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US Secretary of War Pete Hegseth and Japan’s Minister of Defense Shinjiro Koizumi inspect a guard of honor on October 29, 2025 in Tokyo, Japan. (Getty Images)
22
May 2024
Past Event
Can the US Rein in Chronic Federal Deficit Spending?
Can the US Rein in Chronic Federal Deficit Spending?
Past Event
Hudson Institute
May 22, 2024
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(Photo by Cris Faga/NurPhoto via Getty Images)
22
May 2024
Past Event
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The United States’ total debt has ballooned to over $34 trillion. Economists Kenneth Rogoff and Carmen Reinhardt consider this level of debt relative to gross domestic product a sign of major economic trouble (see figure 1). But Washington shows little appetite for addressing the problem as policymakers approve budgets with annual deficits of 25 percent or more. Defense spending and other needed investments are severely constrained while interest on the debt now approaches $1 trillion per year. Inflation is supercharged, and chronic overspending challenges productivity and America’s sovereign credit ratings.
Join Hudson Senior Fellow Thomas Duesterberg for a discussion with Dr. Douglas Holtz-Eakin and Dr. William Beach to explore ways to halt the destructive budget cycle.
Figure 1
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