Stephen Dubner

So if we want to look at the big picture, the entire fiscal irresponsibility, including the national debt, I'm starting to wonder if these 10 tax myths may be more like the hole and not the doughnut.

Okay, let's address that side. I'm Stephen Dubner. This is Freakonomics Radio. We'll be right back. OK, let's define some terms. The federal deficit is the difference between what the government spends and what the government takes in over a given year. Last year, the U.S. deficit was $1.8 trillion. When you stack last year's deficit onto the previous year's and the years before that,

Okay, let's address that side. I'm Stephen Dubner. This is Freakonomics Radio. We'll be right back. OK, let's define some terms. The federal deficit is the difference between what the government spends and what the government takes in over a given year. Last year, the U.S. deficit was $1.8 trillion. When you stack last year's deficit onto the previous year's and the years before that,

Okay, let's address that side. I'm Stephen Dubner. This is Freakonomics Radio. We'll be right back. OK, let's define some terms. The federal deficit is the difference between what the government spends and what the government takes in over a given year. Last year, the U.S. deficit was $1.8 trillion. When you stack last year's deficit onto the previous year's and the years before that,

This is what's called the national debt. As of this recording, the U.S. national debt is around $29 trillion. To put that in perspective, here's one more number. Our national debt currently stands at around 98% of our GDP, and that is the highest it's been since right after World War II.

This is what's called the national debt. As of this recording, the U.S. national debt is around $29 trillion. To put that in perspective, here's one more number. Our national debt currently stands at around 98% of our GDP, and that is the highest it's been since right after World War II.

This is what's called the national debt. As of this recording, the U.S. national debt is around $29 trillion. To put that in perspective, here's one more number. Our national debt currently stands at around 98% of our GDP, and that is the highest it's been since right after World War II.

So when people like Jessica Riedel say they are very concerned about our national debt and the lack of a political plan to address it, Well, they are right to be concerned. For starters, just paying the interest on that debt is extraordinarily expensive.

So when people like Jessica Riedel say they are very concerned about our national debt and the lack of a political plan to address it, Well, they are right to be concerned. For starters, just paying the interest on that debt is extraordinarily expensive.

So when people like Jessica Riedel say they are very concerned about our national debt and the lack of a political plan to address it, Well, they are right to be concerned. For starters, just paying the interest on that debt is extraordinarily expensive.

There is no one simple explanation for why the debt has ballooned like this. There are a variety of contributors, and the COVID pandemic certainly didn't help. But if you had to identify one main villain, Riedel has an obvious candidate, a federal government that absolutely cannot stop spending money.

There is no one simple explanation for why the debt has ballooned like this. There are a variety of contributors, and the COVID pandemic certainly didn't help. But if you had to identify one main villain, Riedel has an obvious candidate, a federal government that absolutely cannot stop spending money.

There is no one simple explanation for why the debt has ballooned like this. There are a variety of contributors, and the COVID pandemic certainly didn't help. But if you had to identify one main villain, Riedel has an obvious candidate, a federal government that absolutely cannot stop spending money.

You say politicians make these promises. What would happen if they didn't? Would they simply lose?

You say politicians make these promises. What would happen if they didn't? Would they simply lose?

You say politicians make these promises. What would happen if they didn't? Would they simply lose?

I mean, you make Washington sound like a flock of tweens who just discovered Klarna or Afterpay, and they just go crazy buying every pair of shoes and gaming system. Is that essentially what we're looking at?

I mean, you make Washington sound like a flock of tweens who just discovered Klarna or Afterpay, and they just go crazy buying every pair of shoes and gaming system. Is that essentially what we're looking at?

I mean, you make Washington sound like a flock of tweens who just discovered Klarna or Afterpay, and they just go crazy buying every pair of shoes and gaming system. Is that essentially what we're looking at?

You mentioned that Trump outspent Biden two to one. Now, in Trump two, I'm curious where you think that's heading.