"It's clear that the medium and long-run fiscal challenges facing the country have to do with the rise of entitlement spending, they have to do with the longer run imbalances that we've created in the structure of the system"

In this quote, Austan Goolsbee is talking about the financial difficulties that the country is facing in the medium and long-lasting. He particularly mentions the increase of entitlement spending, which describes federal government programs such as Social Security and Medicare that provide benefits to individuals. Goolsbee recommends that this increase in costs is a major element adding to the financial challenges. He also points out "longer run imbalances," which likely describes the imbalance between the quantity of money being spent on entitlement programs and the quantity of earnings being generated to fund them. Goolsbee indicates that these imbalances have been developed by the structure of the system, perhaps alluding to the method these programs are funded and managed. In general, the quote highlights the requirement for addressing these financial challenges in order to ensure the long-lasting stability of the country's financial resources.