Tea Party — Where Art Thou?

The Big, Beautiful Bill will explode the deficit at the worst possible time — with a major demographic transition making the debt burden even higher.

Executive Summary

The recent passage of the Big, Beautiful Bill will cause a massive increase in debt at exactly the worst time. With massive demographic change looming, the U.S. faces a serious debt problem, and yet the fiscal hawks in Congress are nowhere to be found. We explain the investment implications of a major debt increase combined with long-term demographic change.