America is rich—richer than ever. Yet Americans are more anxious, lonelier, and less satisfied than people in many poorer nations. The 2025 World Happiness Report ranked the U.S. 24th in life satisfaction, its lowest on record. Maybe, as social scientists say, we’ve traded community for consumption. Today’s guest, Morgan Housel, thinks there’s a deeper reason money hasn’t bought us happiness. America, he says, is world-class at making money, but bad at spending it wisely. In his new book, The Art of Spending Money, Housel argues that we’re burdened not only by visible debt—mortgages, credit cards, loans—but also by invisible debt: desire. In this episode, Derek talks with Morgan—the author of The Psychology of Money and Same as Ever—about how money, comparison, and human nature shape happiness.

If you have questions, observations, or ideas for future episodes, email us at [email protected].

Host: Derek Thompson

Guest: Morgan Housel

Producer: Devon Baroldi

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