In March 2010, the total federal debt stood at almost $14 trillion. In a recent Mercatus study, “Everyman’s Deficit” by Dr. Bruce Yandle, finds each American citizen’s share of the debt now about $40,000. What’s worse, this $40,000 does not include fiscal exposure, like the unfunded liabilities (Fannie Mae, Freddie Mac, etc.) that taxpayers would have to pay. Thus, the debt and the deficit now belong to families like the Everymans. In this podcast we discuss the consequences of the growing debt, what the United State’s debt means for its citizens, and recommendations for the first steps to mitigating the size of our debt. Joining us is the author of the special study, Dr. Bruce Yandle.
Dr. Bruce Yandle is a Professor Emeritus and the BB&T Scholar at Clemson University, where he has been a faculty member since 1969. From 1976 to 1978, he was a senior economist on the staff of the President’s Council on Wage and Price Stability, where he reviewed and analyzed newly proposed regulations. In addition, Dr. Yandle was executive director of the Federal Trade Commission and is the author or co-author of numerous books and articles. He received his Ph.D. and M.B.A. from Georgia State University and his A.B. degree from Mercer University.
Related Material:
- Everyman’s Deficit: Spending Beyond Our Means (Mercatus Center Special Study, July 2010)
- Video: Debt and Deficits: Implications for US and Global Economic Recovery (National Press Club Newsmakers Event, July 20, 2010)
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