America' is currently running an annual deficit at 9% of GDP.
That's an extremely high percentage historically and we've practically never run a deficit this high with unemployment this low.
We're essentially running a wartime deficit in a peacetime economy.
And a big part of this deficit is the ballooning interest cost we're paying on servicing our national debt -- as interest rates have spiked from near 0% at the start of last year to over 5.25% today.
And it doesn't help that tax receipts are falling vs last year.
As a country, we are bringing in less income and spending more on debt interest. Today's guest, Luke Gromen, has been loudly warning that this dynamic is resulting in a sovereign debt crisis -- not just in the US, but in many other major nations around the world who are in the same boat.
What could such a crisis mean? And where are we in its timeline?
