David Stockman: Trump Is a 'Faker' on the Debt
Reagan's budget chief warns that the One Big Beautiful Bill Act could balloon the national debt to $60 trillion, risking a catastrophic bond market crisis.
How will we ever get the national debt under control? Just asking questions.
The U.S. national debt stands at a staggering $36 trillion. And while President Donald Trump assures us he's a "fiscal hawk," the GOP's latest fiscal plan, dubbed the One Big Beautiful Bill Act, is a fiscal time bomb, says today's guest. David Stockman, the director of the Office of Management and Budget under President Ronald Reagan, joins the show to dissect the Trump administration's budget priorities and explain why tax cuts without spending reductions are a recipe for disaster. With a career spanning decades in Washington, including his role as a key architect of Reagan's economic policies, Stockman brings unmatched insight into the mechanics of federal budgeting and the political roadblocks to fiscal sanity.
Mentioned in the podcast
The One Big, Beautiful Bill Act
Federal spending data, by the U.S. Treasury
"Preliminary Analysis of the Distributional Effects of the One Big Beautiful Bill Act," by the Congressional Budget Office
"CBO's First Score of House Reconciliation Bill," by the Committee for a Responsible Federal Budget
The Triumph of Politics: Why the Reagan Revolution Failed, by David Stockman
Deficit by gross domestic product for the past 50 years, by the Congressional Budget Office
CSPAN on X: President Trump on @RepThomasMassie: "I don't think Thomas Massie understands government. I think he's a grand-stander, frankly…I think he should be voted out of office."
Chapters
- 00:29 Introduction and national debt overview
- 06:01 Analyzing the One Big Beautiful Bill Act
- 10:23 Tax cuts and deficit spending challenges
- 18:28 Supply-side economics and Reagan's legacy
- 27:33 The Federal Reserve's role in debt monetization
- 40:03 Consequences of a potential debt crisis
- 49:41 Political dynamics and opposition to Trump
- 56:45 Strategies for fiscal reform and recommendations by the Department of Government Efficiency
- 01:02:30 Lessons from past budget surpluses
- 01:07:43 Closing thoughts and the free lunch myth
- Producer: John Osterhoudt
