Kenneth Rogoff warns that fiddling with bond maturities won’t save the US from the painful fiscal choices ahead.
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Economics
Aug 25, 2026
Kenneth Rogoff
With the federal deficit near 6% of GDP and the national debt surpassing $40 trillion, America’s fiscal position looks increasingly precarious. By trying to strong-arm the bond market rather than address the underlying problem, Treasury Secretary Scott Bessent may have squandered his hard-earned credibility.
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