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Economics Matters with Laurence Kotlikoff: Daily Summaries Delivered
by Economics Matters
Economics Matters is a podcast hosted by Professor Laurence Kotlikoff, one of the most influential economists in the world, a Global Economics Advisor, NY Times Best Selling Author, President of Economic Security Planning, Inc., and Director of the Fiscal Analysis Center. In each episode, Professor Kotlikoff talks to experts about the power of economics in our modern day society. From personal finance and fiscal policy, to social security and income inequality, Economics Matters delves into much of the economic challenges of modern society.
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- 1 weeks ago58 min
The $83 Billion Scam Hidden Inside Medicare (And the Economist Who Proved It)
What if the system designed to protect your health in retirement was actually engineered (from the inside) to profit from keeping you confused, underserved, and locked out of the care you've already paid for?You've spent decades paying into Medicare. You've done everything right. And yet, as you approach the years when healthcare matters most, the system greeting you on the other side is riddled with hidden traps, gaming, and a funding crisis that Washington refuses to look at directly.In this episode, Professor Kotlikoff talks with his Boston University colleague Dr. Randy Ellis, one of the world's foremost health economists and the architect of the very risk-adjustment formula that determines how much the government pays your Medicare Advantage plan. He literally built it. And he's saying it's being exploited in ways that are costing taxpayers $83 billion a year, with your care hanging in the balance.Time Stamped Learnings:[8:27] Why Medicare Advantage plans are paid billions more than they should be, and how insurance companies game the diagnostic coding system to pocket the difference[9:00] The "cherry-picking" crisis nobody in Washington wants to admit: how private health plans are specifically designed to attract healthy enrollees and quietly push sick ones back into traditional Medicare[10:24] Why the formula running your Medicare payments is 30 years old (built in the 1990s, implemented in 2002, and barely updated since) while insurance companies have decades of new data and technology to exploit every loophole[23:00] What Europe is doing right, and why countries like the Netherlands, Germany, and Belgium are delivering better health outcomes at nearly half the cost per GDP[41:14] The age-65 cliff that's trapping older Americans in jobs they don't want, just to hold onto insurance before Medicare kicks in, and a smarter way to phase that transition[39:16]The Ellis Plan: a bold, practical reimagining of how America could restructure its entire healthcare system (without starting a political war)[48:38] Why your kids and grandkids are the ones who will ultimately pay for every year we delay fixing this, and what the math actually looks like[54:46] The risk adjustment fix that could make insurance companies actually want to enroll sick people AND save Medicare billions in the processFeatured GuestDr. Randy Ellis is a Professor of Economics at Boston University, Past President of the American Society of Health Economists, and author of more than 150 academic papers and reports. With over 11,000 Google Scholar citations, he is best known for developing the HCC Risk Adjustment Formula — the model used to calculate Medicare Advantage (Part C), Medicare Part D, and Obamacare marketplace payments. His current research, developed alongside collaborator Dr. Arlene Ash, proposes a modernized risk adjustment framework that could save the Medicare program $83 billion annually.What You Walk Away WithAmerica spends over 18% of its GDP on healthcare, and is on a trajectory toward 20%. Sweden spends 11% and ranks 4th in the world for health outcomes. We rank 21st. This is policy failure compounded by decades of inaction, gaming, and a political culture too proud to look abroad for better answers. If you're approaching Medicare age, actively enrolled, or simply trying to understand why your premiums keep rising faster than inflation — this conversation is essential listening.
- 4 weeks ago51 min
Are Netanyahu's Policies Reshaping Israel For the Better Or Worse?
Can Israel reverse its political and social trajectory as elections approach amid ongoing wars and rising international isolation? Economics Matters co-host, Alex Kotlikoff, reunites with Israel's most influential and consequential economist, Eytan Sheshinski, to discuss Benjamin Netanyahu’s long tenure and the impact of his right-wing coalition. The discussion ranges over Israeli domestic policy, geopolitics, the Iran war, and the upcoming Israeli election. Additional talking points include:Polling that shows a narrow opposition edge that would end Netanyahu's 17-year run as Prime MinisterThe impact of prolonged conflict on hostages and society.A brain drain of about 80,000 people since October Economic strains from reservist mobilizationRising debt and deficitsGrowing official and unofficial boycotts affecting academia and Israel’s global standing. Israel-US relations, shifts in American Jewish and Democratic support, and campus antisemitism debatesPreventing Iran from acquiring nuclear weaponsHopes for regional change tied to government change.Time Stamps:00:00 Eytan's history and professional background01:27 Elections and Netanyahu03:02 Coalition and Ultra Orthodox10:54 Judicial Reform Protests12:45 Smotrich Ben Gvir Explained17:27 Cultural Decline Brain Drain21:37 War Economy and Boycotts28:28 Rightward Shift and History33:10 US Jewry and Campus Politics41:05 Iran War and Nuclear Threat47:40 Global Outlook US China NATO49:41 Closing Thoughts and Farewell
- May 8, 20261h 3m
Andrew Fesiak's Update on the Ukraine War
Andrew Fesiak rejoins Economics Matters with reassuring news about the war in Ukraine. As I'm traveling in Europe until early June, my son and occasional co-host, Alex, interviews Andrew. This is Andrew's 6th appearance on Economics Matters. He is, as ever, fully up-to-date on what's happening for real in Ukraine. Indeed, our military and everyone in the Administration, particularly the President, would do well to watch this podcast. Ukraine, it seems, is acquiring more and better cards than Russia and doing so at an accelerating pace. Where and when this will end is largely in Putin's court. But, as Andrew points out, and which the Wall Street Journal confirmed the next day, Ukrainian drones and missiles are hitting Russia everywhere that Putin looks. And, as he looks, he realizes he can't hold the regular May Day parade, i.e., with scores of tanks, missiles, and other military equipment. Doing so risks their parade-time destruction. Imagine the message that would send to the World. Hence, as Andrew predicted and the Journal has since confirmed, May Day in Russia will be an equipment-less parade -- one that's as short as possible, permitting Putin to dive back into his bunker in record time. Andrew is Senior Consultant at Black Trident Defense and Security Group. He’s an expert on Ukrainian and Russian relations, politics, history, culture, and the ongoing war. Andrew has lived in Ukraine for decades, having emigrated from Canada. His grandparents and parents were Ukrainian (as was one of my grandfathers).
- Apr 27, 20261h 39m
Economics-Based Financial Planning with Wade Pfau's Retirement Income Institute
This will be of interest to anyone who seeks more money, less risk, and a better life. Wade Pfau is one of our country’s truly exceptional thought leaders when it comes to personal finance. He holds a PhD in economics from Princeton as well as the CFA and RICP® designations. Wade is a professor of practice in the Retirement Income Certified Professional® (RICP®) Program at The American College of Financial Services.Wade asked me to use my company’s MaxiFi Planner software to illustrate economics-based financial planning. Whether you are new to economics’ prescriptions for handling your financial life or have been applying its prescriptions for years, you’ll find this presentation of interest.
- Mar 30, 20261h 8m
Kevin Esler Returns to Build You A TIPS Ladder
Forget what Wall Street says, risky investing is an option, not a starting point when it comes to your financial plan. No investment is perfectly safe and Economics Matters does not provide investment or any other form of financial, tax, or insurance advice. What this blog and podcast do is discuss options. Because TIPS -- Treasury Inflation Protected Securities -- are U.S. Treasury bonds, but ones that are protected against inflation, they are, arguably, the safest asset on the planet. As I write, the 30-year TIP is yield north of 2.6 percent real. That's very high historically speaking. TIPS yields on shorter maturity are also unusally high. Yes, Uncle Sam could default on his debt, but there are many moves he can take to get his fiscal house in order short of default -- something that would destroy all financial assets. Given this, given the high yields on TIPS, given the stock market's high volatility, this may be the time to lock in future real income. Kevin Esler returns on Economics Matters for his third appearance to walk us through his remarkable and totally free tool -- tipsladder.com. For those who haven't used tipsladder.com, this episode will show you everything you need to know to build your own ladder. For those who have used tipsladder.com, this podcast will be a refresher, but also show you tipsladder.com's latest features. Kevin is a retiree from Australia with an extensive background in software and technology, which he leveraged into a series of top software engineering jobs at a range of leading companies including IBM, HP, and Disney Plus. After moving to the US he settled into a series of roles that saw him specializing in evolving technology and software development. Kevin is uniquely positioned as an authority due to his multifaceted expertise in tech and finance, particularly in understanding and managing investment strategies involving Treasury Inflation-Protected Securities (TIPS).
- Mar 20, 20261h 3m
Fixing Personal Finance With John Campbell
John Campbell has made major contributions to the fields of macroeconomics and finance, solved a number of critical problems in both fields, and received all manner of fully deserved top awards in economics and finance. Grab a copy of his outstanding new, co-authored book, Fixed. It will turn your stomach, but keep you safe from Wall Street's terrible financial predation. He is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University, where he has taught since 1994.Campbell delivered the Ely Lecture to the American Economic Association in 2016 and served as President of the American Finance Association in 2005. He is a Research Associate and former Director of the Program in Asset Pricing at the National Bureau of Economic Research, a Fellow of the Econometric Society and the American Academy of Arts and Sciences, a Corresponding Fellow of the British Academy and Honorary Fellow of Corpus Christi College, Oxford, and holds honorary doctorates from BI Norwegian Business School, the University of Maastricht, the University of Paris Dauphine, and Copenhagen Business School. Campbell co-founded and serves on the board of Arrowstreet Capital, LP, a Boston-based quantitative asset management company.
- Mar 11, 20261h 22m
Can the Republican Party Survive the Trump Administration
World-Renowned, Fantastic Economist, and Former CEA Chair, Gregory Mankiw, Discusses his Career, the Iraq War, Trump Policy and Advisers, and His Top Research HitsGreg may be the world's most influential economist as millions of students, in the US and abroad, have studied introductory economics and intermediate macroeconomics using his leading text books. He's also been a major US policy player, including serving as Chair of the President's Council of Economic Advisers under Present George W. Bush. But Greg's greatest contributions have been to macroeconomics. One of his early hits explains that the relatively small costs of individual firms adjusting their prices can lead to slow micro adjustment and remarkably major macroeconomic problems, including exacerbating business cycles. A second major contribution concerns the degree to which households are cash-flow constrained and, as a result, make the economy far more volatile. A third article tests and partially rejects the Solow Model, a central model of national saving. A fourth shows, paradoxically, that competition in the face of monopoly can be inefficient. A fifth helps explain stock market volatility. A sixth helps understand the dynamics of inflation and unemployment based on slow acquisition of information of price setters. Greg describes these contributions as part of our wide ranging, fascinating conversation. Gregory Mankiw's BioN. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. As a student, Greg studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics, and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals, such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more widely accessible forums, such as The New York Times, The Washington Post, and The Wall Street Journal.He has written two popular textbooks—the intermediate-level textbook Macroeconomics (Worth Publishers) and the introductory textbook Principles of Economics (Cengage Learning). Principles of Economics has sold over four million copies and has been translated into twenty languages. In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Congressional Budget Office and the Federal Reserve Banks of Boston and New York, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005 he served as Chairman of the President's Council of Economic Advisers. Disclaimer -- Any opinions expressed Economics Matters' posts are those of the authors and guests. These are not the opinions of Boston University or Economic Security Planning, Inc.
- Feb 26, 202659 min
Glenn Loury on the Country and Race Relations
Glenn is an absolutely brilliant economist and a public intellectual extraordinaire. In addition, Glenn is the pioneer of podcasting by academic economists. Glenn's remarkable podcast -- The Glenn Show -- debuted in 2008. In this episode of Economics Matters -- the Podcast, I ask Glenn to talk about the Glenn Show, including the topics and guests he's had during the show's now almost two-decade run. But as you'll hear/see, Glenn also uses this occasion to vigorously convey his long-held positions on race relations and the path to improving them. In particular, he makes a very strong case that Black America cannot expect White America to improve its position in society. As Glenn puts it, "No one is coming to the rescue." This is a marvelous podcast from a person who has dedicated a major part of his life to providing a national, politically incorrect conversation on issues of pressing concern, no matter their sensitivity. Glenn's Short Bio:Glenn C. Loury, Merton P. Stoltz Professor Emeritus of Social Sciences, Professor Emeritus of Economics, and Professor Emeritus of International and Public Affairs, is an academic economist who has made scholarly contributions to the fields of welfare economics, income distribution, game theory, industrial organization, and natural resource economics. He is also a prominent social critic and public intellectual, having published over 200 articles in journals of public affairs in the U.S. and abroad on the issues of racial inequality and social policy. A Fellow of the Econometric Society, a Fellow of the American Academy of Arts and Sciences, and a past Vice President of the American Economics Association, Prof. Loury has been a visiting scholar at Oxford, Tel Aviv University, the University of Stockholm, the Delhi School of Economics, the Institute for the Human Sciences in Vienna, and the Institute for Advanced Study at Princeton. He is a member of the Council on Foreign Relations, and was for many years a contributing editor at The New Republic magazine.The Glenn Show is a podcast and video series hosted by economist Glenn Loury, a professor at Brown University in Providence, Rhode Island. Glenn, a self-described Black conservative, provides heterodox perspectives critiquing both progressive and conservative extremes. The show is rated right-center biased but high in credibility for its analysis grounded in real eventsIt features in-depth conversations with guests from academia, journalism, and public affairs, focusing on race, inequality, economics, politics, and social issues. Episodes often include regular discussions with linguist John McWhorter on race and politics, alongside solo commentary and live Q&A sessions. Recent topics have covered U.S. foreign policy, identity politics, free speech, and events like ICE incidents or Epstein files. The show is available on Substack (glennloury.substack.com), Apple Podcasts, Spotify, YouTube, and Bloggingheads.tv, with weekly updates and paid subscriber exclusives like early episodes and bonus content. It originated on Bloggingheads and continues through Loury's independent platform.
About Economics Matters with Laurence Kotlikoff
Economics Matters is a podcast hosted by Professor Laurence Kotlikoff, one of the most influential economists in the world, a Global Economics Advisor, NY Times Best Selling Author, President of Economic Security Planning, Inc., and Director of the Fiscal Analysis Center. In each episode, Professor Kotlikoff talks to experts about the power of economics in our modern day society. From personal finance and fiscal policy, to social security and income inequality, Economics Matters delves into much of the economic challenges of modern society.
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