432: How Can We Fix Our BROKEN Economic System? | Laurence Kotlikoff

2022-09-21

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Jason Hartman invites Laurence Kotlikoff, Professor of Economics and NY Times Best Selling author of Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life, to the show today. Are the United States' long term fiscal problems solvable? How HIGH would federal taxes have to increase to pay for our spending? Could we fix the system with healthcare reform? What will be the economic consequences of Russia's war with Ukraine? Jason Hartman and Laurence Kotlikoff discuss the outlook for the future and much more,...

Are the United States' long term fiscal problems solvable? How HIGH would federal taxes have to increase to pay for our spending? Could we fix the system with healthcare reform? What will be the economic consequences of Russia's war with Ukraine? Jason Hartman and Laurence Kotlikoff discuss the outlook for the future and much more, including unfunded mandates, debt vs. GDP, tax hikes, why NOT to borrow to pay for college and what to do in times of economic uncertainty.

Key Takeaways:

0:43 Welcome Laurence Kotlikoff, Professor of Economics and NY Times best-selling author

1:22 What are unfunded mandates?

2:34 Official and unofficial liabilities

3:07 Debt vs GDP

5:00 We need a sizable tax hike to fund social security benefits

7:52 Tax brackets and government benefit programs

9:28 Could we fix the system with healthcare reform?

15:55 Money printing puts pressure on prices

16:30 Kotlikoff on inflation and hyperinflation

19:28 Russia/Ukraine, China/Taiwan - what do these conflicts mean for the economy?

21:56 The humanitarian and economic consequences of war