ALGEBRA OF WEALTH, A SIMPLE FORMULA FOR FINANCIAL SECURITY. SEEMS SIMPLE TO ME. >> WE ARE TALKING ABOUT EVERYTHING BUT HIS BOOK. LET'S GET INTO THE BOOK. FIRST, RUN THROUGH, I HAVE SEEN YOU TALKING ABOUT THIS IN SPEECHES, TALK ABOUT HOW THE SYSTEM IS RIGGED. SO IF YOU GOT $1 MILLION, GREAT. YOU GOT 5 MILLION, 10 MILLION, EVEN BETTER. LIFE GETS EASIER BECAUSE THE WAY OUR TAX SYSTEM IS SET UP. >> YEAH. WE HAVE A VERY PROGRESSIVE TAX SYSTEM UNTIL YOU GET TO THE 99th PERCENT. THE PEOPLE MOST DAMAGED, LOWER/MIDDLE INCOME TAX HOUSEHOLDS. THE PEOPLE THAT GET HURT ARE THE WORKHORSES. THEY ARE PEOPLE WHO MAKE AN EXCEPTIONALLY GOOD LIVING, CURRENT INCOME, LIVE IN A BLUE STATE, PAYING 50, TO 54% TAX RATE. I BET SOME OF THOSE PEOPLE ARE AROUND THIS TABLE. IF YOU INVEST IN ASSETS, STOCKS, HOUSING, THEN YOUR TAX RATE PLUMMETS. SO IN AMERICA WE DECIDED TO TRY TO CREATE A SUPER CLASS OF BILLIONAIRES. IF THEY WIN THE GOLD MEDAL, WE GET THE SILVER AND BRONZE. CAPITAL GAINS AND MORTGAGE INTEREST, BIGGEST GAINS. WHO OWNS STOCKS? PEOPLE MY AGE. WHO DOESN'T, YOUNG PEOPLE. SO WE DECIDED THAT THE WEALTHIEST PEOPLE IN THE WORLD SHOULD GET EXCEPTIONALLY MORE WEALTH. MINIMUM WAGE, SECOND NINE, 25, STOCK MARKET IS UP. THE AVERAGE 72-YEAR-OLD IS 7 #% WEALTHIER. UNDER 40 YEARS OLD, 20% LET WEALTHY. WE ARE TRANSFERRING MORE WEALTH FROM THE POOR AND MIDDLE CLASS AND UPPER CLASS TO SUPER RICH AND FROM YOUNG TO OLD. >> AND YOU SAY IN THE BOOK, WHICH IS TRUE AND ALARMING, BUT A 30-YEAR-OLD AMERICAN IN AMERICA RIGHT NOW IS DOING NO BETTER THAN HIS OR HER PARENTS. THAT'S A NEW THING IN AMERICAN HISTORY, THAT YOU WOULD THINK OVER TIME, YOU KNOW, WE WANT TO DO BETTER THAN THE NEXT GENERATION. THAT'S NOT HAPPENING ANYMORE? >> IT TIES INTO WHAT WE WERE TALKING ABOUT ON CAMPUSES. FOR THE FIRST TIME IN, A 30-YEAR-OLD MAN OR WOMAN ISN'T DOING AS WELL AS THEIR PARENTS AT 30. THAT IS THE SOCIAL COMPACT BREAKING DOWN. 30 TO 34, 6 #% IN 1990 ONE CHILD, NOW 27%. PEOPLE OPTING OUT OF AMERICA. THEY ARE NOT HAVING KIDS. YOUNG PEOPLE AREN'T HAVING SEX, NOT MEETING, NOT MATING. THE POOL OF EMOTIONALLY AND ECONOMICALLY VIABLE MEN SHRINKS EVERY DAY, WHICH LESSENS HOUSEHOLD FORMATION. WE HAVE A REAL ISSUE. YOUNG PEOPLE ARE ENRAGED. IT TURNS EVERY MOVEMENT INTO AN OPPORTUNISTIC INFECTION BECAUSE THEY ARE JUST PISSED OFF. THEY LOOK UP. THEY SEE WEALTH EXCEPTIONAL WEALTH ACROSS MY GENERATION OF PEOPLE IN CERTAIN INDUSTRIES AND THEY ARE REALLY STRUGGLING. THEIR PURCHASING POWER IS GOING DOWN. SCARCITY ON CAMPUS, WE TAKE PRIDE IN REJECTING 9% OF APPLICANTS. THE DEGREES GO UP IN VALUE. VERY CONCERNED WITH HOUSING AND TRAFFIC. HOUSING PERMITS ARE SEQUESTERED FROM YOUNG PEOPLE. HOUSING PRICES HAVE GONE FROM 290 TO 420 THE LAST FOUR YEARS. SO A YOUNG PERSON, A HOUSE, STOCKS THAT I DON'T OWN, SKYROCKET IN VALUE, LET'S HAVE COVID RELIEF AND FLUSH THE MARKETS AND TAKE ASSETS WAY UP BECAUSE OF THE MILLION PEOPLE DYING WOULD BE BAD, WOULD BE TRAGIC IF I GOT LESS WEALTHY AND WE ARE DOING IT ON THEIR CREDIT CARD. YOUNG PEOPLE HAVE EVERY REASON TO BE ENRAGED. THEY LOOK UP, HE THIS GET ANGRY AND SEE SOMEONE DOING BETTER THAN THEM. EVERY DAY IT'S SPEEDBALLED IN THEIR FACE THAT THEY ARE FAILING, NOT DOING AS WELL AS EVERYONE AROUND THEM. WE HAVE LOST THE OUR KIDS ARE MORE ANXIOUS AND DEPRESSED AND OBESE AND ADDICTED. WE HAVE MADE A PURPOSEFUL DECISION TO LET THIS HAPPEN BY MAKING SURE PEOPLE STAY WEALTHY AT THE COST OF YOUNG PEOPLE. >> THE SOCIAL ELEMENTS THAT YOU MENTIONED, THE ANXIETY, ALL OF THOSE THINGS, THAT KIDS AREN'T GETTING TOGETHER ANYMORE, THAT THEY'RE NOT HAVING KIDS, WHAT HAPPENED IN ONE GENERATION? SOCIAL MEDIA HAS TO PLAY A ROLE, I'M SURE, BUT WHAT ELSE DO YOU SEE THAT HAS CREATED THIS CLIMATE FOR THIS GENERATION? >> WE HAVE THE MOST TALENTED PEOPLE IN THE WORLD AND COMPANIES TRYING TO CONVINCE A YOUNG MAN THAT HE CAN HAVE A REASONABLE FACSIMILE OF LIFE IN HIS BASEMENT. YOU DON'T NEED TO GO THROUGH THE REJECTION AND EXPENSE AND HUMILIATION OF WORKING OUT AND HAVING A PLAN AND HUMOR AND SHOWERING TO GET A ROMANTIC RELATIONSHIP. YOU HAVE UPORN. WE HAVE YOUNG MEN AT HOME SEQUESTERING FROM SOCIETY. THERE'S A REASON ROMANTIC COMPANIES ARE TWO HOURS AND NOT 15 MINUTES. TRUE VICTORY IN LIFE IS HARD. GOING OUT, MEETING SOMEONE IS HARD. BUT THAT'S WHAT VICTORY IN REAL LIFE IS LIKE. BECAUSE A LOT OF MEN FEEL REJECTED ON DATING APPS, THE NUMBER OF JOBS THAT ARE ACCESSIBLE HAS GONE DOWN, OFF GROUP OF YOUNG MEN WHO WANT A LOW-RISK ENTRY INTO LIFE. WHEN THEY DON'T HAVE THE PROSPECT OF A ROMANTIC RELATIONSHIP, THEY'RE MORE PRONE TO CONSPIRACY THEORIES. SOME BECOME REALLY BAD CITIZENS. WE ARE PRODUCING TOO MANY OF THE MOST DANGEROUS PERSON IN THE WORLD. THAT IS A YOUNG, BROKE AND LONELY YOUNG MAN. >> WHY IS IT THAT SO MANY OF THESE YOUNG PEOPLE THAT YOU'RE TALKING ABOUT SEEM TO HEAD INTO LIFE AFTER GOING TO FOUR-YEAR OR TWO-YEAR SCHOOLS OR WHATEVER, HEAD INTO LIFE WITH A LACK OF FINANCIAL LITERACY? ALL THEY KNOW IS THE ABSENCE OF MONEY. >> I THINK WE NEED TO HAVE IN OUR CURRICULUMS IN HIGH SCHOOL A CLASS ON ADULTING. MY KID CAN DO CALCULUS, BUT HE DOESN'T UNDERSTAND THE INTEREST ON HIS CREDIT CARD. THERE'S SOME BASIC FINANCIAL LITERACY WE'RE NOT TEACHING. WHEN YOU START REPLACING CIVICS WITH COMPUTER SCIENCE, YOU LOSE A SENSE OF THE COUNTRY AND YOU START LEARNING ABOUT PROGRAMMING. WHEN YOU DON'T TALK ABOUT BASIC FINANCIAL LITERACY OR EVEN MATING, I WOULD LIKE TO SEE A CLASS IN A MATING DYNAMICS. AT EXACTLY THE WRONG TIME IN A YOUNG GIRL'S LIFE, SHE IS PRESENTED WITH A VALUATION WHERE SHE NEVER GETS TO LEAVE THE HIGH SCHOOL CAFETERIA. WE JUST DON'T HAVE BASIC SKILLS FOR YOUNG PEOPLE. WE'RE TEACHING THEM
