A Libertarian and I Debate the Debt Ceiling
The Ezra Klein Show16 Touko 2023

A Libertarian and I Debate the Debt Ceiling

On Jan. 19, the United States officially hit its debt limit. In response, the Treasury Department began using accounting maneuvers known as “extraordinary measures” to continue paying the government’s obligations temporarily. But according to Treasury Secretary Janet Yellen, that money could run out as soon as June 1. If the United States hasn’t raised or suspended its borrowing cap, known as the debt ceiling, by then, America will default on its debt.

But Republicans are currently refusing to raise the debt ceiling until their policy demands are met. Negotiations between House Speaker Kevin McCarthy and the Biden administration are ongoing, but it is very difficult to see a deal that McCarthy’s hard-line members would vote for and Biden would sign. Meanwhile, default — and the accompanying economic calamity — draws ever closer.

Veronique de Rugy is an economist at the Mercatus Center at George Mason University and a nationally syndicated columnist. For years, she’s argued that the United States’ debt levels are far too high and has defended the debt ceiling as a way to rein them in. I disagree. In my view, the debt ceiling is one of the most absurd and dangerous laws on the books. So I invited her on the show to make her case.

But I also wanted to talk about the broader fiscal picture on which this entire fight is predicated. America’s debt is currently about 100 percent of the U.S. G.D.P., up from just 35 percent in 2007, and is projected to reach 185 percent by 2052. Meanwhile, Social Security is projected to run out of its cash reserves by 2033, and the trust fund funding Medicare hospital coverage (Medicare Part A) is projected to run out by 2028.

What do those numbers actually mean? How worried should we be about them? And what could be done to address our growing debt?

Mentioned:

The Debt-Ceiling Fight Is a Symptom of Congress’s Disease” by Veronique de Rugy

The Liquidation of Government Debt” by Carmen M. Reinhart and M. Belen Sbrancia

Book Recommendations:

Range by David Epstein

Kindly Inquisitors by Jonathan Rauch

Let Them In by Jason L. Riley

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Roge Karma. Fact-checking by Michelle Harris, Mary Marge Locker, and Kate Sinclair. Mixing by Jeff Geld. Our production team is Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Carole Sabouraud and Kristina Samulewski.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Jaksot(470)

Spencer Cox Wants to Pull Our Politics Back From the Brink

Spencer Cox Wants to Pull Our Politics Back From the Brink

The Utah governor is trying to model a different kind of leadership in a very dangerous political moment.The Trump administration seems intent on using the assassination of Charlie Kirk to crack down on what it calls “the radical left.” But Spencer Cox doesn’t believe that suppression will make Americans safer.For years now, Cox has been thinking seriously about our toxic political culture and what the path out of it could be. So I wanted to have him on the show to talk about how he responded in the hours and days after the shooting, what it has left him thinking about and what he thinks we should do now.Mentioned:Politics and Social Change LabBook Recommendations:Our Biggest Fight by Frank H. McCourt, Jr.A Time to Build by Yuval LevinAmerican Covenant by Yuval LevinThe Pursuit of Happiness by Jeffrey RosenThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact checking by Michelle Harris, Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Kristin Lin, Jack McCordick, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Roger McDonough. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

19 Syys 54min

We Are Going to Have to Live Here With Each Other

We Are Going to Have to Live Here With Each Other

This is an episode in two parts. First, my thoughts on Charlie Kirk’s murder, now that I’ve had a few days to process it, and to see the unfolding reactions and responses on both sides. Then a conversation with Ben Shapiro — one that was recorded shortly before Kirk’s assassination, but that has a different significance after it.This episode contains strong language.Mentioned:“Charlie Kirk Was Practicing Politics the Right Way” by Ezra KleinDominion by Tom Holland“What J.D. Vance Believes” by Ross DouthatBook Recommendations:Superabundance by Marian Tupy and Gale PooleyDemocracy in America by Alexis de Tocqueville The Constitution of Liberty by F.A. HayekThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Annie Galvin and Elias Isquith. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Kristin Lin, Jack McCordick, Marina King and Jan Kobal. Original music by Carole Sabouraud, Sonia Herrero and Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Syys 1h 55min

If Democrats Have a Better Plan, I’d Like to Hear It

If Democrats Have a Better Plan, I’d Like to Hear It

In a few weeks the government’s funding will run out. If Democrats vote for a new spending bill, they will be funding Trump’s autocratic takeover. What should they do?Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis column read was produced by our executive producer, Claire Gordon. Fact-checking by Jack McCordick. Our senior engineer is Jeff Geld, with mixing by Aman Sahota. The show’s production team also includes Marie Cascione, Annie Galvin, Michelle Harris, Rollin Hu, Kristin Lin, Marina King and Jan Kobal. Original music by Aman Sahota and Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

7 Syys 22min

The Supreme Court Is Backing Trump's Power Grab

The Supreme Court Is Backing Trump's Power Grab

Trump was losing in the courts. He’s not anymore.In the early months of the administration, the courts were proving a powerful check on President Trump, blocking many of his boldest actions. But those were the lower courts. In the past few months, the Supreme Court has weighed in, and it has handed Trump win after win after win.So what do these decisions enable the president to do? And why is the Supreme Court giving Trump what he wants?To pull all this apart, I’m joined by Kate Shaw. She is a former Supreme Court law clerk, a professor at the University of Pennsylvania Carey Law School and a host of the “Strict Scrutiny” podcast.Note: This episode was recorded on Aug. 21, before Trump announced his intention to fire Lisa Cook from the Federal Reserve Board of Governors and before Immigration and Customs Enforcement re-arrested Kilmar Armando Abrego Garcia and began processing him for deportation to Uganda.Mentioned:“Don't Believe Him” by Ezra Klein“This Is the Presidency John Roberts Has Built” by Peter M. ShaneBook Recommendations:Lawless by Leah LitmanVera, or Faith by Gary ShteyngartWe the People by Jill LeporeThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld. Mixing by Isaac Jones and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Elias Isquith, Kristin Lin, Jack McCordick, Marina King and Jan Kobal. Original music by Aman Sahota and Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Josh Chafetz. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

2 Syys 56min

Trump Is Building His Own Paramilitary Force

Trump Is Building His Own Paramilitary Force

ICE now has the biggest budget of any law enforcement agency in America.“ICE and Customs and Border Protection have long been the most rogue, kind of renegade and certainly pro-Trump police agencies in the federal government,” explained Radley Balko, a journalist who’s covered policing for decades. “What I think we are seeing right now is Trump is attempting to build his own paramilitary force. They want people whose first, ultimate loyalty in this job is going to be to the president.”Balko is the author of “Rise of the Warrior Cop: The Militarization of America’s Police Forces.” And he’s been tracking the changes at ICE and the Trump administration’s escalating law-and-order tactics on his excellent newsletter, The Watch.Mentioned:“ICE’s Mind-Bogglingly Massive Blank Check” by Caitlin Dickerson“The police militarization debate is over” by Radley BalkoBook Recommendations:The Highest Law in the Land by Jessica PishkoUnruly by David MitchellBottoms Up and the Devil Laughs by Kerry HowleyThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Jack McCordick. Fact-checking by Will Peischel. Our senior engineer is Jeff Geld. Mixing by Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Michelle Harris, Rollin Hu, Elias Isquith, Kristin Lin, Aman Sahota, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

27 Elo 1h 8min

MAHA Is a Bad Answer to a Good Question

MAHA Is a Bad Answer to a Good Question

“Make America Healthy Again” is a great idea — somebody should try it.A lot of the concerns animating the MAHA movement — chronic disease, the unhealthiness of the American diet, how profits warp our health care system — are serious issues. But Robert F. Kennedy Jr. hasn’t taken major actions to address them. Instead he’s gutted funding for scientific research, including nearly $500 million dedicated to mRNA vaccine development, throwing a huge amount of possibly lifesaving research in limbo.How did we get here? What are the politics that allowed Donald Trump to preside over Operation Warp Speed, the single most successful pandemic mitigation policy, and then turn around a few years later to appoint Kennedy to undo it all?My colleague David Wallace-Wells has done incredible reporting on how pandemic policies have shaped our politics, culture and society. Rachael Bedard is a physician and a writer who has been thinking deeply about what MAHA represents and where the movement could find common ground with its critics.Mentioned:“‘I Think He Is About to Destroy Vaccines in This Country’” by David Wallace-Wells“Why Calling RFK Jr. ‘Anti-Science’ Misses the Point” by Rachael BedardBook Recommendations:Doppelganger by Naomi KleinThe End Doesn’t Happen All at Once by Chi Rainer Bornfree and Ragini Tharoor SrinivasanPlagues Upon the Earth by Kyle HarperThe Making of the Atomic Bomb by Richard RhodesCalling the Shots by Jennifer ReichWave by Sonali DeraniyagalaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Annie Galvin and Jack McCordick. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Kristin Lin, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Dr. Sunil Patel and Dr. Andrew Gabrielson. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

22 Elo 1h 22min

Your Questions (and Criticisms) of Our Recent Shows

Your Questions (and Criticisms) of Our Recent Shows

I do my best to respond to your critiques of some of our recent episodes.We got an overwhelming response to my interviews with the Palestinian activist Mahmoud Khalil, the national conservativism theorist Yoram Hazony and the human rights lawyer Philippe Sands on whether Israel is committing genocide in Gaza. So in this subscriber-only Ask Me Anything I answer some of the biggest critiques we received, as well as other listener questions on the Democratic Party’s political strategy, how the ideas in “Abundance” are rippling out in the world and the strange experience I had doing a Munk Debate.Thank you to everyone who sent in questions. And if you aren’t a New York Times subscriber but would like to be, just go to nytimes.com/subscription.This episode contains strong language.Mentioned:“Why American Jews No Longer Understand One Another” by Ezra KleinOur episode with Philippe SandsOur episode with Mahmoud KhalilOur episode with Yoram HazonyMunk DebateThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Claire Gordon and Kristin Lin. Fact checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Elias Isquith, Jack McCordick, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

20 Elo 59min

Trump vs. the U.S. Economy

Trump vs. the U.S. Economy

What is going on with the economy right now?There are a lot of mixed signals. President Trump slashed taxes, but he’s also bringing in a lot of money through tariffs. Inflation is creeping up, but the stock market keeps rising. Eye-wateringly large investments are flowing to A.I., which could lead to an explosion of productivity but also mass job loss. And then Trump fired the head of the Bureau of Labor Statistics after a disappointing jobs report, raising concerns that the government’s data on the economy might get shakier.Natasha Sarin is the president and a founder of the Budget Lab at Yale. She has been tracking these trends and modeling the potential economic effects of many of Trump’s policies. I invited her on the show to walk through what she is thinking about the economy.Mentioned:“The Tariffs Kicked In. The Sky Didn’t Fall. Were the Economists Wrong?” by Jason Furman“Does the Stock Market Know Something We Don’t?” by Rogé KarmaBook Recommendations:Showdown at Gucci Gulch by Alan MurrayRemarkably Bright Creatures by Shelby Van PeltThe Undoing Project by Michael LewisThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.htmlThis episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Kristin Lin, Jack McCordick, Marina King and Jan Kobal. Original music by Aman Sahota, Carole Sabouraud and Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Katharine Abraham, Skanda Amarnath, Kimberly Clausing, Kathryn Anne Edwards, Matthew Klein, and Claudia Sahm. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Elo 1h 23min

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