Joshua Rauh is the Ormond Family Professor of Finance at the Stanford Graduate School of Business, the George P. Shultz Senior Fellow in Economics at the Hoover Institution, and a Senior Fellow at the Stanford Institute for Economic Policy Research. Before I even went to Washington, I made a contract with myself: if there was ever going to be a massive bailout of the economy, the way there had been in the global financial crisis, I was not going to sit around to be part of that. If you underestimate how much money you need to set aside to prepare to pay these pensions, then every year you’re going to have to put more and more in, and it’s going to crowd out the rest of the budget.
Author: February 5, 2026
Published at: 2026-02-05 00:00:00
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