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Pitchfork Economics with Nick Hanauer

Why the Economy Feels Rigged—and How to Fix It (with Senator Chris Murphy)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 18 February 2025

⏱️ 37 minutes

🧾️ Download transcript

Summary

This week, Senator Chris Murphy joins Nick and Goldy to discuss the political failure of neoliberalism and what comes next for the Democratic Party. For decades, both parties embraced free trade and deregulation, promising that economic growth would benefit everyone. But that promise went unfulfilled as wages stagnated, industries collapsed, and inequality soared. Murphy explains how these policies left millions of Americans economically adrift, why Biden’s shift toward industrial policy is a step in the right direction, and how Democrats can remake their economic narrative by focusing on unrigging the system rather than handing out subsidies. Chris Murphy is the junior United States Senator for the State of Connecticut. Social Media: @chrismurphyct.bsky.social chrismurphyct @ChrisMurphyCT Further reading:  Chris Murphy Wants Democrats to Break Up With Neoliberalism The Democratic senator speaks out about the future of his party. The Senator Warning Democrats of a Crisis Unfolding Beneath Their Noses How Neoliberalism Cuts Off Community Website: http://pitchforkeconomics.com Instagram: @pitchforkeconomics Threads: pitchforkeconomics Bluesky: @pitchforkeconomics.bsky.social Twitter: @PitchforkEcon, @NickHanauer, @civicaction YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Substack: The Pitch

Transcript

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0:00.0

The rising inequality and growing political instability that we see today are the direct result of decades of bad economic theory.

0:11.0

The last five decades of trickle-down economics haven't worked. But what's the alternative?

0:16.0

Middle-out economics is the answer. Because the middle class is the source of growth, not its consequence.

0:23.1

That's right.

0:28.7

This is pitchfork economics with Nick Hanauer, a podcast about how to build the economy from the middle out.

0:36.9

Welcome to the show.

0:38.3

Goldie, today we get to talk to a pretty old friend of mine,

0:47.3

a Senator Chris Murphy from the great state of Connecticut.

0:51.3

And Senator Murphy has been really outspoken and articulate

0:57.2

on the issue of the demise of neoliberalism and the damage that neoliberalism has done to

1:04.8

the country. And, you know, he and I have spoken about this a bunch of times. Sometimes he's been a little bit of a voice in the wilderness, but obviously more and more people are coming around to his view.

1:18.0

But few, in my experience, are as good at articulating it as him.

1:22.6

And so I'm super psyched to have him on the podcast to talk about his views and to share with us what he thinks,

1:29.3

why we're in the box we're in, and what we should do going forward. So, you know, with that,

1:35.8

I think, I think we should just talk to Senator Murphy. Let's have that conversation.

1:46.4

I'm Chris Murphy. I'm Chris Murphy, and I represent Connecticut in the United States Senate, and I just plug

1:53.1

Connecticut.

1:55.5

Connecticut.

1:57.1

It's an awesome place.

2:05.6

Well, Chris, you and I have talked about this a lot. You know, you've been on this, not long, but longer than most people, warpath, on the ways in which neoliberalism has harmed the country and to a certain extent harmed the Democratic Party.

2:21.8

You know, for our listeners, just sort of describe your thesis or sum up your perspective on where

2:27.8

we are and how we got here. And I guess start with your definition of neoliberalism.

...

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