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Fmr. White House Director of Economic Policy Todd Buchholz discusses capitalism, competition, and why retirement is not such a good idea.
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Do you love -- a rat race you can't can't live without competition.
Are -- sick of the yoga instructors.
Telling you -- take a break relax the economist and former White House director of economic policy dot buckles says.
We'll take of that break will make you doll and early retirement.
Guess what bad for your health.
You don't need a vacation.
And never stop competing it's good story with good for your morale good for your soul so have we become a nation of softly -- -- -- Europe.
Joining me now Todd Buchholz author of rush why you need and love the rat race.
You write about the rat race -- I I must tell you.
Look over your shoulder yours sitting in front of a lovely harbor -- boats it looks very relaxing.
What -- -- you're not in the rat race you're sitting there by San Diego.
Arbor.
As yet and those people are miserable let me tell a -- and on the beach they've got no -- for the -- -- -- -- So does it this business book written.
To reassure me -- I love the rat race I -- competition is -- written for me to reassure myself that I'm doing the right thing or you try to convince people that are thinking that maybe some nice quiet place would be better that they're they're wrong.
Which is it.
Well you know what we've got all sorts of gurus whether they call themselves behavioral psychologists economists social and sociologists.
A yoga masters zen masters who are telling people that we all need to take -- xanax or Ambien and not only that.
They believe that capitalism should be unplug.
That this whole free enterprise system has been a terrible mistake that is created too much stress -- -- driven us crazy.
And that I think is terrible treacherous -- both for our fiscal health and for our mental health.
So but you're talking about -- you don't go to -- don't you don't -- -- -- -- -- shows about the fact that a lot of people are going to be able to retire.
You are taken the position.
Don't re tired it'll make you still put it says in your book.
Well that that's right yeah there's been some wonderful tests that have recently been done.
Comparing to sixty some things across Europe and North America.
And the researchers asked the sixty somethings.
Two -- common objects and repeat back for them those names -- -- an apple a chair a television.
It turns out and those countries like France and Austria -- people retire very early because a vast social insurance schemes.
They're unable to complete those simple mental tasks so the French and -- retire early thinking.
What they'll do crossword puzzles that sidewalk cafes and they lose the ability to read the map to find the cafe.
So out of early retirement is not a good idea -- -- you've gotten very rigorous plans for staying busy both physically and mentally.
Are we become mean.
Otherwise say it is more or Europe ties to you know are we becoming become where we need to take -- Is maybe have three hour lunch.
Is America going that direction and is if so is that the natural way to go or -- we either one of them were the ones that are that.
The great free market cap -- of the world so are we -- -- look you know we could go back to simpler times things were much simpler lot of 120 years ago.
Most people you know -- would weren't bothered with the Internet or cell phones or even traffic.
But life expectancy a 120 years ago was about 45 years of age.
So it would be a terrible idea to think about all of us adopting a simpler life our our Americans becoming lazier I don't really see that but.
I'm very concerned about the message -- we're giving to children these days.
I think the whole self esteem movement in the schools.
And -- banning keeping score on the playing field or banning spelling bees.
In many classrooms for fear that some -- won't do well -- won't feel good about themselves.
That sets those children up for a terrible time when they face the real world in front of.
He presented I know your book you talk about don't let the ninth place team get the trophy or something along those lines is that is that the idea is that if you if you.
Come in ninety shouldn't get a trophy.
Well you know I have a daughter who when choosing kindergarten was playing your job soccer just weekend soccer.
So one day my mother my daughters grandmother comes over and asked -- what's the score and Katherine says well we're not allowed to keep score grandma.
-- but -- three to two.
I mean you can't you can't fool kids but yeah.
You know you can set them up for failure.
The self esteem.
The Washington DC school district those children score number one in the country.
On self esteem they feel most special about themselves they believe they're the best in the country mathematics.
But then when the test scores come back it turns out there among the worst.
So what job prospects today have if they've got an inflated view of themselves.
Well maybe they can become president but other than that there are -- that they need about prospects for them.
Well you worked in Washington many may -- you know that crowd pretty well Todd.
So one day you got up a new looked in the -- you said I -- write a book about.
About competition in the rat race and how good of a thing it is what how did you get this idea.
Look -- quite the opposite Tom in fact.
I have started writing a book and researching a book that would take the opposite and then I started doing research.
About neuroscience and psychology and the history of competition.
And I decided I was wrong the first sentence of my book rush is quote I made a mistake unquote.
Because I I assume came to realize that it's -- driving forward it's -- trying it's -- taking on new risks.
That's what makes us feel alive that's what gives us the best chance of grasping some slivers of happiness in this very confusing world.
I agree with you so much I -- up how many people do you know.
That are afraid to take those risks to do go forward and they're unhappy they're just unhappy people.
-- exactly ALN and I feel bad I got me twenty somethings who tell me that.
If they can't leave their job because they don't wanna take the risk even though they're not happy united.
And do you have a mortgage no do you have children know do you have a spouse that there why in the world do you sit in that chair.
And look you know instead of trying something -- yeah Todd buckles of books called rush why you need.
And -- the rat -- thanks Todd.
Thank you very much unit.
