Dispatches
RSSOriginal essays and running commentary on the numbers behind the US Fiscal Clock — the national debt, federal spending, and what the data actually means.
Aug 31, 2026
You Paid the Tariffs. Guess Who's Getting the Refund.
The Supreme Court voided $166 billion in tariffs this year, and the money is now flowing back — to the companies that imported the goods, with interest, and in some cases to hedge funds that bought the refunds cheap. Here's why none of it reaches the person who actually paid at the register, and why the round trip cost far more than nothing.
Read dispatch →
Aug 26, 2026
The National Debt Just Broke $40 Trillion. Here's What That Actually Means.
The US gross federal debt has crossed $40 trillion for the first time. We look at how fast it got here, who actually holds it, and why the interest bill — not the headline number — is the part worth watching.
Read dispatch →