Welcome to this special edition of our three-minute trend talk for Tuesday, May 9th 2023. I’m Mark Scheffler CEO and founder of Appleton Group.
There’s a topic that’s likely to be in the headlines a lot over the coming weeks and months and that the issue of the U.S. debt ceiling. Our spending has grown considerably through both Republican and Democratically-controlled congresses and has been signed by Presidents from both parties. We’re now at $31 trillion of debt, and the interest on that debt this year will cost more than the entire defense budget. But not raising the debt ceiling to pay for spending we’ve already approved is madness. No good can come of it, and defaulting on our debt just to make a political point no matter how just or right is a dangerous game.
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