In the grand opera of fiscal policy, the overture is always solemn, the middle full of swagger, and the finale...? Well, that depends on whether anyone’s still paying attention.In 2025, the US budget deficit is ballooning past 6.5% of GDP, not due to war or pandemic, but because of legacy tax cuts marketed as “beautiful,” and a political appetite for more. Meanwhile, Europe, long allergic to deficits, has rediscovered fiscal profligacy through the morally righteous backdoor of rearmament, nudged by President Donald Trump’s NATO tantrums.
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