The David Lin Report Half Of U.S. Growth Is Just Data Centers & AI Says Harvard Economist | Jason Furman
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Nov 3, 2025 
Jason Furman, a Harvard professor and former Chair of the Council of Economic Advisers, shares his insights on the U.S. economy. He discusses how data centers and AI are fueling nearly half of recent GDP growth. Wealth inequality is highlighted, particularly how stock gains impact consumption trends. Furman examines the potential risks of a slowdown in tech investments and analyzes the current labor market challenges. He also addresses U.S.-China trade dynamics and the importance of a strategic policy approach toward stablecoins.
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Rely On The Fed First For A Shallow Downturn
- Use monetary policy first to address a moderate slowdown from tech capex declines.
- Rely on rate cuts to boost residential investment before turning to fiscal interventions.
Jobs-Stocks Divergence Looks Monetary, Not AI
- The divergence between rising stocks and fewer job openings fits conventional monetary tightening dynamics.
- Slower labor-market churn, not mass AI-driven firings, better explains lower job openings.
Slower Hiring Reflects Supply, Not Just Demand
- Job growth has slowed sharply from 200k+/month in 2023 to under 50k/month in 2025.
- The unemployment rate rose only gradually because labor supply collapsed, largely due to much lower net immigration.