Tom Steyer on Generational Theft and Economic Justice
Tom Steyer, founder of NextGen America, argues that the low rate of political participation in America from younger generations is a result of older generations profiting from the system to the detriment of younger generations. In this interview with Real Vision managing editor Ed Harrison, Steyer touches on how the pandemic has exacerbated and exposed these issues and why he cannot separate these economic issues from social issues or climate change. In addition to tackling this intergenerational rift, Steyer is also keenly focused on the lack of opportunity in the banking system, which led him to starting the Beneficial State Bank. He also lends his take on regulation vs. antitrust of monopoly businesses and why he views deficit spending as an investment in America’s future rather than a sunk cost. Filmed on February 11, 2021.
Key Learnings: The current political and economic systems are broken for younger generations—they have been put at a disadvantage as older generations have been able to reap the benefits offered by the current regime at the expense of those who are younger. As long as these inter-generational tensions persist, they will continue to boil over into markets and create potentially destabilizing effects like with GameStop if left unaddressed.