National Debt
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Afghanistan, Again? Unlearned Lessons of America’s Longest War
Congress rejected constitutional alternatives in favor of remaking a nation. Abroad, as at home, lawmakers cannot manufacture preferred social outcomes simply by spending more money.
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The Anti-Federalist Warning About America’s Debt Crisis
Brutus feared that unlimited borrowing power would eventually overwhelm political restraint. Congress has accumulated 40 trillion reasons to reconsider that warning.
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A Bankrupt America Can’t Defend the World
As interest costs consume an ever-larger share of the federal budget, maintaining an informal global empire becomes fiscally and strategically indefensible.
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Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
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How the Dollar Became American
Brendan Greeley’s new book ‘The Almighty Dollar’ traces the dollar’s 500-year journey from a European silver coin to the shaky foundation of American financial power.
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Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
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America Can’t Outgrow $40 Trillion in Debt
Stabilizing the federal debt through growth alone would require 7.3 percent annual real GDP growth. Nothing in our history suggests that’s remotely plausible.
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The Real Cost of $40 Trillion in Debt
Unchecked spending has pushed the federal debt to $40 trillion, weakening the economy and limiting the nation’s options when the next emergency arrives.
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Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
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How Congress Turned Budget Reconciliation Into a Tool for More Spending
A process designed to overcome political obstacles to deficit reduction is now helping Congress avoid the reforms that matter most.
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•
Afghanistan, Again? Unlearned Lessons of America’s Longest War
Congress rejected constitutional alternatives in favor of remaking a nation. Abroad, as at home, lawmakers cannot manufacture preferred social outcomes simply by spending more money.
-
•
The Anti-Federalist Warning About America’s Debt Crisis
Brutus feared that unlimited borrowing power would eventually overwhelm political restraint. Congress has accumulated 40 trillion reasons to reconsider that warning.
-
•
A Bankrupt America Can’t Defend the World
As interest costs consume an ever-larger share of the federal budget, maintaining an informal global empire becomes fiscally and strategically indefensible.
-
•
Bond Markets Are Losing Patience — And Putting Governments on Notice
Rising yields are turning sovereign debt from an abstract fiscal problem into an immediate budget constraint.
-
•
How the Dollar Became American
Brendan Greeley’s new book ‘The Almighty Dollar’ traces the dollar’s 500-year journey from a European silver coin to the shaky foundation of American financial power.
-
•
Bessent vs. Druckenmiller: Bond Vigilantes versus Bond Bureaucrats
Investors are testing the Treasury’s pain threshold. By suppressing yield signals, bond bureaucrats may summon the very bond vigilantes they hope to suppress.
-
•
America Can’t Outgrow $40 Trillion in Debt
Stabilizing the federal debt through growth alone would require 7.3 percent annual real GDP growth. Nothing in our history suggests that’s remotely plausible.
-
•
The Real Cost of $40 Trillion in Debt
Unchecked spending has pushed the federal debt to $40 trillion, weakening the economy and limiting the nation’s options when the next emergency arrives.
-
•
Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
-
•
How Congress Turned Budget Reconciliation Into a Tool for More Spending
A process designed to overcome political obstacles to deficit reduction is now helping Congress avoid the reforms that matter most.