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:
- 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.
