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313: Is There Such Thing As Economic Truth Anymore?

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As I write this email, I’m on my way to Phoenix for our biannual meetup. So…I’ll keep it short. 

Coming up Covid and in the midst of a war in Europe we are experiencing unusual inflation forcing the Fed’s hand at raising interest rates. 

Over the last several weeks, we have had several economists and authors on the show trying to predict the future. Unfortunately, that’s not an easy task. 

We can look at the past and take some lessons from history. But nothing is exactly as it is today. Sure we had double-digit inflation in the late 70s and 80s but for very different reasons than rising inflation in 2022. 

So, the question is whether or not there is a playbook to deal with economic uncertainty and change. Of course, the answer is yes. We have our typical monetary and fiscal options. 

However, for a unique situation like we are in now, is there such thing as “economic truth“?  My guest on this week’s episode of Wealth Formula podcast thinks there is and he explains what he thinks we need to do in these interesting times. 

Listen Now!

David L. Bahnsen is the founder, Managing Partner, and Chief Investment Officer of The Bahnsen Group, a national private wealth management firm with offices in Newport Beach, New York City, Nashville, and Minneapolis, managing over $3.5 billion in client assets.

David is consistently named as one of the top financial advisors in America by Barron’s, Forbes, and the Financial Times. He is a frequent guest on Fox News, Fox Business, CNBC, and Bloomberg and is a regular contributor to National Review and World. He appears weekly on The World and Everything in It, discussing the week’s economic and market news.

David serves on the Board of Directors for the National Review Institute, King’s College in New York City, and is a founding Trustee for Pacifica Christian High School of Orange County. He is the Senior Fellow of Economics for the Center for Cultural Leadership and a long-time faculty member for both the Acton Institute and the Blackstone Fellowship of the Alliance Defending Freedom. David is passionate about the integration of faith and economics and has lectured and written for years about a theology of wealth and the marketplace. He responds to the term “Kuyperian,” is deeply appreciative of Tim Keller and Father Robert Sirico, and has read more systematic theology than any human should ever read. His late father, Dr. Greg Bahnsen, was a renowned Christian apologist and is David’s personal hero and mentor.

He is the author of the book, Crisis of Responsibility: Our Cultural Addiction to Blame and How You Can Cure It, and his newest book, There’s No Free Lunch: 250 Economic Truths, released in November 2021.

His ultimate passions are his wife of 20+ years, Joleen, their children, sons Mitchell and Graham, and daughter Sadie, and the life they’ve created together on both coasts.

Shownotes:

  • definition of Economics
  • The difference between the current inflationary environment and inflation in the 1980s?
  • Can we look at old economic truths to try to address today’s new economic problems?
  • The forecast for inflation