Special thanks to our sponsors: Navage, ZBiotics, and Oracle

Navage: Get a cleaning kit as a FREE gift with your order, but only by going to https://impacttheory.co/navageITsept24 and using code IMPACT.

ZBiotics: Head to https://impacttheory.co/zbioticsITsept and use the code IMPACT at checkout for 15% off.

Oracle: Take a free test drive of OCI at https://impacttheory.co/oracleITsept24

Welcome to another insightful episode of **Impact Theory with Tom Bilyeu. In today's episode, Tom Bilyeu dives deep into a broad spectrum of economic and political topics with guest David Pakman. They explore the nuances of economic and industrial growth, particularly focusing on wage stagnation since the 1970s and the impact of inflation on the younger generation.

The conversation takes a scholarly turn as David references the book "Why Nations Fail," dissecting the differences between extractive and inclusive institutions and their long-term effects on growth. COVID-19's economic fallout and the evolution of work conditions are examined, alongside predictions about wage pressures and productivity.

Tom and David further scrutinize the controversial practice of printing money by recent administrations, the critical balance of debt, and how it influences broader economic growth and financial equality. They touch on various economic metrics, fiscal management, and the implications of national debt, debating the effectiveness of stimulating economic growth through responsible deficit spending vs. cutting spending for long-term stability.

David Pakman lends his perspective on critical issues such as immigration policy, the role of undocumented workers in the economy, and the importance of shared values and cultural assimilation. Additionally, the discussion turns to the political landscape, including the ramifications of another potential Trump presidency, concerns about cognitive decline in political leaders, and the importance of maintaining non-partisan bureaucratic departments.

Today's episode is packed with insightful analysis, contrasting viewpoints, and a comprehensive dive into the intricate fabric of current economic and political affairs. So sit back, tune in, and get ready to challenge your perspectives on this episode of **Impact Theory with Tom Bilyeu.

00:00 Prefer straightforward social democracy over deep state theories.
11:59 Social democracy is a regulated form of capitalism.
28:29 Prefers fact-based Republican Party with substantive disagreements.
36:35 Advocating diverse opinions for effective government decision-making.
51:17 Focus on media literacy, critical thinking, regulations.
55:13 Support voter ID if all costs are covered.
01:09:15 Debt enables growth but poses economic risks.
01:13:51 Seventies show limits of extractive institutions' growth.
01:32:10 Disagreement over facts and Ray Dalio's thesis.
01:38:38 Balanced budget, transparent taxes, efficient government spending, no debt.

economic growth, wage stagnation, inflation, industrialization, extractive institutions, inclusive institutions, Soviet Union, COVID-19 economic impact, work conditions, wage growth, asset prices, printing money, economic stimulus, planetary resources, declining birth rates, debt accumulation, economic shocks, Federal Reserve, social programs, national debt, debt-to-GDP ratios, interest rates, deficit spending, immigration policy, border control, undocumented workers, assimilation, educational system, voter ID requirements, cognitive decline, foreign policy