What’s wrong with the U.S. economy? Not much according to Wall Street. But according to Adam Chandler, author of 99% Perspiration: A New Working History of the American Way of Life, there’s a fundamental contradiction at the heart of American capitalism. While the U.S. leads in AI investment ($50 billion of $56 billion globally in 2020) and Wall Street performance, Chandler notes, there's significant labor unrest at companies like Starbucks and Amazon. He argues that while the American economy appears strong, many workers aren't seeing the benefits. He notes that real wages have declined over 40 years for people of color and those without college degrees, despite recent technological advances. He critiques the American ethos that equates hard work with success, arguing that this overlooks structural barriers and the role of public investment in success stories. Chandler advocates for better worker protections, clearer work-life boundaries, and stronger social safety nets, citing successful pandemic-era programs like expanded child tax credits and unemployment benefits. He also discusses the concept of a "third life" - spaces outside work and home where people can socialize and engage as citizens, arguing these are crucial for democracy but increasingly rare. Our discussion concludes with a discussion of Universal Basic Income as a potential solution to workforce disruption from AI, with Chandler citing encouraging results from various pilot programs.

Adam Chandler is a journalist and author based in New York. A former staff writer at The Atlantic, his work has also appeared in The New York Times, The Wall Street Journal, The Washington Post, WIRED, Vox, Slate, New York Magazine, Texas Monthly, Esquire, TIME, and elsewhere. Chandler is the author of Drive-Thru Dreams: A Journey Through the Heart of America’s Fast-Food Kingdom and a recurring guest on The History Channel’s The Food That Built America. He regularly appears across television, radio, and digital platforms including CBS Sunday Morning, NPR’s Planet Money, Morning Edition, and Here & Now.

Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.

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Episode 2298: Adam Chandler on the fatal contradiction at the heart of American capitalism

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