This is a

This is CBS, I on the World. I'm John Bachelor with Nicholas Eberstard of the American Enterprise Institute.

His book, Men Without Work, republished as a post-pendemic edition, and we will come to what

Nick can tell us of the statistics after the shutdown of the American economy in the late winter

early spring of 2020. But now to two of Nick's colleagues, Henry

Olson and Jared Bernstein, who contribute a different look at the Men Without work statistics we've been discussing.

I begin with Henry Olson because he speaks of recessions.

There have been seven since the war, I believe, Nick, is what you provide.

And he points to the twin shocks of the 1970s.

Why so?

What does that mean for him?

Well, so Henry is talking so Henry is talking about the, uh, about the recession and stagflation, the, uh, the big shocks

that came to the economy, uh, where we started to see the decline and

manufacture or the really acceleration of the decline in

manufacturing and Henry and other other critics and I think it's great to include some critics and dissent in a book because you got the argument started have pointed to these structural changes as being fundamentally unfavorable to the former male sort of employment

mode.

The observation is that you've overestimated government causes and

underestimated the change in labor market.

That would be the twin shocks of the 1970s.

And yet, there's more here.

This is what was known as the Russ Belt, right, Nick, the de-industrialization of the Midwest.

In reading your book, I had this image in my mind, I don't know, about factories getting out and seeing this team of human beings moving in this

...