Bret: Anyone who survives a half-dozen bankruptcies and goes on to win the presidency should never be written off.
Gail: Sigh. Good point.
Bret: Trump is a master of inventing new dramas to make us forget the old ones. And if unemployment and growth figures remain good a year from now, he’ll still have a powerful argument for a second term.
Bret: I’m not too worried. Capitalism survived the transition from horse-and-buggy to the Model T. It survived the transition from an agricultural economy to a manufacturing economy to a service-based one. And it survived the creative destruction of countless other forms of employment. Where, for instance, are the typesetters these days?
Gail: Well, they’re not creating hot new social media sites.
Bret: Now the question everyone is asking is what will happen to all those truck and cab and Uber drivers — a total of three million professional drivers — once driverless cars become ubiquitous. There’s no doubt the transition will be painful for some of them, and policymakers need to be sensitive on that point. But if history is any guide, things will work out. Many of those drivers will find work in industries that currently don’t exist. Just ask yourself, where was the mobile apps economy at the turn of the century? Where was the internet economy in 1990, or the personal computing industry in 1975?
Gail: I still don’t see the truck drivers working on mobile apps. And if you’re worried about the left’s solutions, I don’t see a whole lot of candidates running around talking about the state taking over the means of production.
Bret: Just wait an election cycle or two.
Gail: But if we’re moving to an economy in which trucks are automated, robots do all the warehouse work and some kind of artificial intelligence is taking orders at the restaurant, we’ll need a government that can create a whole lot of useful public service employment to make up the difference.
Bret: Heaven forfend.
Gail: And underwrite free college education for everybody who needs it.
Gail: And assure lower-middle-class people decent housing.
Bret: My soul is dying.
Gail: All of which would have to be paid for by large taxes on the very rich.
Bret: Now it’s dead.
.. Bret: I’m all for universities figuring out ways to become more affordable for those who need and deserve it, but making college free for everybody makes it bad for everybody. We would wreck a university system that’s still the envy of the world.
.. Bret: As for affordable housing, I’d sooner trust the invisible hand of the market than the heavy hand of the state. Large taxes on the very rich won’t raise the kind of income you need, and sooner rather than later those taxes will land on the decidedly less rich. And A.O.C. should start mastering her facts rather than getting into Twitter wars with fact checkers.
Gail: Hehehe. Knew I’d get you with A.O.C. That’s what people love about her.
.. Bret: I was with you until you mentioned taxes. Purely theoretical question for you (and our readers) for our next conversation: If Congress would agree to cut the top marginal rate to 33 percent in exchange for a pledge by Trump not to run again, would you take it? I’m sure we’ll be hearing from readers on the comments page.