Memo From the Chief Economist

Memo From the Chief Economist

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Memo From the Chief Economist
Memo From the Chief Economist
Tea Party — Where Art Thou?

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.

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David Rosenberg
Jul 04, 2025
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Memo From the Chief Economist
Memo From the Chief Economist
Tea Party — Where Art Thou?
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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.

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