Podcast Summary: Everybody's Business

Episode Title: Anna Gifty Opoku-Agyeman Warns Us About The Double Tax
Date: February 13, 2026
Hosts: Max Chafkin & Stacey Vanek Smith (Bloomberg, iHeartPodcasts)
Key Guests:

• Anna Gifty Opoku-Agyeman (Author, "The Double Tax")
• Lauren Sherman (Business Journalist, Fashion People Podcast Host)

Overview

This episode of "Everybody's Business" dives into the concept of the "double tax"—the compounded economic costs of racism and sexism, particularly for Black women—through the lens of Anna Gifty Opoku-Agyeman’s new book. The discussion examines how these hidden, structural costs affect not just Black women but the broader economy, and how addressing them benefits everyone. The show also touches on the state of the job market for Black workers, the evolving luxury market during Fashion Week in New York, and ends with a discussion on luxury real estate security and the shifting ambitions of Elon Musk.

Key Discussion Points & Insights

The Hidden Cost of Being a Woman—Especially a Black Woman

Anna Gifty Opoku-Agyeman introduces “The Double Tax”

• (02:45) “The double tax is essentially the compounded cost of racism and sexism.” [Anna Gifty Opoku-Agyeman]
• Anna sets the stage by talking to people on the streets of Philadelphia about the cost of womanhood, highlighting how Black women in particular face higher expenses and lower earning power.
• Main argument: These costs are like a fire in one house on a block—if ignored, they’ll eventually affect the whole neighborhood (the entire economy).

Economic Realities for Black Workers

• (08:04) Unemployment among Black workers remains significantly higher than the national average (7.5% for Black workers vs. 4.3% for all workers).
• “Black job seekers have to send out more resumes, face AI hiring biases, and disproportionate job loss from federal cutbacks and automation.” [Anna Gifty Opoku-Agyeman; 08:04–09:23]
• AI-driven hiring tools have been shown to reinforce existing biases, further disadvantaging Black and LGBTQ job seekers.

Pay and Wealth Gaps

• (13:03) The gender pay gap is more severe for Black women than for white women or men: Black women earn less, often have higher student debt, and face more barriers in home buying and accumulating wealth.
• “A woman who is backed up by a bank account is a free woman.” [Anna Gifty Opoku-Agyeman; 13:03]
• Financial security impacts autonomy, future opportunities, and is hindered by systemic factors rooted in both racism and sexism.

The Broader Impact: Why "Double Tax" Hurts Everyone

• (14:10) Anna explains that ignoring the double tax isn’t just a moral failing but an economic one. Societies that allow portions of their population to be systematically excluded or underpaid are weaker, less productive, and risk long-term decline.

• (15:08) “If everybody in your society can’t fully participate in the economy, your economy will shrink. That’s inevitable.”

• She draws parallels to anti-immigrant movements in Europe, arguing that economies reliant on marginalized groups eventually suffer when those groups are excluded.

• Anna debunks claims of “anti-white discrimination” in hiring and college admissions:

  “By the way, it [anti-white discrimination] is not a thing, not according to the empirical evidence that we currently got, at least not in hiring, not in promotion and definitely not in college admissions. Let me just go ahead and squash that right now.” [15:08]

• The demographic shift in America (Gen Alpha: “majority minority”) means that these issues will affect a growing share of the country’s economic participants.

The Current Labor Landscape

Fast-reversing gains & DEI Backlash

• (17:30–18:01) Gains for Black workers made during the post-pandemic hot job market are being rapidly reversed as the job market cools, with Black unemployment rising noticeably.
• Policy choices such as federal job cuts and “DEI is over” narratives disproportionately harm Black employees.
• Anna calls for accountability in understanding how we got here before prescribing solutions for a fairer economy.

Fashion Week, Luxury, and Consumer Shifts

Fashion Week Skepticism and the New Luxury

• (22:52–26:26) Lauren Sherman gives a candid take: New York Fashion Week matters less globally than it once did; most trendsetting and economic impact now comes from Europe, especially Paris and Milan.

• Fashion shows are now more about marketing to influencers and consumers via digital channels than setting serious industry trends.

  “These fashion shows don’t really matter, to be honest. Like, the ones that matter are in Europe. And also the trends really start on the street.” [Lauren Sherman; 26:26]

• Social media and street style drive trends; Fashion Week amplifies rather than sets them.

Luxury Market Under Pressure

• Post-COVID, the luxury market is slowing for all but the ultra-rich, as consumers are more discerning.
• The secondhand market (e.g. RealReal, Poshmark) gives buyers affordable access to luxury and tempers demand for new goods.
• Brands like Coach succeed by offering “accessible luxury” (e.g., the Coach Tabby bag)—a $300–$400 purchase vs. $4,500 starter luxury.
• Chinese luxury brands are rising, and Chinese consumers are increasingly valuing domestic brands over Western legacy brands.

  “It is happening... The top ten grossing movies last year, two of them were just in China ... It’s finally happening in fashion.” [Lauren Sherman; 32:34]

Consumer Shift Drivers

• Financial constraints, saturation (people have too much stuff), and vibrant secondhand markets are converging.
• Even lower-end brands like Zara are moving “up market,” while brands like Tory Burch and Coach thrive in the “aspirational luxury” space.

“I think what is ... now is that the consumer thinks they know a lot and they feel educated and they only want to buy stuff that they feel like is worth the money.” [Lauren Sherman; 30:25]

Notable Quotes & Memorable Moments

• On the double tax:

  “The double tax is the quantification of misogynoir.” [Anna Gifty Opoku-Agyeman; 10:32]

• Systemic exclusion:

  “If my house is on fire and you don’t put the fire out at my house, it’s probably gonna spread to your house eventually.” [Anna Gifty Opoku-Agyeman; 09:37]

• On luxury:

  “The truest luxury is time. And then from there ... how can I think about making better things and better decisions with my money and my time?” [Street interview during Fashion Week; 23:53]

• Culture of excess security:

  “Moats are back, but also these other kind of interesting security measures. ... 13 deadbolts on the front door ... sour orange trees with spikes ... for safety.” [Stacey Vanek Smith; 44:00]

• Satirical Musk detour:

  “Elon Musk has announced ... that he does not care about Mars anymore. ... Mars is out, Moon is in.” [Max Chafkin; 41:01]

Important Timestamps

• 02:45 – Anna introduces “The Double Tax” and street interviews about the cost of being a woman.
• 08:04 – Black unemployment context and job market challenges.
• 09:32 – Explaining the “double tax” and misogynoir.
• 13:03 – Impact of pay and wealth gaps for Black women.
• 15:08 – Economic argument against exclusion; debunking anti-white discrimination.
• 17:30 – Fast reversal of gains for Black workers; DEI backlash.
• 22:52 – Fashion Week coverage begins.
• 26:26 – “Fashion shows don’t really matter” for broader trends.
• 28:02 – Assessing luxury market strengths and weaknesses.
• 32:34 – Rise of Chinese luxury brands.
• 35:36 – The opportunity for mid- and lower-end brands.
• 41:01 – Elon Musk’s lunar shift and the AI factory joke.
• 44:00 – Discussion of the rise in luxury home security features, “moats are back.”

Tone & Language

The tone is sharp, smart, and conversational, frequently punctuated by humor and candid personal anecdotes (e.g., hosts discussing their outfit costs, poking fun at Elon Musk’s “Moon over Mars” strategy). The podcast maintains a critical but accessible approach—making complex economic and social issues relatable without jargon overload.

Summary: Who Should Listen?

Anyone interested in understanding how systemic inequality affects economic life, the shifting realities for women and Black workers, and the true state of the luxury and fashion industries will find this episode insightful and clarifying. Anna Gifty Opoku-Agyeman’s explanations and analogies are especially useful for grasping why addressing inequality is not a niche concern, but, in the words of the show, “everybody’s business.”