The Looming Debt Crisis
$28 trillion.
The United States, as of this writing, has $28 trillion in debt. This is a BIG problem.
Show Notes & Timestamps
- The debt is more than 100% of our GDP. Why is that important? [2:49]
- What is driving the debt? [3:56]
- Isn’t this just money we owe ourselves? What’s the big deal? [6:00]
- Is there a threat of China calling in debt we owe them? [8:07]
The Stand Together Vision:
We break barriers that stand in the way of people realizing their potential. This moves our society toward one of mutual benefit, where people succeed by helping others improve their lives.
History demonstrates people are capable of extraordinary things when they have the opportunity to learn, contribute, and succeed. We can transform society by breaking the internal and external barriers that prevent people from realizing their potential, enabling all people to improve their lives and find fulfillment by helping others do the same.
- How does the debt create barriers to people realizing their potential and violate equal rights? [9:15]
- How does the debt prevent or violate the principle of mutual benefit? [11:25]
- How does it contribute to a more closed society or more closed economy? [12:27]
- How can debt impact a person’s ability to self-actualize? [14:51]
- What is the Stand Together vision for solving the debt crisis? [19:04]
At 21:15, I mention Indonesia’s actions in ending farm subsidies. It was actually New Zealand. You can read about it here.
Our Guest
Our Guest
Adam Millsap is a senior fellow at the Charles Koch Institute (CKI) with a focus on economic opportunity. His research and writing covers urban development, population trends, labor markets, and federal and local urban public policy. Prior to joining CKI, Millsap served as assistant director of the L. Charles Hilton Jr. Center for the Study of Economic Prosperity and Individual Opportunity at Florida State University. He also taught undergraduate and graduate courses in economics there, and at Clemson University and George Mason University.
Millsap’s published works include the book Dayton: The Rise, Decline, and Transition of an Industrial City, and a range of op-eds and commentaries in national outlets such as USA Today, US News and World Report, Real Clear Policy, and The Hill, as well as regional outlets such as the Detroit Free Press, Orlando Sentinel, Cincinnati Enquirer, Orange County Register, and others. He is also a regular Forbes contributor.
Millsap earned his master’s degree and Ph.D. in economics from Clemson University. He also holds a B.S. in economics and a B.A. in comparative religion from Miami University in Ohio.
Millsap’s published works include the book Dayton: The Rise, Decline, and Transition of an Industrial City, and a range of op-eds and commentaries in national outlets such as USA Today, US News and World Report, Real Clear Policy, and The Hill, as well as regional outlets such as the Detroit Free Press, Orlando Sentinel, Cincinnati Enquirer, Orange County Register, and others. He is also a regular Forbes contributor.
Millsap earned his master’s degree and Ph.D. in economics from Clemson University. He also holds a B.S. in economics and a B.A. in comparative religion from Miami University in Ohio.