Broken Families, An Outdated Educational System, and A Tough Marketplace | Andrew Yang on Impact Theory with Tom Bilyeu

Check out the Impact Theory Episode Page & Show Notes

Key Takeaways

  • Reasons for declining entrepreneurship levels:
    • More broken families
    • An outdated educational system
    • A tough marketplace
  • “The folks who are in their 20s and 30s are starting businesses at multi-generational lows” Andrew Yang
  • “We’re seeing record levels among dysfunction among young people that are hand-in-hand with smartphone adoption and social media use” Andrew Yang
  • Marriage and birthrates have fallen to historic lows in the US
    • “If you are a non-college graduate man you have a less than 50/50 shot of ever being married in your life” – Andrew Yang
  • “Our educational system is designed for an agrarian/industrial economy” Andrew Yang
    • “You’re preparing kids for an economy that stopped existing a long time ago”
  • The US has systematically underinvested in vocational education
    • Only 6% of American high school students are in technical or apprenticeship tracks. For comparison, in Germany, it’s 50%
  • “We have this completely unresponsive out of date educational system that is not actually preparing our kids with real skills, it’s just pretending and then they’ve also ginned up the price tag”Andrew Yang

Intro

  • Andrew Yang (@AndrewYang) is an entrepreneur, podcaster, and a former U.S. Presidential Candidate
  •  Host: Tom Bilyeu (@TomBilyeu) 

Books Mentioned

Thoughts On Entrepreneurship

  • Running a company is similar to heading a family
    • “When I was the CEO of my company, I felt like I was the head of a family, of a really big household.” Andrew Yang
  • Whether you’re opening a food truck business and running a big company, being an entrepreneur is a ton of work
    • Tom graduated from college with a film degree and started Quest in 2009 at the height of the financial crisis
      • “I’m not the person that should’ve succeeded” – Tom Bilyeu
  • Entrepreneurship has been on the decline for the past few years
    • “The folks who are in their 20s and 30s are starting businesses at multi-generational lows” Andrew Yang
  • Reasons for declining entrepreneurship levels:
    • More broken families
    • An outdated educational system
    • An unfair marketplace

Problems In Modern Families

  • “We’re seeing record levels among dysfunction among young people that are hand-in-hand with smartphone adoption and social media use” Andrew Yang
    • Depression, anxiety, and antisocial related behavior have increased
      • This generation of kids is on a path to be depressed, miserable, and indebted which is unlikely to make them pursue entrepreneurship
  • Today, 40% of children are born to unmarried mothers
    • Back in the 70s and 80s, it was only 15%
  • 90% of single parents are single moms
    • Girls do okay with having one parents but boys struggle more and develop higher behavioral and academic problems
  • Marriage and birthrates have fallen to historic lows in the US
    • “If you are a non-college graduate man you have a less than 50/50 shot of ever being married in your life” – Andrew Yang
  • In the 1970s and ‘80s, there were about 17 million manufacturing jobs in the US
    • Today, there are about 12 million of those jobs
  • More women are graduating from college than men
    • 58% of college graduates in the US are women

Problems In The Education System

  • “Our educational system is designed for an agrarian/industrial economy” Andrew Yang
    • “You’re preparing kids for an economy that stopped existing a long time ago”
  • The US has systematically underinvested in vocational education
    • Only 6% of American high school students are in technical or apprenticeship tracks. For comparison, in Germany, it’s 50%
  • “We need to be investing massive levels of resources in technical education”  Andrew Yang
    • “We have a massive shortage of people to fill those jobs. And we have an overabundance of people who are going to college.”  
  • Meanwhile, student loans entice people to go to college and leave them massively indebted
    • Additionally, 40% of students don’t graduate college within 6 years
      • “Imagine ending up with a debt loan and no degree” – Andrew Yang
  • “We have this completely unresponsive out of date educational system that is not actually preparing our kids with real skills; it’s just pretending and then they’ve also ginned up the price tag”Andrew Yang
  • Student loan debt has increased to $1.6 trillion 

Problems In The Marketplace

  • The majority of jobs that are being created are temporary gigs or contract jobs
    • In these roles, workers have little security, benefits, and income volatility
  • In most areas of the economy, there is a plateau or decline in growth which means fewer jobs and opportunities for promotions
  • With the current pandemic, the economy won’t be back to normal anytime soon
    • “Millions of the jobs that have been lost are not coming back” – Andrew Yang
      • Many CEOs don’t plan to rehire all of the workers they laid off, but instead will reduce their workforce or automate it

Andrew’s Advice To Listeners

  • Focus on your health: if you aren’t healthy you won’t be able to work  
  • Develop new skills  
    • “This is the time to try and dig into something that you have not traditionally had time to do” – Andrew Yang
  • Engage in creative pursuits
    • It will help keep you balanced and positive 
  • Help someone
    • “Just by helping someone, it will end up making you stronger. You will end up building connections and a sense of value.” – Andrew Yang

Additional Notes

Impact Theory with Tom Bilyeu : , , , ,
Notes By Alex Wiec

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