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The Glenn Show — Larry Kotlikoff on Debt, Tariffs, and the Public Role of Economists
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Larry thinks that economists ought to maintain a politically neutral stance and communicate directly with the public in order to circumvent accusations of partisanship that now contaminate even seemingly objective analyses. In that spirit, I invited him onto last week’s livestream to talk through the issues. In this segment of the Glenn show, Larry walks us through debt, social security, tariffs, personal finance, fiscal policy, and China’s seemingly unstoppable march to becoming the dominant world economic power.
In theory, I’m all for Larry’s endorsement of political neutrality in economics. However, this very conversation underscores the practical difficulties of such a position. Larry has extremely harsh words for Donald Trump. Even if his assessment derives only from his observation of Trump’s economic policies, it’s easy to imagine that Trump-friendly but persuadable people could hear Larry (or any number of other experts) refer to the president as a “moron” and decide that he’s too politically biased to trust, even if his analysis stands up to objective scrutiny. Even an economist with no political agenda who scrupulously abstains from any kind of political value judgment may find his work being championed or pilloried by one party or another, or one faction or another within a party. He will then have become “politicized,” despite his best efforts.
Nevertheless, I think Larry’s idea that economists should do more to communicate directly with the public is a good one. I ought to—I’ve been doing it for decades. (In fact, I recently went on Larry’s podcast to talk about the history of The Glenn Show.) When a basic economic issue is being garbled, economists ought to step in to educate the public. And where there is disagreement among economists on specific issues—as there usually is—the debate ought to be brought to the public in terms any reasonably intelligent person can understand. I plan on putting my Rolodex to work and doing more of that here on The Glenn Show.
Treussard Talks — The State of Trump Economics with Larry Kotlikoff
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In this ▶conversation, Larry Kotlikoff, Professor of Economics at Boston University, Research Associate at the NBER, and former Senior Economist on Reagan’s Council of Economic Advisors—and I go through the current administration’s economic agenda one proposal at a time. Not from a partisan lens. From first principles.
What follows is rigorous and at times surprising.
You’ll hear us cover:
* Why Kotlikoff sees genuine merit in capping credit card interest rates—and what it reveals about the tension between capital and consumer in American finance
* The 401(k) proposal to fund home purchases: what it misunderstands about saving, housing supply, and the purpose of retirement accounts
* Tariffs and the capital account: why the trade deficit is a symptom, not the disease—and why tariffs almost certainly can’t fix what’s actually broken
* The fiscal reckoning hiding in plain sight: why raising every federal and state tax by 25% today still might not be enough—and why the US is in worse long-term fiscal shape than Italy
* Immigration and demography: US population growth fell by half in 2025. What that means for labor, capital, and the long-term American economic project
* The Fed, Volcker, and the power of expectations
* Geopolitical realignment as economic policy: why the current international moment may be the most consequential—and least understood—economic story of our time
Why this matters now: Every proposal in this conversation connects back to the same underlying tension—a fiscal system that has been quietly redistributing from young to old for 70 years, suppressing saving, distorting incentives, and mortgaging the future. The individual headlines are symptoms. Kotlikoff keeps bringing us back to the diagnosis. And understanding your wealth requires understanding the world your wealth lives in. This is that conversation.
Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.
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