Debt crisis worries Wall Street, and nobody's talking about it

Much of the world has had enough of U.S. economic and geopolitical hegemony

With the annual U.S. budget deficit already climbing toward $2 trillion, Republicans in Congress dug the budget hole even deeper by passing Donald Trump’s “big beautiful” tax-cut legislation, which the latest projections say will add $3.4 trillion to the national debt by 2035.

In the past, legislators have been willing to increase debt in the face of a crisis, such as World War Two or the Afghan war following the September 11 attacks.

This time, however, there is no economic crisis requiring a massive debt increase. In fact, analysts say, the growing debt is the crisis, having reached a level resembling that during the 2008 Great Recession.

“The government is like a teenager with a credit card that has no limits until it has to be paid,” Bill Gross, founder of the PIMCO private equity firm, said to the Wall Street Journal. “The payment due comes not with a default but with a weak dollar and higher interest rates.”