Happy Hour Econ

Something's rotten in the produce aisle. Or at least, something is sending half the country's stomachs into open revolt. As a cyclosporiasis outbreak takes down Taco Bell's lettuce supply (and a lot of taco fans along with it), it's turning into more than just a recall story. Lou and Phil trace the whole thing back to Upton Sinclair's The Jungle, the FDA's surprisingly cynical origin story, and why market incentives might police food safety better than any government regulator. Grab a seat—maybe skip the salad—for this episode of Happy Hour Econ.

It's the peak of summer, and while half the country is cranking the AC, the mayor of New York is asking his constituents to embrace the heat for the good of the grid. Meanwhile, across the pond, entire cities are stuck sweating it out... in restaurants, hotels, even hospitals... because installing an air conditioner has become a bureaucratic nightmare. Is staying cool really the enemy of climate progress, or just an easy target for policymakers looking for control? Join Lou and Phil on this week's Happy Hour Econ as they get into why keeping cool might be the most radical thing you do this summer.

The World Cup has landed on American soil (with a little help from Canada and Mexico), and suddenly the whole world is discovering what U.S. locals take for granted—free refills, blasting AC, and the sheer, unbottled majesty of a Buc-ee's. But amid all the cultural exchange and ranch dressing diplomacy, there's a bigger question lurking behind the confetti: is hosting the world's biggest sporting event actually a good financial decision, or just an expensive party with really good branding? Lou and Phil break down the economics of subsidies, spectacle, and soft power on this week's Happy Hour Econ. Just don't ask them to explain the offside rule.

Elon Musk is officially the world's first trillionaire. Cue the outrage. But Lou and Phil aren't exactly reaching for the pitchforks. That’s because when you actually look at where that wealth comes from, the story gets a lot more complicated than the internet would have you believe. From Starlink satellites spooking people in the night sky to SpaceX cafeteria workers sitting on surprise fortunes, there's more going on here than a greedy villain origin story. Join Lou and Phil as they unpack what a trillion dollars actually means, and whether the people most upset about it have done the math on the almost $40 trillion the government owes.

Happy Birthday, America! What better way to celebrate 250 years than by arguing about taxes? Turns out the Founders had some thoughts on the matter. Lou and Phil dig into the surprisingly economic origins of the American Revolution, and why the tariff debate happening right now looks a lot more familiar than anyone in D.C. wants to admit. Also, was the Revolution actually just class warfare against billionaires? AOC thinks so. Phil has receipts.

The Federal Reserve: everyone's heard of it, nobody really knows what it does, and somehow it controls your mortgage rate. Lou and Phil crack open the black box of America's central bank—what it's supposed to do, and its, uh, mixed track record of actually doing it. Also: is there a world where it just… doesn't exist?

Hollywood has a problem. Star Wars just posted its worst domestic opening in the Disney era, the cost of an afternoon or night out at the multiplex keeps climbing, and somewhere in a boardroom, nobody seems to be connecting the dots. Lou and Phil grab a seat to break down why the movie industry keeps flooding the market with slop, ignoring the sovereign consumer, and acting surprised when nobody shows up.

Vacations? In this economy? Rising inflation, spikes in fuel prices, airline closures (RIP Spirit Airlines), and a whole host of other factors have people feeling the budget crunch as schools let out and summer looms. But we all need a break sometimes, so we just put the plane tickets—or admission fees or tanks of gas or nice lunches—on the credit card. Convenient, sure, but at what cost? Join comedian Lou Perez and economist Phil Magness as they chat about debt, summertime, and you on this week’s episode of Happy Hour Econ.

We already tax the rich. Like, a lot. The top 1% pays over 40% of their income in federal taxes while shouldering more than 80% of the federal government's revenue. So why does everyone keep yelling "tax the rich" and "pay your fair share" as though it's not already happening? Lou and Phil follow the money and the rhetoric to uncover who's really behind the push for wealth taxes, what they're actually after, and why the same policies that failed spectacularly in Europe are now being repackaged for American cities and states. Spoiler: billionaires have moving trucks, and they're not afraid to use them.

Used to be, California was a land of freedom and opportunity. A place where you could go to escape the oppressive regulatory regimes of the East. Today, it’s a different story. “Petty” crimes get ignored while burdensome regulations are strictly enforced. The money from high taxes gets spent on projects that never materialize. Join Lou and Phil as they chat about the absolute state of California on this week’s episode of Happy Hour Econ.