The Good Citizen Podcast #392 The National Debt Crisis and How to Respond with Indiana State Comptroller Elise Nieshalla
As of September 2025, the U.S. gross national debt stands at almost $37.5 trillion with a growth of over $2 trillion in the past year and an average growth of roughly $5.7 billion per day. And earlier this year, Moody’s downgraded the U.S. credit rating to Aa1 (down from Aaa), citing concerns over the rising debt and ambitious fiscal proposals. With these developments in mind, what can and should be done to secure America’s financial future? In this interview, Indiana’s State Comptroller (a statewide elected office equivalent to a Chief Financial Officer) Elise Nieshalla explains Indiana’s path from a nearly $800 million deficit to a AAA credit rating and one of the lowest debt levels in the country, what other states and the country can learn from Indiana’s example, and her efforts as the Chair of the National Debt Crisis Task Force of State Financial Officers.
Elise M. Nieshalla is the Indiana State Comptroller, fulfilling the duties of the Constitutional Office of State Auditor. Prior to becoming the State Comptroller, Nieshalla served as President of the Boone County Council and President of the Indiana County Councils Association. In addition, Comptroller Nieshalla was the Chairwoman of the Association of Indiana Counties 2023 Legislative Committee and was honored to be named 2018 Indiana County Councilor of the Year. As a hard-working entrepreneur and economic development professional, Comptroller Nieshalla has worked over 20 years in real estate overseeing property acquisitions and business management for a portfolio of investments. From managing and appropriating funds within her local county budget to compiling the State of Indiana’s Annual Comprehensive Financial Report, Comptroller Nieshalla has a proven record of trusted fiscal stewardship of hard-earned tax-payer funds. She is also a strong proponent for the essential combination of transparency and fiscal responsibility to undergird our birthright of freedom. Comptroller Nieshalla earned a bachelor’s degree from Oral Roberts University and a master’s degree from Indiana University where she also taught as an adjunct faculty member in the O’Neill School of Public and Environmental Affairs. She resides with her husband, Chris, in Zionsville where they have raised their four children. She also serves as the Chair of the National Debt Crisis Task Force of State Financial Officers.
Key Takeaways:
- Her call into public life and what inspires her to serve the Hoosier state in elected office.
- Indiana’s example of eliminating debt, working back to a position of strength, and maintaining its AAA credit rating and low debt levels.
- Why the national debt matters and must be addressed now.
- Comptroller Nieshalla’s efforts as the Chair of the National Debt Crisis Task Force of State Financial Officers, including a letter to President Trump and Congress signed by 37 state financial officers concerning the national debt.
- How concerned citizens should advocate for financial stewardship at the state and national level.