The Billionaire Tax, the Busted Federal Budget, and the Future of the American Experiment

Hoover Institution economist Joshua Rauh examines America’s mounting federal debt and the political obstacles to controlling government spending. Rauh discusses why higher taxes and faster economic growth alone cannot close the budget gap, warns that rising interest costs could lead to an inflationary crisis, and argues for slowing the growth of entitlement spending. The conversation also covers President Trump’s tariff policies, California’s proposed billionaire tax, and the lessons offered by states such as Texas and Florida.

Recorded on September 24, 2026.