6/9/26

The Wall Street Journal’s Richard Rubin reports that total U.S. government debt, all $31 plus trillion of it, now eclipses the size of the entire U.S. economy. “Don’t worry,” says Rubin, “you don’t need to be an economist to understand the math. It’s bad. Real bad.” Over the past several decades, leaders and lawmakers from both parties have aggressively added to the deficit by spending much more money than they have brought in through taxes. The deficit in 2026 is projected to add another $1.9 trillion to it. The government can only sustain this by borrowing more money and it has to pay interest to borrow that money, at a current cost of $1 trillion a year. Roughly $1 out of every $7 spent by the government this year is going toward interest on the debt. And no, you can’t raise enough money taxing billionaires to cover it…