Federal Debt Crisis: Why Economists Say America Must Stop Spending Now

On February 3, 2025, Ken DeGraff (Colorado State Representative, Colorado House of Representatives, District 22), Everett Piper (Contributing Columnist, Washington Times; Former President, Oklahoma Wesleyan University, Washington Times), Paul Prentice (Professional Economist; Senior Fellow, Independence Institute, Independence Institute), and Roger Mangan (Owner, Roger Mangan State Farm Insurance Team, State Farm Insurance) joined the show. The state representative warned that nearly 270 bills have been introduced this session, with concerning late amendments to bills affecting children’s medical records and parental rights The author and columnist analyzed Democrat leaders’ refusal to applaud universal values during the inaugural address, arguing their silence exposed a party that stands.

Start listening at 71:17 – Hour 2

Paul Prentice, who served as an economic advisor to Presidents Reagan and Trump, painted a stark picture of federal finances. The national debt has ballooned to approximately $37 trillion while GDP hovers around $30 trillion, meaning America owes more than its entire economy produces in a year.

“For every dollar of new revenue the federal government took in, they spent $1.26. And you can’t do that as a household, and you can’t do that as a collection of households known as a nation state.”

Paul Prentice

Prentice traced the problem to baseline budgeting, where emergency spending becomes permanent. The $2 trillion in COVID spending from 2020 never went away, he explained, remaining baked into subsequent budgets even after the pandemic ended. He urged listeners to contact their representatives with a simple message: stop the spending.

Start listening at 33:38 – Hour 1

Everett Piper, author of ‘Not a Daycare’ and columnist for the Washington Times, described a revealing moment during President Trump’s inaugural address. When Trump spoke of judging people by character rather than skin color, protecting women, and securing borders, Democrat leaders including Barack Obama, the Bidens, Kamala Harris, and the Clintons refused to applaud.

“When you don’t stand for anything, you’ll fall for everything. And indeed, that seems to be the case. The snapshot in time that we witnessed during Donald Trump’s inaugural address.”

Everett Piper

Piper also addressed religious leaders who criticized Trump’s immigration enforcement, pointing to the Hebrew scriptures’ distinction between legal immigrants who respect a nation’s laws and those who flout them. He challenged the Pope and progressive clergy to open their own doors before lecturing Americans about compassion.

Start listening at 15:25 – Hour 1

Ken DeGraff of Colorado House District 22 reported that nearly 270 bills have already been introduced this legislative session. Among his concerns was a late amendment allowing children to release their own medical records without parental consent, a provision he warned could facilitate the transgender agenda targeting minors.

“Taxpayers are not a bottomless source of money. We have to approach these things smartly.”

Ken DeGraff

Start listening at 63:37 – Hour 2

Roger Mangan of State Farm Insurance explained how the California wildfires will impact the insurance industry. By January 21st, State Farm had already set up 9,000 claims and paid out $150 million. He noted that Colorado operates under a “file and use” system that allows market forces rather than bureaucrats to regulate rates, helping prevent the kind of insurance exodus plaguing California.