On The Record (09-22-26).
The $40 Trillion Monster Under the Bed.
This week we put a proper endcap on the summer’s debt discussions—the $40 trillion number is real, but the conversation around it is almost entirely dishonest, designed to make cuts to grandma’s Medicare seem inevitable while military spending and corporate tax rates never even make the list. Then we looked at the housing market, where sellers are quietly stuffing concessions into nearly half of all deals to keep headline prices from falling, which is either a buyer’s market emerging or the last gasp before demand destruction, depending on which generation you’re in.
Show Notes
Clips
Episode Timestamp + Link | Clip Link
- 00:02:53 | Senator Chris Murphy: Why did Russia pay for Donald Trump Jr.’s wedding?
- 00:04:05 | CNBC: AI Models Are Stealing Your Data & The AI Safety Truth
- 00:05:13 | [TBD]
- 00:05:27 | The Independent: Scott Bessent cannot say where Venezuelan billions are going
Resources
- The New York Times: U.S. and China Balance A.I. Risks and Rivalry
- The New York Times: Trump Officials Eject 750,000 From Obamacare Markets, Claiming Fraud
- The New York Times: Photos Spur Speculation About Possible Demolition of Kennedy Center
- CNN: Trump says proposed triumphal arch will double as military complex with snipers and drones
- CNBC: AI Models Are Stealing Your Data & The AI Safety Truth
- Mother Jones: Bo French Sent a Tweet So Racist, His Own Party Finally Took Notice. It’s Just the Tip of the Iceberg.
- U.S. Department of the Treasury: Debt to the Penny
- U.S. Department of the Treasury: Major Foreign Holders of Treasury Securities
- Federal Reserve: Federal Reserve Balance Sheet: Factors Affecting Reserve Balances
- U.S. Department of the Treasury: Treasury International Capital Data for July
- U.S. Department of the Treasury: Treasury International Capital Data for July 2026
- Federal Reserve: Financial Accounts of the United States
- Federal Reserve: FEDS Notes
- Federal Reserve: Estimating Yield Impacts of Treasury Demand and Supply Changes
- Levy Economics Institute: Can Taxes and Bonds Finance Government Spending?
- CEPR: Ron Paul’s Surprisingly Lucid Solution to the Debt Ceiling Impasse William Mitchell: Central banks should just write off all their government debt holdings
- Yahoo! News: House Speaker Mike Johnson denies backing cuts to benefits amid Social Security shortfall warning
- Congressional Budget Office: Distributional Effects of Public Law 119-21
- The Elephant Graveyard: How Comedy Drowned in a Radioactive Cesspool of Corruption and Depravity
- Redfin News: Nearly Half of Homebuyers Get Concessions From Sellers as Most Markets Tip in Buyers’ Favor
UNFTR Resources
UNFTR Quick Links