Massive jobs revision, Kamala wealth tax, polls vs prediction markets, end of race-based admissions

The All-In Podcast features Jason Calacanis, Chamath Palihapitiya, David Sacks, and Friedberg discussing various topics, including revised job growth numbers and their implications for the economy, potential Fed rate cuts, and the accuracy of economic data. They also delve into the Supreme Court's decision on affirmative action, its impact on college admissions, and the broader issue of meritocracy versus socioeconomic considerations in education and hiring. The conversation shifts to the upcoming election, analyzing polling data, prediction markets, and the potential impact of VP picks. Finally, they discuss Biden's proposed tax plan, including the unrealized capital gains tax, and debate its potential effects on entrepreneurship and capital flows, with Friedberg offering a theory about government spending and its influence on economic policies.