Does Anybody Know How to Solve an American Debt Crisis?
5/19/20261 hr 2 min
On his 40th birthday, Derek Thompson takes a step back and looks at how his thinking on the national debt has changed. Back when he first covered fiscal policy, concern about government borrowing was mostly a conservative position, with many liberals arguing it was overblown. That’s starting to shift. The U.S. now spends far more than it brings in, and the gap is still growing. For the first time, interest payments on the debt have surpassed military spending. And deficits that once rose during crises like the Great Recession and the COVID pandemic haven’t really come back down. So what changed, and how worried should we be? Derek is joined by economist Justin Wolfers to walk through the basics of the federal budget, the evolving debate around the national debt, and why more economists are starting to take persistent deficits seriously. Host: Derek Thompson Guest: Justin Wolfers Producer: Devon Baroldi Additional Production Support: Ben Glicksman Visit https://www.uber.com/safety to learn more. Learn more about your ad choices. Visit podcastchoices.com/adchoices
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First 90 secondsSpeaker 10:00
[drum music] A rich life isn't a straight line to a destination on the horizon. Sometimes it takes an unexpected turn with detours, new possibilities- Cheers. And even another passenger- [baby cooing] Or three. And with one hundred years of navigating ups and downs, you can count on Edward Jones to help guide you through it all. Because life is a winding path made rich by the people you walk it with. Let's find your rich together. Edward Jones, member SIPC.
Derek Thompson· Host0:35
This message is brought to you by Apple Card. [chime] Hey, you could be earning two percent daily cash back on that purchase. [chime] And that one. [chime] And even that one. That's because Apple Card users earn two percent daily cash back on every purchase, including everyday items they buy online or in store when using their Apple Card with Apple Pay. Not an Apple Card customer? You can apply in the Wallet app on iPhone. Subject to credit approval. Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch. Terms and more at apple.co/benefits. So it's my birthday today. I'm 40 years old, and birthdays like this, the ones divisible by 10, I guess, really force a person to do some existential reflection.