Trump’s Challenge to Free Market Capitalism – The New York Times
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Why the Federal Deficit Is Projected to Surge, in Five Charts – WSJ
Debt held by the public will balloon to more than $56 trillion by 2036 as annual deficits continue to mount, according to the latest projections from the Congressional Budget Office. By later this year, the federal debt held by the public is expected to surpass the size of the entire U.S. economy.
The main drivers: increased spending on entitlement programs as the nation’s population ages as well as rising costs related to paying interest on the debt itself. Republicans have taken issue with the projections, saying the CBO’s assumptions on economic growth are too low.
U.S. Trade Deficit Hits $70.3 Billion, Trump Tariffs and Gold Trading Fuel Jump – WSJ
Imports to the U.S. grew to a record high in 2025, leaving the trade deficit little changed despite steep Trump administration tariffs aimed at closing trade gaps.
The nation’s trade deficit—the gap between imports and exports in both goods and services—was $901.5 billion last year, slightly smaller than the $903.5 billion deficit recorded in 2024, the Commerce Department said Thursday. The small change shows America’s role as a heavy net importer remains intact, at least thus far, despite seismic policy shifts during the year.
There were big swings in trade patterns along the way, however, including an early-year surge in imports as companies tried to get ahead of new tariffs. That surge rapidly reversed after some of the tariffs were rolled back and businesses adjusted to the new trade regime.
Over 65? Congratulations, You Own the Economy – WSJ
Demographics, rising profits and soaring asset values have together wrought a quiet transformation in the American economy. Much of it is now in the hands of the elderly.?
As of the third quarter of last year, people 70 and over controlled roughly 39% of all equities and mutual funds owned by households, compared with 22% in 2007, according to Federal Reserve data. Their share of net worth—assets minus debts—was 32%, up from 20% two decades earlier.