Pitchfork Economics with Nick Hanauer The Boomcession: Booming on Paper. Brutal in Real Life. (with Matt Stoller)
Mar 31, 2026
Matt Stoller, research director at the American Economic Liberties Project and author on monopoly power. He explains the 'boomcession'—why GDP can rise while most people feel worse. The conversation covers how spending shifts, financialization, price discrimination, and corporate concentration hide real hardship. They also debate better measures and policy fixes to align statistics with lived experience.
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Growth On Paper But Pain In Daily Life
- The Boomcession is when macro stats show growth while most people feel a recession.
- Matt Stoller points out GDP and wage growth rose post-COVID yet consumer sentiment fell, producing political backlash.
Not All GDP Adds Human Welfare
- GDP growth can rise by selling harmful or low-value goods and services rather than things that increase welfare.
- Matt gives gambling and ticket-resale (Live Nation/Ticketmaster) as examples where higher GDP doesn't improve lives.
Personalized Pricing Splits The Country
- Price discrimination and dynamic pricing fragment the economy so poorer people often pay more.
- Stoller cites Uber surge pricing and an Atlanta Fed study showing higher food prices in poorer areas as evidence.
