In this episode of Gross Domestic Problem, William is joined by Brittany Madni, Executive Vice President of the Economic Policy Innovation Center (EPIC). They talk about why America’s national debt has become a constitutional, economic, and national security concern. They also discuss the Founding Fathers’ warnings about public debt, today’s runaway federal spending, and how 80% of the budget now runs on autopilot. Brittany explains the difference between a revenue problem and a spending problem, the danger of soaring interest costs that could soon rival all discretionary spending, and how rising debt-to-GDP is set to surpass World War II levels without a comparable national emergency. The conversation then turns to whether the U.S. needs a Balanced Budget Amendment, what a good version should avoid (like empowering the executive or relying on tax hikes), and why Brittany changed her mind over the last decade to believe that the people now need a constitutional check on Congress’s spending habits.
Key topics in today’s conversation include:
Gross Domestic Problem is a podcast from Millennial Debt Foundation focusing on America’s biggest financial crisis. Each episode, we break down how we got here, what happens if we don’t act, and the least painful way forward. There’s no do-nothing solution. Subscribe now at grossdomesticproblem.com and join the conversation.