In this week’s episode, Noah Smith and Erik Torenberg dive into various econ topics and tackle listener questions! They cover: government spending and the national debt, discussion on taxation, wealth taxes and economic outcome of the next U.S. election, as well as differences in respect and status in the United States and Japan, and lessons learned from deficit spending. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected] _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 _ Links: Noah Smith's Noahpinion https://www.noahpinion.blog _  X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ Timestamps: (00:00) Episode Preview (01:02) Noah’s Japan trip (02:33) Why is the U.S. doing so much deficit spending? (08:04) Post-COVID economic response (14:52) Levers of dealing with the National debt (21:27) 2024 Election Speculations: Economic outcomes of Trump vs. Biden (25:26) Pros and cons of a Wealth tax (30:35) Sponsor: Turpentine (32:34) Impact of Funding the IRS and repealing Trump's tax cuts (33:01) Reducing government spending (41:11) Addressing economic inequality in the U.S. (51:26) Wrap