Tariffs, Trade & Tyranny (with Larry Summers)

Listen to the latest episode of the Stay Tuned with Preet podcast

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A Note from the Producer

President Trump’s “One Big Beautiful Bill,” which is pending approval by the Senate, would have major implications for the economy and national debt, the tax codes, and government programs such as Medicaid and Social Security.

Larry Summers, who served as Secretary of the Treasury under President Bill Clinton, says it should be called the “Dangerous and Deadly Decline” Bill, considering the damage it would do to the country. He joined Preet on the Stay Tuned podcast to talk about it.

Summers said: “This is gambling with the future of middle-class families. We've got about $36 trillion of debt. That's more than $100,000 for the average American family. They as taxpayers are bearing, ultimately, responsibility for that debt. And I think if people thought of themselves as carriers of that debt, they would be better able to recognize the risks that are involved in it.”

The bill proposes major spending cuts across public life, which would significantly impact working-class Americans. But if the government wanted to generate revenue, there are better ways to do so, Summers told Preet.

“We can do a better job of enforcing the tax law we already have.” If we collected rightful taxes from wealthy Americans, Summers said, we could generate “more than a trillion dollars in revenue over the next 10 years.”

Summers summed up Trump’s policy agenda: “We have failed to respect the first rule of holes. When you're in one, stop digging. Digging even faster is what this bill does. And I think that's a mistake.”

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