The Moody's Downgrade and America's Big, Beautiful, Bankruptcy

On May 16, Moody's downgraded the US credit rating, citing runaway deficit spending. One week later, Congress responded by passing a budget that will add nearly $4 trillion to the debt over the next decade. For decades, Congress has blown through every red light budget hawks have flashed over spending. Is this time different? In this episode, Dan and Shawn discuss Trump's big, beautiful budget, how this parallels recent sovereign debt crises, the two times America "sort of" defaulted in the 1930s and 1970s, and whether a representative democracy can avoid the temptation of low taxes and high spending.