“Unsustainable” is too mild a word. Every signal is flashing red
The US government spent a little over $7 trillion in 2025
and raised just $5.2 trillion in taxes,
borrowing $1.8 trillion to cover the gap.
Just stabilizing the debt isn’t good enough:
Even at 100% of GDP, that would leave no fiscal space to deal with recessions and other emergencies.
Bloomberg Editorial Board October 31, 2025
Staten kan bara ge vad den tar med andra handen genom skatter.
Mattias Svensson SvD 22 september 2025
Jag planerar nu att uppfinna hjulet på nytt och slå in öppna dörrar
med tanken att vanliga statsutgifter ökar produktionen IRL,
medan räntebetalningar försvinner in i finansvärldens labyrinter.
Man bör inte oroa sig så mycket för statsskulden och framförallt bör man skilja ut statsskuldräntorna.
Det görs också i finansplanen.
Jag frågade Copilot: Different impact on the economy if the ourlays are interest on government debt or if it is usual expenditure like buying aeroplanes?
Svaret blev: Absolutely, Rolf—there’s a significant difference in how these types of government outlays impact the economy
https://englundmacro.blogspot.com/2025/07/man-bor-inte-oroa-sig-sa-mycket-for.html
Jag frågade Perplexity om det primära budgetunderskottet.
Här en liten del av svaret som jag fick på 12 sekunder.
The primary deficit — which excludes interest payments on the national debt — was approximately $805 billion (or $0.81 trillion) in fiscal year 2025.
This represents roughly 2.7% of GDP.
The $970 billion in interest payments represents approximately 3.2% of GDP, highlighting the growing fiscal burden of servicing the national debt.
As interest rates have risen in recent years, debt service costs have increased substantially, widening the gap between the primary and total deficit.
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