On this episode of the Chuck ToddCast, Chuck sits down with Jared Bernstein — veteran economic adviser to both the Obama and Clinton administrations — for a sweeping, candid breakdown of the American economy, why the data and national mood feel so misaligned, and how technological change is reshaping the labor market. Bernstein explains how the White House approached economic tradeoffs, from inflation and tariffs to the stubborn low-hire, low-fire job market. He and Chuck dig into the uncertainty surrounding AI-driven job displacement, why Americans are more skeptical of AI than peers abroad, and how policymakers failed to build guardrails around the harms of social media. Bernstein argues that a federal jobs guarantee would be far more effective than universal basic income, and that political candidates will increasingly need to get tough on tech as the power of the “Magnificent Seven” distorts markets and discourages regulation. The conversation then turns to the structural failures of America’s healthcare system — from inelastic demand to weak cost controls — and why “Medicare for more” could be a practical starting point for reform. Bernstein outlines the entrenched inefficiencies of employer-based coverage, the rise of contract work, and the political salience but poor targeting of policies like “no tax on tips.” He also discusses the missed opportunity to protect the expanded child tax credit, the flaws in Trump’s proposed baby bond program, and the broader need for progressive taxation rather than philanthropy by billionaires. Finally, Chuck and Jared confront the realities of the national debt in an era of higher interest rates, the feasibility of reviving a robust child tax credit, and whether new supports — like credits for childcare or elder care — could help families navigate an affordability crisis that shows no sign of easing. Get your wardrobe sorted and your gift list handled with Quince. Don't wait! Go to https://Quince.com/CHUCK for free shipping on your order and 365-day returns. Now available in Canada, too! Go to https://getsoul.com & enter code TODDCAST for 30% off your first order. Got injured in an accident? You could be one click away from a claim worth millions. Just visit https://www.forthepeople.com/TODDCAST to start your claim now with Morgan & Morgan without leaving your couch. Remember, it's free unless you win! Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/chuck. Application times may vary. Rates may vary. Timeline: 00:00 Jared Bernstein joins the Chuck ToddCast 00:30 Jared worked for both the Obama & Clinton administrations 02:15 Drafting economic policy that has the most upside, least downside 03:15 The economic data doesn’t match the vibe of the country 04:15 The Biden WH talked past the electorate but didn’t lie about economy 05:45 Biden thought the job market was most important economic indicator 08:30 Inflation has been stubborn, how long did you assume we’d have it? 10:15 Tariffs have contributed to about half a point of inflation 11:00 Inflation during Covid was a combo of low supply & high demand 12:45 Should the fed be focusing on inflation or the jobs market? 14:30 AI isn’t causing mass layoffs yet, but it has frozen hiring 15:30 We’re stuck in a low hire, low fire jobs market 16:45 Technology displaces the most workers during economic downturns 18:45 How can we avoid job displacement destruction from AI? 20:15 Americans are far more negative on AI than other western nations 21:30 Politicians failed to create guardrails for the harms of social media 22:15 We don’t know the extent of how AI will displace jobs 23:15 Government should offer a federal jobs guarantee for AI displaced jobs 24:30 Universal basic income pales in comparison to a jobs guarantee 26:15 Getting tough on tech will be critical to successful political candidates 27:30 Tech companies threaten regulators with exiting the country 28:30 Breaking up tech’s power has appeal on both sides of the aisle 29:00 Market cap of the magnificent 7 is 22 trillion dollars 31:00 The S&P 500 minus the magnificent 7 is basically flat 32:45 Non-profit hospital systems make more money than for profit ones 33:30 Leaving healthcare to the free market doesn’t work well & is expensive 34:15 Healthcare isn’t shoppable and demand is inelastic 35:45 The only healthcare solution from congress is subsidizing insurance 36:30 The ACA did a lot to control healthcare spending, but not enough 37:15 We have very few cost controls in our healthcare system 38:00 “Medicare for more” would be a great place to start fixing the system 39:15 Competition in the health insurance market has been insufficient 41:00 Health insurers don’t want to compete with government, will fight har
