Penn Wharton model shows ways Trump admin could lower debt while sustaining economic growth

Published On Dec 5, 2024, 1:43 PM

A new analysis from the Penn Wharton Budget Model suggests that significant reforms can reduce federal debt while promoting economic growth. Key policy proposals include simplifying the tax code, implementing a carbon tax, and reforming Social Security and Medicare funding methods. The changes are intended to address upcoming financial pressures on these programs and are projected to boost GDP by 21% over 30 years. The analysis emphasizes that debt reduction doesn’t necessarily have to compromise economic expansion or the social safety net, challenging a common misconception.