Justin Wolfers on the Cost of War
Justin Wolfers returns to the Hot Dish to unpack the economic and political impacts of the Iran war with Heidi and Joel. This episode offers a clear-eyed view of how markets, government decisions, and public sentiment intertwine during times of crisis.
Justin explains the historic lows in consumer sentiment and approval ratings for political leaders, and addresses the real economic costs of the war, including market declines and wealth destruction. He also addresses:
- How the increased costs of energy and input supplies are impacting rural farmers and urban consumers (10:57)
- The political implications of leadership styles, democracy, and the "king" mentality in the White House (3:07, 5:01)
- The demonstration of market correction and its long-term significance, emphasizing the importance of resistance to overconfidence (14:02)
- The critical role of fiscal policy, debt, and deficits, with insights from Reagan, Clinton, Obama, and Trump eras (36:32)
- The human toll of war, including displacement and emotional trauma, versus the cold numbers of market losses (27:15, 34:27)
- How public perception and demonization affect policy, especially in the context of gas prices and military engagement (24:45, 28:19)
- The importance of connecting economic policy to human stories and moral considerations (33:13)
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Creators and Guests
Host
Heidi Heitkamp
U.S. Senator Heidi Heitkamp served as the first female senator elected from North Dakota from 2013 – 2019. he is the founder and Chair of the One Country Project, an organization focused on addressing the needs and concerns of rural America. Heidi was recently named the Director of the Institute of Politics at the University of Chicago, a university she has long been committed to and a place where she enjoys engaging with students over civic discussions while encouraging them to seek opportunities in public service to our country. Heidi also serves as a contributor to both CNBC and ABC News.
Host
Joel Heitkamp
He is an multi-award winning talk show host both regionally and nationally. Before radio, he served in the North Dakota Senate from 1995-2008.
Guest
Justin Wolfers
Justin James Michael Wolfers is an Australian economist and public policy scholar. He is professor of economics and public policy at the Gerald R. Ford School of Public Policy at the University of Michigan, and a Senior Fellow at the Peterson Institute for International Economics.
