Gross Domestic Problem

Taxes Wrapped: Your Secret Receipt From Uncle Sam

In this episode of Gross Domestic Problem, William Glass talks with Daniel Hall, creator of the app Taxes Wrapped, which turns your federal tax bill into a personalized, Spotify Wrapped-style “receipt” showing where your money hypothetically goes. Daniel shares how his background in economics, curiosity, SaaS, and digital experiences led to building the app as a way to make the national debt and federal spending more tangible and engaging. They discuss the psychology of engagement, the deliberate tongue-in-cheek design and randomization of profiles, and how the app itemizes spending down to oddly specific line items to close the distance between “me” and “us” as taxpayers. William uses the app to explore bigger themes: the $39 trillion national debt, the difference between discretionary and mandatory spending, the bipartisan nature of fiscal dysfunction, and the lack of honest public debate about entitlements and interest on the debt. The key takeaway is that tools like Taxes Wrapped can make abstract, overwhelming fiscal issues concrete and personal, nudging citizens to become more informed and engaged in how their government spends on their behalf. Key topics in today’s conversation include: * Where Does Your Money Go and What Taxes Wrapped Tries to Show (0:40) * Daniel Hall Introduction and His Path From AP Economics to Software (2:32) * Spotify Wrapped Analogy and Turning Tax Data Into a Personal “Receipt” (4:12) * Psychology of Engagement and Inspiration From Mischief’s Provocative Projects (5:39) * Framing Taxes as the Price Of Living in a Society and Bridging Citizen and State (7:52) * William’s “Permanent Under Secretary” Profile and How Randomization Works (10:06) * Under the Hood of ‘Taxes Wrapped’ and Hyper Specific Line Items in the Receipt (15:10) * Using the App to Grapple With the $39 Trillion Debt and Voter Accountability (17:18) * Discretionary vs Mandatory Spending (23:37) * Bipartisan Failure on Deficits and the Need for Honest Fiscal Conversations (28:36) * Daniel’s Future Plans for Highlighting Mandatory Spending and National Debt (33:47) * Final Thoughts and Takeaways (35:05) 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 [http://www.grossdomesticproblem.com] and join the conversation.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Generational Theft: What Today’s Policy Means for the Young

In this episode of Gross Domestic Problem, William Glass talks with professor and former regulator Jill Cetina about the hidden “plumbing” of the financial system and how policy since 2008 has reshaped risk. They unpack how quantitative easing (QE) worked, why the Fed’s balance sheet exploded, and how QE inflated asset prices, especially housing, while quietly creating banking vulnerabilities through uninsured deposits. Cetina argues that aggressive quantitative tightening (QT) now risks new bank stress, especially in a stagflation scenario where inflation stays high as growth and employment weaken. They explore how energy shocks and potential oil spikes could fuel stagflation, why America’s rising debt and unfixed entitlement promises are pushing us toward fiscal dominance, and how stablecoins and nonbank finance can drain deposits from banks and crowd out real-economy lending. The key takeaway is that the current mix of monetary and fiscal policy is accumulating systemic risk, and younger and mid-career generations need to engage politically, professionally, and by building real-economy businesses and families, if they want the “deal” of the American Dream to remain viable. Key topics in today’s conversation include: * Introducing Professor Jill Cetina & the Core Question: “Is the Deal Still Real?” (3:32)   * What the Fed’s Balance Sheet Does & How QE Began in 2008 (8:04)   * QE’s Side Effects: Codependency with Fiscal Policy (10:26)   * Housing Affordability Crisis, 3% Mortgages, and “Locked-In” Homeowners (13:32)   * Asset Inflation Beyond Housing: Stocks, Tech, and the AI Boom (15:53)   * Jill’s Sharp Critique: Why Current QT Thinking Is Dangerous (17:52)   * Critique of “Use the Discount Window Instead of Keeping Liquidity” Idea (20:44)   * Introducing Stagflation: Weak Growth + Sticky Inflation (24:47)   * Three Vectors of Recession Risk: Oil, Falling Assets, Private Credit Stress (29:30)   * The Fed’s Policy Shift: Tolerating Higher Inflation Post-COVID (33:16)   * Why Extending Fed Liquidity to Nonbanks & Stablecoins Is Dangerous (35:59)   * Defining Fiscal Dominance and How It Warps Policy & Regulation (47:42)   * AI and Productivity: Why Counting on a Tech Moonshot Is “Nonsense” (50:06)   * Stablecoins Draining Bank Deposits to T‑Bills = Government Crowding Out (54:26)   * Why Congress Focuses on Crypto Instead of Fixing Fiscal Policy (57:08)   * Generational Power Imbalance and “Gambling for Resurrection” (1:00:41)   * Investing in the Real Economy: Building Useful Businesses (1:05:51)   * Family Formation as a Real (Non‑Financial) “Asset” for the Future (1:05:06)   * Closing Thoughts and Mutual Thanks (1:06:12) 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 [http://www.grossdomesticproblem.com] and join the conversation.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Why Interest Payments Now Beat Defense (Read That Again)

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 [http://www.grossdomesticproblem.com] and join the conversation.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Autopilot Spending: How Congress Lost Control of the Budget

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 [http://www.grossdomesticproblem.com] and join the conversation.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Investing in America or Mortgaging Its Future? Featuring Congressman Blake Moore

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 [http://www.grossdomesticproblem.com] and join the conversation.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.