UBI, Running For President, Saving The World, and More | Andrew Yang on The James Altucher Show

Check out The James Altucher Show Episode Page & Show Notes

Key Takeaways

  • Although Andrew dropped out of the race, he’s grateful that the idea of UBI has gone mainstream and is now being taken more seriously
    • “Hopefully we’ll see universal basic income implemented in the US sooner rather than later and I do feel like my campaign played a role” – Andrew Yang
  • “We have to face the facts that 42% of the jobs that we’re losing are gone forever…you’re looking at something like twice the impact of the Great recession in perpetuity” – Andrew Yang
    • “We’ve managed to stop the bleeding with the first stimulus package but it’s evaporating, the unemployment benefits are running out…We need something of the same scale and magnitude or else we’re going to see indescribable despair and suffering in the United States”
  • The automation of many jobs is accelerating and COVID is increasing the rate of automation:
    • “It’s taking what might have taken 10 years and it’s happening in 10 weeks…It’s going to be a nightmare for many, many people” – Andrew Yang
  • Many companies are speeding up their automation investments
    • “Businesses are going to do everything they can to maximize their bottom line” – Andrew Yang
  • How would Andrew Yang deal with police reform?
    • Have police wear body cameras
    • Invest in non-lethal weaponry (like bolawrap)
    • Invest in crisis and mental health workers
    • Create a department of justice task force around police misconduct to take pressure off of local District Attorneys
    • Demilitarize the police force (they don’t need tanks)

Intro

  • Andrew Yang (@AndrewYang) is an entrepreneur, podcaster, and a former U.S. Presidential Candidate
  • Host:  James Altucher (@jaltucher)

 

From Lawyer To Presidential Candidate

  • Andrew quit working as a lawyer for two reasons:
    • There’s was no one at the company whose job or life he wanted to have
    • Good lawyers are constantly thinking about worst case scenarios, which can be a depressing way to spend one’s time
      • He quit being a lawyer after 5 months
  • The two biggest things Andrew had to prepare for when running for President was: A lot of rejection and time away from his family
    • When Andrew first announced he was running for President in 2018, he got barely any press coverage and only a handful of people would show up to this speaking events
      • He’s grateful for the Yang Gang for supporting him early on during his campaign

UBI & Saving The Economy 

  • Although Andrew dropped out of the race, he’s grateful that the idea of UBI has gone mainstream and is now being taken more seriously
    • “Hopefully we’ll see universal basic income implemented in the US sooner rather than later and I do feel like my campaign played a role” – Andrew Yang
  • “We have to face the facts that 42% of the jobs that we’re losing are gone forever…you’re looking at something like twice the impact of the Great recession in perpetuity” – Andrew Yang
    • “We’ve managed to stop the bleeding with the first stimulus package but it’s evaporating, the unemployment benefits are running out…We need something of the same scale and magnitude or else we’re going to see indescribable despair and suffering in the United States”
      • If nothing changes, expect to see mass evictions, mile-long lines for food, riots, and worse
  • “I hope that our leaders in Congress get their shit together” – Andrew Yang
  • What would Andrew do? 
    • Direct cash relief to people 
    • Some form of cushion for people who lost their job
    • Relief for States
      • “The danger is doing too little, not too much”

Running For President

  • How did Andrew gain so much momentum as an unknown candidate?
    • “I think they saw in me someone they could relate to” – Andrew Yang
      • Andrew was just someone who genuinely wanted to solve problems and help improve the US
        • “I’m just someone who sees that we can do things a lot better”
  • Andrew says that presidential debates are like stage plays where everybody plays a different role
    • Some candidates were rehearsing lines before going on stage

Automation & Employment

  • The automation of many jobs is accelerating and COVID is increasing the rate of automation:
    • “It’s taking what might have taken 10 years and it’s happening in 10 weeks…It’s going to be a nightmare for many, many people” – Andrew Yang
  • Many companies are speeding up their automation investments
    • “Businesses are going to do everything they can to maximize their bottom line” – Andrew Yang
  • The labor force in the US has been dropping, pre-crisis it was 62% but now it’s down to around 50%
    • “Something like 20% of working-age people in some counties in the US are on disability” – Andrew Yang
  • Historically, when people were unemployed, they went back to school to get a better education but now since tuition is so high we’re seeing less of that
    • Since profit margins in education are so high, expect to see big tech move into the space and create their own training programs

Fixing The Police Force

  • How would Andrew Yang deal with police reform?
    • Have police wear body cameras
    • Invest in non-lethal weaponry (like bolawrap)
    • Invest in crisis and mental health workers
    • Create a department of justice task force around police misconduct to take the pressure off of local District Attorneys
    • Demilitarize the police force (they don’t need tanks)

Government & Lobbyists

  • The government, like everyone else, isn’t perfect and makes a lot of mistakes
  • There are a lot of industries that are built on old regulations that if you tried to change them, thousands of people would lose their jobs and be upset with you
    • Those same industries spend a ridiculous amount of money on lobbyists to prevent any changes from happening
    • “If you go to DC, it like blows your mind how much like the influence-peddling industry has overrun that place” – Andrew Yang
      • “Trying to pull the roots out of that bureaucracy is a massive challenge”
  • Members of Congress are disconnected from the seriousness of COVID, the unemployment rates, and average society at large
    • “The problem is members of Congress are not really tied to their communities anymore” – Andrew Yang
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Notes By Alex Wiec

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