President Donald Trump’s first year of his second, nonconsecutive term brought all sorts of changes. His administration shuttered the United States Agency for International Development, had the ...

Zooming out and looking over the history of the budget back to 2016 shows a more complete picture. The change since Covid is quite dramatic. In 2019, the deficit was $1.02T. In 2025, it was $1.66T.

Rearmament, an aging population, technological change and fear of voters are fueling a risky trend.