478: Nicholas Eberstadt—The New Misery

Numbers don't lie—but they can obscure significant information. In this episode, Mike sits down with economist, demographer, and Harvard-educated brainiac Nicholas Eberstadt to explore a different kind of arithmetic—one that measures not just how many Americans we have, but how we're actually living. In his latest book, America's Human Arithmetic, Nick digs into three uncomfortable truths: first, the steady decline in prime-age labor force participation that persists even in strong economies. Second, the growing imbalance between those producing and those receiving—an economic equation increasingly tilted by entitlements and transfer payments. And third, a demographic slowdown marked by falling fertility and an aging population, reshaping the country's long-term trajectory in ways few are prepared for. Add those together and you get a new misery. This conversation is about the kind of math that doesn't stay on paper—the kind that shapes a nation's future whether we're paying attention or not.