National Debt, Tariffs, and the Collapse of the 9-to-5

The national debt is the total amount of money the federal government has borrowed. This money supplements taxpayer dollars to fund government operations, from national defense to welfare programs. In August 2026, the US national debt passed $40T for the first time.

> See how the US national debt changes over a 24-hour period. (More)
> How a high national debt impacts everyday Americans. (More)

While taxes help pay for these programs, government spending often exceeds the revenue collected. The US government primarily sells bills, notes, and bonds (collectively called securities) to domestic and foreign individuals, companies, and other governments to cover the gap. This is called public debt. The government also has intragovernmental debt, or money one government sector owes to another. In both cases, the government promises to pay back the original value of the security plus interest to make it worth it for the lender.

> The difference between Treasury bills, notes, and bonds. (More)

> Only two countries abide by a fixed debt ceiling: the US and Denmark. (More)

The US has accrued debt since its infancy. By 1783, debts from the Revolutionary War totaled $43M. In recent years, the wars in Afghanistan and Iraq, the 2008 recession, and the COVID-19 pandemic have significantly increased the national debt. It temporarily surpassed US GDP in spring 2026, when the country's public debt was estimated to be $31.3T.

> Only one president has ever eliminated the national debt. (More)

> Some experts argue that the national debt has become more important in recent years—here's why. (More)

Discover more: 

> Why paying off the national debt could cause an economic crisis. (More)

> Visualize $102T of global debt. (More)

> Should Congress mint a coin to pay off the national debt? (More)

🫶 Humankind: The late Dolly Parton is remembered as a generous philanthropist who gave away millions of books to children.

In partnership with Fisher Investments

7 Secrets of High Net Worth Investors

A successful retirement strategy should account for more than individual investments. Your goals, time horizon, spending needs, family and other accounts all shape the approach that may be right for you.

For investors with $1M+, bringing those pieces together can be especially important. The Seven Secrets of High Net Worth Investors explores how to balance short-term volatility against long-term growth needs, prepare for inflation, coordinate your portfolio, plan withdrawals and keep your estate plan current.

Download the guide to learn seven principles for evaluating whether your strategy is cohesive, current and aligned with your full financial picture. Then schedule a conversation with a financial professional to discuss how these questions may apply to you.

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A tariff—a word derived from the Arabic "arafa," meaning "to make known"—is a tax imposed by a government on goods that are imported or exported. Economically, tariffs aim to protect domestic industries, generate government revenue, and influence trade policy. Tariffs can be specific (a fixed fee per unit) or ad valorem (a percentage of the item's value). 

> Revenue from tariffs goes to the US Treasury's general fund. (More)

Before the establishment of income taxes, tariffs were a primary source of income for many governments. By imposing taxes on imported goods—thereby raising the prices of goods produced abroad—tariffs can shield local industries from foreign competition. In theory, this can allow early-stage domestic industries to grow and eventually compete globally. 

> The history of tariffs in America. (More)

> Visualize how US tariff revenue has grown in recent years. (More)

However, some economists argue that tariffs distort the efficiency of markets, leading to higher prices for consumers. Studies have shown that tariffs can result in declines in domestic output and productivity, as well as higher unemployment and inequality. 

> The complex trade-offs policymakers make when considering tariffs. (More)

> How tariffs impacted the Great Depression. (More)

Discover more: 

> Every US state's top import partner, mapped. (More)

> What is a trade war? (More)

> What is the value of all US trade with Canada? (More)

In partnership with Fisher Investments

7 Principles for a Cohesive Retirement

More accounts, managers and investment choices do not always add up to a cohesive retirement strategy. Investors with $1M+ may benefit from stepping back to consider how each decision fits their goals, time horizon and full financial picture.

The Seven Secrets of High Net Worth Investors examines risk, inflation, portfolio coordination, withdrawals, investment complexity and estate planning. Download the guide and schedule a conversation with a financial professional to discuss these principles.

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 Etcetera 

> What is a margin call?

> Inside the collapse of the traditional 9-to-5 job.

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> The states with the highest billionaire populations, visualized.

> See which occupations have the lowest divorce rates.

> The history of credit scores.

> Blockchain, the key technology behind bitcoin, explained in five layers of difficulty.

> This poster helped publicize the Social Security Act's 1935 passing.

> Behind the growth of sovereign wealth funds.
 

> Did Al Capone coin the term "money laundering"?

> How health savings accounts, or HSAs, actually work.

> What happens when a state's minimum wage differs from the federal minimum wage?