Senator Phil Gramm Dispels Economic Myths

This week, I sit down with Phil Gramm, economist, three-term United States Senator from Texas, former chairman of the Senate Banking Committee, and co-author of 'The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism'. In the book, Senator Gramm argues that much of what Americans believe about capitalism, inequality, and poverty rests on incomplete data and a misunderstanding of history. We cover the true math behind income inequality and the war on poverty, the reason the Great Depression lasted so long, what really caused the 2008 financial crisis, and just how the heck America is going to reckon with its $40 trillion debt. (Spoiler Alert: it won't end well!)Get the book here.Follow Me on Instagram: hereAnd X / Twitter hereTimestamps:00:00:00 Trailer00:00:55 Intro00:02:08 From Oil Economist To U.S. Senator00:07:15 The Industrial Revolution Myth Debunked00:14:21 Did Free Trade Really Hollow Out Manufacturing00:20:25 JD Vance, The Dollar, And Reserve Currency Myths00:22:33 The Sugar Tariff Racket And The Cost Of Protectionism00:24:44 The Real Inequality Numbers Behind The Headlines00:31:01 The Truth About The War On Poverty00:34:32 Why Political Opponents Exaggerate Bad News00:41:26 Debunking The 2008 Financial Crisis Myth00:49:48 America’s $40 Trillion Debt And The Coming Reckoning00:53:45 Outro Get full access to Reasonably Happy at words.paulollinger.com/subscribe