223. So Long, Social Security! CBO’s New Projections Show Dire Situation

How Trump AND Biden have caused immigration mayhem & more in today's This Week’s Economy episode 47.

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In today’s This Week’s Economy episode 47, I reveal the harsh reality of mounting household and government debt, how Trump and Biden have worsened the border crisis, how Texas and other states must pass sustainable budgets, and much more.

Watch the episode on YouTube or below:

Today, I cover the following and more in 10 minutes:

1) National:

• The federal fiscal trajectory is unsustainable and must be corrected before more crises happen, as the trust funds for Social Security and Medicare are expected to run dry over the next decade

• U.S. household debt rose by $212 billion in Q4 2023 to a new record of $15.7 trillion (more under paywall)

• Federal Reserve Chairman Jerome Powell recently noted on 60 Minutes that no target federal funds rate cuts until at least May 2024, and Congress must get control of deficit spending

• Why the next president must cut regulatory costs

• What’s really going on at the border? Does it have anything to do with Trump’s trade war and lockdowns, as apprehensions increased in 2020 before Biden took office? (more under paywall)

2) States:

• Texas approved a new constitutional amendment that provides $10 billion for low-interest loans to companies building thermal energy plants in the state, which is not what Texas needs (more under paywall)

• Americans for Tax Reform has updated the Sustainable Budget Project website, showing how states and the federal government can improve budgets and how they compare with other states

• The Kansas Policy Institute released the third iteration of the Responsible Kansas Budget, revealing ample opportunity for Kansas to limit government spending and reduce tax rates

3) My Media Hits & Other:

• I had a blast at the Brickell Unconference in Miami with many freedom fighters known as Freedom Conservatives

• Check out this week’s LPP episode with Dr. Bryan Caplan on the myth of the rational voter, the case against education, open borders, and more

• Don’t miss the upcoming LPP episode on Monday with Dr. Michael Strain on the national debt crisis, Trumpism, and why the American dream isn’t dead

Quote of the Week:

Bible Verse of the Week:

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