Former CBO Director Elmendorf Advocates Raising Federal Taxes

The video discusses the sustainability of budget deficits given low interest rates, emphasizing the need for timely policy changes. It highlights the role of the CBO in providing nonpartisan assessments and the necessity for congressional action, particularly in aligning taxes and spending. The impact of tariffs on the economy is explored, noting that trade skirmishes are manageable but a trade war could be detrimental. Finally, the video reflects on the economics profession's recovery post-financial crisis, acknowledging both past mistakes and successes in economic policy responses.

What role do tariffs play in the economy, and how might they affect revenue collection?

In what ways has the economics profession changed since the financial crisis, according to the speaker?