How Tech’s Growth Left the Midwest Behind: The Ripple Effect on Jobs, Education, and Politics
While tech is the fastest-growing sector in the US and the world, it mostly skipped the Midwest. But the shift didn’t just impact jobs but educational attainment and politics too. This episode explores the fascinating junction of Main Street and Wall Street where we bring together insights from Gad Levanon, Chief Economist at Burning Glass Institute, along with our esteemed co-hosts, Ira S Wolfe, Mat Van Alystyne, and John Aidan Byrne. We delve into the perplexing political realignment in the Midwest, the likelihood of a recession, the influence of AI on traditional jobs, concerns about public debt, and even the future of democracy. Episode Highlights: The Midwestern Struggle: The decline in manufacturing has hit the Midwest hardest, undercutting economic stability and leading to a political shift towards the Republican Party. Gad's research highlights a dramatic drop in educational attainment, population, and economic development in the region. This decline has contributed to the shifting voter preferences we see today. It's a complex story with no straightforward solution, but localized efforts and proactive leadership might offer glimmers of hope. Recession Talks: Premature or Impending? Gad maintains a cautiously optimistic outlook despite fears of an impending recession. While economic indicators show some negative trends, he believes that a recession requires a clear shock, which he hasn't seen yet. Mat Van Alystne adds that recessions often come as surprises, challenging us to stay prepared and vigilant. Tech and the Workforce: Winners and Losers Our discussion brought light to the tectonic shifts in the tech industry. AI and automation are transforming job landscapes, creating winners (owners, executives) and losers (rank-and-file programmers). These changes remind us that adaptability is not just a buzzword; it's a necessity. Public Debt: A Growing Concern Gad Levanon raises the alarm on the mounting public debt in the United States. Unlike personal debt, public debt lacks a clear connection to daily life, making it easier to spiral out of control. Both Gad and Mat criticize the lack of balanced budgets and fiscal responsibility. With a shift towards populism, the need for sustainable economic policies is more urgent than ever. We hope this episode equips you with the insights to navigate through the corner of Main Street & Wall Street. Stay tuned; we’ve lined up future episodes that promise to keep you on the edge of your seat! About the Speakers Mat Van Alstyne: Co-Founder and Managing Partner of Odeon Capital Group, a leading full-service boutique broker-dealer to institutional clients. Many of you know Mat from his commentary and outlook on the highly-rated Odeon Capital Conversations Podcast, John Aidan Byrne: Veteran Wall Street business journalist, editor, filmmaker, and successful podcast host of Odeon Capital Conversations and Dig Life Deep! John/s newest ventures are two movie projects, one on the legendary life of a Wall Street CEO and scholar and the other on Norman Rockwell. Special Guest: Gad Levanon is the Chief Economist of The Burning Glass Institute. Previously, Gad was with The Conference Board where he was founder of the Labor Market Institute. His research focuses on trends in US and global labor markets, the US economy, and their impact on employers. He is a regular contributor to Forbes and also often contributes opinion pieces to other national media outlets. Additional Resources: Connect with Gad Levanon Gad's Newsletter referenced in the episode Ready for a Soft Landing (Statista)
