How the U.S. Can Get Its Debt Under Control

ABOUT THE EPISODE Kent Smetters, Boettner Professor and Professor of Business Economics and Public Policy at the Wharton School, says U.S. debt has topped $38 trillion, driven by rising interest costs and entitlement spending. He notes the U.S. already has one of the most progressive tax systems but collects less revenue than other major economies. Fixing the imbalance will require both new broad-based taxes and gradual increases in the retirement age. Tariffs, he adds, are an inefficient way to raise money and hurt growth. Real progress depends on long-term, bipartisan fiscal reform, rather than short-term politics.

ABOUT THE PODCAST This Week in Business features interviews with Wharton faculty about the latest news, fascinating trends, and issues impacting both consumers and the business world. Episodes are recorded at the Wharton School and published twice per week.

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