Episode Overview

Podcast: The Clay Travis and Buck Sexton Show (feat. Ryan Graduski)
Episode Title: It's a Numbers Game: The Numbers Behind America’s Tech Economy, AI Disruption, and the Millennial Wealth Gap
Date: November 20, 2025
Main Theme:
Host Ryan Graduski dives deep into the economic realities and myths facing Millennials and Gen Z, exploring the complexities of generational wealth, the rapid disruption brought on by artificial intelligence (AI), and how these forces are shaping jobs, wages, homeownership, and politics. Special guest Congressman Ro Khanna (CA-17) joins to break down progressive proposals to address rising anxieties over automation, job losses, and the distribution of future wealth.

Key Discussion Points & Insights

1. Narratives and Realities Around Millennial and Gen Z Wealth

Timestamps: 03:40 – 13:43

• Media Myths: Graduski uses "Sad Jennifer" (Jennifer Aniston) as a metaphor for how Millennials have carried the label of economic victimhood since the 2008 financial crisis:
  • “Millennials enter the workforce at a really bad time... But, millennial men actually earn the most amount of money of any generation, adjusted for inflation, at this point in their lives.” (Ryan Graduski, 05:01)
• Current Economic Data:
  • Gen Z is projected to out-earn Millennials at a comparable stage.
  • Poor Millennials average more than poor Baby Boomers did at the same age; the same goes for the wealthy within each group.
• Rosy vs. Real:
  • Acknowledges hardships from inflation and housing, but rebuffs catastrophic media stereotypes.

2. The Housing Crisis

Timestamps: 08:48 – 11:29

• Stagnant Wealth Creation via Real Estate:
  • Median home sales price in Q2 2025: $410,000.
  • Home values up 45% since 2020 (Zillow data).
• Supply & Demand Pressures:
  • Aggressive zoning laws, population growth, and large-scale immigration increase demand.
  • “It is also a demand issue. The demand grows as the population grows, and it grows primarily by immigration, not to mention corporations and foreigners buying up housing.” (Ryan Graduski, 10:45)

3. Is AI the Next Economic Tidal Wave?

Timestamps: 11:30 – 13:43

• Unprecedented Investment:
  • $375 billion spent on AI research in 2025, projected to hit $500B in 2026.
  • “Big tech right now is doing the equivalent of building up Vegas in the 1950s... That’s what’s happening with the AI infrastructure.” (Dan Ivers/Wed Bush Securities, as cited by Graduski, 12:57)
• Job Displacement Fears:
  • Early-career jobs, notably in software and customer service, already feeling the impact.
  • Entry-level job losses are “muted” if workers upskill to use AI.
• Bubble or Paradigm Shift?
  • AI investments have shown “very little to no returns” so far (MIT & RAND studies).
  • Fear of an AI bubble, but consensus is the tech is still transformative.

4. Politics in an Age of Disruption

Timestamps: 12:00 – 13:43

• If unemployment persists at 10–20% due to AI automation, Graduski predicts sweeping political shifts:
  • “Their politics will shift to become more progressive or more radical in any kind of direction.” (Ryan Graduski, 13:28)
  • Warns of the concentration of AI-created wealth unless policy intervenes.

In-Depth Interview: Rep. Ro Khanna on Progressive Policy for the AI Economy

Timestamps: 16:59 – 35:24

1. The Dual-Edged Impact of AI

[17:24] – [18:13]

• Khanna: “It's had a bifurcated effect... huge capex expenditure that's created some jobs... huge wealth generation for those who have invested in AI... On the other hand, it is already starting to have an automation impact, making it harder for entry level jobs... and creating anxiety.”

2. The AI New Deal – Progressive Solutions

[18:13] – [21:49]

• Vision:
  • “If you're a college graduate...and you're not getting a job, then the federal government would...help create an apprenticeship...help you in your local community do some care job...work on some project...or help make government more efficient.”
• Funding:
  • Corporations that automate jobs should pay taxes to fund these programs, learning from the failures of past globalization.
• Algorithmic Immunity:
  • Revoke liability protections (Section 230) so platforms face consequences for algorithm-driven harms.
  • “These companies may move more to a subscription model...and it would be less of an outrage-driven democracy.” (Ro Khanna, 20:05)

3. “Marshall Plan for America”

[20:51] – [21:49]

• Comprehensive Strategy:
  • Proposes mass investment in trade schools, an industrial development bank for factories, AI tech institutes, and a “defensive” workforce program for displaced workers.

4. Civil Liberties and Data Rights

[21:49] – [23:08]

• “You own your data and we should have a data dividend in this country. It wouldn’t be life changing, but you’d probably get about 500 bucks a year...” (Ro Khanna, 22:10)
• Advocates for an Internet Bill of Rights; warns that aging leadership doesn’t understand the stakes.

5. Competing with China & Immigration Reform

[23:08] – [25:42]

• Khanna rebuffs “AI arms race” hype:
  • “Sometimes people who make this have not even been to China... I'm concerned that we're banning foreign students... as long as we are open to smart immigration, I am fully confident that our model is better...” (24:39)
• Sees need to reform H1B program to end abuse and prevent undercutting US workers.

6. Section 230, Tech Accountability, and Mental Health

[25:42] – [26:35]

• Section 230 is outdated; companies should be liable for harm, especially to children and for mental health impacts caused by AI systems.

7. Building Political Consensus

[26:35] – [28:11]

• On Political Trench Warfare:
  • “We need political leaders who understand AI... If we just continue down the current path, what you will have is tech billionaires, tech trillionaires and everyone else will sort of be left to fortune's whims.” (Ro Khanna, 26:58)
• Calls for more tech-literate, courageous leadership.

8. Wealth Concentration and Backlash

[29:20] – [29:51]

• Ryan: Asks if concentration of tech wealth may spark a backlash even among conservative voters.
• Khanna:
  • “I fear not only a backlash against technology, I fear backlash potentially against multiracial democracy... I call for an economic patriotism that's an inclusive patriotism that has a role for immigrants and has a role for innovation.”

9. Candid Exchange on Immigration, Education, and the American Dream

[31:24] – [34:57]

• Ryan: “I believe we should tax data. I don't know why data isn't taxed, considering it's clearly more valuable than oil and gold.”
• Education:
  • Consensus that graduation rates often mask real educational deficits.
  • Praises the German apprenticeship model, suggesting the US needs better school-to-career pipelines.

Notable Quotes & Memorable Moments

• On Data Rights
  “You own your data and we should have a data dividend in this country. It wouldn't be life changing, but you would probably get about 500 bucks a year just for the exploitation or the use of your data by these companies.”
  – Rep. Ro Khanna, [22:10]
• On the AI Revolution Being Like the Internet
  “The Internet had a bubble, but the Internet continued. And we're going to affect the way we work and our economy, but it's also going to affect our politics, which is where my brain always goes in.”
  – Ryan Graduski, [13:06]
• On Tech Wealth Concentration
  “You can't have an island of prosperity and a sea of despair. America can't survive half prosperous and half in decline.”
  – Rep. Ro Khanna, [28:38]
• On Leadership and Technology
  “We've had three 80 year old presidents in a row and we need leadership in this country that understands technology and understands how to respond to that technology.”
  – Rep. Ro Khanna, [22:58]
• On Political Backlash Risk
  “I fear not only a backlash against technology, I fear backlash potentially against multiracial democracy... You would have a very ugly movement.”
  – Rep. Ro Khanna, [29:51]

Ask Me Anything: Immigration, Assimilation, and Political Loyalty

Timestamps: 39:35 – 45:42

• Question from Prajwal (FL): Why do legal immigrants rarely vote Republican, and would different economic or immigration policies change that?
• Ryan’s Answer:
  • Cites decades of GOP attempts to win immigrant votes—results show policies don’t change voting patterns much.
  • Shares skepticism about the “bag of oranges” approach to immigration, stresses assimilation and shared values.
  • Argues loosening immigration policy won’t necessarily yield right-leaning voters; in fact, many assimilate to “leftist American culture” found on campuses.
  • “1.1 million legal immigrants per year and any of their family... and endless birthright citizenship or illegal aliens. We probably should clamp down on that.” ([44:40])
  • “Should we take in immigrants? Yeah, there's immigrants worthy of taking in the world that are going to be great Americans.”

Tone & Style

The conversation is analytically rigorous, data-driven, yet accessible, blending humor, self-awareness, and directness. Both Graduski and Khanna avoid partisan sloganeering, favoring straight talk and policy depth, especially on AI, labor, and intergenerational fairness.

For Listeners

Ideal For:

• Anyone seeking insight into the economic realities facing Millennials and Gen Z
• Policymakers, tech sector professionals, and politically engaged citizens concerned about AI and the future of work
• Those interested in AI’s broad impact on jobs, wages, and politics—beyond media hype
• Listeners looking for bipartisan conversation and practical, forward-thinking solutions

Recommended Segments (with Timestamps)

• Millennials and the “Sad Jennifer” myth: [03:40 – 07:30]
• The AI economy & potential job shocks: [11:30 – 13:43]
• Ro Khanna on a progressive AI New Deal: [18:13 – 21:49]
• Debate on immigration policy and its economic effects: [24:39 – 25:42]
• Civil liberties, data rights, and tech policy: [21:49 – 23:08]
• Ask Me Anything—on immigration voting patterns: [39:35 – 45:42]

Summary prepared for: The Clay Travis and Buck Sexton Show, Nov 20, 2025.