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George Hall is a professor of economics at Brandeis University and formerly worked as an economist at the Chicago Federal Reserve Bank. George returns to the show to discuss the current fiscal status of the US, how the Big Beautiful Bill will impact the fiscal outlook going forward, the history of running deficits in the US, and much more.
Check out the transcript for this week’s episode, now with links.
Recorded on June 24th, 2025
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Timestamps
00:00:00 - Bumper
00:00:29 - Intro
00:01:55 - Current US Fiscal Status
00:05:45 - What Is Inflation?
00:10:18 - Fiscal Consequences of the US War with COVID
00:23:21 - World War COVID
00:25:05 - Before and After War
00:34:02 - Financing with Inflation
00:38:47 - World War II Period vs. Today
00:38:47 - World War II Period vs. Today
00:44:19 - Who Bears the Fed’s Losses?
00:47:14 - How to Foot the Big, Beautiful Bill
00:52:10 - Outro