Gross Domestic Problem

In this episode of Gross Domestic Problem, William Glass explores why more Americans are searching for information about the national debt, even as few cite it as a top concern. He connects rising Treasury yields and government borrowing to mortgage rates, business costs, inflation, and everyday affordability, and considers how AI search tools may help people see those connections. The key takeaway: market pressures could be raising awareness of the debt before Washington acts, but Treasury measures that soften the signals may delay the fiscal choices needed to address it.

Key topics in today’s conversation include:

• The National Debt Suddenly Gets More Attention (0:41)
• Public Concern Versus Unprompted Priorities (3:39)
• What Past Debt-Awareness Spikes Had in Common (6:102)
• How the Debt Affects Everyday Affordability (9:21)
• Treasury Yields, Mortgage Rates, and Inflation (12:18)
• AI Search Helps Connect the Economic Dots (16:13)
• Why Investors Demand Higher Yields (20:07)
• Borrowing More to Pay for Rising Interest Costs (23:10)
• Treasury Buybacks and Short-Term Debt (24:52)
• The Risk of Muting Market Signals (28:01)
• Washington’s Deficit-Spending Consensus (30:17)
• Could Public Awareness Spur Fiscal Responsibility? (31:52)

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, William Glass breaks down popular claims that the federal minimum wage should be $24 an hour by arguing that such comparisons misuse history, productivity data, and demographics. He explains that while today’s $7.25 minimum wage has clearly lost purchasing power, very few workers actually earn it now compared to 1968. Many low-wage roles are held by young, untrained workers whose labor markets and productivity look very different from high-tech sectors. William also emphasizes the trade-offs of blanket federal wage floors, suggesting that issues like housing policy, inflation, and national debt are bigger drivers of affordability problems than simple “greedy rich vs poor workers” narratives. He calls for more nuanced, evidence-based debate, stronger but well-designed safety nets, and a recognition that complex economic challenges cannot be solved with simplistic, emotionally charged rhetoric.

Key topics in today’s conversation include:

• Viral Minimum Wage Video and $24 an Hour Claim (0:46)
• Why 1968 vs Today Is Not an Apples-to-Apples Minimum Wage Comparison (2:12)
• How Few Workers Actually Earn Federal Minimum Wage Today (3:47)
• Minimum Wage, Teen Workers, and Training vs Living Wages (5:28)
• Comparing Wage Percentiles and What Workers Really Earn Now (7:03)
• Productivity Growth in Different Sectors and Why Averages Mislead (8:51)
• Wage Floors, Economic Distortions, and Alternatives like Housing Policy (10:36)
• Middle Class Squeeze and Who Feels the Most Economic Pain (12:11)
• Inflation, Money Printing, and the Asset vs Wage Earner Divide (13:44)
• National Debt, Interest Rates, and the Housing Affordability Crisis (15:27)
• Limits of Government Prediction, AI Shocks, and Need for Safety Nets (17:07)
• Moral Case for Supporting Essential Low-Productivity Jobs (18:41)
• Rejecting “Greedy Billionaires” Rhetoric and Demanding Nuance (20:12)
• Closing Call to Think Beyond Algorithms and Engage in Hard Trade-Offs (21:46)

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, William Glass breaks down popular claims that the federal minimum wage should be $24 an hour by arguing that such comparisons misuse history, productivity data, and demographics. He explains that while today’s $7.25 minimum wage has clearly lost purchasing power, very few workers actually earn it now compared to 1968. Many low-wage roles are held by young, untrained workers whose labor markets and productivity look very different from high-tech sectors. William also emphasizes the trade-offs of blanket federal wage floors, suggesting that issues like housing policy, inflation, and national debt are bigger drivers of affordability problems than simple “greedy rich vs poor workers” narratives. He calls for more nuanced, evidence-based debate, stronger but well-designed safety nets, and a recognition that complex economic challenges cannot be solved with simplistic, emotionally charged rhetoric.

Key topics in today’s conversation include:

• Viral Minimum Wage Video and $24 an Hour Claim (0:46)
• Why 1968 vs Today Is Not an Apples-to-Apples Minimum Wage Comparison (2:12)
• How Few Workers Actually Earn Federal Minimum Wage Today (3:47)
• Minimum Wage, Teen Workers, and Training vs Living Wages (5:28)
• Comparing Wage Percentiles and What Workers Really Earn Now (7:03)
• Productivity Growth in Different Sectors and Why Averages Mislead (8:51)
• Wage Floors, Economic Distortions, and Alternatives like Housing Policy (10:36)
• Middle Class Squeeze and Who Feels the Most Economic Pain (12:11)
• Inflation, Money Printing, and the Asset vs Wage Earner Divide (13:44)
• National Debt, Interest Rates, and the Housing Affordability Crisis (15:27)
• Limits of Government Prediction, AI Shocks, and Need for Safety Nets (17:07)
• Moral Case for Supporting Essential Low-Productivity Jobs (18:41)
• Rejecting “Greedy Billionaires” Rhetoric and Demanding Nuance (20:12)
• Closing Call to Think Beyond Algorithms and Engage in Hard Trade-Offs (21:46)

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, William Glass and Mark Mills explore how the seemingly “weightless” world of AI is colliding with hard physical limits: data centers, power plants, steel, concrete, and permitting. They trace the history of computing and data centers, explain why AI drastically raises energy and infrastructure demand, and argue that the U.S. remains far ahead in both AI models and data center buildout—but risks “Sovietizing” its economy through bad policy, overregulation, and anti-industrial politics. They debunk the idea of a truly post-industrial society, show how private investment in AI infrastructure can drive productivity and help manage America’s massive debt, and emphasize that growth in energy capacity and industrial capability is both technically feasible and essential if the U.S. wants to reap the benefits of the AI boom rather than just invent it for others.

Key topics in today’s conversation include:

• AI, Data Centers, and America’s Capacity Problem (0:03)
• Mark Mills’ Background in Semiconductors, Energy, and Policy (5:09)
• How AI Changes Compute, Inference, and Energy Use (9:43)
• The Scale and Future of Global AI Data Center Buildout (13:08)
• Bubbles, Railroads, Fiber Optics, and Real Infrastructure Booms (16:13)
• Business Adoption of AI and Early Productivity Gains (18:15)
• Artificial Illumination Analogy and Unpredictable New Industries (19:31)
• Is America at Risk of Inventing AI but Losing Its Benefits? (21:57)
• Private Grids, Public Grids, and Powering AI Data Centers (25:13)
• Do We Actually Have Enough Energy Capacity for AI? (28:54)
• The Myth of a Post-Industrial Economy and Need for Heavy Industry (33:47)
• Offshoring Industry to China and the Reality of “Clean” Tech (35:27)
• Clean Tech Spending, Debt, and Why AI Investment Is Different (41:03)
• AI, Productivity Growth, Healthcare, and Escaping the Debt Trap (42:15)
• Final Thoughts and Looking Ahead to the Next AI Buildout Phase (46:49)

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, William Glass explains the implications of the U.S. national debt surpassing $40 trillion, breaking down the difference between gross and public debt and why both matter. He highlights how the debt has grown much faster than expected, driven by structural budget issues such as mandatory spending on Social Security, Medicare, and Medicaid, as well as rising interest costs on continuously rolled-over government debt. Glass connects the national debt to everyday life through its impact on mortgage rates, business investment, jobs, and long-term economic opportunity, warning that growing debt can crowd out future prosperity. He stresses that the problem is bipartisan and cannot be solved by targeting waste alone, calling instead for serious, proactive reforms to reduce deficits relative to GDP, address entitlement programs before crisis hits, and restore fiscal credibility. Finally, he urges listeners to protect themselves by becoming more financially aware, planning for a potentially tighter economic future, and engaging politically to demand responsible fiscal policy.

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. 

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, 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.

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, 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.

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, 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:

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.

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. 

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.