In this episode of The Daily Windup, we dive deep into America's fiscal reality check — and it's not pretty. Federal spending is now 53% higher than before the pandemic, with annual deficits exceeding $2 trillion. The interest alone on the national debt has reached $1 trillion, surpassing the Pentagon's entire budget and soon to overtake Medicare. My guest explains why both parties are trapped in a cycle of permanent tax cuts and permanent spending, creating what economists call a "structural deficit" — a fiscal hole that's now too big to close painlessly. We explore what happens if a recession hits while the government's already drowning in debt — and who's really going to pay the price when the cuts come.

Key Takeaways:

• Federal spending is up 53% since before the pandemic, with deficits stuck near $2 trillion a year.

• Interest on the debt ($1 trillion) now costs more than the Pentagon and soon Medicare — a true structural deficit.

• Spending cuts will hit lower-income Americans hardest, while tax extensions and interest costs keep the system locked in debt.

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