WASHINGTON, DC – DECEMBER 03: A view of a billboard that displays the current U.S. National debt at 36 Trillion dollars on December 03, 2024 in Washington, DC. (Photo by Jemal Countess/Getty Images for the Peter G. Peterson Foundation)
Jemal Countess/Getty Images for the Peter G. P
hide caption
toggle caption
Jemal Countess/Getty Images for the Peter G. P
WASHINGTON, DC – DECEMBER 03: A view of a billboard that displays the current U.S. National debt at 36 Trillion dollars on December 03, 2024 in Washington, DC. (Photo by Jemal Countess/Getty Images for the Peter G. Peterson Foundation)
Jemal Countess/Getty Images for the Peter G. P
There’s an economic fantasy you sometimes hear in D.C. It often gets trotted out when politicians are trying to add billions or trillions to the national debt. They claim that all the new spending — whether it’s tax cuts or corporate subsidies or infrastructure projects — will be worth it in the end because we will supercharge economic growth.
This fantasy recurs again and again, because economic growth is a potent force. Over the next few decades, tiny changes in how fast our economy grows could decide the fate of the federal government — whether we can bring the massive national debt under control or whether we spiral into a fiscal crisis.
Today on the show, we talk to three economists who have been sifting through the latest evidence. They’re trying to figure out what the government could actually do to make the economy grow faster. Could we even grow fast enough to outrun our national debt?
The list of papers and studies referenced in the episode:
This episode of Planet Money was produced by Emma Peaslee with help from Sam Yellowhorse Kesler. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Ko Takasugi-Czernowin. Alex Goldmark is Planet Money’s executive producer.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Music: NPR Source Audio – “The Crypto Heist,” “Something New,” and “Successful Secrets”
