Phillip Swagel

Phillip Swagel, the Director of the Congressional Budget Office, shares insights from his extensive career in economic policy, including his academic journey at Harvard and Princeton. He discusses the vital role of the CBO in the budget process and elaborates on dynamic versus static scoring methods. The conversation also touches on the complexities of fiscal multipliers and their impact on policy decisions, as well as the accuracy of economic forecasting in light of events like the COVID-19 pandemic. Transparency in budget analysis is another key theme, emphasizing the importance of public engagement.

Bloomberg reporter Liz McCormick and Phillip Swagel, director of the Congressional Budget Office, discuss America's increasing national debt reaching $34 trillion, surpassing defense spending. They explore the acceptability of the debt, its impact on the economy due to tax cuts and COVID-19, rising interest rates, lack of political will, and the influence of bond markets on the crisis.