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How the "War on the Young" TED Talk Came to Be
Scott Galloway explains how a lunch with Chris Anderson led to his TED Talk on the war on the young, and how his team's data work went into it. Simon Sinek calls the conclusions chilling.
- •Galloway pitched the idea that economic policy is a thinly veiled transfer of wealth from entrants to incumbents, and from young to old
- •Chris Anderson asked how he would brand it, and Galloway answered "a war on the young"
- •Galloway says he is now stingy with his time and credits his team for the data behind the talk
- •The talk ran to 110 slides, built on far more hours of work than the eight he spent
Capitalism, the Middle Class, and the Stock Market
Sinek describes the stock market as having drifted from the average worker to the top 1%, with layoffs rewarded and R&D punished. Galloway responds that the middle class is history's greatest innovation and that unfettered capitalism collapses on itself without reinvestment in it.
- •Sinek says companies that announce layoffs see their stock rise, while announcing R&D pushes it down
- •Galloway cites Peter Drucker's view that an economy exists to create a middle class
- •Unfettered capitalism lets a few talented people capture capital and government, which he compares to Central America
- •Galloway says the 25 wealthiest Americans pay an average tax rate of 8%
- •Over 40% of government spending goes to people over 65, crowding out investment in technology and education
Me Before We: Individualism, Sacrifice, and Entitlement
The two discuss rising individualism, the heroizing of CEOs, and the contrast with World War II collective sacrifice. Galloway argues Americans have grown entitled and have only been asked to sacrifice for failed wars.
- •Galloway admits he would likely use his wealth to keep his sons out of a draft
- •Sinek says older executives demand loyalty while offering none, and that the Marlboro Man and heroized CEOs reflect over-indexing on individualism
- •Sinek recalls World War II era collective action, from uniforms to war bonds to war gardens
- •Galloway says Americans are entitled because the sacrifices asked of recent generations were for failed wars
- •Galloway says CEO pay has gone from 30 to 300 times that of young workers
Galloway's Rant on Wealth Transfer from Young to Old
Galloway lays out how tax and spending policy favors incumbents: lobbying, carried interest, Social Security, capital gains, and mortgage deductions. He says housing and education costs have surged while young people's incomes fell.
- •Lobbying is cheap relative to the tax breaks it buys
- •Capital gains are taxed lower than wages, and Galloway calls Social Security a tax that should be means-tested
- •The $30 billion child tax credit was stripped out while the $140 billion Social Security cost-of-living adjustment passes unchallenged
- •Housing is up 4X and education 2X, while inflation-adjusted income has fallen
- •Social media wealth displays leave young people feeling worse
Short of Revolution: Galloway's Policy Fixes
Sinek asks how to fix this short of revolution. Galloway says inequality self-corrects through war, famine or revolution, and proposes a progressive tax structure, an alternative minimum tax, bigger freshman classes, vocational degrees, and more housing permits.
- •Galloway describes current unrest as a series of mini revolutions driven by inequality
- •He proposes taxing super owners more, eliminating the capital gains deduction, and an alternative minimum tax for corporations and the very wealthy
- •Elite universities should grow freshman classes faster, and public universities should expand enrollment and cut costs in return for funding
- •Galloway wants 20% of degrees to be vocational certifications
- •He calls for federal liability for obstructing housing permits and a million and a half more permits a year
Who Will Voluntarily Change the System?
Sinek presses on the lack of incentive for incumbents to change anything, and on voters who need immediate relief rather than long-term thinking. Galloway answers that voters are culpable, with young people needing to vote and leaders able to make the case for reinvestment.
- •Sinek argues that no one in business, politics or universities has an incentive to make these changes
- •Galloway says no one will disarm unilaterally on taxes and that he minimizes his own, at 17% over ten years
- •Sinek says people struggling to afford milk vote for immediate relief, not long-term plans
- •Galloway says young voters should turn out at 60% rather than 40%, and floats giving guardians extra votes for their kids
- •He says a leader who articulates reinvestment in the middle class with passion could win
The Loss of Idealism and the Need for a Common Enemy
Sinek laments a total loss of idealism in politics and business, tracing the decline to the fall of the Soviet Union and the loss of a tangible enemy. He notes that trust in politicians is at a low while trust in corporations is relatively high.
- •Sinek contrasts Reagan and Kennedy, who spoke of world peace, with today's cynicism
- •He argues idealism is ethereal while a common enemy is tangible, and that the enemy is only the obstacle to something worth reaching
- •Sinek blames every president since the Soviet collapse for eroding American idealism
- •He says trust in politicians and social leaders is low while trust in corporations is oddly high
- •He hopes corporate leaders might restore idealism and have it filter through to politics
Can CEOs Be Trusted? Galloway vs. Sinek on Corporate Morality
Galloway rejects the idea that CEOs will fix things, saying corporations are good at making money and should be taxed and directed by elected officials. Sinek argues for a moral obligation in capitalism, citing the Victorian philanthropists who gave without tax incentives.
- •Galloway calls corporate social responsibility bullshit and says corporations should be taxed fairly, with capital redeployed through policy
- •He cites Daniel Kahneman's finding that extra income beyond a point adds no happiness, as support for a progressive tax
- •Sinek says today's capitalism is Milton Friedman capitalism, not Adam Smith capitalism
- •Sinek says Carnegie, Rockefeller and the British wealthy gave with no tax benefit, citing moral obligation
- •Galloway proposes taxing compute and a $25 federal minimum wage, and says one federal union would beat fragmented ones
Power to the People: Voters, Employees, and a Revolution
They discover they agree that power rests with the people, voters in Galloway's view and employees in Sinek's. They debate whether good leaders make minimum wage irrelevant and conclude both are advocating a nonviolent revolution.
- •Sinek says he is rallying employees, the voting population of business, and that power always rests with the people
- •Galloway argues fast food companies will pay $11 an hour unless a $25 wage is federally mandated
- •Galloway says unions have lost membership and should be replaced by one federal minimum wage
- •Sinek notes that idealistic politicians lose their idealism once fundraising becomes the job
- •Both agree that they are advocating a nonviolent revolution
Extremism, the Missing Middle, and Social Media
Galloway calls extremism the biggest threat in the world and says gerrymandering sends extremists to office while most Americans sit in the middle. He says social media and algorithms turn neighbors into enemies and leave moderates with no voice.
- •Galloway says 80% of senators come from 20% of the population, which he calls minority rule
- •He says the far left and far right have converged on antisemitism
- •Humans get a rush from uniting against an enemy, and without a Cold War foe, people turn on their neighbors
- •Galloway cites 52% of Democrats worrying their kid will marry a Republican
- •He says both extremes attack moderates and calls for more pragmatists and a new generation of leaders
Belonging, Institutions, and Why Friendship Matters
Sinek says people have chased money and advancement and are looking for belonging in odd places, since institutions no longer provide it. He wants to teach friendship, which Galloway agrees with, and the two trade jokes about alcohol and their families.
- •Sinek says demand exists for belonging as bowling leagues and religious institutions fade
- •Galloway cites a statistic that far-right families do better at parenting because they involve their kids in institutions
- •Sinek notes there are industries for leadership, parenting and health but none teaching people to be better friends
- •Galloway says one in seven men have no friends and one in four cannot name a best friend
- •Galloway describes encouraging his sons, aged 13 and 16, to talk to strangers
Love Thy Neighbor: Care as the Real Solution
Sinek argues that old-fashioned love for those near us may be the answer and that the issues discussed may be symptoms rather than causes. He draws on Navy SEALs who fear letting each other down more than dying, and on the effect of telling friends "I love you."
- •Sinek says declining empires commit suicide and love for the people next to us may be the solution
- •Special operators care for each other more than others can, fearing letting each other down more than dying
- •A friend in uniform said "I love you," which led Sinek to say it to his own friends, and they soon said it back
- •Sinek links World War II service to knowing neighbors, church, bowling leagues and PTA meetings
- •He suggests today's problems may be symptoms rather than causes
Money Versus Love: Galloway and Sinek's Friendly Clash
Galloway says he expresses love by giving money, while Sinek insists that friendship is different from paying employees. The argument turns into Galloway's case for hitting your number, spending it, and giving the rest away, and Sinek asks "at what cost?"
- •Galloway says money is the transfer of work and time and the best way to express love, and describes how he now overpays his staff
- •Sinek replies that Galloway keeps conflating friends with employees, and that people need both love and money
- •Galloway says he hit his number ten years ago and gives away any wealth growth beyond what he spends
- •Sinek says the pursuit of the number comes at the cost of colleagues and society
- •Galloway counters that most rich people are good people and argues for higher taxes on them
Closing: Podcast Empire, Team Success, and Mutual Respect
Sinek jokes about how many podcasts Galloway hosts, and Galloway says he works about 30 hours a week because he pays 14 great people well. They close with banter about Galloway's TED Talk joke about Sinek and mutual expressions of respect.
- •Galloway says he works 30 hours a week at most and that greatness lies in the agency of others
- •Sinek says he learned to ask for help and accept it when offered
- •Galloway recounts his TED joke about Sinek being the love child of Bill Gates and Malcolm Gladwell
- •The two end by saying they like and respect each other
