Podcast appearances and mentions of William Gale

Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women's Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University's Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer.BackgroundBioThe Wall Street Journal articles401(k)s and Retirement“More Americans Are Treating Their 401(k)s Like Cash Machines,” by Anne Tergesen, wsj.com, March 11, 2024.“6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving,” by Anne Tergesen, wsj.com, June 28, 2024.“The 401(k) Investors Convinced That Target-Date Funds Miss the Mark,” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024.“The 401(k) Rollover Mistake That Costs Retirement Savers Billions,” by Anne Tergesen, wsj.com, July 22, 2024.“Is Your Company's 401(k) Match Unfair?” by Anne Tergesen, wsj.com, May 25, 2024.“Retire at 65? It's More Like 62,” by Anne Tergesen, wsj.com, April 25, 2024.“David John: Improving the Retirement System,” The Long View podcast, Morningstar.com, Sept. 27, 2022.Automatic: Changing the Way America Saves, by William Gale, Mark Iwry, and David John“The Way We Retire Now,” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher.“Here's What Retirement Looks Like in America in Six Charts,” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023.“She's a Retirement Authority—And Still Made Mistakes. Here's What She'd Do Differently,” by Anne Tergesen, wsj.com, Oct. 12, 2024.“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, wsj.com, April 23, 2017.OtherVanguard's “How America Saves 2024”“The U-Shape of Happiness Across the Life Course: Expanding the Discussion,” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021.Employee Benefit Research InstituteDavid Blanchett“The Retirement Crisis: Perception Vs. Reality,” by PGIM Global Communications, pgim.com, July 9, 2024.Laura SaundersMichael Kitces

This week on Facing the Future we look at why reducing the debt is harder now than it was 30 years ago. Our guest is William Gale of the Brookings Institution. Then, David Lerman of CQ Rollcall will give us a preview of Congress' to-do list when it returns from the summer recess. A shutdown threat looms at the end of September.

This week, I'm chatting about a topic that's important to me: how we can create more fairness and equity in our tax system. I'm sharing an op ed written by William Gale, an economist from the Brookings Tax Policy Center that talks more about creating more fairness in tax policy, stopping tax cheats and how we can get there.    Join me in this episode as we head toward the election season to learn about why equity in our tax policy is so important.    Also mentioned in today's episode:    The importance of giving the IRS the tools it needs to enforce tax rules 2:45 Proposed tax policies to combat wealth inequality and reduce tax evasion 8:13  If you enjoyed this episode, please rate, review and share it!  Links: William Gale's article: https://www.brookings.edu/articles/give-irs-the-tools-it-needs-to-enforce-tax-rules-and-catch-cheaters/  

Sermon by William Gale I Am Debtor Dayton IHC 1980 www.ihconvention.com

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/american-studies

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

Sermon by William Gale The Greatest Of These Is Love Dayton IHC www.ihconvention.com

Our guest on the podcast today is David John. David is a senior strategic policy advisor at the AARP Public Policy Institute, where he works on pension and retirement savings issues. He also serves as deputy director of the Retirement Security Project at the Brookings Institution. RSP focuses on improving retirement savings in the United States, especially among moderate and low-income workers. Before joining AARP, David was a senior research fellow at the Heritage Foundation. He also has extensive public policy experience working for a money center bank, a law firm, a credit union trade association, and four members of the House of Representatives. David has written and spoken extensively about the importance of reforming the nation's retirement programs. He is co-author with J. Mark Iwry of the Automatic IRA, a small business retirement savings program for firms that do not sponsor any other form of retirement savings or pension plan. In addition, David is one of four co-editors of the 2009 book Automatic: Changing the Way America Saves. David holds an ABJ in journalism, an M.A. in economics, and an MBA in finance—all from the University of Georgia.BackgroundBioAutomatic: Changing the Way America Saves, by William G. Gale, J. Mark Iwry, David C. John, and Lina WalkerRetirement Landscape“How to Make Retirement Saving Easier for Millions of Americans,” by Renu Zaretsky, taxpolicycenter.org, Oct. 6, 2021.“Small Retirement Accounts: Issues and Options,” by David C. John, J. Mark Iwry, Christopher Pulliam, and William G. Gale, brookings.edu.com, September 2021.“Cashing Out: The Systemic Impact of Withdrawing Savings Before Retirement,” Savings Preservation Working Group, tsretirement.com, Oct. 29, 2019.“How Auto IRAs Could Soon Improve Retirement for Millions of Americans,” by David C. John and J. Mark Iwry, brookings.edu.com, Oct. 20, 2021. “The Current State of U.S. Workplace Retirement Plan Coverage,” by John Sabelhaus, repository.upenn.edu, March 2022.“How Can the Retirement System Help More People Afford Retirement?” by William G. Gale, David C. John, and J. Mark Iwry, brookings.edu, Aug. 3, 2021.“Nontraditional Workers Face Multiple Barriers to Saving for Retirement,” by Alison Shelton and John Scott, pewtrusts.org, Nov. 9, 2021.“How to Take Portfolio Withdrawals in a Market Downturn,” by Adam Shell, aarp.org, March 25, 2022.“State Auto-IRAs Continue to Complement Private Market for Retirement Plans,” by Theron Guzoto, Mark Hines, and Alison Shelton, pewtrusts.org, July 25, 2022.“The Automatic IRA at 15: Helping Americans Build Retirement Security,” by J. Mark Iwry and David C. John, brookings.edu, Feb. 12, 2021.Emergency Savings “Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,'” The Long View podcast, Morningstar.com, April 22, 2020.“Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James J. Choi, Mark Iwry, David C. John, David Laibson, and Brigitte C. Madrian, hbs.edu, 2020.“Saving at Work for a Rainy Day: Results From a National Survey of Employees,” aarp.org, Dec. 4, 2018.Retirement Decumulation“When Income Is the Outcome: Reducing Regulatory Obstacles to Annuities in 401(k) Plans,” by J. Mark Iwry, William Gale, David John, and Victoria Johnson, brookings.edu, July 2019.“The SECURE Act: A Good Start but Far More Is Needed,” by J. Mark Iwry, David C. John, and William G. Gale, brookings.edu, Jan. 8, 2020.

By Davy Crockett By 1878, interest in ultrarunning/pedestrianism had taken a strong hold in Great Britain. The six-day race was viewed as a unique new branch of the running sport that fascinated many sporting enthusiasts. Like P.T. Barnum who was the first major promoter of ultrarunning in America, John Astley became the first prominent ultrarunning promoter in England. Astley's significant involvement in 1878 helped to legitimize pedestrianism and he was the person who put “running” into "ultrarunning." He thankfully removed the walking restriction in the six-day race and established the first international championship race, later called “The First Astley Belt.” Please consider supporting ultrarunning history by signing up to contribute a little each month through Patreon. Visit https://www.patreon.com/ultrarunninghistory Sir John Astley Sir John Dugdale Astley (1828-1894) was a member of Parliament representing North Lincolnshire. He grew up in a wealthy family and was a lieutenant colonel in the Scots Fusilier Guards, serving in the 1854 Crimea War where he was wounded in the neck at the Battle of Alma. He was a great sportsman and while young, was an elite runner at the sprint distances. Astley was truly a “larger than life” character. “He was a big, burly, old man, fond of strong language and strong drink. Wherever he went he was made conspicuous by his large figure, white hair and beard, the enormous cigar, never out of his mouth, save when he was eating, drinking or sleeping, his strident voice and his frequent, boisterous laugh.”  A friend said, “He must have smoked more miles of cigars than any man living.” William Gale Astley also had a passion for horses and boxing and wagered large sums of money. He lost a small fortune betting against O'Leary in the Weston vs. O'Leary II race of 1877 (see episode 105). Astley introduced the first belt (not belt buckle), into ultrarunning when he awarded William Gale a massive belt for accomplishing 4,000 quarter miles in 4,000 consecutive periods of ten minutes during October-November 1877 for 28 days. Championship belts had been introduced in boxing as early as 1810, and Asley brought the belt into the sport of pedestrianism.  “Sir John Astley girded Gale's waist with a belt of crimson velvet and massive silver. But the belt was too large, so amid much applause and some little merriment, it was slung across one of his shoulders.” Plans for the Long-Distance Championship for the Astley Belt On December 8, 1877, Astley announced that a six-day championship race would be held in the Agricultural Hall in London, open to all pedestrians in the world. A perpetual belt valued at £100 pounds would be awarded to the winner. The entrance fee was initially set at £10 (about $1,400 in today's value). A telegram was sent to the recognized world champion, Daniel O'Leary in Chicago with an invitation. O'Leary quickly responded that he was interested. Go-As-You-Please Rules Introduced In January 1878, more detailed plans were announced for the historic event. The date was set for March 18th, with a prize package of £750. The field would be limited to twenty starters. But the most significant announcement was that the race would not be limited to heel-toe walking. The athletes could run if they wanted. It was called “Go-as-you-please.”  This was a historic decision made by Astley to embrace running along with walking. The decision to open up the competition to running was made for two reasons. 1. Weston was constantly criticized that his walking style of wobbling was not always true “heel-toe” walking. Even O'Leary had also been accused of running at times in his matches. This put pressure on judges during events and caused anger among wagerers. 2. In recent decades, the British had been developing running, not walking, and were at a clear disadvantage to Weston's and O'Leary's skill at walking. Go-as-you please would level the playing field for...

About $29 trillion of federal debt. Trillions more in proposed spending by Congress. Every day features more news stories about federal debt and spending. Are we in a spending and debt crisis? Join us for a conversation with three policy experts to learn the facts about the current situation and the potential consequences.Following our panel discussion, the Foundation for Teaching Economics will introduce new lessons developed to help you bring this important conversation to your classroom.Our panel will feature Chris Edwards, director of tax policy studies at the Cato Institute, Brian Riedl, senior fellow at the Manhattan Institute, and William Gale, Arjay and Frances Fearing Miller Chair in Federal Economic Policy at the Brookings Institution. Caryn Rossiter, manager of Sphere Education Initiatives, will moderate the conversation. Debbie Henney, curriculum director at the Foundation for Teaching Economics, will offer professional development. See acast.com/privacy for privacy and opt-out information.

Debate. The estate tax is a recurring source of contentious political debate and political football. Generally the debate breaks down between a side which opposes any tax on inheritance, and another which considers it good policy. Arguments in support. Proponents of the estate tax argue that large inheritances (currently those over $5 million) are a progressive and fair source of government funding. Removing the estate tax, they argue, favors only the very wealthy and leaves a greater share of the total tax burden on working taxpayers. Proponents further argue that campaigns to repeal the tax rely on public confusion about the estate tax and about tax policy more generally. William Gale and Joel Slemrod give three reasons for taxing at the point of inheritance in their book Rethinking Estate and Gift Taxation. "First, the probate process may reveal information about lifetime economic well-being that is difficult to obtain in the course of enforcement of the income tax but is nevertheless relevant to societal notions of who should pay tax. Second, taxes imposed at death may have smaller disincentive effects on lifetime labor supply and saving than taxes that raise the same revenue (in present value terms) but are imposed during life. Third, if society does wish to tax lifetime transfers among adult households, it is difficult to see any time other than death at which to assess the total transfers made." While death may be unpleasant to contemplate, there are good administrative, equity, and efficiency reasons to impose taxes at death, and the asserted costs appear to be overblown. — William Gale and Joel Slemrod --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

Adrian and Devin speak with Dr. William Gale, Co-Director of the Tax Policy Center about how tax policy creates inequality. Sit back and listen well.1st Segment: How Tax Policy Leads to Inefficiency and Inequality (2:07)How do tax policies promote inequalityThe handling of local property taxesTrickle-Down EconomicsBreak: Tea Time2nd Segment: Current Tax Policy (14:19)Getting rid of loopholesRise in income inequality due to taxationHow should we tax the super wealthyBreak: Supreme3rd Segment: Reforming the System (30:50)Would a consumption tax helpShould governments use taxes to redistribute resourcesMaking the system for everyoneBreak: Chocolate Cookie JamFinal Message (47:03)Break: CruiserEnding (54:56)"Weekly Round-Up #23" (Nov 20, 2021)"The Black Diet" featuring Christyna Johnson (Nov 23, 2021)DonateCharity of the Month: American Diabetes AssociationLike, Follow, Share, SubscribeThanks and Farewell Hosted on Acast. See acast.com/privacy for more information.

Adrian and Devin bring you some important stories in the community along with some updates. Make sure you stick around for our funny Quick Hits section. Sit back and listen well.1st Segment (0:52)Travis Scott Astroworld TragedyBen & Jerry's co-founders: Police abuse of Black people is a 'white problem'Michigan $600 million—preventing it would have cost $80/day Family Wants Answers After Girl With Autism, 10, Commits Suicide After Racial Bullying At SchoolChicago Man Alleges Racism, Redlining In Federal Civil Lawsuit Against U.S. BankMaryland teacher Keishia Thorpe wins $1 million global educator prizeBreak: Whitefish Salad2nd Segment (18:46)Quick UpdatesRadio Host Joe Madison Goes On Hunger Strike To Push Congress Into Passing Voting Rights BillAttorney Wants No More 'Black Pastors' At Trial For Arbery's Accused KillersLeBron James calls out Rittenhouse for crying at trialMcDonald's CEO apologizes after activists say text about shootings was 'racistMissy Elliott Receives Hollywood Walk of Fame StarBreak: Space NavigatorQuick Hits (34:37)Doorbell camera records California woman giving birth on lawnNew York firefighters rescue naked man stuck in bathroom wall for several daysBritish chauffer service offers rides in 'Tank Taxi'Man earns Ph.D., fulfills dream of being physicist at 89Mother left red-faced after finding two frozen turkey dinosaurs in 'intimate' actFunny-Yet-Sad Tweets About It Getting Dark Outside So EarlyBreak: DistanceEnding (48:11)"Taxing for a Better America" featuring Dr. William Gale, Co-Director Tax Policy Center (Nov 16, 2021)"Weekly Round-Up #23" (Nov 20, 2021)DonateCharity of the Month: American Diabetes AssociationLike, Follow, Share, SubscribeThanks and Farewell Hosted on Acast. See acast.com/privacy for more information.

Adrian and Devin speak with Professor Yossi Sheffi of MIT about the supply chain and what we can expect to see this Holiday Season. Sit back and listen well. 1st Segment: How the Global Supply Chain Worked Before 2020 (2:52)How connected are we and how quickly can we recoverWhat were we ignoringBreak: Soul Searching2nd Segment: The Perfect Storm for a Supply Chain Shortage (16:24)Major factors attributing to the shortagesIs the labor shortage having an impactBreak: Take It Easy3rd Segment: What's the Future of the Global Supply Chain (36:40)What will 2021 Holiday Shopping look likeWill companies start manufacturing closer to homeFuture of supply chain shortagesBreak: Flight to TsuniaHopeful Message (52:34)Break: StaycationEnding (60:27)"Weekly Round-Up #22" (Nov 13, 2021)"Taxing for a Better America" featuring Dr. William Gale, Co-Director Tax Policy Center (Nov 16, 2021)DonateCharity of the Month: American Diabetes AssociationLike, Follow, Share, SubscribeThanks and Farewell Hosted on Acast. See acast.com/privacy for more information.

Maybe we can't quite do the math, but somehow everyone realizes that runaway government deficits will somehow hurt the American dream. That's one reason, according to my next guest, that the IRS should get more money for enforcement tools and people. William Gale is an economist, tax expert and senior fellow at the Brookings Institution.

Millions of households have built financial security through pensions and retirement saving plans, but millions more remain unable to access these wealth accumulation vehicles. In a new book from the Brookings Institution Press, “Wealth After Work: Innovative Reforms to Expand Retirement Security,” editors William Gale, Mark Iwry, and David John present proposals that show how policymakers can help all Americans gain access to retirement saving accounts, obtain better information about their saving choices, and better manage their wealth in retirement.  On this episode of the Brookings Cafeteria, Brookings Press Director Bill Finan interviews Mark Iwry, a nonresident senior fellow in Economic Studies, and David John, deputy director of the Retirement Security Project at Brookings and a senior policy advisor with AARP's Public Policy Institute, about the book. Also on this episode, Robert Maxim, a senior research associate in the Metropolitan Policy Program, offers a new Metro Lens segment on how federal investment in regional public universities can support distressed communities. Show notes and transcript:   Follow Brookings podcasts on Apple or Google podcasts, or on Spotify. Send feedback email to , and follow us and tweet us at  on Twitter. The Brookings Cafeteria is part of the .

William Gale is the Arjay and Frances Miller Chair in Federal Economic Policy and a senior fellow in the Economic Studies Program at the Brookings Institution. He is the author of "Fiscal Therapy: Curing America’s Debt Addiction and Investing in the Future." He is also the Co-Director of the Urban-Brookings Tax Policy Center and served as senior economist for the White House Council of Economic Advisers under President George H.W. Bush from 1991-1992. The dominant narrative around our national debt is all too familiar: every dollar of federal spending is bankrupting the U.S.; harsh austerity will soon be unavoidable; taming deficits means crippling cuts to crucial programs. In this episode, Dr. Gale turns the orthodoxy of fiscal responsibility on its head, offers insights into the economics of federal spending during a pandemic, and discusses his progressive approach to reducing the national debt. Our discussion centers around Dr. Gale’s most recent book, "Fiscal Therapy." We begin by examining the origins of federal borrowing habits and exploring the history of deficit spending during economic booms – a fiscal pattern that emerged during the Reagan era and has since become the norm. Today, the gap between revenue and expenditures has as much to do with under-taxing as it does with overspending on entitlements such as Social Security and Medicare. While Medicare and Social Security are considered political “sacred cows,” an aging population and rising healthcare costs will bankrupt these programs, making significant reform a bipartisan political necessity. Turning to the future of the federal budget, Dr. Gale’s emphasis on raising revenue provides a fresh perspective to a largely stale discourse around debt reduction. There is a possibility for consensus, he contends, around several central features of his approach to taxation. He sees potential in a progressive VAT (value-added tax) – a tax on all consumption of consumer goods that funds Universal Basic Income (UBI) for the poor and the lower middle class. Former Treasury Secretary Larry Summers famously said that VAT faces political hurdles because “liberals think it’s regressive, and conservatives think it is a money machine.” Paired with a UBI, however, a VAT might be on the horizon, argues Dr. Gale. He is also optimistic about his proposal for a tax on all carbon emissions – a market-based compromise between Republicans wary of climate spending and Democrats hungry for tax revenue and climate action. Dr. Gale’s insights on fiscal policy offer important lessons for today’s spending debates. He makes a strong case for choosing economic relief over fiscal restraint in the current economic climate, promoting a return to economic growth in the short term, and finding a path to a balanced budget in the long term. Specifically, he praised recent congressional funding for education, public transportation, and programs such as SNAP. He notes, however, that falling state and local tax revenue, growing entitlement spending, and state balanced budget requirements make more federal aid to state and local governments essential. We concluded our conversation with a fascinating discussion about the evolving role of the Federal Reserve in the Covid economy, asking some of the most pressing questions in monetary policy: What are the flaws and contradictions in Modern Monetary Theory? How important were the corporate and municipal lending facilities created by the CARES Act? How long can today’s low interest rates last, and what implications do future rate hikes have for paying down the national debt? Dr. Gale left us with one hopeful comment, amidst the turbulence and rancor of today’s politics and the structural impediments to fiscal responsibility: that future generations will ultimately prevail over this generation’s debt addiction.

After months of inaction and halting negotiations, Congress's $900 billion COVID economic relief package is "too little, too late." William Gale argues that while the bill makes a good start at getting relief to the American people, it still leaves a lot for the next Congress and Biden administration to address. Show notes and transcript: https://brook.gs/2Je5ZSD Subscribe to Brookings podcasts on Apple or Google podcasts, or on Spotify. Send feedback email to BCP@Brookings.edu, and follow us and tweet us at @policypodcasts on Twitter. The Current is part of the Brookings Podcast Network.

Brookings scholars William Gale and Richard Reeves discuss their policy proposals for economic growth and dynamism, part of the new Blueprints for American Renewal & Prosperity. Gale focuses on more economic relief and stimulus now; Reeves on middle class tax cuts and some free college for national service. Also, David Wessel explains why low interest rates means a President Biden and the next Congress should not worry so much about the federal debt, and instead pass more COVID-related relief. Subscribe to Brookings podcasts on iTunes, send feedback email to BCP@Brookings.edu, and follow us and tweet us at @policypodcasts on Twitter. The Brookings Cafeteria is part of the Brookings Podcast Network.

Keeping the economy strong will require addressing two distinct but related problems. Steadily rising federal debt makes it harder to grow our economy, boost our living standards, respond to wars or recessions, address social needs, and maintain our role as a global leader. At the same time, we have let critical investments lag and left many people behind even as overall prosperity has grown. Our latest guest, William Gale, is a leading authority on how federal tax and budget policy affects the economy, and in his latest book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future, Gale provides a direct discussion of the challenges posed by the imbalances between spending and revenue. America is facing a gradual decline as debt accumulates and delay raises the costs of action. But there is hope: fiscal responsibility aligns with both conservative and liberal goals and citizens of all stripes can support the notion of making life better for our children and grandchildren. We face significant fiscal challenges but, if we are wise enough to seize our opportunities, perhaps we can strengthen our economy, increase opportunity, reduce inequality, and build better lives for our children and grandchildren. We do not have to kill popular programs or starve government. As the book discusses, one main goal of fiscal reform is to maintain the vital functions that government provides. To act responsibly, pay for the government we want, and shape that government in ways that serve us best. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. Connect with me at these places for all my content: https://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50 "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Reducing the $22 trillion U.S. debt is critical to the nation's future but politics have been a hindrance. Brookings' William Gale has a plan that might be able to get bipartisan support. See acast.com/privacy for privacy and opt-out information.

Reducing the $22 trillion U.S. debt is critical to the nation's future, but politics have been a hindrance. Brookings' William Gale has a plan that might be able to get bipartisan support.

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

William Gale and Vanessa Williamson discuss what can be learned from state-level experiments in taxation in Kansas and California, Americans’ feelings about paying their taxes, and the empirical evidence versus ideology on how tax policy affects economic growth. Full show notes available here: http://brook.gs/2vcjAx6   Take 2 minutes to tell us what you think about Intersections and the rest of the Brookings Podcast Network:  https://www.surveymonkey.com/r/brookingspodcasts

As of last year, student loan debt in the U.S. exceeded $1.2 trillion, more than any other type of household debt except home mortgages. Media accounts have described this as the "potential next debt bomb for the U.S." and "the next financial disaster." But is there really a student loan debt crisis? To find out, I spoke with , a fellow in the Brown Center on Education Policy at Brookings. She explains how evidence sheds light on the problem, noting that it's difficult to reconcile reports of bad outcomes with what is, in general, a very good investment. Also in this podcast, listen to Senior Fellow  speak about his new book,  (Brookings Institution Press, 2014). Show notes: •  (report by Beth Akers and Matt Chingos)•  (Brown Center Chalkboard)•  (paper by Akers and Chingos)•  (paper by William Gale, Benjamin Harris, Bryant Renaud, and Katherine Rodihan)