US Debt Matters, But The Euro Area May Create The Next Crisis

US Debt Matters, But The Euro Area May Create The Next Crisis Authored by Daniel Lacalle via dlacalle.com, The US $40 trillion debt has dominated global headlines. However, although the US fiscal challenges are relevant, we must remember an important lesson. Fiscal policy is not about who wins but who loses first. According to official 2026 estimates, the present value of U.S. Social Security and Medicare financing gaps is about $95 trillion over 75 years, roughly 5% of the cumulative present value of projected GDP over that period, on top of federal...