America’s $40 Trillion Debt Is Actually Fixable | Office Hours
Scott Galloway and Ed Elson discuss how America's $40 trillion debt could be addressed through tax enforcement, healthcare cuts, and capital gains reform, plus advice on building business value and young-adult finances.
The gist
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The U.S. spends $7 trillion but collects only $5 trillion in taxes, and interest now eats 18.5% of all federal tax revenue.
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Galloway says collecting the $700 billion annual tax gap alone would far outweigh the cost of IRS budget cuts.
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U.S. healthcare costs $13,500 per person versus $6,500 in peer G7 nations, and closing that gap could save roughly $2 trillion a year.
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Galloway says young professionals should live with parents for about one year to save aggressively, not as a long-term lifestyle.
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18:32
Morgan Stanley
· "I moved home after I started my job at Morgan Stanley."
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