term,

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<v Speaker 3>it really makes the point that we need to be

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<v Speaker 3>able to adapt and have plans in place so that,

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<v Speaker 3>you know, concerts can go on without pausing. Danger to

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<v Speaker 3>life disasters happen when these extreme events hit preexisting vulnerabilities.

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<v Speaker 3>And the important thing is that the tailor concert, probably

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<v Speaker 3>the gig shd's have gone ahead. But also funds weren't

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<v Speaker 3>allowed to bring their own personal water bottles into the show.

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<v Speaker 3>There was reports of in azituit distribution of the free water.

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<v Speaker 3>You know, funds complained that it was too crowded, and

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<v Speaker 3>so those things together really combined, you know, and potentially

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<v Speaker 3>led to the death of one fan.

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<v Speaker 2>We are talking with Bloomberg Opinion columnist Lara Williams about

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<v Speaker 2>how climate change is impacting live tours and performances and shows,

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<v Speaker 2>and you were talking about the adaptation that we're all

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<v Speaker 2>going to have to see, and we're specifically targeting, of course,

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<v Speaker 2>these live shows and these tours and these concerts in

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<v Speaker 2>this particular interview. Venues are going to have to change

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<v Speaker 2>those rules, like you said, allowing people to bring in

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<v Speaker 2>their own water bottles, maybe even putting a disclaimer on

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<v Speaker 2>the ticket about a climate change impact type of thing

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<v Speaker 2>where you may or may not be allowed to get

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<v Speaker 2>your money back, or trading your ticket for something else.

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<v Speaker 2>That kind of thing are we going to see more of.

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<v Speaker 2>Are you hearing any chatter or any hubbub about changing

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<v Speaker 2>how the venues are able to do business based on

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<v Speaker 2>the impact of climate change? And even as I say that,

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<v Speaker 2>that sounds really remarkable.

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<v Speaker 3>Yeah, I think I'm not hearing it. I've not heard

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<v Speaker 3>anything specific to the music industry, but I think, you know,

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<v Speaker 3>people are starting to pay attention and adaptation has been

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<v Speaker 3>one of those forgotten you know, aspects of the kind

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<v Speaker 3>of climate era. You know, Historically, adaptation was almost looked

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<v Speaker 3>down upon because people saw it as a controversial thing

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<v Speaker 3>that was taking money and attention away from the you know,

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<v Speaker 3>we need to reduce emissions, which is obviously still you know,

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<v Speaker 3>really important, but we need to remember that climate impacts

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<v Speaker 3>are already here and so we need to be able

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<v Speaker 3>to adapt. And so, you know, you'd hope that stuff

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<v Speaker 3>like this and high profile events being affected does make

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<v Speaker 3>you know, venues pay attention and start putting together proper

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<v Speaker 3>heat you know, and governments as well. This obviously has

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<v Speaker 3>to turn from governments. Governments are also not very good

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<v Speaker 3>at planning for you know, the physical risks of climate change,

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<v Speaker 3>and either are companies. So I think the more we

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<v Speaker 3>talk about it, the more people are going to start

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<v Speaker 3>building this into their kind of operations and you know,

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<v Speaker 3>into laws. The Brazilian government actually reacted with emergency rules,

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<v Speaker 3>you know, to to ensure that venues have to provide

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<v Speaker 3>water and have to allow personal water bottles into venues. So,

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<v Speaker 3>you know, it's a shame that it took such a

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<v Speaker 3>tragedy to kind of spark that, but to be fair,

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<v Speaker 3>Brazil did respond very quickly over the weekend.

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<v Speaker 2>Have we seen this before? Is this quite unusual?

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<v Speaker 3>That's a good question. I mean we've seen lots, you know,

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<v Speaker 3>as the billboard list shows that, you know, we've seen

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<v Speaker 3>lots of uh, you know, climate impacts. We're burning, man,

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<v Speaker 3>they all aren't rained in sure.

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<v Speaker 2>Let me just clarify. That's for for this year, and

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<v Speaker 2>they've they've started doing a tally for this year. But

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<v Speaker 2>we haven't seen tallies for years before, have we. I mean,

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<v Speaker 2>the idea that concerts and venues are having to change

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<v Speaker 2>how they do business because of the impact of climate

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<v Speaker 2>change seems really fresh and new.

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<v Speaker 3>Yes, that's that's a good point. We haven't been paying

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<v Speaker 3>attention to this before, and so in that way, and

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<v Speaker 3>you know, to be fair, we've we've seen you know,

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<v Speaker 3>the physical risks of climate change really comes to the

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<v Speaker 3>fall in the last couple of years. We are we're

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<v Speaker 3>now in an El Nino year, which is you know,

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<v Speaker 3>raising global temperatures and potentially you know, itsascerbating the the

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<v Speaker 3>you know, the the heat risk and extreme weather risks.

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<v Speaker 3>And I think, yeah, people's new that people are paying

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<v Speaker 3>so much attention to adaptation.

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<v Speaker 2>Can we expect to see more of this then, not

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<v Speaker 2>just with concerts and live entertainment, but other organizations, companies,

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<v Speaker 2>venues having to adapt.

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<v Speaker 3>Yes, exactly. For you know, the SMP Global Corporate Sustainability

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<v Speaker 3>Assessment is a kind of survey of thousands of companies

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<v Speaker 3>around the world, and only one in five companies have

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<v Speaker 3>an adaptation plan to you know, adapt their supply chains

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<v Speaker 3>and operations to the physical risks of climate change. And

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<v Speaker 3>so we'll probably see a lot more companies. You know,

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<v Speaker 3>there's there's basically a lot of lots of companies need

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<v Speaker 3>to touch up to the you know, the current climate

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<v Speaker 3>and current climate change risks, and so we'll probably see

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<v Speaker 3>that happen in the next year or so, and then.

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<v Speaker 2>The flip side of this coin, it's actually quite true.

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<v Speaker 2>Swifties are really a force of their own. If they

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<v Speaker 2>can't recruit more gen z ors to the climate change fight,

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<v Speaker 2>if not Taylor Swift, then who I mean. It seems

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<v Speaker 2>like this is well, it's an awful tragedy and it's

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<v Speaker 2>a very difficult thing to face. At the same time,

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<v Speaker 2>enormous amounts of attention are being paid to it now.

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<v Speaker 3>Yes, no, exactly. I think one thing that could make

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<v Speaker 3>it even more impactful is if you know Taylor herself,

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<v Speaker 3>we've talked about climate change, and you know, obviously it's

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<v Speaker 3>very early on. She's in the middle of a global tour.

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<v Speaker 3>I'm sure the events on Friday and you know, over

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<v Speaker 3>the weekend have really affected her personally, and so I'm

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<v Speaker 3>not surprised that we haven't heard her speak out about

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<v Speaker 3>it yet. But if Swifties and you know, Taylor Swift

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<v Speaker 3>should talk about climate change and raise awareness, and that

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<v Speaker 3>could be really powerful.

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<v Speaker 2>You know, it almost seems like an opportunity for like

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<v Speaker 2>a live aid, a band aid, some sort of concert

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<v Speaker 2>or gathering to help raise awareness for the for the issue.

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<v Speaker 3>Yeah, for sure. I think I have I have heard that,

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<v Speaker 3>you know, people involved with Live Aid did want to

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<v Speaker 3>do a clime at one and I think last year

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<v Speaker 3>Billie Eilish, I think did there was a bid. There

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<v Speaker 3>was a bid festival in maybe Paris or somewhere like

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<v Speaker 3>that for you know, to raise money and awareness about

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<v Speaker 3>climate change. But we can't. Yeah, we're just that.

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<v Speaker 4>Momentum needs to continue.

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<v Speaker 3>We need to keep the momentum going and so hopefully

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<v Speaker 3>you know, something good will come out of this, and

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<v Speaker 3>that's you know, more awareness well the needs for adaptation

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<v Speaker 3>plans and also more awareness someone gen Z about climate

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<v Speaker 3>change and the very real risk that climate change poses

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<v Speaker 3>not only to you know, people in abstract time periods

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<v Speaker 3>and countries, but you know, to their enjoyment of their

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<v Speaker 3>own lives.

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<v Speaker 2>Really, Lara, thank you for taking the time with this

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<v Speaker 2>on this today.

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<v Speaker 3>Thank you for having me.

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<v Speaker 2>Bloomberg Opinion columnist Lara Williams covers a climate change and

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<v Speaker 2>coming up. Science and trust in scientists is taking a

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<v Speaker 2>hit in the United States. You're listening to Bloomberg Opinion.

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<v Speaker 1>You're listening to the Bloomberg Opinion podcast count US Saturdays

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<v Speaker 1>at one and seven pm. Eastern on Bloomberg dot Com,

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<v Speaker 1>the iHeartRadio app, and the Bloomberg Business app, or listen

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<v Speaker 1>on demand wherever you get your podcasts.

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<v Speaker 2>You're listening to Bloomberg Opinion. I may me more as

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<v Speaker 2>science and trust in scientists is taking a hit in

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<v Speaker 2>the United States, A new Pew Research Center poll finds

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<v Speaker 2>that Americans trust and scientists continues to decline. Among both

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<v Speaker 2>Democrats and Republicans, trust in scientists is now lower than

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<v Speaker 2>it was before the pandemic. Similarly, the positive views of

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<v Speaker 2>science and belief in its positive effect on society continues

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<v Speaker 2>to dip. Now, this is not a new phenomenon. During

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<v Speaker 2>the pandemic, In Texas, pediatrician Christina Props made an appeal

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<v Speaker 2>to the public to continue to take precautions to avoid

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<v Speaker 2>getting and spreading COVID, even after the state reopened businesses

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<v Speaker 2>and lifted mask mandates.

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<v Speaker 5>We are doing our part, and so it is really

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<v Speaker 5>a painful experience to feel that our elected officials don't

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<v Speaker 5>trust us, don't trust our expertise, and are not listening

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<v Speaker 5>to the science.

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<v Speaker 2>But this is not all about the pandemic necessarily. Bloomberg

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<v Speaker 2>Opinion columnist Faith Lamb joins me now Fay Cover Science

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<v Speaker 2>and his host of the follow of the Science podcast,

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<v Speaker 2>they where's this coming from, this distrust of science and scientists.

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<v Speaker 6>Well, I think that there is a connection with the pandemic.

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<v Speaker 6>The Pew Research Foundation just came up with some new

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<v Speaker 6>numbers where the public trust in science did take quite

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<v Speaker 6>a dip from twenty nineteen to now. And you know

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<v Speaker 6>what else, what else seems likely to have changed. We've

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<v Speaker 6>had this pandemic, We've had scientists telling people what to

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<v Speaker 6>think and what to do. And I don't think it

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<v Speaker 6>has anything to do with astronomers or physicists or other scientists.

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<v Speaker 6>I think it has to do with medical science primarily,

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<v Speaker 6>and public health and some of the missteps that public

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<v Speaker 6>health made during the pandemic.

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<v Speaker 2>But this also crosses party lines, which is not something

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<v Speaker 2>we saw during the pandemic. In fact, quite the opposite.

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<v Speaker 6>Yeah, I think maybe over time it does. Republicans are

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<v Speaker 6>less likely to trust scientists than Democrats, But I think overall,

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<v Speaker 6>there have been some flaws in the way the pandemic

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<v Speaker 6>was handled that the general public is more likely to

0:13:42.480 --> 0:13:43.600
<v Speaker 6>be concerned about right now.

0:13:44.280 --> 0:13:47.440
<v Speaker 2>Is this also a reflection of the muddying of the

0:13:47.600 --> 0:13:51.240
<v Speaker 2>message during the Trump administration, which was a very intentional thing.

0:13:51.760 --> 0:13:54.160
<v Speaker 2>Or is there something else happening that has caused the

0:13:54.200 --> 0:13:58.120
<v Speaker 2>public to continue to distrust science. Is this this a

0:13:58.200 --> 0:14:00.439
<v Speaker 2>lingering after effect or is there more to it?

0:14:00.600 --> 0:14:02.679
<v Speaker 6>I think there is more to it. In fact, one

0:14:02.720 --> 0:14:04.200
<v Speaker 6>of the things I'm going to be writing about in

0:14:04.240 --> 0:14:06.960
<v Speaker 6>this column is a book that I really like. It's

0:14:07.040 --> 0:14:10.880
<v Speaker 6>called Within Reason, and it's written by Sandra Galia, who's

0:14:10.960 --> 0:14:14.640
<v Speaker 6>dean of public health at Boston University. And this book

0:14:14.720 --> 0:14:19.200
<v Speaker 6>is just a really nice, sort of honest reckoning with

0:14:20.200 --> 0:14:24.040
<v Speaker 6>what public health got wrong during the pandemic and why

0:14:24.080 --> 0:14:26.000
<v Speaker 6>they got it wrong. And I had a very nice

0:14:26.040 --> 0:14:28.800
<v Speaker 6>talk with him, and I think he has the humility

0:14:28.840 --> 0:14:32.120
<v Speaker 6>to recognize that this might not be completely something wrong

0:14:32.160 --> 0:14:34.440
<v Speaker 6>with the public. It might also be something wrong with

0:14:34.960 --> 0:14:39.640
<v Speaker 6>the way scientists handled things. I think that there's been

0:14:39.920 --> 0:14:42.640
<v Speaker 6>there have been a few editorials by scientists saying, well,

0:14:42.560 --> 0:14:44.560
<v Speaker 6>what we've got to fix the general public so they

0:14:44.600 --> 0:14:47.960
<v Speaker 6>trust us again. But I think that there is a

0:14:48.000 --> 0:14:51.440
<v Speaker 6>real place for self reflection. And I think one of

0:14:51.480 --> 0:14:54.640
<v Speaker 6>the things that went wrong during the pandemic was what

0:14:54.680 --> 0:14:58.960
<v Speaker 6>I call false false certainty. You know, when people were

0:14:59.000 --> 0:15:00.720
<v Speaker 6>saying things when they did I didn't really know and

0:15:00.760 --> 0:15:02.760
<v Speaker 6>would say, no, we definitely know, you should do this

0:15:02.880 --> 0:15:05.640
<v Speaker 6>or do that, and now you know in retrospect when

0:15:05.680 --> 0:15:07.360
<v Speaker 6>they got things wrong, they said we didn't know. But

0:15:07.480 --> 0:15:09.480
<v Speaker 6>then my question to them is, well you didn't know,

0:15:09.480 --> 0:15:12.560
<v Speaker 6>why didn't you say you didn't know? And I saw

0:15:12.680 --> 0:15:14.960
<v Speaker 6>that happened early in the pandemic. It wasn't just a

0:15:14.960 --> 0:15:17.400
<v Speaker 6>flip flop on masks. There was a flip flop on

0:15:17.600 --> 0:15:20.520
<v Speaker 6>how to think about the pandemic. So in January and February,

0:15:20.600 --> 0:15:23.160
<v Speaker 6>there was actually a lot of evidence building out that

0:15:23.200 --> 0:15:27.800
<v Speaker 6>the problem in China was incredibly disruptive and that the

0:15:27.880 --> 0:15:30.640
<v Speaker 6>disease was spreading and that we could face a real problem.

0:15:30.680 --> 0:15:33.480
<v Speaker 6>But I was seeing editorials running in the paper saying

0:15:33.760 --> 0:15:37.040
<v Speaker 6>seasonal flu is a bigger threat, you know, don't worry

0:15:37.080 --> 0:15:41.240
<v Speaker 6>about this, And there was there should have been a

0:15:41.320 --> 0:15:47.400
<v Speaker 6>huge effort at that time to prepare hospitals, to get

0:15:47.480 --> 0:15:51.200
<v Speaker 6>ppe for all of the workers, to prepare the general

0:15:51.280 --> 0:15:55.240
<v Speaker 6>public for a possible disruption, to give businesses in private

0:15:55.240 --> 0:15:58.760
<v Speaker 6>citizens time to prepare for these lockdowns. But instead, even

0:15:58.800 --> 0:16:01.560
<v Speaker 6>though the science didn't make a U turn, the science

0:16:01.720 --> 0:16:05.160
<v Speaker 6>was evidence was building up, but the scientists did take

0:16:05.200 --> 0:16:08.040
<v Speaker 6>a big u turn from don't worry to stay in

0:16:08.080 --> 0:16:12.160
<v Speaker 6>your house. And yes, some of the restrictions they made

0:16:12.160 --> 0:16:16.280
<v Speaker 6>also were counter to what scientific evidence was was building up.

0:16:16.320 --> 0:16:19.720
<v Speaker 6>That there was already fairly early on and understanding that

0:16:19.760 --> 0:16:22.640
<v Speaker 6>outdoors were safer than indoors. And yet we saw you know,

0:16:22.680 --> 0:16:25.640
<v Speaker 6>playgrounds being taped up, and people, you know, police chasing

0:16:25.640 --> 0:16:28.840
<v Speaker 6>people out of parks, and skateboard parks being filled in

0:16:28.840 --> 0:16:32.680
<v Speaker 6>with sand, you know, stuff that was not following the science.

0:16:33.240 --> 0:16:36.280
<v Speaker 2>And we are talking with Bloomberg Opinion colonist Faith Lamb

0:16:36.320 --> 0:16:39.600
<v Speaker 2>about this new pole regarding trust in science and why

0:16:39.680 --> 0:16:45.480
<v Speaker 2>that trust is waning on a general level. Fay is

0:16:45.520 --> 0:16:48.040
<v Speaker 2>trust in short supply across the board in the United

0:16:48.040 --> 0:16:50.440
<v Speaker 2>States anyway, just not it is in science.

0:16:50.520 --> 0:16:50.760
<v Speaker 4>It is.

0:16:51.240 --> 0:16:55.000
<v Speaker 6>In fact, scientists were still more trusted than almost everybody else,

0:16:55.040 --> 0:16:59.760
<v Speaker 6>including journalists. So what people really need isn't trust in

0:17:00.000 --> 0:17:03.680
<v Speaker 6>individual scientists, but trust in the process of science and

0:17:03.720 --> 0:17:06.920
<v Speaker 6>the methods of science. Things like clinical trials. Double blind

0:17:07.000 --> 0:17:09.880
<v Speaker 6>clinical trials are actually designed as sort of an anadote

0:17:09.920 --> 0:17:13.760
<v Speaker 6>to human fallibility in human bias. And the reason that

0:17:13.800 --> 0:17:18.000
<v Speaker 6>science produces reliable knowledge for us all is the methods

0:17:18.040 --> 0:17:21.160
<v Speaker 6>of science and the way this sort of group project

0:17:21.200 --> 0:17:24.120
<v Speaker 6>of science keeps adding to that knowledge. But individual scientists

0:17:24.200 --> 0:17:28.040
<v Speaker 6>are fallible and it's very hard to If we do

0:17:28.520 --> 0:17:32.920
<v Speaker 6>develop trust in science, then our trust in individual scientists.

0:17:32.920 --> 0:17:36.400
<v Speaker 6>How do people know which scientists are the right scientists?

0:17:36.400 --> 0:17:39.919
<v Speaker 6>There are plenty of people that are considered outliers and

0:17:40.000 --> 0:17:44.520
<v Speaker 6>even hucksters who have PhDs and mds behind their name,

0:17:44.760 --> 0:17:50.679
<v Speaker 6>and so there's also a problem with fringe scientists. So

0:17:50.840 --> 0:17:54.879
<v Speaker 6>I think understanding, you know, trust in the big picture

0:17:54.960 --> 0:17:59.400
<v Speaker 6>science can help people recognize when scientists who are trustworthy.

0:18:00.119 --> 0:18:04.600
<v Speaker 6>Scientists who are trustworthy will point to the wider body

0:18:04.600 --> 0:18:06.800
<v Speaker 6>of knowledge that is science, not try to say, oh,

0:18:07.000 --> 0:18:09.520
<v Speaker 6>all of those scientists everybody else is wrong. I'm right,

0:18:09.640 --> 0:18:11.280
<v Speaker 6>that's a red flag.

0:18:12.040 --> 0:18:14.520
<v Speaker 2>So then the onus would be on the general public

0:18:14.600 --> 0:18:18.040
<v Speaker 2>right to know the difference between science and pseudoscience and

0:18:18.119 --> 0:18:19.000
<v Speaker 2>just outright fraud.

0:18:19.800 --> 0:18:22.240
<v Speaker 7>Yeah, yeah, but they do know that evidence that you

0:18:22.520 --> 0:18:25.000
<v Speaker 7>should come with evidence, you know, and if you're a scientist,

0:18:25.040 --> 0:18:28.880
<v Speaker 7>you better have some really strong evidence evidence, and that

0:18:28.880 --> 0:18:33.199
<v Speaker 7>there is a sort of connection between things we know,

0:18:34.000 --> 0:18:35.399
<v Speaker 7>things that we've built.

0:18:35.200 --> 0:18:37.280
<v Speaker 6>Up, knowledge we've known from the past. It's why those

0:18:37.320 --> 0:18:41.360
<v Speaker 6>vaccines worked so as well as they did because they

0:18:41.359 --> 0:18:45.359
<v Speaker 6>were built on years of biological experiments, and then they

0:18:45.400 --> 0:18:49.680
<v Speaker 6>also had to go through clinical trials that were designed

0:18:49.720 --> 0:18:55.320
<v Speaker 6>to flag problems and you know, make sure that they

0:18:55.359 --> 0:18:57.200
<v Speaker 6>really worked the way they thought they worked.

0:18:57.560 --> 0:19:00.800
<v Speaker 2>This isn't just distrust of scientists though this Paul also

0:19:00.840 --> 0:19:04.520
<v Speaker 2>shows that Americans are questioning the positive role that science

0:19:04.600 --> 0:19:07.800
<v Speaker 2>has on society. Did that surprise you a little.

0:19:07.560 --> 0:19:10.480
<v Speaker 6>Bit, Yeah, because that seems like, you know, we have

0:19:10.640 --> 0:19:13.520
<v Speaker 6>we're surrounded by so many things that are that are

0:19:13.560 --> 0:19:17.880
<v Speaker 6>made possible by our advancing scientific knowledge. But I think

0:19:17.920 --> 0:19:21.280
<v Speaker 6>the pandemic may have left people so bitter that they

0:19:21.359 --> 0:19:24.680
<v Speaker 6>may be reacting to that. You know, polls are it's

0:19:24.680 --> 0:19:28.159
<v Speaker 6>sometimes it's hard to know without more detail where that's

0:19:28.200 --> 0:19:29.000
<v Speaker 6>coming from.

0:19:29.800 --> 0:19:33.240
<v Speaker 2>What can the scientific community do to win people back.

0:19:33.280 --> 0:19:35.600
<v Speaker 2>It almost sounds like they need a pr campaign, But

0:19:35.640 --> 0:19:37.120
<v Speaker 2>that just seems wrong.

0:19:38.040 --> 0:19:38.280
<v Speaker 4>You know.

0:19:38.440 --> 0:19:41.119
<v Speaker 6>I think that one of the things I really liked

0:19:41.160 --> 0:19:45.800
<v Speaker 6>about this book Within Reason was the idea that science

0:19:45.880 --> 0:19:48.800
<v Speaker 6>has to sort of rise above all of the politics

0:19:49.280 --> 0:19:52.560
<v Speaker 6>and has to be self reflective, has to be honest

0:19:52.600 --> 0:19:56.240
<v Speaker 6>about where they might have gotten things wrong and where

0:19:56.280 --> 0:19:59.960
<v Speaker 6>some of the policies during the pandemic weren't completely science based,

0:20:00.240 --> 0:20:05.840
<v Speaker 6>and that with that kind of reckoning and radical honesty,

0:20:06.160 --> 0:20:09.679
<v Speaker 6>that that is where trust I think could be re earned.

0:20:10.480 --> 0:20:13.800
<v Speaker 2>Thank you, Faith. Faith Lem is a Bloomberg Opinion columnist

0:20:13.800 --> 0:20:16.560
<v Speaker 2>who covers science and his host of the Follow the

0:20:16.600 --> 0:20:20.760
<v Speaker 2>Science podcast coming up. Trust in politics, It's not a

0:20:20.760 --> 0:20:23.400
<v Speaker 2>pipe dream. There is a measure of trust in our

0:20:23.480 --> 0:20:28.000
<v Speaker 2>political system that is eroding to a perilous end. This

0:20:28.080 --> 0:20:29.040
<v Speaker 2>is Bloomberg Opinion.

0:20:37.840 --> 0:20:41.840
<v Speaker 1>You're listening to The Bloomberg Opinion podcast catches Saturdays at

0:20:41.840 --> 0:20:44.960
<v Speaker 1>one in seven pm Eastern on Bloomberg dot Com, the

0:20:45.040 --> 0:20:48.159
<v Speaker 1>iHeartRadio app, and the Bloomberg Business App, or listen on

0:20:48.240 --> 0:20:50.320
<v Speaker 1>demand wherever you get your podcasts.

0:20:52.200 --> 0:20:55.399
<v Speaker 2>This is Bloomberg Opinion. I Maymy Morris. There is a

0:20:55.480 --> 0:20:58.639
<v Speaker 2>difference between the twenty twenty four election season and the

0:20:58.680 --> 0:21:01.280
<v Speaker 2>election of twenty sixteen, now eight years ago. The race

0:21:01.320 --> 0:21:03.639
<v Speaker 2>for the White House was won by a candidate who

0:21:03.720 --> 0:21:07.800
<v Speaker 2>had categorized himself as an outsider, a businessman, someone different

0:21:08.160 --> 0:21:11.959
<v Speaker 2>who would serve as a disruptor. But this election season,

0:21:12.160 --> 0:21:15.280
<v Speaker 2>voters know who Donald Trump is and he's promising to

0:21:15.560 --> 0:21:19.640
<v Speaker 2>build camps for migrants, purge the vermin from obstructing his endgame.

0:21:19.960 --> 0:21:23.560
<v Speaker 2>He has praise for dictators, all while he's facing numerous

0:21:23.560 --> 0:21:26.439
<v Speaker 2>indictments and legal entanglements that don't seem to slow him

0:21:26.440 --> 0:21:29.480
<v Speaker 2>down at all. And the disconnect here might very well

0:21:29.520 --> 0:21:33.720
<v Speaker 2>be a matter of trust. Bloomberg opinion columnist Clive Crook

0:21:33.880 --> 0:21:36.560
<v Speaker 2>is a member of the editorial board covering economics, and

0:21:36.600 --> 0:21:39.480
<v Speaker 2>he joins me now, and Clive, you have this really

0:21:39.480 --> 0:21:42.240
<v Speaker 2>great column on the Bloomberg terminal. Your view is that

0:21:42.320 --> 0:21:45.679
<v Speaker 2>Donald Trump could never really have gotten this far actually

0:21:45.720 --> 0:21:50.040
<v Speaker 2>without Democrats unwitting assistants, in part because of their refusal

0:21:50.080 --> 0:21:54.359
<v Speaker 2>to recognize the collapsing trust in this country. Can you

0:21:54.400 --> 0:21:55.040
<v Speaker 2>expand on that?

0:21:55.400 --> 0:21:59.600
<v Speaker 8>Yeah, I mean I think that made sense actually those

0:21:59.680 --> 0:22:02.480
<v Speaker 8>time around, you know, when Trump was first elected, I

0:22:02.520 --> 0:22:06.440
<v Speaker 8>think just as you say, you know, he campaigns an outsider,

0:22:07.080 --> 0:22:09.879
<v Speaker 8>as something of a wreckor you know, someone who wouldn't

0:22:10.840 --> 0:22:14.520
<v Speaker 8>about out to the rules, that would just you know,

0:22:15.280 --> 0:22:16.680
<v Speaker 8>fix what needed fixing.

0:22:17.040 --> 0:22:22.040
<v Speaker 9>And the fact that he succeeded before, you know, shows

0:22:22.080 --> 0:22:26.040
<v Speaker 9>that people didn't really trust politics as usual. So I

0:22:26.040 --> 0:22:30.320
<v Speaker 9>think that fact was already in play. But this time around,

0:22:30.359 --> 0:22:34.399
<v Speaker 9>I think it's vastly more serious. I mean, to be

0:22:34.400 --> 0:22:37.359
<v Speaker 9>honest with you, I wasn't that worried about Trump first

0:22:37.359 --> 0:22:39.800
<v Speaker 9>time around. Perhaps I should have been, but I wasn't.

0:22:40.160 --> 0:22:43.320
<v Speaker 9>I thought he'd betained by the system, you know, controlled

0:22:43.359 --> 0:22:46.680
<v Speaker 9>somewhat by the system, and I think to a large

0:22:46.720 --> 0:22:50.439
<v Speaker 9>degree he was. But I think it would be a

0:22:50.440 --> 0:22:54.360
<v Speaker 9>big mistake to suppose he won't be any more dangerous

0:22:54.480 --> 0:22:58.600
<v Speaker 9>next time. I think he's out for revenge for the

0:22:58.640 --> 0:23:03.359
<v Speaker 9>way he's been treated by the system. And the astonishing

0:23:03.440 --> 0:23:06.520
<v Speaker 9>factor is that he commends very wide support in the

0:23:06.600 --> 0:23:11.640
<v Speaker 9>country and the people who are telling posters. But therefore Trump,

0:23:11.760 --> 0:23:15.480
<v Speaker 9>having seen what's happened and having listened to what he

0:23:15.640 --> 0:23:21.160
<v Speaker 9>said lately, they're basically expressing a complete lack of confidence

0:23:21.600 --> 0:23:23.679
<v Speaker 9>in the system as usual. So I think as it

0:23:23.680 --> 0:23:28.600
<v Speaker 9>were going into another Trump administration, it would be a

0:23:28.760 --> 0:23:33.159
<v Speaker 9>much more destabilizing, much more dangerous prospect than it was

0:23:33.720 --> 0:23:35.959
<v Speaker 9>last time around. And that is saying something.

0:23:36.359 --> 0:23:40.760
<v Speaker 2>Do you believe that the electorate from the beginning didn't

0:23:40.840 --> 0:23:44.520
<v Speaker 2>really have a lot of healthy trust in the system,

0:23:44.840 --> 0:23:48.400
<v Speaker 2>And that's how Donald Trump was able to make those

0:23:48.440 --> 0:23:50.760
<v Speaker 2>gains in twenty fifteen and twenty sixteen. He was able

0:23:50.760 --> 0:23:54.040
<v Speaker 2>to capitalize on that and now it has turned into

0:23:54.119 --> 0:23:55.760
<v Speaker 2>its own, It's taken on a life of its own,

0:23:55.840 --> 0:23:56.280
<v Speaker 2>if you will.

0:23:56.600 --> 0:23:58.199
<v Speaker 9>Yeah, well I do. I think there were sort of

0:23:58.240 --> 0:24:02.800
<v Speaker 9>compounding factors in twenty sixteen, and in my view, Hillary

0:24:02.800 --> 0:24:08.159
<v Speaker 9>Clinton was wont you know, she basically expressed disdain for

0:24:08.760 --> 0:24:11.600
<v Speaker 9>a good part of the population in that campaign. You remember,

0:24:11.680 --> 0:24:15.440
<v Speaker 9>you know, the notorious remark about deplorables that was really

0:24:15.520 --> 0:24:20.000
<v Speaker 9>like an instruction to people that told them, you know,

0:24:20.119 --> 0:24:24.320
<v Speaker 9>she has no interest in their views, and you know

0:24:24.359 --> 0:24:27.920
<v Speaker 9>that can get lost. I mean, what an extraordinary position

0:24:28.040 --> 0:24:31.400
<v Speaker 9>for a politician seeking election to take. So I think

0:24:31.400 --> 0:24:34.480
<v Speaker 9>that was, as it were, a compounding factor last time.

0:24:34.880 --> 0:24:37.280
<v Speaker 9>But you know, as I say, this time, it's going

0:24:37.320 --> 0:24:41.400
<v Speaker 9>to be much worse because we've seen so many dimensions

0:24:41.440 --> 0:24:46.720
<v Speaker 9>of trust break down more radically than before. I mean,

0:24:47.520 --> 0:24:49.800
<v Speaker 9>I can you know on things of several examples, I mean,

0:24:50.119 --> 0:24:54.080
<v Speaker 9>Biden and his officials are refusing to listen and take

0:24:54.160 --> 0:24:58.280
<v Speaker 9>seriously people's complaints about what's happened to prices. You know,

0:24:58.359 --> 0:25:03.399
<v Speaker 9>the Biden administration's position is Bidenomics is a work of genius.

0:25:03.440 --> 0:25:06.959
<v Speaker 9>You know, we're transforming the economy, and people who are

0:25:06.960 --> 0:25:10.440
<v Speaker 9>worried about high prices and what's happened to their real incomes,

0:25:11.359 --> 0:25:16.919
<v Speaker 9>just failing to understand the statistics, and if only they

0:25:16.920 --> 0:25:20.160
<v Speaker 9>would listen to the experts, their concerns would go away. Well,

0:25:20.200 --> 0:25:22.840
<v Speaker 9>this is nonsense. I mean, many people are in a

0:25:22.960 --> 0:25:27.840
<v Speaker 9>state of genuine financial insecurity. The averages on this are

0:25:27.880 --> 0:25:30.280
<v Speaker 9>very misleading. You've got to look at people who are

0:25:30.359 --> 0:25:36.640
<v Speaker 9>struggling because of this spiking prices, and Biden administrations basically said,

0:25:36.720 --> 0:25:40.440
<v Speaker 9>you know, we're not interested this is this is misinformation,

0:25:40.920 --> 0:25:43.159
<v Speaker 9>so we're not going to address it. I want to

0:25:43.240 --> 0:25:44.879
<v Speaker 9>think of other dimensions of this.

0:25:45.040 --> 0:25:45.520
<v Speaker 6>I mean.

0:25:47.280 --> 0:25:49.920
<v Speaker 9>Trust and experts has formed because of what happened during

0:25:49.920 --> 0:25:53.879
<v Speaker 9>the pandemic, the school closures, all the back and forth

0:25:53.960 --> 0:25:57.360
<v Speaker 9>over whether you need mess whether they work, whether they're essential,

0:25:57.960 --> 0:26:01.760
<v Speaker 9>and all that I think sort of roaded trust. And

0:26:01.880 --> 0:26:06.679
<v Speaker 9>now we have this extraordinary sort of weaponization of the

0:26:06.840 --> 0:26:12.600
<v Speaker 9>justice system to put Trump in jail by any means necessary.

0:26:12.960 --> 0:26:16.240
<v Speaker 9>Now I do think Trump, I should make it clear.

0:26:16.280 --> 0:26:18.880
<v Speaker 9>I mean, I'm Trump scares me. I mean I do

0:26:18.920 --> 0:26:23.439
<v Speaker 9>think he has authoritarian appetites and it dismays me that,

0:26:24.000 --> 0:26:25.879
<v Speaker 9>you know, the prospect that he could win an election

0:26:26.119 --> 0:26:30.280
<v Speaker 9>just both amazes me. And asmaze me. But look at

0:26:30.280 --> 0:26:32.240
<v Speaker 9>it from the point of view of his supporters. What

0:26:32.280 --> 0:26:38.720
<v Speaker 9>they see is politically active prosecutors going after him from

0:26:38.800 --> 0:26:45.199
<v Speaker 9>all these different directions. Unfortunately, the US has a highly

0:26:45.240 --> 0:26:49.880
<v Speaker 9>politicized criminal justice system. The prosecutors in many cases are

0:26:49.920 --> 0:26:54.200
<v Speaker 9>political actors with political ambitions, and so they can't take

0:26:54.280 --> 0:26:57.440
<v Speaker 9>it for granted that people will assume that what they're

0:26:57.440 --> 0:27:00.800
<v Speaker 9>doing is in the public interest. That always the suspicion

0:27:01.280 --> 0:27:05.800
<v Speaker 9>of advancing a political agenda. Now have they restrained themselves

0:27:06.160 --> 0:27:09.160
<v Speaker 9>given that is the case, I would say no, they

0:27:09.200 --> 0:27:12.400
<v Speaker 9>have not. Quite the opposite. They're doubling down. What it's

0:27:12.480 --> 0:27:15.720
<v Speaker 9>done is it's told people we were right not to

0:27:15.760 --> 0:27:19.040
<v Speaker 9>trust the criminal justice system. And that is a terrifying

0:27:19.760 --> 0:27:20.360
<v Speaker 9>thing that I.

0:27:20.320 --> 0:27:23.280
<v Speaker 2>Think we're seeing that we are talking with Bloomberg Opinion

0:27:23.320 --> 0:27:26.280
<v Speaker 2>colonist Clive Crook about the degradation of trust in the

0:27:26.400 --> 0:27:30.960
<v Speaker 2>United States and politics, government institutions and where that might

0:27:31.320 --> 0:27:33.960
<v Speaker 2>lead us. How did we get here, Clive.

0:27:34.080 --> 0:27:40.760
<v Speaker 9>Well, it's the key question. And I do hold Biden

0:27:41.080 --> 0:27:47.520
<v Speaker 9>somewhat responsible for this because he won his election on

0:27:47.600 --> 0:27:51.040
<v Speaker 9>a promise to be the moderay to the unified. That

0:27:51.160 --> 0:27:54.719
<v Speaker 9>was his whole shtick. You know, there was this battle

0:27:54.800 --> 0:27:57.800
<v Speaker 9>going on within the Democratic Party between you know, woke

0:27:57.920 --> 0:28:03.240
<v Speaker 9>progressives and more mainstream Democratic politicians, and Biden was regarded

0:28:03.440 --> 0:28:06.679
<v Speaker 9>as a mainstream guy, a deal maker. He has a

0:28:06.840 --> 0:28:10.560
<v Speaker 9>history of you know, striking compromises in Congress, and I'm

0:28:10.600 --> 0:28:13.080
<v Speaker 9>finding kind of middle way through. In fact, many of

0:28:13.119 --> 0:28:17.800
<v Speaker 9>his past positions are an embarrassment for him within the party,

0:28:18.480 --> 0:28:21.120
<v Speaker 9>and I think that is what many voters wanted. They

0:28:21.160 --> 0:28:24.760
<v Speaker 9>wanted that kind of moderate centrics. Now has he governed

0:28:24.920 --> 0:28:27.919
<v Speaker 9>as that, I would say no, he has not. He

0:28:28.080 --> 0:28:32.359
<v Speaker 9>basically has gone all in on a sort of hard

0:28:32.480 --> 0:28:38.760
<v Speaker 9>left progressive economic and political agenda, and so people feel

0:28:39.160 --> 0:28:42.560
<v Speaker 9>that he broke his word, and so they don't trust

0:28:42.720 --> 0:28:46.720
<v Speaker 9>him now. I think if, of course, Biden has many

0:28:46.720 --> 0:28:50.920
<v Speaker 9>other issues as well. To put it mildly, people don't

0:28:51.000 --> 0:28:55.120
<v Speaker 9>trust trust a man of his age and evidently declining

0:28:55.240 --> 0:29:00.320
<v Speaker 9>faculties to do a good job. If the Democrats could

0:29:00.040 --> 0:29:04.840
<v Speaker 9>find it within themselves to listen to those complaints about

0:29:04.920 --> 0:29:08.880
<v Speaker 9>Buide and find that that's a candidate, and the party

0:29:08.960 --> 0:29:13.640
<v Speaker 9>has plenty of good candidates that I think, you know,

0:29:13.680 --> 0:29:14.880
<v Speaker 9>Trump could be beaten.

0:29:15.480 --> 0:29:18.440
<v Speaker 2>When we're talking about this, we are specifically talking about

0:29:18.440 --> 0:29:21.560
<v Speaker 2>the re election of Donald Trump. But I'm curious about

0:29:21.720 --> 0:29:26.040
<v Speaker 2>what may follow after Donald Trump. Is there a concern

0:29:26.080 --> 0:29:29.600
<v Speaker 2>that a door has been opened to allow similar minded

0:29:29.640 --> 0:29:32.360
<v Speaker 2>candidates a shot at national office?

0:29:32.520 --> 0:29:35.120
<v Speaker 9>I would say so, actually, I mean that is a

0:29:35.560 --> 0:29:39.200
<v Speaker 9>that is a concern and a certainly concerned of mine.

0:29:39.280 --> 0:29:42.560
<v Speaker 9>I don't think we're taking it sufficiently seriously. But why

0:29:43.120 --> 0:29:45.680
<v Speaker 9>do people suppose that if only Trump can be beaten,

0:29:45.720 --> 0:29:51.600
<v Speaker 9>this problem goes away Once trust in our core institutions

0:29:51.640 --> 0:29:55.040
<v Speaker 9>collapses and I think it might perhaps that it hasn't collapsed,

0:29:55.040 --> 0:29:59.760
<v Speaker 9>but it's seriously damaged. Once that happens, then an avenue

0:30:00.280 --> 0:30:06.360
<v Speaker 9>open for this kind of aggressive populist candidate to come through,

0:30:06.880 --> 0:30:09.160
<v Speaker 9>someone who you know is going to say, you know,

0:30:09.240 --> 0:30:13.080
<v Speaker 9>forget the rules. There are no rules. You know, these

0:30:13.120 --> 0:30:16.600
<v Speaker 9>people will keep us out of office by any means necessary,

0:30:17.000 --> 0:30:20.000
<v Speaker 9>and we're done with that. I mean, why should that

0:30:20.040 --> 0:30:23.160
<v Speaker 9>stop at Trump? This is why the crucial thing is

0:30:23.240 --> 0:30:27.880
<v Speaker 9>to restore trust. And it depresses me no end that

0:30:28.000 --> 0:30:31.280
<v Speaker 9>the Democrats aren't a tune to this challenge. They have

0:30:31.360 --> 0:30:32.600
<v Speaker 9>to restore trust.

0:30:33.080 --> 0:30:35.840
<v Speaker 2>Clive Crook is a Bloomberg Opinion columnist and member of

0:30:35.840 --> 0:30:39.960
<v Speaker 2>the editorial board covering economics. You're listening to Bloomberg Opinion.

0:30:40.000 --> 0:30:44.840
<v Speaker 2>I'm Amy Morris. Have you heard about America's impending fiscal doom?

0:30:45.400 --> 0:30:46.800
<v Speaker 2>It is said to be a moment in the not

0:30:46.840 --> 0:30:49.400
<v Speaker 2>too distant future when there will be too many elderly

0:30:49.480 --> 0:30:52.080
<v Speaker 2>people for younger generations to support, and that would leave

0:30:52.120 --> 0:30:56.360
<v Speaker 2>the federal government unable to fulfill its financial obligations. Want

0:30:56.360 --> 0:30:59.040
<v Speaker 2>to talk about this with Bloomberg Opinion columnist and labor

0:30:59.080 --> 0:31:03.600
<v Speaker 2>economist Catherine Edwards. Okay, Catherine, First of all, would this

0:31:03.840 --> 0:31:07.320
<v Speaker 2>be a foregone conclusion? Is this a fiscal apocalypse that

0:31:07.360 --> 0:31:08.080
<v Speaker 2>we can't avoid?

0:31:08.520 --> 0:31:11.560
<v Speaker 4>No, of course not. It's a It certainly a reflects

0:31:11.600 --> 0:31:14.600
<v Speaker 4>a flair for the dramatic, if nothing else. But there's

0:31:14.640 --> 0:31:18.640
<v Speaker 4>nothing faded about either our economic or fiscal future that

0:31:18.760 --> 0:31:20.360
<v Speaker 4>policy can't change.

0:31:20.560 --> 0:31:24.000
<v Speaker 2>All right, let's talk about policy. What can the government

0:31:24.120 --> 0:31:28.040
<v Speaker 2>do right now to avoid this fiscal doom?

0:31:28.560 --> 0:31:32.120
<v Speaker 4>What the government is worried about is the obligations that

0:31:32.160 --> 0:31:36.040
<v Speaker 4>are going to go fund the income and the healthcare

0:31:36.360 --> 0:31:40.000
<v Speaker 4>of the baby boomer population. And they're not wrong, and

0:31:40.040 --> 0:31:42.680
<v Speaker 4>that there is going to be an incredible number of

0:31:42.800 --> 0:31:45.880
<v Speaker 4>elderly Americans in the near future. The youngest baby boomer

0:31:45.920 --> 0:31:49.960
<v Speaker 4>is currently fifty nine. But you know, I think they're

0:31:50.000 --> 0:31:54.120
<v Speaker 4>a little bit focused on the old. The cost drivers

0:31:54.120 --> 0:31:56.480
<v Speaker 4>of the elderly is that there's a lot of them

0:31:56.600 --> 0:31:58.200
<v Speaker 4>and they live a long time. I mean, those are

0:31:58.200 --> 0:32:01.320
<v Speaker 4>two things that you basically can't change. So if that's

0:32:01.360 --> 0:32:03.960
<v Speaker 4>going to be expensive to the federal government, then they

0:32:04.040 --> 0:32:07.080
<v Speaker 4>need to make sure that the programs that support the

0:32:07.160 --> 0:32:09.800
<v Speaker 4>elderly are in tip top shape, which means that they'd

0:32:09.840 --> 0:32:12.440
<v Speaker 4>have to reform Social Security, which they haven't done since

0:32:12.440 --> 0:32:15.160
<v Speaker 4>well before I was born. And then they're going to

0:32:15.240 --> 0:32:18.200
<v Speaker 4>have to bolster the finances of the young. If we

0:32:18.240 --> 0:32:21.000
<v Speaker 4>are going to afford an aging population, it is going

0:32:21.040 --> 0:32:23.040
<v Speaker 4>to be young people that pay for it.

0:32:23.240 --> 0:32:25.640
<v Speaker 2>Let's talk about that. How can we bet on the young?

0:32:25.720 --> 0:32:28.400
<v Speaker 2>How can we ensure that the young people will be

0:32:28.560 --> 0:32:29.680
<v Speaker 2>able to pay for it?

0:32:30.040 --> 0:32:32.960
<v Speaker 4>Yeah, because either way they will. Right, Let's say Congress

0:32:33.000 --> 0:32:35.640
<v Speaker 4>passes a benefit cut to Social Security and Medicare. Who

0:32:35.640 --> 0:32:37.080
<v Speaker 4>do you think is going to make up the difference?

0:32:37.120 --> 0:32:39.440
<v Speaker 4>The same young workers who would be financing the program.

0:32:39.520 --> 0:32:41.440
<v Speaker 4>I mean, it's young families who are going to pay

0:32:41.560 --> 0:32:44.520
<v Speaker 4>for their elders no matter what. You know, the way

0:32:44.560 --> 0:32:47.360
<v Speaker 4>to make the health less expensive is to radically alter

0:32:47.480 --> 0:32:50.400
<v Speaker 4>our health insurance system so that it's high cost aligns

0:32:50.400 --> 0:32:52.440
<v Speaker 4>with better outcomes. I mean, we're in the worst of

0:32:52.480 --> 0:32:54.840
<v Speaker 4>both worlds because we have some of the worst outcomes

0:32:54.840 --> 0:32:57.320
<v Speaker 4>for the highest prices. But there doesn't seem to be

0:32:57.360 --> 0:33:04.960
<v Speaker 4>an appetite in policy worlds to fix health care or

0:33:05.080 --> 0:33:08.200
<v Speaker 4>to change it in any dramatic way. And I can

0:33:08.280 --> 0:33:11.440
<v Speaker 4>understand that. I mean, that's moving miles from where we are.

0:33:11.560 --> 0:33:14.240
<v Speaker 4>Whereas the labor supply policy that could increase the number

0:33:14.280 --> 0:33:16.880
<v Speaker 4>of workers who are young, I mean that's moving inches right.

0:33:17.000 --> 0:33:20.760
<v Speaker 4>Let's have mandatory paid sick days. Let's have adjustments to

0:33:20.800 --> 0:33:23.520
<v Speaker 4>the Fair Libor Standards Act, so you're required to accommodate

0:33:23.560 --> 0:33:26.280
<v Speaker 4>workers who want to work part time, who need to

0:33:26.320 --> 0:33:28.280
<v Speaker 4>have flexible arrangements a few days a week. You know

0:33:28.320 --> 0:33:30.480
<v Speaker 4>your tenured staff says they're going to work from home

0:33:30.480 --> 0:33:32.920
<v Speaker 4>two days a week. You're probably increasing the number of

0:33:32.920 --> 0:33:35.280
<v Speaker 4>workers by a couple million in the long run. We

0:33:35.360 --> 0:33:37.840
<v Speaker 4>also need a paid family leave system. I mean, that's

0:33:37.920 --> 0:33:39.960
<v Speaker 4>just kindness. If we know that there are going to

0:33:39.960 --> 0:33:43.160
<v Speaker 4>be roughly eighty million people over sixty five, those children

0:33:43.160 --> 0:33:45.960
<v Speaker 4>are going to have some hard moment where their parents

0:33:46.000 --> 0:33:47.440
<v Speaker 4>are sick and they need to take care of them,

0:33:47.480 --> 0:33:49.120
<v Speaker 4>and we don't really offer them a way to do

0:33:49.200 --> 0:33:52.720
<v Speaker 4>so that doesn't almost always require them losing or leaving

0:33:52.760 --> 0:33:56.760
<v Speaker 4>their job. There's some easy gains like sick days, accommodation policy,

0:33:56.840 --> 0:33:59.400
<v Speaker 4>pay family leave. I mean, then there's some investments that

0:33:59.440 --> 0:34:02.760
<v Speaker 4>we just need to make, something like paying for childcare,

0:34:03.720 --> 0:34:07.040
<v Speaker 4>something like having a decent long term unemployment system that

0:34:07.120 --> 0:34:10.480
<v Speaker 4>helps retain workers whose jobs are automated. None of these

0:34:10.520 --> 0:34:13.920
<v Speaker 4>things are that radical in general. They only seem radical

0:34:13.920 --> 0:34:15.800
<v Speaker 4>in the US because we're the only country that doesn't

0:34:15.840 --> 0:34:18.440
<v Speaker 4>have them. But I you know, it's all tenable, it's

0:34:18.480 --> 0:34:22.000
<v Speaker 4>all possible. I think what is the true challenge is

0:34:22.040 --> 0:34:25.799
<v Speaker 4>to make healthcare less expensive. And so I kind of

0:34:25.800 --> 0:34:27.640
<v Speaker 4>put this as like, hey man, we can go with

0:34:27.680 --> 0:34:31.000
<v Speaker 4>the easy option first. The easy option is let's work

0:34:31.040 --> 0:34:33.960
<v Speaker 4>on workers and then the healthcare fight, you know, the

0:34:33.960 --> 0:34:36.239
<v Speaker 4>healthcare debacle, whatever you want to call it. I think

0:34:36.320 --> 0:34:38.600
<v Speaker 4>that one's more of the apocalypse. Nothing about aging in

0:34:38.640 --> 0:34:41.759
<v Speaker 4>the workforce. We can we can afford old people. It's

0:34:41.800 --> 0:34:43.640
<v Speaker 4>I don't think it's I don't think we should frame

0:34:43.680 --> 0:34:45.400
<v Speaker 4>it as that. And I don't think we should spur

0:34:45.600 --> 0:34:49.200
<v Speaker 4>any type of intergenerational who is getting the resources. You

0:34:49.200 --> 0:34:51.640
<v Speaker 4>don't have to have that fight if you don't position

0:34:51.719 --> 0:34:53.560
<v Speaker 4>the economy as a zero sum game.

0:34:53.760 --> 0:34:57.160
<v Speaker 2>Bloomberg Opinion columnist Catherine Edwards is a labor economist and

0:34:57.239 --> 0:35:00.040
<v Speaker 2>independent policy consultant. And that does it for this this

0:35:00.040 --> 0:35:02.880
<v Speaker 2>week's Bloomberg Opinion. We are produced by Eric Mullow, and

0:35:02.960 --> 0:35:05.480
<v Speaker 2>you can find all of these columns on the Bloomberg Terminal.

0:35:05.560 --> 0:35:09.400
<v Speaker 2>We're also available as a podcast on Apple, Spotify, or

0:35:09.440 --> 0:35:13.040
<v Speaker 2>your favorite podcast platform. Stay with us. Today's top stories

0:35:13.040 --> 0:35:16.200
<v Speaker 2>and global business headlines are just ahead. I'm Amy Morris.

0:35:16.400 --> 0:35:17.239
<v Speaker 2>This is Bloomberg