Trump's Debt Crisis: A Revenue Solution

President Donald Trump's policies have led to a significant increase in the national debt, with over $2 trillion being added this year alone. Interest payments now consume more than $1.2 trillion annually, surpassing military spending.

The Federal Reserve has raised interest rates for the first time since 2023 due to inflation caused by Trump's tariffs. Foreign investors are hesitant to lend to the US government, with France and Canada reducing their holdings of American debt.

Ryan Cooper argues that addressing the deficit on the revenue side is more effective than cutting programs. He suggests implementing a wealth tax, which would require the rich to contribute their fair share and reduce borrowing. A big reason for high borrowing is that wealthy individuals mobilize to install Republicans in office, who then cut taxes on the rich.

Cooper also proposes attacking waste resulting from Trump's corruption and incompetence. For example, the administration spent $9.5 billion on paid administrative leave last year, a 435% increase.