America is going broke, J.P. Morgan Asset Management’s chief global strategist, David Kelly, wrote in a note this week, but no one is panicking yet because the government is going broke slowly.
Kelly outlined that while the economy is facing a barrage of issues (geopolitics, trade wars, changing immigration enforcement, and government shutdowns to name a few) one of the key longer-term issues is how the U.S. government is going to pay its bills.
In a bid to wrangle down U.S. federal debt—and its contributions to the wider national debt—President Trump initially asked Tesla CEO Elon Musk to form the Department of Government Efficiency (DOGE) with the goal of axing $2 trillion from the federal budget.
But the pair then…