The supposedly calamitous debt ceiling “crisis” ended with a whimper as Washington once again kicked the proverbial can down the road with superficial cuts to non-defensive discretionary spending. In this month’s report, Rockefeller Global Family Office Chief Investment Officer Jimmy Chang examines the evolution of debt ceiling politics and America’s unsustainable fiscal trajectory—the CBO projects that for the period 2044 through 2053—the sum of Social Security, Medicare, and net interest expenses will exceed the federal government’s revenue. This report also assesses the impact of elevated Treasury debt issuance in the coming quarters.
