Macro Musings with David Beckworth Veronique de Rugy on the Impending American Fiscal Crisis
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Dec 22, 2025 
In this discussion, Veronique de Rugy, a Senior Research Fellow at the Mercatus Center, dives into America's fiscal health and the looming debt crisis. She highlights the significant pressures from entitlement programs like Social Security and Medicare. Veronique argues that merely taxing the wealthy won't solve the issues; instead, she advocates for means-testing and practical reforms. They also touch on the evolving mindset regarding trade and immigration, emphasizing the need for better policies to address economic challenges.
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Early Career Breakthrough
- Veronique de Rugy stayed in the U.S. by taking a Cato Institute job after finishing her dissertation and struggling with English writing.
- Editors heavily revised her early work, which she credits with teaching her to write for policy audiences.
A Professor Who Changed Direction
- A libertarian professor in Paris introduced Veronique to ideas that resonated and shifted her path toward the U.S.
- Two classmates later moved to the U.S., which pushed her to leave France and pursue policy work here.
Classical Liberalism Over Anarchism
- Veronique distinguishes classical liberalism from modern libertarianism and emphasizes pragmatic state capacity to uphold rules and markets.
- She argues for a limited but competent state rather than abolitionist or anarchist positions.