America’s Fiscal Future: Debt, Tariffs, and Social Security

On this episode of Reaganism, Roger Zakheim and Jonathan Burks explored how to secure a durable, bipartisan fix to America’s fiscal challenges—especially Social Security—without defaulting to lowest-common-denominator politics. Burks argued that trillion-dollar (and rising) deficits, debt service now rivaling or exceeding major programs, and higher interest rates make action unavoidable; any real solution will require both spending restraint and new revenue. They discussed President Trump's tariffs, with Burks noting tariff receipts are too small and economically inefficient to close the gap and that policy/legal uncertainty is chilling investment and manufacturing jobs. Drawing on his Hill experience, Burks explained why continuing resolutions and executive workarounds (e.g., rescissions, reconciliation) are poor substitutes for bipartisan appropriations that give industry long-term certainty—vital for defense and other priorities. They concluded with a discussion on the future of Social Security. Burks argued that there is bipartisan consensus on the path to make the program solvent: gradually raise the retirement age, modestly adjust payroll taxes (with protections for physically demanding careers), and act soon—pointing to strong public support for fixing the program if leaders level with voters.