The White House's plan to implement higher tariffs aims to generate revenue for the U.S. economy, but it could have adverse effects on GDP and wages. Kent, the faculty director of the Penn Wharton Budget Model, highlights the overlooked impact of tariffs on capital flows, which could make it harder for the U.S. government to manage its growing federal debt. Over time, the tariffs could reduce GDP by as much as 7.5% by 2054 and decrease wages by over 6%, significantly affecting investment and long-term economic growth. This interview was recorded on April 11th, 2025.

#tariffs #useconomy #tradedeficit #economicpolicy
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Given the high level of government debt, Penn Wharton Budget Model Faculty Director Kent Smetters explains their proposal developed to increase retirement savings account balances for low-income Americans, without raising the federal debt. This proposal can also help address retirement fund gaps for when the Social Security fund runs out.

#retirementsavings #retirementpolicy #publicpolicy #incomeinequality
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

EPISODE OVERVIEW
Wharton Professor and Penn Wharton Budget Model Faculty Director Kent Smetters discusses how automated retirement savings accounts could help low-income households build up to $200,000 in risk-adjusted savings, supplementing Social Security and promoting intergenerational wealth. He highlights the importance of making these accounts fully bequeathable and revenue-neutral by redirecting existing tax subsidies. This conversation explores solutions for closing the retirement savings gap and building financial security for underserved communities.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#retirement #publicpolicy #economicpolicy #taxpolicy #financialinclusion
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

During "fresh starts" in our lives, The Wharton School Professor Katy Milkman has found that these moments in time can help people forgive themselves of their past mistakes and pursue their goals with more optimism.

EPISODE OVERVIEW
Katy Milkman, a professor at Wharton, studies psychological factors influencing retirement savings, particularly the "fresh start effect," which motivates people to adopt new financial behaviors during symbolic new beginnings. She found that framing retirement-saving opportunities around fresh-start dates, such as birthdays or New Year's Day, significantly increased savings rates among employees who previously saved little or nothing. However, Milkman also discovered that peer comparisons, particularly highlighting high savings among coworkers, unexpectedly reduced retirement savings participation among lower-income, unionized workers due to feelings of inadequacy or demotivation.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#behavioralscience #behavioraleconomics #personalfinance
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

EPISODE OVERVIEW
Katy Milkman, a professor at Wharton, studies psychological factors influencing retirement savings, particularly the "fresh start effect," which motivates people to adopt new financial behaviors during symbolic new beginnings. She found that framing retirement-saving opportunities around fresh-start dates, such as birthdays or New Year's Day, significantly increased savings rates among employees who previously saved little or nothing. However, Milkman also discovered that peer comparisons, particularly highlighting high savings among coworkers, unexpectedly reduced retirement savings participation among lower-income, unionized workers due to feelings of inadequacy or demotivation.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#retirementsavings #BehavioralEconomics #BehavioralScience #FinancialPlanning #BehaviorChange
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Financial literacy is more important than ever, as many people struggle with budgeting, overspending, credit card debt, and rising threats like scams and identity theft. Wharton Professor Olivia Mitchell explains how parents can teach money skills at every age and why early financial education is key to long-term success. With poor financial habits costing Americans billions each year, building smart money habits is essential for a secure future.

#FinancialLiteracy #MoneyMatters #PersonalFinance #MoneyManagement
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

The Wharton School Professor Olivia Mitchell explains common pitfalls where adults lose more money than they may need to or would otherwise if they had stronger financial literacy skills in this podcast episode.

#financialliteracy #financialeducation #personalfinance

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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Private equity investment in the U.S. healthcare sector has grown significantly over the past decade, peaking in 2021 with $100 billion in deals, though it slowed in 2022–2023 due to economic factors. While private equity can improve efficiency and provide capital and management support, concerns persist around reduced care quality, lack of transparency, and increased healthcare costs. Several states, including Pennsylvania, are now exploring regulatory measures to increase oversight and transparency in private equity healthcare transactions.

#PrivateEquity #HealthcareBusiness #HealthcareReform #HealthcarePolicy
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Wharton’s Gad Allon discusses the multifaceted impact of tariffs on the airline industry, emphasizing how globally distributed supply chains make maintenance and manufacturing more expensive. He explains that rising costs—especially for parts like engines and landing gear—will likely lead to higher ticket prices, fewer flight routes, and aging fleets. Low-cost carriers and complex airlines are expected to be hit hardest, as they have less financial flexibility to absorb these increased expenses.

#Airlines #Tariffs #Flights #travelindustry
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

How do foreign tax policy decisions for U.S. multinational corporations affect local jobs? The Wharton School Professor Dan Garrett discusses his research on the effects on the domestic labor market.

EPISODE OVERVIEW
In this episode of The Ripple Effect, Wharton finance professor Daniel Garrett discusses his research on how international tax policy—specifically the “check-the-box” rule and repatriation holidays—impacts U.S. multinational firms and domestic employment. He explains the competing forces of a wealth effect, where firms grow and potentially invest more at home, and a substitution effect, where firms shift operations abroad due to lower foreign tax burdens. Garrett’s findings reveal that the substitution effect often dominates, resulting in reduced domestic investment and employment.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#taxpolicy #multinationalcompany #taxes
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Are companies overlooking the benefits of hiring older employees? The Wharton School Professor Peter Cappelli discusses the advantages of hiring older employees.

EPISODE OVERVIEW
Companies can benefit from the experience and flexibility of older workers, says Wharton’s Peter Cappelli. What will it take for employers to stop age discrimination and change their approach to retirement?

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#retirement #workforce #hiring #inclusion
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Wharton professor Alex Reese-Jones discusses how psychological concepts like loss aversion influence tax behavior, showing that people are more motivated to reduce tax-related losses than to increase gains. He explains that this insight from behavioral economics helps improve models of real-world financial decision-making. Reese-Jones emphasizes the broader value of integrating psychology into economic analysis, particularly in the context of taxes.

EPISODE OVERVIEW
Wharton professor Alex Reese-Jones discusses the psychological factors influencing tax behavior, including loss aversion. He explains how individuals are more motivated to minimize tax losses than to maximize gains, impacting tax compliance, deductions, and avoidance. Reese-Jones also highlights the broader implications of behavioral economics in tax policy, emphasizing the role of psychology in shaping financial decision-making and government revenue collection.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#taxes #taxpolicy #policy #publicpolicy

-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

The Wharton School Professor Ben Lockwood joins host Dan Loney to discuss "sin taxes" and their efficacy in curbing "sin" behaviors, like soda consumption. Lockwood remarks that in cases where taxes successfully curb behavior, they concurrently fail to generate revenue for a city.

EPISODE OVERVIEW
Wharton professor Benjamin Lockwood’s research into sin taxes finds that they work to raise revenue and curb consumption, but the long-term effects aren’t as clear. This episode is part of a series called “Tax Talk: Navigating the Numbers.”

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#taxes #taxpolicy #wharton

-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Joann Stores announced it will permanently close all 885 locations following its second bankruptcy and acquisition by new ownership, leading to a full liquidation. Wharton School Marketing Professor Cait Lamberton discusses how the closure stems from challenges including high inventory demands, declining foot traffic in traditional retail locations, and growing competition from e-commerce platforms. The broader retail industry faces similar pressures, compounded by inflation, shifting consumer preferences, and tariff-related supply chain concerns.

#retail #retailers #retailstores
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

EPISODE OVERVIEW
In this episode of The Ripple Effect, Wharton finance professor Daniel Garrett discusses his research on how international tax policy—specifically the “check-the-box” rule and repatriation holidays—impacts U.S. multinational firms and domestic employment. He explains the competing forces of a wealth effect, where firms grow and potentially invest more at home, and a substitution effect, where firms shift operations abroad due to lower foreign tax burdens. Garrett’s findings reveal that the substitution effect often dominates, resulting in reduced domestic investment and employment.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#CorporateTax #InternationalTax #TaxPolicy #InternationalBusiness

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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Wharton vice dean for executive education Patti Williams talks with Jennifer Tejada, CEO of digital operations management firm PagerDuty, about the importance of having an “ownership mindset,” understanding your users, and preparing for big changes like the advent of AI.

#Leadership #DigitalTransformation #Entrepreneurship #Innovation #SaaS #TechIndustry
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

EPISODE OVERVIEW
The Wharton School Professor Ben Lockwood joins host Dan Loney to discuss "sin taxes" and their efficacy in curbing "sin" behaviors, like soda consumption. Lockwood remarks that in cases where taxes successfully curb behavior, they concurrently fail to generate revenue for a city.

PODCAST OVERVIEW
Every day, business scholars answer pressing questions in their research - but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.

Learn more at http://whr.tn/rippleeffect.

#taxes #taxpolicy #wharton

-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

In this episode of Wharton Business Daily, Wharton Professor Matthew Bidwell talks with host Dan Loney about recent job cuts. Starbucks announced plans to cut approximately 1,000 corporate jobs, aligning with a broader trend of corporate layoffs in early 2025. Government data indicates that overall layoff levels remain historically low despite recent increases. They discuss how companies use layoffs to streamline operations, particularly at the start of the year when financial reviews and restructuring occur.

#layoffs #corporations #jobcuts #economy #economictrends #workforce
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Penn Wharton Budget Model Faculty Director and Wharton School Professor Kent Smetters joins Dan Loney to talk about Social Security. Penn Wharton Budget Model research estimates that eliminating taxes on Social Security benefits would reduce federal tax revenue by $1.5 trillion over 10 years and accelerate the Social Security trust fund depletion from 2034 to 2032. The policy would primarily benefit current retirees and higher-income individuals while leading to lower wages, reduced capital accumulation, and a 2% decrease in GDP over 30 years. Younger generations, particularly middle- and lower-income workers, would experience overall financial losses due to increased debt and economic slowdowns.

#socialsecurity #taxes #publicpolicy #taxpolicy #fed #monetarypolicy
-----
The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU

Wharton Professors Nick Roussanov and Peter Conti-Brown analyze the latest inflation data, Federal Reserve policy, and the potential impact on interest rates. They discuss cover CPI and PPI trends, employment levels, and historical comparisons to past inflationary periods. They also examine the Fed's role in maintaining economic stability and its independence in shaping monetary policy.

#inflation #thefed #interestrates #theeconomy
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The Wharton School of the University of Pennsylvania is committed to sharing its intellectual capital through Knowledge at Wharton, the school’s online business analysis journal.

Launched in 1999, Knowledge at Wharton offers free access to:

- Articles, podcasts, and videos highlighting Wharton faculty research and analysis of current business trends
- Interviews with book authors from Wharton School Press
- In-depth series of curated content like Wharton Executive Education’s Nano Tools for Leaders
- A searchable database of more than 10,000 articles covering all aspects of business
- A weekly newsletter that delivers Knowledge at Wharton insights directly to your inbox

Visit the Knowledge at Wharton homepage: https://whr.tn/3qUpSBE
Subscribe to the Knowledge at Wharton YouTube channel: https://whr.tn/3DEAgAU