The Billionaire Tax, The Busted Federal Budget, and the Future of the American Experiment

Hoover Institution economist Joshua Rauh examines America’s mounting federal debt and the political obstacles to controlling government spending. Rauh explains why higher taxes and faster economic growth alone cannot close the budget gap, warns that rising interest costs could trigger an inflationary crisis, and argues for slowing entitlement spending growth. The conversation also covers President Trump’s tariff policies, why California’s proposed billionaire tax could drive taxpayers out of the state, and lessons from states such as Texas and Florida.

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