Financial analyst and Futures Edge podcast host Jim Iuorio joined Dan Proft and Amy Jacobson on Chicago’s Morning Answer to dissect the latest headlines, including Elon Musk’s role in reshaping social media discourse, the Moody’s downgrade of U.S. credit, and the economic stagnation of Europe.
The conversation began with Elon Musk’s recent reflections on the fallout from his acquisition of Twitter (now X) and the political firestorm that followed. Musk argued that legacy media outlets painted him as a villain, in part because he allowed open debate on controversial topics—something Iuorio strongly agreed with.
“Musk ran afoul of the propagandist media when he bought Twitter and allowed two sides of the story,” Iuorio said. “People with bad arguments hate debate, and Elon was the first to say, ‘This is stupid.’” He defended Musk’s decision to challenge media and political narratives, asserting it was “100% worth it” for the country, even if the personal cost was high for Musk and his companies.
On the topic of Tesla, Iuorio revealed he had bought stock in the company when it was under pressure from political and media backlash. “Tesla’s a pretty amazing company,” he said. “You’re going to sell it just because fringe lunatics are torching car lots? That made no sense to me.”
Iuorio also weighed in on the recent U.S. debt downgrade by Moody’s, echoing skepticism about the agency’s motives and timing. He referenced economist Ray Dalio’s warning that while government debt will likely be paid, it could be done with devalued dollars, creating hidden losses for bondholders.
“Moody’s didn’t have a problem when the government was racking up a trillion dollars in debt every 95 days,” Iuorio noted. “Now they’re worried?” He criticized the lack of meaningful spending cuts by the current administration and expressed frustration with Congressional Republicans for failing to pursue more aggressive fiscal reforms.
The hosts also brought up the expanded SALT tax deduction, which benefits residents of high-tax states like Illinois. Iuorio admitted he would personally benefit but called it “ridiculous” policy that rewards failed tax-and-spend governance and effectively subsidizes states with bloated budgets.
The conversation veered briefly into cultural territory when Iuorio mentioned he’d be attending a Paul Simon concert at the Chicago Symphony Center. Dan and Amy teased him about the artist’s age and whether Art Garfunkel would make a surprise appearance, but Iuorio defended Simon’s legacy with a chuckle, promising dinner at his Palatine restaurant Brand if they showed up.
Returning to global economics, Iuorio discussed a recent Wall Street Journal article about Europe’s weak tech sector and declining global influence. “Europe is a museum,” he said. “They’ve overregulated themselves into stagnation.” He recalled a letter from a CEO who rejected France for manufacturing due to onerous regulations—an example, he said, of how Europe is slowly becoming irrelevant economically.
As for the U.S., Iuorio warned that without structural reform, the country could follow a similar path. “We need meaningful cuts,” he said. “Not just symbolic gestures.”
Despite the dire tone on some issues, Iuorio remained bullish on America’s potential—if leaders have the courage to act. He closed by raising concerns about a tax cut on tips, arguing that it could push more transactions into traceable digital systems, paving the way for a central bank digital currency and eroding financial privacy.
“This could be the last bastion of cash in the economy,” he warned. “And once it’s gone, we’re closer to a world where every transaction is monitored.”
Jim Iuorio is a special contributor to Wirepoints and host of The Futures Edge podcast. He also owns Brandt’s restaurant in Palatine, IL, where he promised to host Dan and Amy—pending availability after Paul Simon’s encore.