Nobel Laureate Phelps: Incompetent People Run U.S. Government

The transcript discusses the challenges in political and societal relationships, emphasizing the need for competent government management. It touches on the upcoming fiscal stimulus and the importance of investment and R&D. The speaker criticizes Trump's policies, highlighting issues with corporate tax cuts, deficits, and trade restrictions. The discussion also covers trade policies and the technology race, with hopes for a more open approach under the Biden administration.

What is the initial step suggested to restore stability in political and societal relationships?

• Increase public spending

• Encourage private sector growth

• Elect competent government officials

• Reduce taxes

What is the speaker's hope for the upcoming fiscal stimulus?

• It should focus solely on consumption

• It should reduce government size

• It should increase corporate taxes

• It should address investment and R&D

Which policy of the Trump administration is criticized for not boosting investment and growth?

• Education policies

• Environmental regulations

• Corporate tax cuts

• Healthcare reform

What is the speaker's view on trade for productivity growth?

• Trade is irrelevant to productivity

• Trade should focus on local markets

• Trade is essential for productivity

• Trade should be limited

What is one of the 'appalling instances of bad government' mentioned?

• Increased military spending

• Letting forests burn down

• Cutting social programs

• Raising interest rates

How does the speaker suggest dealing with the 'bad stuff' in government?

• Embrace it

• Get it out of the way

• Expand it

• Ignore it

What is the speaker's hope for the Biden administration's approach to trade?

• To focus only on domestic trade

• To ignore trade issues

• To adopt a restrictive trade policy

• To take a progressive view on trade