The Trump administration has come into office with big ambitions to lower the size of the US deficit. So far, a number of small items have been identified as possible waste. But to meaningfully bend the curve on spending, there's widespread agreement that we'd have to look at things like Medicare, Medicaid, Social Security and defense. This is hard stuff to cut and it's something that governments around the world have long struggled with. How do you pull back on a prior commitment that your constituency has come to expect? In this episode of the podcast, we speak with Firtz Bartel, an assistant professor of international affairs at the Bush School of Government and Public Service at Texas A&M. He is also the author of the recent book The Triumph of Broken Promises, which examines the simultaneous economic crisis in the US, UK, and Soviet Union during the 1970s, and how each country was forced economically to essentially "break promises." We talk about what it takes politically to maintain domestic credibility for any government while undergoing such wrenching choices, and why some systems are better suited for it than others.

Read More:
Trump Tax Cuts’ Cost Estimated at $5 Trillion to $11 Trillion
Judge Temporarily Halts Trump, Musk Federal Worker ‘Buyout’

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

The Trump administration has come into office with big ambitions to lower the size of the US deficit. So far, a number of small items have been identified as possible waste. But to meaningfully bend the curve on spending, there's widespread agreement that we'd have to look at things like Medicare, Medicaid, Social Security and defense. This is hard stuff to cut and it's something that governments around the world have long struggled with. How do you pull back on a prior commitment that your constituency has come to expect? In this episode of the podcast, we speak with Firtz Bartel, an assistant professor of international affairs at the Bush School of Government and Public Service at Texas A&amp;M. He is also the author of the recent book The Triumph of Broken Promises, which examines the simultaneous economic crisis in the US, UK, and Soviet Union during the 1970s, and how each country was forced economically to essentially "break promises." We talk about what it takes politically to maintain domestic credibility for any government while undergoing such wrenching choices, and why some systems are better suited for it than others.
Read More: <a href="https://www.bloomberg.com/news/articles/2025-02-07/trump-tax-cuts-cost-estimated-at-5-trillion-to-11-trillion?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">Trump Tax Cuts&rsquo; Cost Estimated at $5 Trillion to $11 Trillion</a> <a href="https://www.bloomberg.com/news/articles/2025-02-06/judge-halts-trump-musk-federal-worker-buyout-until-feb-10?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">Judge Temporarily Halts Trump, Musk Federal Worker &lsquo;Buyout&rsquo;</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

This Is Why It's So Hard To Cut Public Spending

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/bbb8e2d0-f514-4aa9-858a-b27d0106e42a/transcript