The simple math of the big bill
4 July - 32 mins
Podcast Series
Planet Money
If we think about the economic effects of President Donald Trumps big taxing and spending and domestic policy bill, we can roughly sum it up in one line. It goes something like this:
We will make many big tax cuts permanent and pay for those tax cuts by cutting Medicaid and a few other things and also...by borrowing money.
A lot of money.
Even more than we've already been borrowing over the past twenty years. (And that was already a lot, too!)
Today: simple arithmetic with profound ramifications. Tax cuts, spending cuts, and whether they balance out. (Spoiler: no.)
We look under the hood to see how all this is calculated. And we ask: how will a bigger deficit play out for all of us...
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