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Review Review of Sonix transcription service
Here's a video review of Sonix from one of our users Fei Wu. You can check out her podcast here: https://www.feisworld.com
New to Sonix? Click here for 30 free transcription minutes.
Here's a video review of Sonix from one of our users Fei Wu. You can check out her podcast here: https://www.feisworld.com
New to Sonix? Click here for 30 free transcription minutes.
Search engines like Google don't index audio & video nearly as well as they do text. Using Sonix's automated transcription engine + the Sonix SEO-friendly media player allows your audio & video content to get found much easier.
|Sonix SEO-friendly media player
|Other media players
|Play, pause, share, adjust speed, download
|Full transcript of your audio & video content
|Easily embed on any website for SEO benefit
|Integrated automated transcription platform
|Real-time editing & publishing
|Add show notes to your media for better search discovery
|User play-along feature for accessibility
|User auto-scrolling transcript
|Users can click on word and play from that location
|Users can search content by word or phrase
|Analytics: Track where in transcript people drop off
|Coming soon!
|Analytics: Track most listened sections & hotspots
|Coming soon!
|Analytics: Track where audio or video is shared
|Coming soon!
New to Sonix? Click here to get 30 minutes of free transcription!
We just released the Sonix SEO-friendly podcast player!
If you are like most people that create awesome podcasts, you want that podcast to get found easily. You want more visitors plain and simple.
Why did we build it?
For anyone that works with spoken-word audio, it's a huge miss not using the transcript as a tool to drive better SEO. Search engines like Google can't crawl audio nearly as well as text. Having a transcript of your audio makes your content far more discoverable.
How it works
The Sonix SEO-friendly media player not only allows listeners to follow along with the transcript, your audio can now get fully indexed by search engines. That's right, when search engines like Google crawl your audio in the Sonix media player, they will pick up every single word. You can also create show note that will automatically appear in the player. These are also indexed by Google!
You can see it in action below:
: My name is Pete Combs and I'm a reporter for K O M O KOMO radio in Seattle. I've been doing this for about 40 years and my life has basically revolved around gathering audio and putting it on the air.
: The gathering audio part is what I want to talk to about because there's a lot you can do to make your audio presentations sound great and to improve the quality of audio for the purpose of transcription. For instance when you're doing phone audio you want to record that on a landline if possible.
: Speak slowly and make sure that there are no glitches in that landline connection. If there are, do them over again. It doesn't hurt and it could make the transcription a lot more clear.
: If you're doing it in person, the one thing I tell you, is make sure your levels aren't too high. In the digital world you can certainly boost levels all day long but when you try to deal with levels that have gone too high and they distort, there's nothing much you can do. The audio will just remain terrible. So if you have any doubt about the volume of your recording go low and you can adjust later.
: I usually do my recordings at 4,400 hertz or 44.1, and I use 64 bit audio when I do an MP3. For radio use I usually record MP3s at 44.1 kilohertz and I use a bit depth of 64 kilobytes per second. That's pretty clear. And again the volume is the key here. You don't want to get too loud.
: Try those as you're making recordings for transcript and if you have any problems remember this: Slow down. The slower you go the easier it is for the computer to figure out what you're saying. I'm Pete Combs. Good luck and happy recording.
It's super easy to use. Inside Sonix, you just click the "EMBED" button in the top right corner of the transcript and copy & paste the embed code to your website.
New to Sonix? Click here for 30 free transcription minutes.
Sonix is an automated transcription service. We transcribe audio and video files for storytellers all over the world. We are not associated with the Set Sail podcast. Making transcripts available for listeners and those that are hearing-impaired is just something we like to do. If you are interested in automated transcription, click here for 30 free minutes.
To listen and watch the transcript playback in real-time 👀, just click the player below.
: So, today, we are going to talk about how to upload your podcast to iTunes. And I know what you're thinking, maybe, is that you don't actually upload your podcast to iTunes. Well, not the actual MP3 files. And if you didn't know that, now, you do.
: You submit your podcast RSS feed to iTunes. And then, they will read that file, and basically display that file points to where your audio files are located, which will be on a podcast host, like I mentioned in the last episode. And then, people will play them from iTunes or any other podcast app. And it will actually play the files that are stored on the podcast host. I hope that makes some sense.
: So, I actually created a post called How to Upload a Podcast to iTunes or Any Other Directory. And that's what we are going to be talking about here because that's what I have done recently, and I feel like it's a good starting point.
: So, you'll need to upload your MP3 that you've created to a podcast host. And in the article, I referenced Buzzsprout. So, we'll just use them as an example. You'll upload. They have a big upload button. You click that. And after that is done, you'll add a title, and some description, any notes you want to add. If you have a different author, you can put that in.
: And then, keep in mind that you only have to do the submission one time. After that, it will automatically happen in the background for you every time you upload a new episode. So, you will add in your show notes, and your title, and description, and all that info. And then, you can embed a player.
: If you're using a third-party website like WordPress, the next step is to submit your RSS feed to iTunes. And there are some things that you'll need to make sure are set up before you do that. You will need, one, an Apple ID. And it's free. You'll need a title, description, artwork with a minimum size of 1400 x 1400 pixels and a maximum size of 3000 x 3000 pixels.
: You'll need to choose a category, but I actually recommend choosing three different categories, so that you can be found in three different places. And then, you'll need to choose a language, and explicit or not explicit. So, the cursing, if that's included or not in your podcast.
: And then, if we're using Buzzsprout, they have a little tab to click on iTunes. Copy your RSS feed. Then, you'll hop over to Podcasts Connect with your new Apple ID, if you didn't have one already. And you'll put in your RSS feed URL. You will click validate.
: And if everything is set up correctly, and you put in all the info that is required, you'll see a little status that says, "Prepare for submission" with a green light. If it's red, and it says that anything is missing, it will highlight what you are missing from your feed. And just make sure you go in and update that to comply with their guidelines. And then, you will click submit.
: And I know Apple says that it can take a few days to a few weeks to approve your podcast. But when I submitted this podcast you're listening to, it took 31 minutes for them after I clicked submit for them to, basically, make it live. And it took me another day for it to be searchable.
: So, be prepared for it to happen quickly if you've done everything correctly, so that you can hop in and start promoting your podcast. I would just be ready. I was planning on having an extra day, at least, to kind of prepare some images and stuff for the launch, but I did not. So, that's life.
: And then, after you submit to iTunes, I highly recommend submitting to some other podcast directories. And some big ones are Google Play, they have their own separate portal, and you'll submit, basically, the same way as iTunes, and Stitcher, and Tunein, or a couple of others.
: And you'll see on this post that you can find at SetSailPodcast.com/3, at the bottom, there'll be a link to a list of other podcasts directories. And then, from there, there'll be links to those different directories to submit to. So, check that out.
New to Sonix? Click here for 30 free transcription minutes!
Sonix is an automated transcription service. We transcribe audio and video files for storytellers all over the world. We are not associated with the Set Sail podcast. Making transcripts available for listeners and those that are hearing-impaired is just something we like to do. If you are interested in automated transcription, click here for 30 free minutes.
To listen and watch the transcript playback in real-time 👀, just click the player below.
Ross: Hey and welcome to Episode 5 of the Set Sail podcast. My name is Ross Kaplan Wynn and I'm glad you could join me today.
Ross: So today we we're going to talk about microphones specifically we're going to talk about USB microphones and worry about the other types in a future episode. And for USB the microphones what's great about them is that they're really easy to use compatible with literally every computer.
Ross: So you just plug them in and make sure that you have selected it as your input device in your computer and then you can open up any program you want. Garage Band or Audacity or Audition. There's a million million other programs if you if you want.
Ross: And start recording and it's really so that simple. You'll want to make sure that you have adjusted the input settings so the gain levels don't peek into the red. You know so you don't you don't want your voice to be cut off of you if you end up talking too loudly.
Ross: And besides that yeah there really is a use and there's really only a handful of quality USB microphones that that are recommended for for podcasting and recording recording your audio or your voice. Sure there's a bunch of other like kind of cheaper USB mics that work fine for Skype calls and you know business kind of meeting stuff.
Ross: But you probably want a little just a tiny bit higher quality one for podcasting but that doesn't mean they need to spend a ton. And all of USB microphones as far as I'm aware that are out there are all under 200 dollars.
Ross: And most are actually under under about 150 and some are a lot less closer to the 50 dollar range. So let's let's dive into it here and I'll highlight some of the best.
Ross: So the first one is the Blue Yeti and this one is extremely popular just because so many people use it and it has a ton of cool features so for one it has a headphone jack which is really important and actually that's one thing I want to recommend.
Ross: If you get a USB mic look for one that has a headphone jack so that you can monitor your audio without any delay. So if you plug in your headphone jack into your computer separate from your microphone there can be a slight a slight delay until you hear an echo as a recording and it just it doesn't it doesn't make it easy to listen to and or makes it difficult to record.
Ross: So that's one feature that I use strongly suggest looking at over over most of the others for USB mics and so that the Blue Yeti has four different settings on it. It has for how it picks up sound so it has cardiod which is a front facing nut's like your standard vocal recording setting.
Ross: It has omni directional which means the records are picks up sound equally from all sides which is great for that like a conference table or if you have a group of people kind of sitting around. That's an option.
Ross: It has a left and right option so it's just kind of stereo recording and it has bi directional which is front and back. So if you're doing an in person interview and you only have the Blue Yeti mic that would be a good option to use that.
Ross: And place it equally spaced in between you and then it should get both of your voices without picking up sounds from the side. So it's kind of cool that it has all those options. If you're going to use them and that's the the big if. The Blue Yeti was my first mic that I got and I thought oh sure I'll use all these features but I've only ever used it in the cardiod kind of a front facing setting.
Ross: So just something to think about because you do pay a little bit extra for that feature and then it also has gain control so you can control how sensitive the microphone is which is really cool because you don't have to set that in your software.
Ross: So that's a nice feature and then also has a volume control for your headphone right onboard so you can set that appropriately. And lastly it has a mute button which is really cool that not a lot of the not the other USB mics don't have.
Ross: So you can you can get mute mic or you know if you're need to cough or if you just want to make sure it's not recording. You can hit that button and it has a nice red light that that flashes when it's muted.
Ross: And so Blue actually discounts this mic a few times a year. So I've got it. Normally it's around 120 130 dollars but during Amazon Prime Day Black Friday Cyber Monday those type of special holiday sale days. I have found it for 80 to 90 dollars so just if you don't need it right away those are great times to get it.
Ross: But either way it's a it's an awesome deal for for the price. And they offer it in like 10 different colors. So there's black silver platinum white blue gray say white a different kind of white satin reds slate. So a bunch of stuff.
Ross: And then they also have a Yeti Pro model that includes the USB connection but it also includes an XLR connection so you can hook it up to a USB interface or mixer. And kind of gives you a lot more flexibility but that one comes at a higher higher cost.
Ross: So just something to be aware of that you have another option there. And I guess the only downside with the Yeti is that it's a it's a really large microphone. Because it has to have the audio digital to analog converter built in. And has all those different settings and a headphone amp and all the stuff.
Ross: So it's big and heavy which means that you need if you want to hook it up to boom arm or stand you'll need a really solid sturdy mic stand in order to use it with the Yeti. And especially if you add on there their Blue Radius 2 shock mount. That one is pretty heavy as well so this the weight starts to add add up and it will it will cripple some of the smaller boom arms just something to be aware of.
Ross: I personally use the Heil PL2T boom arm and it can hold it just fine. So but that one costs around 100 dollars. And I think the Rode has one as well that's a comparable price and quality. I would try to avoid some of the some of the knockoff options if you're going with the Blue Yeti.
Ross: And next up we have the Audio-Technica 802020USB Plus and just want start off by saying that there's a big difference between the USB and USB plus versions. So with the Plus model you get that headphone jack that I said is so important.
Ross: And with the volume control and you get a mix dial that allows you to blend your computer audio with your voice. So you can kind of do some cool things with that feature. And it's great for gaming and streaming if you do that as well.
Ross: So just the headphone jack alone is a must have feature. For USB mic. So just be aware that there's some different different models and you want the Plus model of that. And let's see here we have they make a ton of them. The standard XLR version of the 802020 is a staple in the voiceover industry broadcasting industry all audio voice recording stuff. They're relatively cheap work well sturdy.
Ross: So great option. And I think thing that runs about a hundred and fifty dollars. Yep yep 150. So pretty good pretty good price. It's a it's a cardiod front front facing only. So Yah it's an awesome awesome option. You want to look into where mic stand or boom arm to go with that though.
Ross: And the next we have the Audio-Technica ATR2100 USB. And this one is a really popular podcasting mic and I think even Tim Ferriss used this mic for a while when he started out. I know he's since upgraded to something much much fancier but.
Ross: What's great about the ATR2100 is that it has both USB and XLR connections. And you can use them both at the same time. So what's cool about that is let's say you want to record with USB to your computer. You can also connect the XLR cable to a digital audio recorder so that you can kind of save a backup version in case maybe your computer crashes while you're recording.
Ross: You'll have you'll have a backup saved for it. That's just one kind of scenario where that can be useful or if you just end up upgrading down the line and so you just use the USB version to start with and then later maybe you add cohosts and you want to get another one and then you need to get a mixer.
Ross: You can just start using the XLR connections and just skip the USB stuff altogether. So a lot a lot of flexibility it's small handheld and comes with a little stand still. It's nice like travel mic too and I think it runs about 70 dollars so cool. Great great option to get started with.
Ross: I've seen some comparisons from between it and some other more expensive 400 dollar mics and it's almost as good. So you would you would be hard pressed to notice the difference so I highly recommend that one. If you don't mind kind of the handheld design in a mic.
Ross: And to round out my top recommendations is the Rode NT USB. And this is pretty awesome little little kit. It comes with a pop filter. And so what that does is helps the mic from picking up those kind of p hard p sounds. So if you put your hand in front of your face and say plank or something you'll you'll feel the air push into your hand.
Ross: And that also will push into the mic. So you want to avoid that by not not only with mic placement by placing the mic kind of at an angle off to the side but also by having a screen or filter cover that helps kind of diffuse that air coming out of your mouth. So it comes with one of those.
Ross: It comes with a zero latency headphone jack for monitoring your audio. Awesome. It comes with mix control kind of like the AT2020 USB Plus to mix your voice and your computer audio together.
Ross: And then it comes with a little stand and a storage pouch so nice little package. And you can also use it with the iPad if you have the camera connection kit. So if you want to record with an iPad that's cool. I think that will work with an iPhone as well.
Ross: So Rode is well-known for just making quality audio equipment. I have two Rode mics I'm recording on their Procaster right now which is not a USB mic.
Ross: But actually one there is one more. There's the Rode Podcaster which is a USB mic by a Rode. So you can also check out that one too. There are some some other popular USB mics but I just want to mention them because I don't recommend them at all. I'll tell you why.
Ross: So the first one is Apogee mic 96K and I think it's just a little a little overpriced and it doesn't include a headphone jack. So that's the main reason it doesn't have a headphone jack. I'd try to avoid it.
Ross: And the next is the Razer Seiren and it's basically the same kind of setup and design as the Blue Yeti. But because Razer hasn't really been in the audio industry for very long at all. There are more more well known for computer gaming accessories keyboards mice headphones that type of stuff.
Ross: I would just know if you're going to spend it's the same price as the Yeti or maybe even a little more. If you're going to get if you're thinking about getting that I would just get the Blue Yeti over the Razer. So that's the only reason there and I've seen some reviews that just say it doesn't. It's just not up to the same. Same level of quality.
Ross: So I'm moving on. Those are those are all makes above the hundred dollar range. There are a few few more here under a hundred dollars.
Ross: And the first is the Blue Snowball. So it's basically the Yeti's little brother or little sister. And it includes two microphone capsule's which allow you to switch between cardiod and omni directional. So it kind of gives you nice little option there if you want to record you know just you or maybe your your whole little table or something.
Ross: And it has an adjustable stand and so you know there's also a Snowball Ice which is the cheaper version it doesn't have the adjustable stand it doesn't have that you pick up patterns. So it's it's a it's a bit different. But the name is is so similar that I wanted to make sure you're aware of the difference there. It does not have a headphone jack though so that's where I am. I'm not the biggest fan.
Ross: But a similar kind of level mic is the Samson Meteor mic. And it does have a headphone jack. Works with an iPad if you have the camera connection adapter. It has a a mute button headphone volume dial. The legs are built in to make it stand so kind of a nice little package.
Ross: Another great travel mic if you want something as maybe a backup. That's an awesome option as well. Looks like a little little rocket ship so really cool nice sub 100 dollar mic. Let me pull up the price right now at 67 dollars so its a nice comparison with the ATR2100 USB. I think are exactly the same price.
Ross: And then another nice travel mic is the Blue Snowflake. It's a cardiod mic. USB make as well. And it's tiny. It can clip to the top of your laptop screen. It kind of folds and packs tightly together. So it looks looks really nice. Check that one out. Blue snowflake. If you want a travel mic or do something some a lot cheaper.
Ross: And in that same vein Samson has a Go mic that folds up. Also clipped to the top of your screen. So has a headphone jack. And perfect for perfect for travel or just a great mic if you want something that's 20 times better than your built-in laptops microphone. And I mentioned the Ice before.
Ross: And then to round out options there's the Samson Meteorite which is a tiny little on. And I think it's it's it's about 40 dollars. That's more than I remember being.
Ross: So I would I'd probably try to go with those ones that have headphone jacks. You don't need to spend a ton. And know that when you buy a microphone they last forever so you know it can last years 2 3 4 5 years so it's really in the long term it's not not a big investment.
Ross: So if you want to check out some more details on this you can go to Set Sail podcast.com/5 and check them all out. Pick one up and you can get started podcasting.
Ross: And just so you know in the next episode I'm going to talk about some accessories that work really well for the Blue Yeti and really make it a much better microphone. Much better audio quality and will just help you help you record.
Ross: I kind of highlighted one earlier but we'll get into a lot more detail in the next episode so stay tuned for that and we'll see you in episode 6.
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New to Sonix? Click here for 30 free transcription minutes!
Sonix is an automated transcription service. We transcribe audio and video files for storytellers all over the world. We are not associated with the Set Sail podcast. Making transcripts available for listeners and those that are hearing-impaired is just something we like to do. If you are interested in automated transcription, click here for 30 free minutes.
To listen and watch the transcript playback in real-time 👀, just click the player below.
Ross: Hey and welcome to Episode 11 of the Set Sail podcast. My name is Ross. And today we are going to be talking about interview microphones.
Ross: And what that means is there's kind of different kinds of handheld there is shotgun microphones that are typically used in like a video kind of a talking head type of shot. There's lavalier microphones.
Ross: So will highlight some of the different options mostly focused on the handheld type but we'll go through all of them for you and you will know what the best interview microphones are for your podcast probably but for lots purposes if you want to create YouTube videos or just other marketing material where you need to record great audio.
Ross: These are awesome options. So there's a few different there's lots of different ways to record interviews so you can be outside or inside. You can be sitting standing you can be spur of the moment you'll be walking around at a conference like Podcast Movement and you know just need to get it quick quick thought or interview of someone that you see.
Ross: That would require different gear then something whereas you know you're sitting down and you have it all set up. So just just something to think about. It's different equipment for different different uses. And that kind of makes all all the difference. So we're gonna start with those handheld interview microphones and this kind of things you see on TV a lot of reporters will use.
Ross: So let's get into it. There's a number. There's different kinds so there's different kinds of pickup patterns there's omni-directional so it picks up from all sides. And that that makes it easier for someone to not be in like the exact perfect position while they're interviewing someone.
Ross: But they are more susceptible to picking up background noise. So you have to be a little more careful there. There's also dynamic hand-held interview microphones and those are great because.
Ross: I'm comparing two different things but there's there's no dynamic mics and they don't need a battery or Fensom power which is which is nice. You don't have to worry about those running out. And then going back step here there's also cardiod directional pickup patterns. So those you'll have to make sure are pointed right at someone's mouth when you're your recording or interviewing.
Ross: And then you'll need to make sure you know if you have one microphone really makes the point back at your mouth when you're talking. So there can be some they drop off easily if you're not pointing them in the exact right spot. But they're less they're less susceptible to picking up that that background sound so just some some trade-offs there.
Ross: Now we can go into some of the options here. The first one is the Rode Reporter. Got a nice long long handle. It's an omni directional dynamic mic. And it includes a mic flag so you can put your brand or podcast right on it. It's kind of cool. So it was a non reflective matte finish so it won't be really distracting on camera I don't pick up a lot of that glare.
Ross: Which is actually really important because you want people to be focused on the message or the person maybe you're interviewing and not not a microphone that's like blinding them so little little things to think about if your going to be on camera that might not be so obvious.
Ross: Another popular one here is the Electro-Voice RE50/B. And it is an omni directional dynamic mic as well. It has an internal shock mount. It's very durable. And they also have another model with the RE50 ND. And it's a little more sensitive so it has a higher higher output level there. Uses different different magnets inside of it.
Ross: Next is the Sennheiser MD46 and this one is a cardiod dynamic mic. So it has that directional pickup pattern. And it does really well for reducing all that background sound. It has really low handling noise. It's made all metal. And has a double layered grill to prevent plosives and you know those kind of sharp air sound go from sneaking into the microphone element. So that's pretty nice there.
Ross: A popular one also is the Beyerdynamic M58. It's an omni directional dynamic mic. Nice long handle.
Ross: Electro-voice 635NDB is another omni directional mic. It uses a neo dimium might a might have butchered that magnet for higher output levels. And this mic is designed for high humidity and extreme temperatures. So it's really good for interviewing outdoors because microphones can be really susceptible to either messing up or just completely failing in some of those more extreme conditions.
Ross: Imagine you're out interviewing someone in a hurricane or something. Or just even even parts of the country or world that just have high high humidity or high no real high or low temperatures not great for microphones. So getting something that can handle those is important. Something to think about ahead of time.
Ross: And here's another cool one. It is a real long handled microphone. So great to be able to reach those basketball players that you're interviewing or just someone where you want to give them a little space. It's the Audio-technica AT8004L. L is for that long handle. It's nine, basically nine and a half inches long and has an omni directional pick up pattern. And yeah usually runs are just over a hundred dollars for that. It's a nice balance of price and quality I think.
Ross: Another one is the Shure VP64A. And it's a great value. Under 100 dollars. It's omni directional dynamic. That neodymium magnet. And has a water resistant grill which is nice nice touch as well. So that's kind of the rundown of the handheld interview mics.
Ross: And be sure to go to Setsailpodcast.com/11 to see pictures of these and links to go pick one up for yourself if you are going to be doing lots of interviewing and want something like that and you'll also see the rest of the day mics I'm about to mention. So Setsailpodcast.com/11.
Ross: Next we have the hand-held interview mic accessories. So these are kind of add ons or ways to make them be used with different different devices.
Ross: The first is the Rodelink NewsShooter Kit. And it basically turns your XLR microphone into a wireless version. So it has a little receiver or transmitter. One of those sticks into the bottom of the mic and then you pair it with another piece and that that piece can be connected into a digital audio recorder.
Ross: It can be hooked into a DSLR or basically any video camera. Or it can be hooked into a field recorder. Basically any any system you can kind of make it wireless. So it's really cool and highly recommendeded way to just make things much easier on you if you're going to be doing a lot of interviewing.
Ross: Another cool accessory from Rode is the IXLR. So it plugs in to the interview mics just like just like the NewsShooter Kit. But it has a lightning connection on the other end so it's meant to be used with an iPhone. And it has a couple different options. It has headphone jack for monitoring.
Ross: It has a headphone volume control. It even has a pad switch so that will lower the input by 20 decibels and yeah kind of all the conversion stuff to make your iPhone a mobile digital audio recorder which is really cool.
Ross: So it's highly recommend. It's not cheap. I think it's around 150 dollars if I remember correctly. Yep. But you know if you have plenty of space on your phone or you know what you have on you. So you only need one. You know one small little accessory and a microphone and you can you can record anything you want which is which is awesome.
Ross: So avoid little note here avoid the kind of cheaper XLR to mini jack converters because they they just don't work. Just to just sort of keep it keep it at that. You want something that does the the conversion in a proper way. So check that out if that sounds cool.
Ross: Another couple options here. Now we're moving on to some different types of microphones and specifically Shotgun interview microphones.
Ross: And these are these are used on camera a lot. So there's the first one is the Sennheiser MKH416. And this microphone is widely used in professional film broadcast settings. And it's really meant to excel in noisier environments but it reduces all that extra noise because it's directional points. You know it it just records what it's pointing at for the most part.
Ross: It's not not cheap. For sure it's see it's about a thousand dollars. But you know you pay for you pay for quality. So check that out.
Ross: Another cheaper option is the Rode NTG4 Plus. I like I really like this one Rode Rode seems to come up a lot in this topic. And let me look up the price on this one real quick. It runs four hundred dollars. But really cool it has some buttons right on it so you can control some cutoff levels and high pass filter pad. Some of that stuff right on on top of it.
Ross: It's not it's not too big. It's kind of a good a good balance in size. And the the buttons are kind of indented so you won't accidentally press them too. The battery last for a long time. I don't know I think it looks cool. So that would be would be a good option I think for kind of a starter shotgun mic. Maybe maybe not the cheapest starter option but it's not not the most expensive either.
Ross: And this one is not technically a shotgun mic it's a hyper cardiod microphone. It's the Audio-Technica 804053B. And I really like this one so I shotgun mics tend to sound echo-y or boom-y when used indoors and kind of places with lots of lots of reflection. So these hyper cardoid microphones are directional and they don't they don't really pick up all that. Those sound waves bouncing off off the walls so they're perfect to use indoors.
Ross: And this Audio-Technica 804053. It comes with a hyper cardoid capsule. But you can actually change it to give the purchase purchase them separately. But you can change it to cardiod or omni directional so you gonna get some nice flexibility of pickup patterns depending on depending on what you're doing what your space is like.
Ross: So I like the flexibility. This one I pull it up for you. It is 600 dollars so not not cheap but definitely definitely kind of an industry standard it's excellent for recording voice and that's what it's designed for.
Ross: It has a 80 Hertz hipass filter a 10 decibel pad. It's yeah it's a great option for now to kind of sit down sit down interviews where you know you'll have it mounted to something. So if you have something planned it's an awesome awesome option.
Ross: We have some more accessories I listed a stand actually I have it sitting sitting right next to me here. It's called the Gator Framework's Tripod microphone stand with boom arm. So it has a removable turn over here and look at it is removable boom arm. You can use it handheld if you want. You can use it with a tripod.
Ross: I actually have a studio mic hooked up to it. And it's awesome has a ton of little kind of secure latch points. It has mic routing clips kind of red tipped feet so people see it don't trip over it which definitely happens. So there a little little touches really add up to make it a really high quality stand.
Ross: And you might need to get some sandbags to kind of put on the feet if you use some heavier microphones because it can it can tip over a Rode NT1 hooked up to it. And if it's if it's standing up too high it will get top heavy. So just a thought there was spill my coffee.
Ross: Next is kind of a hand-held pistol grip. So it's the Rode PG2-R and just so you know shotgun mics are really susceptible to handling noise. So you want them you don't want to hold them in your hand you want them to be attached to a shock mount so that they only pick up what they're supposed to pick up.
Ross: And this is an awesome accessory. You just kind of clip your shotgun mic in there and you can attach you to hold it in your hand or you can attach it to a boom pole like I mentioned before. Those two options are are endless as far as as far as that goes. And then if you're outside or you're going to be moving the microphone around or you have an like someone who's going to move for you. You are going to want a windscreen.
Ross: So I list a couple as Rode makes a couple of high quality ones here. The WS6 and WS7 for different lengths of Shotgun mics. And they also make the Rode Blimp which is a is a pistol grip. And like a big enclosing thing you've probably see him all the time in a professional level recording because they really reduce that that movement wind sound all that stuff.
Ross: So you'll even see them on like racetracks things like that where there's a lot of a lot of wind. So not cheap. Let me look this one up. This is 300 dollars for the kit. But high quality. It will last and it'll keep that wind any sound you don't want it'll keep it out. So worth it if you're doing a lot of that.
Ross: And then I have some other other options some on camera shotgun mics that are great for a run and gun video recording. But you can also what's really cool is you can you can mount them separately to a to a boom pole. If you're doing kind of a sit down interview mics.
Ross: So you can get the instead of mounting the microphone to your camera you can mount it to boom pull closer to your subject just out of the frame and you'll you'll just needed an extension cable to plug into your camera or to an audio recorder or something like that.
Ross: And it can be used as a boom. Kind of a separate boom mic so I like the flexibility of these so-called on camera shotgun mics but they can be used off camera as well.
Ross: So that the newest one they just came out a few months ago I think is the Rode VideoMic Pro Plus. This is their best model. They kind of tweaked a lot of things. It uses a rechargeable battery but you can also put in AA batteries. It has a safety track so it will record a different level that's that's lower in case you someone clips which is really nice.
Ross: It has auto power on and off. Controls are easy to access. It's it's awesome. It's 300 dollars so not cheap. But the versatility and the functionality really makes it just top notch.
Ross: And kind of the closest competitor to that is the Shure VP83F Lenshopper. And this one can be used without a camera or an audio recorder because it has a micro SD card so you can actually use it separately which is pretty cool.
Ross: And it has a really fine gain control in one decibel increments so you can you can nail down the perfect levels that you need which is awesome as well. So those are the kind of two best options there.
Ross: And then we're going to move down to lavalier mics. There's a ton of these. So just kind of run through them.
Ross: Sony ECM77B is really popular. Industry standard mic for interviewing connects with an XLR cable. And can use AA batteries or phantom power for that omni directional condenser mic.
Ross: The Rode Smartlab is a headphone jack plugs a TRRS. And it's meant to be used with a smartphone even though most of those are losing their headphone jacks. You can always use the adapters into the lightning to headphone adapter or whatever phone you have. Usually comes with those.
Ross: Or you can even get an adapter from that size the TRRS headphone jack into a TRS jack which is used in other devices like cameras and audio recorders. So just because it's meant for smartphone doesn't mean you can't use it with other devices.
Ross: And then a cheaper one. And I actually like this one. It's about 30 dollars. The Audio-Technica ATR3350IS. And it comes with a little adapter so you can use it with a smartphone or with an audio recorder. It let's you use both sides. It uses a battery so you'll you'll probably want to pick up some extra extra batteries when you if you get this.
Ross: It comes the clip. I think that sounds sounds pretty good for a 30 dollar lavalier mic. Lots of functionality flexibility so pretty cool I know a lot of people who just pick up like 3 or 4 of these just to have have backups.
Ross: And then rounding out the options here is kind of similar to what I mentioned before. It's the Rodelink Filmmaker kit instead of the NewsShooter kit. And this one comes the lavalier microphone instead of the connection that goes into that interview microphone. So basically the same idea you can plug it into camera audio recorder or a field recorder. Something like that.
Ross: And then someone will have a little a little belt clip that the lavalier microphone goes into. And so you'll have someone who can be recorded wirelessly. Awesome awesome little kit for four hundred dollars. I think the microphone itself normally runs almost that much so I think that's one of the best values and kind of the wireless lavalier mic world.
Ross: I highly recommend those those kits and you can you can get a couple of them too if you want. You just need to make sure you have no one receiver and one transmitter. They go together. So if you get two devices you'll need two transmitters and two receivers.
Ross: So that rounds out our interview microphone's couple options are there maybe maybe more than a couple but hopefully that was useful to you. And do you want to check out more details. Be sure to go to Setsailpodcast.com/11 and you'll be able to check all these out.
Ross: And lastly if you haven't done so already I would love if you would leave a rating in review on iTunes or whatever you listen to this podcast and other podcasts. So it will be awesome it'll help us reach more people get more visibility and I will get the feedback is very useful as well. And if you leave your name and maybe your podcast or website I can give you a shout out in a future episode. So I will thank you. Thank you in advance for that and all I'll see you in episode 12.
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Josh Clark: Hey everybody it's me your old pal Josh for this week's S.Y.S.K. Selects, I've chosen how trickle-down economics works. It sounds boring but it will actually knock your socks off. It's so interesting. And maybe Ronald Reagan will make an appearance. Who knows. You have to listen and find out. Enjoy.
Intro: Welcome to Stuff You Should Know from HowStuffWorks.com.
Josh Clark: Hey welcome to the podcast I'm Josh Clark and Charles Bryant and Jerry. And there's snickering and tittering. And that makes this thing Stuff You Should Know.
Charles Bryant: Yeah, we've got sidetracked before talking about things that trickle.
Josh Clark: Names.
Charles Bryant: Names that trickle.
Josh Clark: Yes.
Charles Bryant: Like the famous racecar driver Dick Trickle.
Josh Clark: Is he a real dude?
Charles Bryant: I swear to god. Look him up.
Josh Clark: I will.
Charles Bryant: Don't image search. Just look him up.
Josh Clark: I should specify race car.
Charles Bryant: Yeah.
Josh Clark: OK.
Charles Bryant: That's a good idea. Your Google master With your google fu.
Josh Clark: Yes. And we the three of us are apparently all eight years old again.
Charles Bryant: Yep.
Josh Clark: Speaking of trickle Chuck.
Charles Bryant: Hey happy birthday.
Josh Clark: Oh be quiet. Jerry you have a big mouth. You're always talking.
Charles Bryant: Well I usually remember but I didn't today. So happy birthday.
Josh Clark: Thank you. I appreciate it.
Charles Bryant: And this will be out several weeks later.
Josh Clark: I'll get to relive my birthday all over again.
Charles Bryant: Exactly.
Josh Clark: Thanks man. Have you Chuckers ever seen the movie Ferris Bueller's Day Off.
Charles Bryant: And we'd go there at some point.
Josh Clark: In this one?
Charles Bryant: Yeah.
Josh Clark: Because Ben Stein?
Charles Bryant: Yeah.
Josh Clark: Oh OK good. So you know the answer.
Charles Bryant: Something the O O right economics anyone?
Josh Clark: Voodoo economics.
Charles Bryant: Yeah.
Josh Clark: When you are in econ class the guy who says Bueller Bueller. That's Ben Stein remember he had that show when Ben Stein's Money.
Charles Bryant: Which was really his money.
Josh Clark: Was it?
Charles Bryant: I think so. I think that was legit. Yeah.
Josh Clark: I think maybe like they gave it to him if it wasn't one or came out of a salary. Who knows.
Charles Bryant: Probably.
Josh Clark: But before that show came on he was in Ferris Bueller's Day Off as an econ professor and I believe he does have a degree in economics. He's also just a great actor and rising pitch man. What he was talking about. And there.
Charles Bryant: No he was clear eyes.
Josh Clark: Clear eyes. Thank you.
Charles Bryant: Clear eyes is awesome.
Josh Clark: Yeah that's right.
Charles Bryant: That sounded like not Ben Stein.
Josh Clark: Well that's as Steiny as I get.
Charles Bryant: Anyway he's talking about voodoo economics and voodoo economics was another name for trickle down economics aka Reaganomics and the person who coined the term voodoo economics do you know.
Josh Clark: John Hughes.
Charles Bryant: No.
Josh Clark: Yeah it was George Bush Sr.
Charles Bryant: Yeah.
Josh Clark: H.W.
Charles Bryant: I remember that.
Josh Clark: Yeah he was running in the primaries against Reagan in the 1980 election. Before he came on as his vice president and he was deriding Reagan's economic policies specifically his belief in trickle down economics as voodoo economics because there's some apparently some sort of magic to the whole thing that makes it work rather than sound economic principle.
Charles Bryant: Yeah. It occurred to me today when I was studying the stuff that John Hughes picked this very topic to represent the most boring thing you could talk about.
Josh Clark: I guess so yeah.
Charles Bryant: And it took me a few times to figure it out because you know I don't my brain doesn't skew toward understanding economics.
Josh Clark: It's it's tough to do.
Charles Bryant: But I finally did and I was like you know what is not the most boring thing ever it's. It's pretty interesting. If I came around that means anyone can.
Josh Clark: Now it's just our our burden to make it interesting to everybody else.
Charles Bryant: That's right.
Josh Clark: Which we've already failed spectacularly.
Charles Bryant: Right.
Josh Clark: So let's talk about this idea. First of all trickle down economics we'll explain the whole thing in detail starting in just a moment but we should probably say that the disclaimer if you want to drive a fiscal conservative or conservative economists or just a conservative in general crazy? Mention trickle down economics like call what they call supply side economics trickle down economics. It drives them bonkers. There's like there's no such thing as trickle down economics it's a derisive term. It doesn't capture the spirit or the thought behind supply side economics which is what they've come around to call it. Yeah but back in the day it was definitely called trickle down economics and the whole point.
Josh Clark: The reason why it was called trickle down economics is that the idea behind it is if you place wealth with the wealthiest people. This idea goes. They will take that money and invested into the economy which will get things running again. And as a result that economic engine revving up will create more wealth at the top that trickles down to the lower working and middle classes.
Charles Bryant: Yeah. Like who better to stimulate the economy than the super rich. And they will maybe open a business to put people to work and then those workers will benefit directly from that investment that that person made.
Josh Clark: Right. So this is the whole theory behind it. We should also disclaim even further that economics as a field is so far from science it's preposterous. Most economic theory that you ever will run into from John Maynard Keynes or Adam Smith or Jean Baptist say These guys are talking about pure economies. The United States and I don't think there's any economy in the world that is a pure economy yet free market economy.
Josh Clark: The United States has things like tariffs and we have things like government intervention, tax policy, monetary policy. There's intervention in the markets so you can't ever say we can't say really what causes recessions and what brings us out of them or whether trickle down economics is effective or if it's not or if it is effective is it effective in the long run or the short run. And what about the opposite way is that effective in the long run or the short run. We don't know.
Charles Bryant: People think they do though.
Josh Clark: That is the thing that's why I like this kind of stuff can get people's blood boiling. Like the point of this one is to just talk about trickle down economics and the theory behind it and why it may or may not work. And on the caveat that we don't know and neither do economists.
Charles Bryant: Yeah I think we left this in a little frustrated after my research because I thought I would come away with an answer. But I mean if you look up Reaganomics which is another name for Reagan's version of the supply side economics you will find 100 article more than that but 100 articles on how what a great success it was and then the abject failure of Reaganomics and no one is going to agree.
Charles Bryant: I looked at some of these theories and said well that makes sense in an ideal world. And a look at the opposite and think well that makes sense in an ideal world right. And I don't I don't know if you like you said don't know if you can know if there is an answer even though everyone thinks that they're right. Both people can't be right. Both sides.
Josh Clark: No it's true because these are very opposite, in most cases, ideas.
Charles Bryant: Yeah but what I did find was a bunch of articles after digging further that said the the failures and successes of Reaganomics. And I think to me that's probably a little more accurate because it isn't a black and white situation.
Josh Clark: Well the part of the problem is as you point to Reagan's tax policies right. And Reagan is tied to trickle down economics and.
Charles Bryant: History like right will clear all this up.
But he's not really the first one to implement this. But he's he's tied to it. But if you look at Reaganomics the problem is this Chuck if if you say well the 90s were very prosperous we had the dot com boom. And the surpluses NASDAQ hit like like a record 10000 points in the 90s. All of that was from Reagan's policies.
Josh Clark: Well you can't say that that was from Reagan's policies. We don't know. We just simply don't know. Was it something short term that the Clinton administration was doing or was it the long term effects of Reagan's tax cuts. We don't know.
Charles Bryant: Yeah and we're going to get scores of e-mail from people saying what we do know. But we don't.
Josh Clark: No. So just send your e-mail that's fine but you're wrong.
Charles Bryant: Well I guess we should go ahead and say too that just the name trickle down was coined by Will Rogers famous humorist in the 1920s. It is not a 1980s thing. It had been around for a while right. And he said quote the money was all appropriated for the top in hopes that it would trickle down to the needy and that's where it started to get its a derogatory feel around that name.
Josh Clark: For sure. Since the 20s and over time especially since the 80s the people who championed trickle down economics are this this particular version of trickle down tax policy have tried to distance themselves from the term trickle down because it does seem elitist and it seems like a big wealth transfer which in fact it is.
Josh Clark: Let's let's talk about this trickle down policy isn't necessarily associated with Reagan's tax cuts.
Charles Bryant: Right.
Josh Clark: The whole idea behind trickle down as I said already is you take wealth and you give it to the wealthiest people. That's that's what's done. It's a wealth transfer. It's usually done at a time when you're in an economic slump. So you're hoping to revitalize things.
Charles Bryant: Yeah it's the government trying to smooth out the rough spots in the national economy.
Josh Clark: But aka recession. So you're transferring wealth you're transferring wealth though. On the premise that that money is going to be reinvested reinvigorated.
Charles Bryant: Right.
Josh Clark: Used to reinvigorate the economy. So it is a wealth transfer but the one we're talking about today specifically we're talking about Reagan's version. So it's a wealth transfer through tax cuts.
Charles Bryant: Yes.
Josh Clark: Right.
Charles Bryant: Yes.
Josh Clark: So when Reagan came into office he took over a tax policy where the highest tax rate was like 70 percent the highest earners were paying 70 percent on their highest income.
Charles Bryant: And he got that down to about 50.
Josh Clark: Yeah which is still seems incredibly high today in an age where we're paying like 35 percent the highest earners are.
Charles Bryant: Yeah.
Josh Clark: So the point is is Reagan did it through tax cuts but that doesn't mean like trickle down economics doesn't equal tax cuts necessarily. It's always that's one way of putting more money into the hands of the wealthiest.
Charles Bryant: Right. Right. Exactly. It's really a question of supply and demand. And I guess we can go back through time a little bit to Jean-Baptiste Say who you mention. A 19th Century French economist and his his philosophy has been misinterpreted a lot as supply creates its own demand. It's not exactly right. What he was really saying is products are paid for with products and money just had like a temporary function.
Josh Clark: Like if you are somebody who produces something, when you produce something, that item when you go make that shoe. You're going to sell your shoe. Which is the whole reason you made the shoe in the first place. And then with that money you can go use it to buy other goods and services. So the production of that shoe created a wage for you which in turn stimulated consumption demand from you for something else.
Charles Bryant: Product is paid for the product. The misinterpretation that supply creates its own demand is just a bastardized version and that basically means that there would never be a failed product like you can just produce and produce and produce which isn't sound. No that's insane. And I think Say would have said that that is not true as well.
Josh Clark: Well he did. He did it during his lifetime even say like well no I mean it's possible that there is such a thing as overproduction. I mean like if you think about it like during the housing market crash starting a few years ago sure there was a glut of homes on the market.
Josh Clark: And it's not like the people who were building homes just merrily went on building homes and building homes and building homes. Once the demand ceased they stopped producing still having a glut on the market. And the ones who were still just sinking money into built like building just stop basically.
Josh Clark: And it was because there was an oversupply because demand had ceased. So the idea that that if you if you produce it demand will come on a short term basis it is kind of a fallacy.
Charles Bryant: Yeah but in the earlier days of this country a lot of big thinkers agreed with him like Jefferson. But the tide turned later on in our country with the introduction of Mr. Keynes, Keynesian economics. Yes so we talked about in our audio book.
Josh Clark: Yeah we did stuff you should know super stuff guide to the economy.
Charles Bryant: Yeah. Which is probably super outdated.
Josh Clark: I wonder.
Charles Bryant: But there are some I think there's some evergreen content in there.
Josh Clark: Yeah I mean it was like an Economics 101 course with us. So the basis of Say's law is that if you stimulate production then you will get the economy going again. And it was implemented for a while like some of the some of the early 20th century presidents like Hoover among others like Harding and Coolidge.
Charles Bryant: JFK?
Josh Clark: Well JFK later but early on in the 20th century Harding and Coolidge both implemented this kind of what's called supply side policy. Tax policy.
Charles Bryant: Say's law.
Josh Clark: Right. If you stimulate production through lowering taxes at the top and we'll tell you in a second how those two are correlated. Yeah you can get the economy going again. Well Hoover also followed the same policy and under Hoover's watch the great depression happened.
Charles Bryant: Yeah which would cause any just regular thinking person even if they don't understand economics to think hey we're doing it wrong.
Josh Clark: Right. So Roosevelt came along.
Charles Bryant: That's right.
Josh Clark: Roosevelt held the opposite view and he was very much a Keynesian and he was operating at the same time that Keynes was writing and working himself. And John Maynard Keynes said no no no. You guys have it backwards. You don't stimulate the supply. You stimulate the demand then all of a sudden if you have a housing glut and you suddenly have people who have more money to spend they'll take care of your housing glut and then things can get back to normal we reach equilibrium again.
Charles Bryant: Yeah he was about short term ideas short term fixes maybe lower interest rates maybe taxes fiscal policy taxes and spending. Basically what you hear a lot about these days. You know Keynesian economics kind of lasted a long time until probably Kennedy and then Reagan. It's like there's only been a handful of US presidents really endorse the trickle down theory like wholeheartedly.
Josh Clark: Since the 20th century. Yeah it's the Keynesian policies ruled. It was very much about like cutting taxes for the lower and middle and working classes increasing taxes for the rich because if you if you're a government you still need revenue right. So you can't cut taxes for everybody if you cut taxes for one group. You kind of need to increase it for another because you still need your money coming in.
Josh Clark: Of course you could also take the radical step of figuring out how to eliminate waste and bloat in government that would help a lot. But we're talking about that in this one.
Josh Clark: We're talking about trickle down economics.
Charles Bryant: That's right.
Josh Clark: So then along comes Kennedy who says hey my dad was are pretty rich so I'm kind of thinking that this trickle down thing might work. So he got into supply side economics and then when Reagan came along he really championed this whole idea and it was out of a result of some guys in the 70s saying there's this whole other thing that we've been ignoring which is this trickle down tax policy that we should implement. And they got Reagan into it and he implemented it.
Charles Bryant: Yeah and after this message break coming up here in a sec we're going to talk a little bit about if it doesn't sound like it makes sense to you. There is a certain curve that will explain that might clear it up for you.
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Charles Bryant: All right. So we're going to talk about the Laffer Curve which was also in Ferris Bueller.
Josh Clark: Oh was it?
Charles Bryant: Yeah he says Laffer curve. But in high school I had no idea what I was like What are those words together who I don't understand. Laffer was a person L A F F E R.
Charles Bryant: The Laffer Curve helps explain a little bit why trickle down economics could possibly work. that a good neutral way to say that?
Josh Clark: I would say so.
Charles Bryant: The idea of the Laffer curve is that the relationship between taxes and revenues is a curve instead of a direct relationship. so at a certain point let's say you own a company you make and choose and you gross 10 million dollars through like the first two financial quarters. And you're taxed at let's say 50 percent. And you know if you make any more money than you're going to jump up into that 90 percent tax tax category you might slow down production you might halt production altogether and say you know what I'm going to take off the rest of the year right maybe even put these people out of work for four to six months.
Josh Clark: Furlough.
Charles Bryant: Furlough and because I don't want to be taxed anymore. So if you look at that on a graph it's going to be if you tax people 100 percent they're not going to work. If you tax people 0 percent you're not getting any money. So in the middle of there is the curve.
Josh Clark: Right. It basically Laffer Curve suggests that the correlation between tax rates and tax revenue is not totally positive. At some point it starts to go back down.
Charles Bryant: Yeah that's called the prohibitive range at a certain point. People don't want to be taxed in that range.
Josh Clark: And it's not even necessarily that they are not working any longer because they resent being taxed. What Laffer was pointing out is that there is this prohibitive range and within the prohibitive range you remove the incentive to work theoretically.
Josh Clark: And Jane McGrath who wrote this gave a pretty good example where it's like if you make that money and you are taxed 50 percent that's tolerable you're still going to make sure you still get to keep 50 percent for yourself. But when you tax them that ninetieth percentile you say you were going to make another million dollars. You have to give nine hundred thousand of it to the government and you just get to keep 100000.
Josh Clark: Well you might decide to just go and spend the rest of the year at your beach house. The money that you did make not because you resent being taxed because it's just not worth it to exert that effort to make that next million dollars when you just get to keep 100000 of it.
Josh Clark: So at that point in that prohibitive range the tax policy is effectively keeping people from working inducing them to not work any longer which is bad for an economy.
Charles Bryant: And that's if you're if your work if your income is directly related to your work right now you could conceivably if you owned a factory or something and you didn't have to really exert any problem. And you could still make payroll and all that stuff might be worth it to just leave it to these other people to make that extra hundred thousand dollars for you rather than go off to the beach house.
Josh Clark: But if you your effort directly is tax then yes it would become a disincentive toward work. Yes conceivably we should point out Chuck and Jean didn't do a very good job of doing that. And this in this article. Laffer's Curve is a thought experiment. It's not based on data. It's not hard and fast rule or law. It's basically an intuitive idea of tax rates and their effect on tax revenue.
Charles Bryant: Yeah but if you don't you have to be a business owner. Let's say you're just a regular employee that makes a salary you have a salary sweet spot as well. You know it's great to get promotions and get raises but if you're really climbing the ladder at a certain point.
Charles Bryant: You might think man I got a big raise and I'm making barely any more money than I made before this big promotion because I've been kicked into a higher tax bracket. So that's the prohibitive range and it can apply to you. I mean you can't you don't stop working.
Josh Clark: No but you may say I don't actually want that promotion going to be more responsibility and really not much more money so I'm going to hang out right here rather than keep going.
Charles Bryant: Yeah and my little 20 percent range or whatever it is.
Josh Clark: Right. So let's Laffer curve.
Charles Bryant: Yes.
Josh Clark: And that's a it's a kind of the basis of trickle down tax policy. It's the idea that OK there is a point where you can tax too much and now you're actually slowing down the economy. So based on Laffer's curve when you're looking at it through through trickle down policy there is a point then that's like you said there's a sweet spot as far as tax revenue goes.
Josh Clark: And it creates this seeming paradox where if you cut tax rates at a certain point you'll actually increase tax revenue because people will be incentivized to work more right throughout the year. And the other basis of trickle down theory is that you are going to put more money or keep more money with the people at the wealthiest people who under this idea are more likely to invest it.
Charles Bryant: Right back into the economy.
Josh Clark: Right. And when they do that supposedly allegedly the economy booms.
Charles Bryant: Yeah what you can't account for is just the single person this is looked at in the broadest terms because somebody can make all their money and just sit on it in the bank which isn't reinvesting it.
Josh Clark: That is a really really really big point. You'll remember back at the beginning of this recession the Fed was doing everything it could to cheapen lending. And still has been. And it didn't do anything.
Josh Clark: It still dried up. Like you have to take into account things like insecurity fear that just.
Charles Bryant: Being human.
Josh Clark: Yes human like we're not necessarily rationally maximizing actors humans are like. There is such thing as fear and the idea that maybe hoarding money is best so what's possible then if you follow this trickle down tax policy is you're taking money from everybody else and giving it to the rich. Or if your head just spun because you're a fiscal conservative right. What you're doing is allowing the rich to keep more of their income but they're not doing anything with it.
Josh Clark: At least as a short term fix that's not a good idea because you can probably bet that eventually the rich are going to take that money and invest it back in the economy but it's too early but when's that going to happen. You can't really say.
Josh Clark: Part of the other problem with it is that you are then also basically handing money out at a fire sale. You're saying hey here's a bunch money invested back in the economy. And have we mentioned the bargain basement rates you can get around all these businesses over here because the economy's in a recession..
Charles Bryant: It's like and Infomercial.
Josh Clark: Yeah very much so yeah. And it's like it is literally a wealth transfer and under some circumstances like the recession that we're still coming out of now, it is a wealth transfer and an asset transfer and that the people who have the most money. The wealthy also have the most buying power and they have the best bargains.
Charles Bryant: Yeah. Thomas Sowell is an economist and he he won't call it trickle down economics because he thinks it literally benefits the workers immediately in first because in the idealized version they're going to reinvest in the very first thing that's going to happen is they're going to put people to work and people are going to have jobs. So yeah he won't he's not going to call it trickle down theory because he thinks it works literally the opposite way.
Josh Clark: No I read a column in The National Review by him and he's like you'll never find a legitimate economist a history of economic theories and policies and analysis you'll never find trickle down economics anywhere you like it drives him crazy that people call it that because it has such a negative association and elitist wealthy association.
Charles Bryant: Yeah and you know when you if you're during election time or during if you see these big tax cuts for the wealthy if it makes your blood boil because you think these people are obviously in the hip pocket of the politician that may be true but you can still remove yourself from that and look at the theory itself. Does it work or does it not.
Josh Clark: And we will do that after this.
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Josh Clark: So Chuck let's do just that passionless run down of how a trickle down supply side tax policy works.
Charles Bryant: Yeah I mean it's got to be passionless with me because I have no idea. I can't argue hard for any side because I read so many articles disputing one another completely that I have no idea.
Josh Clark: So OK so we're in a recession.
Charles Bryant: Yeah.
Josh Clark: And there's a discussion is it supply or demand that you want to stimulate. Well with supply side economics trickle down is what you call it in the vernacular. You want to stimulate the supply because under this belief if you stimulate the supply the the people who are producing stuff will have stuff for sale and people will buy it and more money will enter the economy and things will get back to normal.
Charles Bryant: Yes.
Josh Clark: Because the the basis of this is that people still work during recessions and since they are working they have money to buy things. Not everybody is working but you can handle the idea that not everybody's working by getting production going again because that creates jobs. And that in turn generates even more income gains.
Charles Bryant: That is passionless.
Josh Clark: So how do you do that? According to trickle down supply side tax policy. You cut the tax rates of the wealthiest people. You incentivize them to keep working harder and harder because they get to keep more and more of it themselves. On the hope that rather than keeping it themselves hoarding they will inject it into the economy through things like investing expanding their businesses hiring more people opening new businesses and taking that investment and making more money themselves.
Josh Clark: But in the meantime spreading the wealth around through things like wages and tax revenues.
Charles Bryant: Through minimum wages.
Josh Clark: So that is supply side tax policy and whether it works or not. The jury's still out. I did find something from the FairEconomy.org which I have to say I don't know whether they're nonpartisan or liberal. They definitely didn't strike me as conservative but so take it however you want.
Josh Clark: But they took the tax rates the top tax rate and its changes from 1954 to 2002. And they took the changes to that top top tax rate the highest here which is the one you're supposed to cut under this type of tax policy.
Josh Clark: And they juxtaposed it against four different economic indicators. Growth in the gross domestic product which is kind of like the indicator of the overall health of the economy. Income growth rate which is you know how the average American's wealth grows. I think changes to unemployment and the growth of the hourly wage.
Josh Clark: And they found that the correlation was basically statistically nonexistent. When you lower tax rates or raise tax rates but specifically in this case when you lower the highest tax rate it does nothing to improve the GDP to improve hourly wages to improve median wealth.
Just statistically speaking over the course of 1954 in 2002. Lowering the tax rates did nothing for those things. So speaking from there and you can say well it doesn't really do anything.
Charles Bryant: Yeah. Well with Reaganomics I think well again I say most people agree but no one agrees. It did help inflation. It was because of his policies but tax revenues didn't see much change at all under those policies.
Charles Bryant: We're not getting into you know the part of Reaganomics where he kind of shut down trade with a lot of countries. Keep it in-house. Right. And the effect that had and I've gotten varying answers on how long after a presidency can you even look back in with a good judgment.
Charles Bryant: Like the policies really take effect 10 years later is when you're going to see are nowhere like 20 years or no. You can see it immediately with short term fixes. So it's the whole thing is very frustrating because no one agrees. Everyone thinks they're right.
Josh Clark: Yeah that's the frustrating part is everybody thinks they're right.
Charles Bryant: Obama's policies are almost virtually the exact opposite of Reagan.
Josh Clark: Well that's funny you say that because that's not necessarily true.
Charles Bryant: In a lot of ways they are.
Josh Clark: Well he in there he kept the Bush era tax cuts going. He's actually.
Charles Bryant: Well that's true.
Josh Clark: Kept lower tax rates than Reagan did. And Reagan's always pegged with the trickle down economic theory right. Obama's got this other one going. It's called quantitative easing. So with Reagan it was trickle down tax policy under Obama it's trickle down monetary policy.
Josh Clark: And by pumping money into the markets through the Fed. It's actually helping because of this income inequality. It's helping the wealthiest Americans right by far without anything trickling down really to the lower working and middle class Americans.
Josh Clark: So trickle down policy doesn't necessarily just mean tax policy. It can also mean monetary policy. And we've got a very specific trickle down policy being carried out under Obama's entire two terms far through quantitative easing.
Josh Clark: Either way there's a vast transfer of wealth going on right now just as there was in the 80s.
Charles Bryant: Yeah I'd suggest people read up on their own if they want to jump in this argument.
Josh Clark: This one kind of also once you really start looking into it especially if you go beyond like what helps. Yeah and really step back and look at what's being done and the effects of it. Forget you know my ideas the best way to cure a recession theoretically.
Josh Clark: Like if you if you just get out of that mindset and you look at economic policies and you look at them through the lens of income inequality then suddenly conservative and liberal and democrat and republican all just kind of fade away.
Josh Clark: And basically everybody has reason to feel like they're being talked out of something very valuable. I came up with the idea. I'm sure I'm not the first person to come up with it.
Charles Bryant: Joshenomics?
Josh Clark: I wonder if you did cut down on the tax rates for the wealthy to about where they are now. This is like bargain basement tax rates frankly 35 percent. It used to be at 90 percent in the 60s 90 was the highest. Now it's 35 as much as 50 percent under Reagan.
Charles Bryant: Yeah much of the world pays a lot more taxes than we do.
Josh Clark: Oh yeah. So 35 percent I think is fair for everybody to say the least if not unfair because it's so low. But let's say that it's fair you keep the tax rates low on the wealthiest earners and you let them build up as much money as they want in their lifetime. But when they die you tax their estate like there is no tomorrow. And I wonder first of all you increase revenue. Sure but you also prevent dynasties.
Charles Bryant: You want to prevent dynasties.
Josh Clark: Sure. I read an article about how the those who inherit wealth tend to invest it less. They tend to hoard it more because they didn't have any means of accumulating wealth other than a windfall. I think if you just look at it statistically speaking and you look at rather than again on an individual basis if you look overall when wealth is inherited rather than earned the inherited wealth is less often invested in ways like that create new jobs than the wealth that's earned.
Josh Clark: And it's the same thing like if you won the lottery or something like that you should be terrified of losing that money because you didn't do anything to earn it. So there's no guarantee whatsoever that you will ever earn that money or have that money again once you spend it if you amass a fortune in industry and lose it you did it once there's a likelihood that you could go do it again. So you're more likely to take more risks with that wealth.
Charles Bryant: But people work to take care of their families for generations to come. Like that's what their goal is.
Josh Clark: Right. So let's say you have 100 million dollar estate. And you have one kid and your estate is taxed at 90 percent when you die. Your kid still gets 10 million dollars if your kid inherited 10 million dollars. Yeah you're a wealthy person and your kid inherits 10 million dollars.
Josh Clark: I think you can get your eternal rest easy knowing that your kids are going to be OK with ten million bucks for the rest of his or her life. I think that's fair. It's enough to set him up in business for sure that's enough of a leg up that most people don't have.
Josh Clark: That's fine you have to agree with me.
Charles Bryant: I think it's I think it's like when I hear about Bill Gates is only gonna leave his kids so much money or whoever Bill Gates or Warren Buffett or someone.
Josh Clark: They both are. They've pledged like a significant amount of their estates.
Charles Bryant: Right to not to get leave it just leave that to their children. I think that's that's great. But I think that's like it should be a person's choice and the government shouldn't make that decision for them. Like government making decisions like that does that makes my blood boil.
Josh Clark: But that's tax policy man. Like they can make that decision while you're alive or you die. It's still your income being taxed. Either way it's like are they taxing your inheritance before your death or.
Charles Bryant: Well but it isn't tax policy because Joshenomics isn't.
Josh Clark: No but the very fact that there are taxes and progressive means that the wealthiest people pay more. The more you earn the more tax you pay. So why does it matter whether it's now or when it's when you die. And I does not entirely. It's kind of a glib interpretation because I realize what I'm saying is normal taxes now and then a heavy tax when you die.
Charles Bryant: Right.
Josh Clark: To prevent dynasties and to increase revenue. I just don't think it'll disincentivize work because while you're alive you still want to make money. People those people who are dedicated to amassing hundreds of millions or billions of dollars.
Josh Clark: That's not going to prevent them from making money while they're alive. It's not you know they're still alive and their kids still get a slice of the pie right.
Charles Bryant: But what about their kids kids and their kids kids.
Josh Clark: Well then it's up to their kid to go out and through his own effort or her own effort amass their own fortune just like everybody else is. Everybody gets to start at zero. All those rich kids still get that leg up of 10 percent of the estate. It's just my idea.
Charles Bryant: I got you Joshenomics.
Josh Clark: Joshenomics. Man we're going to get some letters for that one. Ah you get anything else?
Charles Bryant: And hey let me say that I think people should be able to live much more meagerly than they do. I'm not a proponent of people leading these lavish wasteful lifestyles. But I think if you know you've made your money in a legitimate way then that's your right to do so I guess you know I wouldn't want some government putting their hand in my pocket and saying hey you worked really hard for all that. Give me 90 percent of it.
Josh Clark: Well I mean who does. Nobody wants that. Yeah especially when you when you look at government wastefulness or if you don't want to fund war or something like that like then it makes it even harder to bite.
Charles Bryant: Yet the whole thing makes me want to drop out and move to an island or some place in the woods very quiet to where I don't have to even think about any of this stuff. I got my little garden got my chickens and my goats.
Josh Clark: You need to go make some money so you can do that.
Charles Bryant: Yeah. What I want just a little nine bedroom house on like 120 acres.
Josh Clark: With the staff. Yeah.
Charles Bryant: All right. Are we done with this.
Josh Clark: We're done with trickle down economics. If you want to learn more about it you can read this article on HowStuffWorks.com. Just type. Trickle down economics in to the search bar and it says that search bar time for listener mail.
Charles Bryant: I'm going to call this one the waiting is the hardest part.
Charles Bryant: Hey guys just found your podcast a few months ago and I love it. The reason I'm thanking you. Is because I have a bit of a worrying problem. I just sent out my application to a dental school and now I'm playing the waiting game.
Charles Bryant: Through my waiting I always find myself worrying and wondering what could happen. Even though I know it's not the best thing for me in my long days at work this summer listening to you guys really helps me not only take my mind off the process but helps take the bite off my worrying mind and even makes me laugh out loud while people look at me like I'm on crack. Which by the way I know all about your crackpot guest.
Josh Clark: That was a good one.
Charles Bryant: So thanks for what you do. You're informative and your humorous podcast. Makes my day easier. Helps me through the waiting game teaches me so much about what I do not know. By the way I know it's a longshot but if by any chance you read this on listener mail. Please give a shout out to my fiance Elizabeth. We have less than a year before our big day and that is from Caleb Davis in Decator, I N Is that Indiana.
Josh Clark: Yes.
Josh Clark: Just making sure there wasn't some state I didn't know about. Yes Caleb and Elizabeth from Indiho. Congratulations and Caleb I hope you get into dental school my friend. Follow up with us.
Josh Clark: Doesn't Caleb write us frequently said the Caleb I'm thinking of.
Charles Bryant: No that is not.
Josh Clark: Okay.
You think indicated that when our contest and had lunch with us. Is that the same Caleb writing sometimes follow us on Twitter. Yeah I think so. Oh hey. What is it. Well I say as I say I don't remember.
Well at any rate thanks to all the Calebs out there to listen we appreciate you. If your name Caleb or even if you're not and you want to get in touch with us you can tweet to S.Y.S.K podcast you can join us on our Facebook page it's Facebook.com/StuffYouShouldKnow you can send us an e-mail. [email protected] And join us at our home on the web. The beautiful StuffYouShouldKnow.com.
Announcer: For more on this and thousands of other topics visit HowStuffWorks dot com.
David Collins: Hello. My name is David Collins and I have a new podcast on the HowStuffWorks network called the soundtrack show. As someone who's worked in entertainment in sound music and voice over for almost 20 years I'm thrilled to bring my knowledge to your favorite movies TV shows video games and live theater. Please join me on the soundtrack show that soundtrackpodcasts.com. And follow us on Twitter @soundtrackHSW or Facebook and Instagram at soundtrackshowHSW. Thank You.
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: Next is a young woman who moved from Nashville to New York this year and seems bent on global domination. Her parents named her after James Taylor and her fans are called Swifties. If you haven't guessed her name by now you are clearly living under a very large rock. One magazine headline says it best. Taylor Swift is the music industry.
: You could say there was one song this year that you just couldn't shake off: Shake it off. Taylor Swift's giant hit single off her a giant hit album 1989. 1989 sold over a million copies its first week. Unheard of these days and was the only album to go platinum in 2014. The one time teen country singer became a pop powerhouse this year. A one woman exception to the rule that in the digital artists cannot make money selling records.
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: Taylor's success is based on her close relationship with her fans. They are called Swifties. They see themselves in her and she sees herself in them.
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: My senior year.
: She's won just about every music award there is. Going on. before our eyes. Her autobiographical songs deal with the problems of growing up and having or not having relationships. But while her fans identify, critics have accused the two autobiographical.
: If a guy shares his experience in writing, he's brave. If a woman shares her experience in writing, she's oversharing. And she's she's over emotional. Or she might be crazy or watch out shall write a song about you. Well that is joke is there is that joke is so old and it's it's coming from a place of such sexism.
: As she has become more famous so have the boyfriends. Her hits chronicle of high profile relationships that blossom with her die and then get turned into song lyrics. But Just as her music has changed, so has her attitude toward romance.
: It seems like when I move to New York love and heartbreak and all the things that used to be my main factors in my music kind of faded to the background. Of course love is still very interesting to me as a writer but.
: As a writer not as a beautiful young woman?
: Now right now.
: No?
: I just like I just feel really happy and I'm really protective of that.
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