Brian Riedl, senior fellow at the Manhattan Institute and resident debts and deficits wonk, joins Jonah to discuss raising taxes on the middle class, balancing the budget with weed, the extinction of fiscally conservative Republicans, and the impact of abolishing the IRS.
The podcast emphasizes the urgency of taking action to address the growing deficit and debt levels.
Comprehensive solutions are needed to address the fiscal crisis, including addressing Social Security, Medicare, and middle-class taxes.
Ignoring the fiscal crisis may result in a doubling of middle-class taxes in the future and interest payments consuming a large portion of tax revenue.
Deep dives
The reality of the fiscal crisis
The podcast episode discusses the severe fiscal crisis facing the United States, with a focus on the rising national debt, increasing deficits, and the need for entitlement reform.
The importance of addressing the deficit
The episode emphasizes the urgency of taking action to address the growing deficit and debt levels. It highlights the alarming increase in the deficit, reaching $2 trillion in one year during peace and prosperity, and warns that it is projected to reach $3 to $4 trillion in a decade due to factors such as retiring baby boomers and rising interest rates.
The tough choices ahead
The podcast stresses the need for shared sacrifice and tough choices in addressing the fiscal crisis. It argues that simply cutting foreign aid or taxing the rich will not be enough to solve the problem. Instead, it advocates for comprehensive solutions that include addressing Social Security, Medicare, and middle-class taxes.
The dangers of ignoring the fiscal crisis
The episode warns about the potential consequences of ignoring the fiscal crisis. It highlights the rising interest costs, projecting that interest payments could consume as much as 30% of tax revenue by the end of the decade. It also notes that without action, the country may face a doubling of middle-class taxes in the future.
The role of the IRS and tax enforcement
The podcast briefly touches on the role of the IRS and tax enforcement in addressing the fiscal crisis. It mentions the importance of closing the tax gap, reducing tax evasion, and improving taxpayer services. It also challenges the idea of abolishing the IRS without providing a clear alternative for tax collection.
Finally back from his escapades in the Midwest, Jonah invites Brian Riedl, a senior fellow at the Manhattan Institute and resident "debts and deficits" wonk, back on The Remnant. They discuss the necessity of raising taxes on the middle class, how much weed it would take to balance the budget, and the extinction of fiscally conservative Republicans. What can be done about the debt? What would happen if the IRS is abolished? Why is Jonah so afraid of monetary policy?