In this episode of Gross Domestic Problem, William Glass speaks with Congressman Lloyd Smucker about America’s growing national debt, the bipartisan resolution to reduce the deficit to 3% of GDP, and what fiscal stability means for the country’s future. Smucker shares his journey from an Amish upbringing and 17-year-old business owner to Congress, explaining how running a company shaped his views on government spending and regulation. They unpack why the 3% target was chosen, the difference between stabilizing and eliminating debt, and how high deficits crowd out private investment and drive interest costs above core priorities like defense and Medicare. The conversation highlights the risks of a potential sovereign debt crisis, the looming Social Security trust fund shortfall, and the links between fiscal policy and national security. Key takeaways: the debt problem is serious but still solvable if tackled gradually, it will require bipartisan commitment and public understanding, and doing nothing virtually guarantees lower prosperity and reduced strategic flexibility for future generations.

Key topics in today’s conversation include:

• How Deficits Became Normal Outside of Crises (0:57)
• Introducing the 3% of GDP Deficit Target & Resolution (1:34)
• Congressman Lloyd Smucker’s Background & Amish Upbringing (2:27)
• Becoming a 17-Year-Old Business Owner & Living the American Dream (4:30)
• How Regulation and Government Growth Pushed Him Into Politics (6:04)
• Why Builders and Business Owners Become Fiscal Hawks in Congress (8:31)
• Who the Audience Is: Entrepreneurs in the “Squeeze of Life” (9:43)
• Why Aim for a 3% Deficit Target Instead of a Balanced Budget (11:34)
• Post–World War II Debt History and Gradual Debt Reduction (13:37)
• Empires, Debt, and the Risk of Losing U.S. Dominance (17:47)
• Sovereign Debt Crises: “Gradually, Then Suddenly” (21:13)
• The Limits of Targets Without Enforcement & “Teeth” (28:32)
• Fiscal Commissions, Public Engagement, and Building Bipartisan Will (30:39)
• Entitlements as the Main Drivers: Social Security, Medicare, Medicaid (38:24)
• Social Security as a “Math Problem” That Can Still Be Fixed (40:24)
• Debt, Fiscal Space, and U.S. National Security Risks (42:05)
• Why U.S. Military Strength Is Not Guaranteed Forever (44:17)
• Closing: The Most Predictable Crisis — and Why It’s Still Solvable (47:15)

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.

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Key topics in today’s conversation include:

• Welcoming Brittany Madni to the Show (0:57)
• Brittany’s Background and EPIC’s Work on Federal Budget Policy (2:12)
• Founders’ Obsession with Public Debt (Jefferson, Washington, Hamilton) (3:23)
• Why Brittany Framed Her Testimony Around the Constitution and the Founders (5:07)
• How the Hearing Went: Partisan Dynamics and Resistance to Spending Talk (7:45)
• Is It Really a Spending Problem? Brittany’s Publix/Credit Card Analogy (13:07)
• Autopilot Spending: 80% of the Budget Not Reviewed Annually by Congress (18:22)
• CBO 10‑Year “Window”: $94.6T in Spending vs. $70T in Revenue (23:20)
• Debt‑to‑GDP Surpassing World War II Levels and What That Means (26:07)
• Exploding Interest Costs and What “Half of Income Taxes to Interest” Means (28:33)
• Losing Fiscal Space to Handle Crises (Wars, Pandemics, Disasters) (31:19)
• Interest Payments Rivaling All Discretionary Spending by Decade’s End (33:01)
• National Debt as National Security and a Threat to Freedom (36:25)
• What a Good Balanced Budget Amendment Must and Must Not Do (43:56)
• Why Brittany Changed Her Mind on a BBA over the Last Decade (47:14)
• Limited Government, Future Generations, and Where to Follow EPIC’s Work (49:52)

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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Gross Domestic Problem, Congressman Blake Moore joins the show to discuss America’s mounting national debt, the challenges it poses to economic stability, and the critical need for fiscal responsibility. Topics include the origins and consequences of the debt crisis, the importance of bipartisan action, the role of tax and spending policy, and the formation of commissions to advise fiscal reform. Key takeaways for viewers are highlighting the urgent necessity for economic growth, reducing government spending, fostering bipartisan cooperation to secure a sustainable financial future for the next generation, and so much more.

Key topics in today’s conversation include:

• Welcoming Congressman and Setting the Context (0:58)
• Congressman Moore’s Motivation for Fiscal Focus (2:27)
• Consequences of Unchecked Debt (3:47)
• Appropriations and Deficit Breakdown (4:45)
• Impact on Younger Generations and Business Environment (5:42)
• Debt’s Inflationary Effects and Recent Economic History (7:04)
• Retirement Demographics and Deficit Growth (8:10)
• Discussion on "Reconciliation Moment" and Bipartisan Opportunities (10:08)
• Defense of Tax Policy, Revenue, and International Impact (13:36)
• Challenges of Workforce and Productivity, Immigration Potential (15:34)
• Task Force Origins and Role (16:05)
• Policy Recommendations, Chain CPI, and Political Challenges (19:13)
• Measuring Success and Key Metrics (25:30)
• Final Thoughts and Takeaways (26:45)

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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.