US Fiscal Clock — Dispatches https://usfiscalclock.com/dispatches Original essays and analysis on the US national debt, federal spending, and the economy from US Fiscal Clock. en-us Mon, 31 Aug 2026 00:00:00 GMT You Paid the Tariffs. Guess Who's Getting the Refund. https://usfiscalclock.com/dispatches/the-tariff-circle https://usfiscalclock.com/dispatches/the-tariff-circle Mon, 31 Aug 2026 00:00:00 GMT Shawn Sheehan 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. The National Debt Just Broke $40 Trillion. Here's What That Actually Means. https://usfiscalclock.com/dispatches/debt-breaks-40-trillion https://usfiscalclock.com/dispatches/debt-breaks-40-trillion Wed, 26 Aug 2026 00:00:00 GMT Shawn Sheehan 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.