Latest / First Thing Today with Joe Thomas / FTTxJT 062326 CATO Adam Michel on "AI Scare"

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FTTxJT 062326 CATO Adam Michel on "AI Scare" · First Thing Today with Joe Thomas

0:10
Speaker 1: On a need to know basis, because you need to
0:13
Speaker 1: know the first thing.
0:15
Speaker 2: Today celebrating Pride months, everybody called me boo, I got
0:21
Speaker 2: no money for the wholemorrow.
0:23
Speaker 3: Some say I'm he goes no good time.
0:26
Speaker 2: Well, you know, and the keyboard warriors got to be
0:29
Speaker 2: the keyboard warriors there four three, four eight eight two
0:33
Speaker 2: four two one seven kareem rights and happy tenth anniversary
0:39
Speaker 2: of Brexit. I was reading a piece was The Times
0:44
Speaker 2: complaining about well, what has Brexit done for us? And
0:49
Speaker 2: we can pick apart that if it's it's of your mind.
0:51
Speaker 2: But AI became such a big part of our budget
0:56
Speaker 2: discussions and it still is. Adam Michelle from the Cato
1:00
Speaker 2: Institute had a great piece just the other day on
1:03
Speaker 2: artificial intelligence in the Brew. Haha, Adam, thank you for
1:06
Speaker 2: joining us and keeping our hands out of our pockets.
1:10
Speaker 3: Thanks for having me on. I'm doing well.
1:12
Speaker 4: Indeed, I wish the government had fewer hands in our pockets.
1:18
Speaker 2: So here in Virginia, we just watched a dog and
1:22
Speaker 2: pony show culminate this week in a budget vote that
1:25
Speaker 2: you know, perfunctory passed a two hundred and twelve billion
1:28
Speaker 2: dollar taxing plan and oh sure, they also have a
1:32
Speaker 2: list of the things they're going to spend on it,
1:34
Speaker 2: but we're going to have to cough up that money somewhere,
1:37
Speaker 2: and within it was the demagoguery of data centers, which
1:42
Speaker 2: is the source of AI and their business. Virginia has
1:46
Speaker 2: seventy percent of the world's Internet traffic passed through her
1:50
Speaker 2: at some point or another because of our two trunk
1:54
Speaker 2: lines coming into Virginia. But in it I found a
1:58
Speaker 2: report from the Joint Legislative Audit and Review Commission that
2:03
Speaker 2: said that for every dollar of tax breaks that Virginia's
2:06
Speaker 2: government gives the data centers, which we give them sales
2:11
Speaker 2: and usage and ownership tax break on the computer technology
2:16
Speaker 2: that they use quite a bit of there, that six
2:19
Speaker 2: dollars and ten cents of economic growth was created. That
2:26
Speaker 2: for every dollar not collected in taxes, six dollars and
2:31
Speaker 2: ten cents of revenue was realized by Virginia citizens. I
2:35
Speaker 2: thought that was stunning, though not surprising, because, as Ben
2:38
Speaker 2: Franklin once said, if you want less of something, tax
2:42
Speaker 2: it is this just Virginia's particular example of bad You know,
2:48
Speaker 2: the idea of eliminating these tax breaks would be just
2:51
Speaker 2: more bad policy. Being driven by data center demagoguery and
2:57
Speaker 2: AI panic.
3:00
Speaker 4: Yeah, I think this is a really great place to
3:02
Speaker 4: start the conversation. In the case of Virginia, my understanding
3:06
Speaker 4: is that this tax break that they're getting is really
3:09
Speaker 4: just saying that we're not going to levy sales.
3:11
Speaker 3: Tax on business inputs.
3:12
Speaker 4: Which I'm not in favor of specific industry carve outs
3:18
Speaker 4: and any type, but this is an example of a
3:21
Speaker 4: carve out that should be expanded to all industries. Sales
3:24
Speaker 4: taxes are supposed to fall on the end consumption, and
3:27
Speaker 4: when you levy it on business inputs, it creates this cascade,
3:31
Speaker 4: this pyramid effect, where just depending on how many inputs
3:35
Speaker 4: you have into the business, you could be paying much
3:37
Speaker 4: higher effective tax rates.
3:39
Speaker 3: The impetus for pulling back.
3:43
Speaker 4: These sort of quote unquote subsidies comes from a place
3:47
Speaker 4: of just core misunderstanding, and that's this AI panic, this
3:51
Speaker 4: idea that a fear of AI changing labor markets or
3:57
Speaker 4: taking jobs, or changing the sort of economics of labor
4:01
Speaker 4: markets right should lead us to then levy higher taxes
4:06
Speaker 4: in any number of ways on these on the inputs
4:10
Speaker 4: to AI, on data centers, on token usage, on new
4:15
Speaker 4: ship production, and all of that is is it just
4:19
Speaker 4: founded on both the basic misunderstanding of how new technological
4:23
Speaker 4: developments have played out throughout history, and also is founded
4:28
Speaker 4: on a misunderstanding or a lot of misinformation about the
4:32
Speaker 4: fact that capital is taxed at a lower rate rate
4:36
Speaker 4: than labor, which is also simply not the case.
4:39
Speaker 2: Well, isn't you know? In some of this they talked
4:42
Speaker 2: about I think Rogue Kana was on one of the
4:46
Speaker 2: it was actually a podcast I'm now reminded over the
4:48
Speaker 2: weekend saying if you just taxed Elon Musk five percent
4:53
Speaker 2: all of his trillions of dollars and and aside from
4:56
Speaker 2: the ridiculous things he said, you could do with it,
5:00
Speaker 2: that's what you talk about, is capital investment. And then
5:03
Speaker 2: people look at the value, the unrealized value of that.
5:08
Speaker 2: We're really debating discussing unmade money. We're taxing imaginary funds.
5:16
Speaker 2: We're saying, well, this could be worth this if you
5:20
Speaker 2: sold it all, but you haven't sold it all, so
5:22
Speaker 2: we don't know what it's worth. So we're going to
5:24
Speaker 2: try to tax the imaginary worth of that. I don't
5:28
Speaker 2: know who invented this idea, but man, there's a bust
5:31
Speaker 2: of them somewhere in the high tax shelters of Washington, DC.
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Speaker 4: Yeah, this is the idea of taxing wealth instead of income.
5:41
Speaker 4: And one of the main problems with taxing wealth is
5:45
Speaker 4: that it's a stock. It's often investments in companies and
5:50
Speaker 4: in physical things that may or may not be throwing
5:55
Speaker 4: a source of income.
5:57
Speaker 3: And so when you're taxing.
5:58
Speaker 4: That stock that you are, you create a large distortion
6:04
Speaker 4: in comparison the taxing the income or the consumption of
6:08
Speaker 4: flow that happens every year. And so Rokane uses the
6:13
Speaker 4: statistic where all you need to do is tax a
6:16
Speaker 4: low two percent five percent, whatever the number is. What
6:19
Speaker 4: he doesn't tell you that is that five percent figure.
6:22
Speaker 4: If that underlying stock of wealth earns anything less than
6:26
Speaker 4: a five percent return, you are taxing at equivalent of
6:30
Speaker 4: one hundred.
6:31
Speaker 3: Percent income tax rates.
6:33
Speaker 4: And so they are intentionally using misleadingly small numbers to
6:39
Speaker 4: make people think that they are not talking about levels
6:42
Speaker 4: of taxation that is confiscatory and will not fix our
6:46
Speaker 4: fiscal problems.
6:47
Speaker 3: Even if you were to confiscate all of the wealth.
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Speaker 4: Of the Forbes four hundred lists, you could fund the
6:52
Speaker 4: federal government for something like nine months.
6:55
Speaker 3: And that's a one time confiscation.
6:58
Speaker 4: It's just there's simply not enough wealth at the top
7:01
Speaker 4: of the income distribution to fix Washington's massive, massive fiscal problems.
7:07
Speaker 2: I brought this up a couple of weeks ago on
7:10
Speaker 2: my syndicated radio program in the Mornings, and I said,
7:14
Speaker 2: and that's just if we don't all lose our jobs,
7:17
Speaker 2: because that's the other shoe that's in that if we
7:19
Speaker 2: went after all the money in all of Forbes five hundred,
7:23
Speaker 2: we would all probably become unemployed by the end of
7:26
Speaker 2: the month because all of the companies that those that
7:29
Speaker 2: that wealth is supporting and investing in are going to
7:32
Speaker 2: close up, aren't they.
7:33
Speaker 3: Adam, Yeah, that's exactly right.
7:36
Speaker 4: There's this People often mischaracterize wealth as as like gold
7:43
Speaker 4: bars in the back of someone's and that's that's almost
7:47
Speaker 4: it is almost never that in that form. It is
7:51
Speaker 4: almost entirely in uh in closely held businesses, in stocks
7:57
Speaker 4: of companies that that is, the founders that the founder
8:01
Speaker 4: started at that those stocks have grown because the founder
8:05
Speaker 4: has invested so much of their personal time and resources
8:10
Speaker 4: into those firms. And so when you talk about taking
8:14
Speaker 4: x percent of Musk or or Bezos or you.
8:19
Speaker 3: Named the rich boogeyman.
8:21
Speaker 4: You're really saying the government is going to confiscate parts
8:25
Speaker 4: of their business. That if you if you if Bernie
8:28
Speaker 4: Sanders wants to take half of what Bezos half of
8:32
Speaker 4: Bezos as well, you're really saying you're going to take
8:34
Speaker 4: half of Amazon and put the government in charge of
8:37
Speaker 4: it or and or sell it off. And that is
8:40
Speaker 4: I think if you can go look at how the
8:41
Speaker 4: post offices run, we most certainly wanted the government in
8:44
Speaker 4: charge of Amazon.
8:46
Speaker 2: Adam Michelle is on with us from a few years ago.
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Speaker 1: We've cut the cost of listening. By hell, it didn't
10:02
Speaker 1: cost anything in the first place. So let's say one
10:05
Speaker 1: million dollars. First thing today by Joe Thomas on the
10:12
Speaker 1: Talk Media Network.
10:13
Speaker 2: He the sun.
10:16
Speaker 7: Through all the double winds, the old hand.
10:23
Speaker 1: Then smile a button.
10:28
Speaker 2: Bye, and't it the truth? Celebrating Pride Month all this month,
10:33
Speaker 2: and I hope you're enjoying it and finding it illuminative,
10:37
Speaker 2: because really, what's the point in one of these commemorative
10:40
Speaker 2: months if it doesn't bring illumination. Hey, I was thinking
10:45
Speaker 2: about Freedom Fest. We were just talking about getting ready
10:47
Speaker 2: to go out there July eighth, kicking off the next
10:50
Speaker 2: two hundred and fifty years, and hoping it is dedicated
10:53
Speaker 2: to life, liberty, and the pursuit of happiness as well
10:57
Speaker 2: all that brought to you by the Heritage Historic Sites program,
11:01
Speaker 2: and one of the ones. I was thinking about this
11:04
Speaker 2: while talking to the tea party on Saturday, and they
11:09
Speaker 2: had some folks there from Saint John's Church where Patrick
11:12
Speaker 2: Henry gave his give me Liberty or give me Death speech,
11:15
Speaker 2: still functioning as an Episcopal church, by the way, it
11:18
Speaker 2: still you know, And I thought of all the cool places.
11:23
Speaker 2: We broadcasted this show live from right Tavern in Conquered
11:27
Speaker 2: Massachusetts last year for the two hundred and fiftieth anniversary
11:31
Speaker 2: of that battle and the beginnings of the American Revolution.
11:37
Speaker 2: And one of the places I do want to visit
11:41
Speaker 2: is that meeting hall in Annapolis where the Continental Congress
11:48
Speaker 2: met General Washington and he turned in his commission. Is
11:53
Speaker 2: perhaps one of the most important sites in the history
11:56
Speaker 2: of mankind, because this was a room full of men
12:00
Speaker 2: who are ready to put a crown on Washington's head,
12:03
Speaker 2: and he turned it into his commission and went home.
12:07
Speaker 2: Such an important point in American history, and it's one
12:11
Speaker 2: of those places nobody thinks of it. It was like, Oh,
12:13
Speaker 2: I want to Independence Hall, and so on and so forth,
12:17
Speaker 2: that one spot they're ready to put a crown on
12:20
Speaker 2: George Washington's head, and he said, that's not what we
12:23
Speaker 2: fought for. Here's my commission, have a nice day. The
12:26
Speaker 2: portrait hangs in the Capitol rotunda still to this day.
12:30
Speaker 1: I believe it's an.
12:31
Speaker 2: Important say Adam Michelle visiting with us from the Cato Institute,
12:35
Speaker 2: director of their Tax Policy Initiative and one of the
12:39
Speaker 2: great free market groups out there. You were talking with
12:44
Speaker 2: us earlier about AI, and you have a new column
12:49
Speaker 2: about the AI foolishness and a lot of the you know,
12:52
Speaker 2: a lot of the gray matter that's being splattered around
12:55
Speaker 2: over AI so to dissuade people. We've learned now a
13:00
Speaker 2: lot of the AI arguments are being paid for by
13:03
Speaker 2: the CHI comms. But you talk about the idea of
13:07
Speaker 2: government bailouts and government incursions into AI and perhaps even
13:12
Speaker 2: getting involved the argument I hear as well, everyone else
13:15
Speaker 2: does it. We're trying to compete on a global market
13:18
Speaker 2: with the state sponsors of these different things. Should we
13:22
Speaker 2: be pointing out that we're more prosperous than they are
13:26
Speaker 2: and that's why our companies generally have more money.
13:29
Speaker 4: Yeahs, you lose to There's a there's multiple ways that
13:33
Speaker 4: this argument falls apart. You look at your sort of
13:36
Speaker 4: average European country, and people in the United States consume
13:41
Speaker 4: about seventy percent.
13:42
Speaker 3: More than those Europeans.
13:44
Speaker 4: And that's one measure of us just being vastly more
13:48
Speaker 4: wealthy at the average level in America than in a
13:53
Speaker 4: lot of places across Europe.
13:54
Speaker 3: Wow, the same thing. You look at look at China.
14:00
Speaker 4: They are not They are not the model that we
14:02
Speaker 4: want to be emulating. The way that the United States
14:06
Speaker 4: beat the Soviet Union has stayed at the forefront of
14:09
Speaker 4: global innovation is not by putting the government in control
14:13
Speaker 4: of firms or taking equity stakes and firms.
14:17
Speaker 3: It is. It is by letting.
14:19
Speaker 4: Entrepreneurs and individuals drive innovation. And that has been the
14:25
Speaker 4: way that we've succeeded historically. And and we we are
14:29
Speaker 4: certainly not going to beat China or anyone else at
14:32
Speaker 4: the game of putting the government.
14:33
Speaker 3: In charge of private industry. That is a recipe for failure.
14:38
Speaker 2: Now, one of the things that I've noticed in my
14:41
Speaker 2: years of doing this broadcasting and talking with listeners something
14:46
Speaker 2: it has been an anecdotal observation that our industries are
14:50
Speaker 2: becoming more and more centralized, more more mergers fewer choices
14:55
Speaker 2: in places to work, whether it's banking, airlining. We become
15:02
Speaker 2: more centralized, and at first you feel like, oh, is
15:06
Speaker 2: that like a Bernie Sanders in me coming out? But
15:09
Speaker 2: one of those things is because this is a tax
15:12
Speaker 2: policy issue, these companies merge often just to keep up
15:17
Speaker 2: with the regulatory and burden some tax regulations that the
15:21
Speaker 2: federal and state governments put on them. It's been my argument,
15:25
Speaker 2: I want to hear your thought on it, and please,
15:28
Speaker 2: by all means, don't be polite to the host the listeners.
15:31
Speaker 2: Aren't call me as crazy as a bag of hair
15:34
Speaker 2: if you want. But it's been my thought that if
15:37
Speaker 2: we were to go through the tax and regulatory code
15:41
Speaker 2: with a scythe and really get off the backs, we
15:44
Speaker 2: would watch a conflagration of new and smaller businesses starting
15:50
Speaker 2: with more people given more opportunities to choose who they
15:54
Speaker 2: work for, and we'd see that American exceptionalist economy come back.
15:58
Speaker 2: Am I crazy?
16:01
Speaker 4: So you're you're right, but I think you also overstate
16:05
Speaker 4: the problem. I think that this idea of increasing concentration
16:10
Speaker 4: and monopoly power is almost always overstated, and Americans currently
16:15
Speaker 4: have sort of vast choices in in in most markets,
16:20
Speaker 4: the places where you see businesses getting sort of bigger
16:24
Speaker 4: and bigger and not having easy competitors, maybe in banking,
16:29
Speaker 4: maybe in healthcare, often an education, these are all places
16:34
Speaker 4: where the government is heavily, heavily involved. And these are
16:39
Speaker 4: the places where you see problem, where you see the
16:42
Speaker 4: market not not delivering what American consumers want. And so
16:46
Speaker 4: so you're right to the extent that there's that there's
16:48
Speaker 4: inefficient markets. The problem is too much regulatory too much
16:53
Speaker 4: regulatory burden, too many government subsidies and uh. And the
16:58
Speaker 4: problem with high taxes or or a lot of regulatory
17:01
Speaker 4: burden is that it's the only the big guys that
17:05
Speaker 4: can comply with that that you have to jump through
17:07
Speaker 4: one hundred huw hoops to get off the ground. Of course,
17:11
Speaker 4: that's going to keep an upstart competitor from entering the market,
17:14
Speaker 4: and it means that the big guys just get bigger.
17:17
Speaker 4: So yes, to the extent that there that there is
17:19
Speaker 4: a problem is sort of with competitive markets. The answer
17:24
Speaker 4: is always first get the government out of the way,
17:26
Speaker 4: and you're almost always going to fix the problem.
17:28
Speaker 2: So let me circle back to your wonderful piece that
17:32
Speaker 2: you can read. You listening, can read atoms written, probably
17:36
Speaker 2: read it a dozen times before it published. It's called
17:39
Speaker 2: AI panic producing terrible tax ideas at kto dot org.
17:45
Speaker 2: So the suggestion, as artificial intelligence becomes the boogeyman under
17:50
Speaker 2: everyone's bed, is that the government needs to own and
17:55
Speaker 2: get in bed with, whether it's Anthropic or Amazon, you know,
18:02
Speaker 2: whoever it is that they want to get in bed
18:04
Speaker 2: with or all of the above to to regulate AI.
18:09
Speaker 2: It sounds like you're of the mind that that's the
18:12
Speaker 2: wrong answer to take.
18:15
Speaker 4: Yes, as soon as the government gets involved, they are
18:19
Speaker 4: going to make this technology less efficient and worse for
18:23
Speaker 4: workers to the extent that So you look throughout history,
18:27
Speaker 4: there's always been anxiety around large new technological advances, and
18:32
Speaker 4: this time is clearly clear, clearly no different what we've
18:36
Speaker 4: seen every other time throughout history. Is that new technologies
18:39
Speaker 4: ultimately help workers. It helps raise wages, It makes us
18:44
Speaker 4: more productive and opens many, many more jobs than that
18:49
Speaker 4: than it displaces, and and and getting getting preempting that
18:55
Speaker 4: cycle and getting the government involved before you can see
18:58
Speaker 4: the benefits of the new technology most certainly means we
19:01
Speaker 4: will never see those benefits, and we may just see
19:04
Speaker 4: the downside.
19:05
Speaker 2: All right, Well, I appreciate that. Hang on more to
19:07
Speaker 2: come on this, but I wanted to get that thought.
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Speaker 1: Quit curse thing today by Joe Thomas on the Talk
20:24
Speaker 1: Media Network, all naturally and free of artificial intelligence all the.
20:30
Speaker 3: Time, time.
20:41
Speaker 2: Through the celebrating Pride month.
20:46
Speaker 1: Through smile RTI.
20:48
Speaker 9: So we do for you.
20:51
Speaker 4: Love.
20:53
Speaker 2: I mean not in one of those creepy stalker report
20:57
Speaker 2: me to human resources kind of way. It's just in
20:59
Speaker 2: that mutual respect and concern Colorado Springs fighting over AI now,
21:06
Speaker 2: and keep in mind New York Posts Political Daily Caller
21:11
Speaker 2: all of the reports about how the chicoms are funding
21:13
Speaker 2: all the opposition to artificial intelligence development because they wanted
21:18
Speaker 2: in China. And Adam is on from Cato Institute. So
21:26
Speaker 2: what is the future. What should government be doing?
21:32
Speaker 4: My call is to to is for government to take
21:37
Speaker 4: their hands off of this new innovation. They didn't stop
21:40
Speaker 4: the advent of the Internet, and it would have been
21:42
Speaker 4: terrible if they did. There's no reason we should approach
21:46
Speaker 4: this any differently.
21:47
Speaker 2: Well, heck al Gore told me he invented the internet. Adam,
21:51
Speaker 2: I mean, my gosh. So then the question remains, you know,
21:57
Speaker 2: as we're talking about this, and it's it's been my argument,
22:00
Speaker 2: this is more, this is less tax policy and more,
22:05
Speaker 2: who do you want governing AI and the data centers
22:10
Speaker 2: that operate them. I want them in the United States,
22:14
Speaker 2: where they're subject to the Bill of Rights, where they're
22:17
Speaker 2: subject to American liberties and protections, rather than in China,
22:23
Speaker 2: where you'll never know and it's you know, an authoritarian
22:27
Speaker 2: regime anyway, which seems to be the two options I know.
22:30
Speaker 2: Elon Musk talked about space based data centers even worse.
22:35
Speaker 2: You go try to FOI a space based whose authority
22:38
Speaker 2: are they under? But at least when these data centers
22:42
Speaker 2: running the AI operations are in the United States, I
22:45
Speaker 2: feel like there's recourse for people who want to protect
22:50
Speaker 2: liberty in the face of this technology. Am I right.
22:56
Speaker 3: In two different ways?
22:57
Speaker 4: Yes, to an extent that you that politicians in the
23:01
Speaker 4: United States tax AI or tax data centers out of
23:05
Speaker 4: existance or keep them from getting built. They're just going
23:08
Speaker 4: to be built elsewhere, and the people that live in
23:11
Speaker 4: those places will be the ones that benefit most from
23:15
Speaker 4: those new technological advancements. That's that new investment and the
23:20
Speaker 4: growth that comes with it. But also in the United States,
23:23
Speaker 4: to the extent the government stays out of the way.
23:27
Speaker 4: I want data centers in the hands of the private market,
23:30
Speaker 4: so that there's competition between providers and the services and
23:35
Speaker 4: what is being produced there.
23:37
Speaker 3: Is disciplined by market competition.
23:40
Speaker 4: The more the government gets involved, the less discipline there is,
23:44
Speaker 4: and the more centralized the decision making becomes. And I
23:48
Speaker 4: don't think anyone wants Donald Trump or whoever the next
23:51
Speaker 4: president is being the sole decider of what happens in
23:56
Speaker 4: data centers. We want less centralization and we want more
24:00
Speaker 4: market discipline.
24:01
Speaker 2: So so you talk about, you know, and you talk
24:04
Speaker 2: about bad tax policy, because one of the things I
24:09
Speaker 2: remember maybe twenty years ago, maybe maybe more. I've been
24:13
Speaker 2: doing this a very long time, Adam. But and actually
24:16
Speaker 2: there was a joke going around the internet that the
24:19
Speaker 2: government should charge postage for email because the postal service
24:26
Speaker 2: was struggling for money. And I actually recall a member
24:31
Speaker 2: of the US House of Representatives giving up and getting
24:34
Speaker 2: up and giving a floor speech because they believed, you know,
24:37
Speaker 2: this is proto Babylon. Buh. But it was. And I said,
24:42
Speaker 2: gosh that you know they would actually consider doing something
24:47
Speaker 2: like that because you know their propriety, Oh, the US
24:50
Speaker 2: Postal Service, whatever it is, you know they're going to
24:54
Speaker 2: try to protect their territory. What things does my listener,
24:59
Speaker 2: our listen or have to be aware of to be
25:02
Speaker 2: watching for trigger phrases rhetoric that's coming from, regardless of
25:07
Speaker 2: it being a Republican or a Democrat. On this AI issue,
25:12
Speaker 2: not just in taxation but in regulation, I.
25:16
Speaker 4: Think the biggest flag to look for is the capital
25:21
Speaker 4: versus labor framing or the AI versus workers framing. That
25:27
Speaker 4: for me makes my ears perk up and think that
25:30
Speaker 4: a politician is trying to get me to crack down
25:34
Speaker 4: on or tax the bad thing. But what we know
25:37
Speaker 4: throughout history is economic pie is not about just.
25:40
Speaker 3: Dividing it but also about growing it.
25:43
Speaker 4: And as long as it's growing, workers and the owners
25:47
Speaker 4: of the investment can both win at the same time.
25:51
Speaker 4: And that's the story we've seen play out over and
25:54
Speaker 4: over again. And as soon as you start talking about
25:56
Speaker 4: it sort of us versus them, these two resources are
26:00
Speaker 4: in competition. That that tells me that we're thinking about
26:05
Speaker 4: it all wrong and we're in a sort of static
26:08
Speaker 4: envy mindset rather than one of growth and an economic dynamism.
26:13
Speaker 2: Well, and you talk about economic diamond dimmism. Easy for
26:18
Speaker 2: me to say this was what made America's economy exceptional
26:23
Speaker 2: atom in my viewpoint, was the fact that the American workforce,
26:28
Speaker 2: most of us are not going to invent the better
26:30
Speaker 2: mouse trap or even an artificial mouse trap, but we
26:33
Speaker 2: can choose to go to work for somebody that we
26:36
Speaker 2: believe in, and that therefore that makes us more diligent,
26:40
Speaker 2: more uh invested in making sure the product that we
26:46
Speaker 2: create is the best because we believe in it. And
26:49
Speaker 2: and that's where I want a lot of competition in AI,
26:52
Speaker 2: so that these you know, smart people coming out of
26:55
Speaker 2: our colleges can go to work for different companies like
26:59
Speaker 2: they could say, well, this guy really seems to protect
27:01
Speaker 2: privacy and they really work to make sure you can
27:04
Speaker 2: use you know, the artificial intelligence world while protecting your privacy,
27:08
Speaker 2: or this group really is very interested in making sure
27:12
Speaker 2: it's as user friendly. But the point being that the
27:15
Speaker 2: more choice we have in AI, the better, and the
27:19
Speaker 2: more government we have, it seems like always is the case,
27:21
Speaker 2: we have less choice.
27:23
Speaker 4: Right Yes, as soon as the government gets involved, everything
27:28
Speaker 4: sort of falls to the lowest common denominator. And you've
27:30
Speaker 4: seen that with sort of tech regulation across Europe, the
27:37
Speaker 4: heavy handed state control that you see across European countries.
27:46
Speaker 3: Is why that if.
27:46
Speaker 4: You look at like pre COVID trends of GDP growth,
27:50
Speaker 4: the United States is twenty percent above trend, in the
27:53
Speaker 4: EU is twenty percent below trend.
27:55
Speaker 3: And it's that that.
27:57
Speaker 4: Entrepreneurial spirit is being damped and to buy high taxes,
28:02
Speaker 4: UH transfer programs that keep people in poverty, and a
28:06
Speaker 4: regulatory state that levy that passes laws.
28:10
Speaker 3: Like at the four four.
28:12
Speaker 4: Laws in your certain average across Europe compared to the
28:15
Speaker 4: United States.
28:16
Speaker 3: And it's it's all of.
28:17
Speaker 4: These things combined that they that is the reason why
28:22
Speaker 4: all of the biggest companies are started or found in
28:24
Speaker 4: the United States, are grown in the United States, and
28:27
Speaker 4: are funded in the United States.
28:29
Speaker 3: And it would be a.
28:29
Speaker 4: Shame if we if we undermined that that golden goose
28:35
Speaker 4: then is that keeps us at the forefront of all
28:38
Speaker 4: of these new technologies.
28:39
Speaker 2: Well, and let's not forget it's China that would like
28:41
Speaker 2: to serve us up some crispy fried golden goose as well. Adam,
28:47
Speaker 2: thank you so much for your time on this again.
28:51
Speaker 2: It is Adam Michelle at cato dot org for you
28:54
Speaker 2: and me until tomorrow. I am Joe Thomas, So long
28:57
Speaker 2: and thanks for all the fish.
29:03
Speaker 9: Hi. I'm Mark Falter with the Financial Fitness Show. Have
29:06
Speaker 9: you been keeping up on the Big Beautiful Bill. There's
29:11
Speaker 9: a lot of information in this bill. It's eight hundred
29:14
Speaker 9: and seventy seven pages long. And for that reason, we
29:17
Speaker 9: are offering a free webinar free webinar July thirty first,
29:22
Speaker 9: at six thirty pm Central where you can actually get
29:26
Speaker 9: on and ask your questions. Come with your questions, come
29:28
Speaker 9: with your scenario, and hopefully we'll have time to answer.
29:31
Speaker 9: It's gonna be about thirty forty five minutes long, going
29:33
Speaker 9: to be more interactive, and if you want to know how,
29:35
Speaker 9: you can get on that webinar eight six six seven
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Speaker 9: sixty four two six three five Hugain eighty six six
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Speaker 9: seven sixty four two six three five July thirty first,
29:43
Speaker 9: at six thirty pm Central, Free webinar eight six six
29:48
Speaker 9: seven sixty four two six three five eight six six
29:51
Speaker 9: seven sixty.
29:52
Speaker 2: Four two six three five Hugain
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Speaker 9: Eight sixty six seven sixty four two six three five