Peter St Onge Podcast Ep 123 Weekly Roundup: $3 Trillion Deficits Forever
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Jun 2, 2025 The podcast dives into the staggering prospect of $3 trillion annual budget deficits and their potential effects on national debt. It highlights a surprising $100 billion trade loophole with China while discussing the rare decrease in federal spending post-COVID. The hosts critically assess whether optimistic growth projections are realistic amid rising debt. The conversation also touches on the 'iPhone moment' for robots and how automation could reshape jobs, urging the need for policies to harness technological innovation for sustainable economic growth.
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Permanent $3 Trillion Deficits
- The US is facing permanent $3 trillion yearly deficits, threatening economic stability.
- Both parties contribute, ending hopes of fiscal restraint and escalating debt crises.
China's $100 Billion Trade Loophole
- A Chinese trade loophole let billions of dollars of goods enter US untaxed and uninspected.
- This loophole undercuts American manufacturers and undermines US tariffs effectively.
Brief Federal Spending Drop
- Federal spending fell 5.1% last quarter, the first drop since COVID.
- This brief reduction likely won't last due to Congress's inclination to re-spend rapidly.