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

Thank you for listening to the 47th episode of "This Week's Economy." 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 - 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 - What’s really going on at the border? I wonder if it has anything to do with Trump’s trade war and lockdowns, as apprehensions started increasing in 2020 before Biden took office 2) States: -Texas approved a new constitutional amendment that provides $10 billion for low-interest loans to companies building thermal energy plants, increasing corporate welfare in Texas -Americans for Tax Reform has updated the Sustainable Budget Project website, showing how states can improve budgets and providing economic and fiscal comparisons -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 this upcoming LPP episode on Monday with Dr. Michael Strain on the national debt crisis, Trumpism, and why the American dream isn’t dead Please like this video, subscribe to the channel, share it on social media, and provide a rating and review. Also, subscribe and see show notes for this episode on Substack (www.vanceginn.substack.com) and visit my website for economic insights (www.vanceginn.com).