Ray Dalio on America's 'debt death spiral'
Hedge-fund billionaire Ray Dalio has a stark warning for America — one that centers on its mounting debt crisis, with national debt standing at $36.22 trillion. In a recent interview with CNBC, Dalio painted a grim picture of the nation’s financial trajectory, saying it was on course to “a debt death spiral.” “A debt death spiral is that part of the cycle when the debtor needs to borrow money in order to pay debt service and it accelerates,” he cautioned. “And then everybody sees that and they don't want to hold the debt.” Highlighting the dire situation, he notes that the U.S. federal government now spends almost $1 trillion a year in interest payments to service the national debt. To make matters worse, the country continues to run deficits, spending more than it receives. The U.S. Department of the Treasury reports that the federal government ran a $1.83 trillion deficit in fiscal 2024 when it spent $6.75 trillion but only took in $4.92 trillion in revenue. The Congressional Budget Office (CBO) projects that the federal budget deficit will grow to $1.9 trillion in 2025.
Hedge-fund billionaire Ray Dalio has a stark warning for America — one that centers on its mounting debt crisis, with national debt standing at $36.22 trillion. In a recent interview with CNBC, Dalio painted a grim picture of the nation’s financial trajectory, saying it was on course to “a debt death spiral.” “A debt death spiral is that part of the cycle when the debtor needs to borrow money in order to pay debt service and it accelerates,” he cautioned. “And then everybody sees that and they don't want to hold the debt.” Highlighting the dire situation, he notes that the U.S. federal government now spends almost $1 trillion a year in interest payments to service the national debt. To make matters worse, the country continues to run deficits, spending more than it receives. The U.S. Department of the Treasury reports that the federal government ran a $1.83 trillion deficit in fiscal 2024 when it spent $6.75 trillion but only took in $4.92 trillion in revenue. The Congressional Budget Office (CBO) projects that the federal budget deficit will grow to $1.9 trillion in 2025.
Here’s why this 1 SMS scam works so well
Welcome to the golden age of scam, Time magazine declared last fall. Even the most skeptical of cynics is vulnerable to falling victim to today’s sophisticated scams. And as more and more American consumers fall victim to scams, the scammers themselves simply continue to further hone their grift and come up with new ways to defraud victims. One emerging scam has recently caught the attention of the Federal Trade Commission. Scammers pretending to be toll collection agencies have started texting drivers, saying they owe money for unpaid tolls, warns the FTC. Some drivers in New York City have been unlucky enough to experience the scam firsthand, according to a Fox5 report. Customers of E-ZPass, the NYC electronic toll system that replaces booths, have been receiving texts demanding toll payments. The messages tell recipients to click a link to avoid steep late fees. Except the messages, even if they look legitimate to the average person, are fake. Here’s what officials say you need to know to protect yourself.
Welcome to the golden age of scam, Time magazine declared last fall. Even the most skeptical of cynics is vulnerable to falling victim to today’s sophisticated scams. And as more and more American consumers fall victim to scams, the scammers themselves simply continue to further hone their grift and come up with new ways to defraud victims. One emerging scam has recently caught the attention of the Federal Trade Commission. Scammers pretending to be toll collection agencies have started texting drivers, saying they owe money for unpaid tolls, warns the FTC. Some drivers in New York City have been unlucky enough to experience the scam firsthand, according to a Fox5 report. Customers of E-ZPass, the NYC electronic toll system that replaces booths, have been receiving texts demanding toll payments. The messages tell recipients to click a link to avoid steep late fees. Except the messages, even if they look legitimate to the average person, are fake. Here’s what officials say you need to know to protect yourself.
FL woman charged $10K for water bill
A Florida woman living in a nursing home was blindsided by a water bill totaling more than $10,000 — despite her home being vacant and having no leaks. St. Petersburg resident Noreen McClure discovered the shocking charge when her 93-year-old mother’s bank flagged the account for insufficient funds. "Her bank reached out to me because there was insufficient funds to pay a bill," McClure told ABC Action News. Her mother, who has lived in the home for 45 years, had her bills set to autopay. But in May, the water bill spiked to over $4,000 — and then it happened again in August, pushing the total to nearly $10,000. “I thought ‘well, that’s crazy,’" she said. The city demanded payment despite a leak detection expert confirming there was no leak. “They’re saying that the meter, the computer, doesn't lie,” McClure said. “Well, neither do I.” Fortunately, McClure and her mother aren’t alone in their fight to clear these astronomical water bills.
A Florida woman living in a nursing home was blindsided by a water bill totaling more than $10,000 — despite her home being vacant and having no leaks. St. Petersburg resident Noreen McClure discovered the shocking charge when her 93-year-old mother’s bank flagged the account for insufficient funds. "Her bank reached out to me because there was insufficient funds to pay a bill," McClure told ABC Action News. Her mother, who has lived in the home for 45 years, had her bills set to autopay. But in May, the water bill spiked to over $4,000 — and then it happened again in August, pushing the total to nearly $10,000. “I thought ‘well, that’s crazy,’" she said. The city demanded payment despite a leak detection expert confirming there was no leak. “They’re saying that the meter, the computer, doesn't lie,” McClure said. “Well, neither do I.” Fortunately, McClure and her mother aren’t alone in their fight to clear these astronomical water bills.
Musk's hunt for 'vampires' misguided, say experts
Social Security is designed to support Americans in their golden years, but according to Tesla CEO Elon Musk, the program’s database includes more than just the living. Musk, who leads the Department of Government Efficiency (DOGE) — an initiative aimed at cutting wasteful spending and unnecessary regulations — recently shared astonishing statistics about the age distribution in the Social Security system. “According to the Social Security database, these are the numbers of people in each age bucket with the death field set to FALSE!” he wrote. “Maybe Twilight is real and there are a lot of vampires collecting Social Security.” The database reportedly lists millions of individuals between the ages of 100 and 149, along with 1,345,083 people aged 150 to 159. Even more startling, over 120,000 individuals are recorded as being 160 or older — including more than 1,000 between 220 and 229. One entry even lists a person aged 360 to 369 — older than the United States itself. Musk’s revelation quickly went viral. As of this writing, his post has amassed over 92 million views, 405,000 likes, and 46,000 comments. However, while the database may contain records of the long-deceased, that doesn’t necessarily mean they’re collecting benefits. According to the Social Security Administration, as of December 2024, just 89,106 retired worker beneficiaries aged 99 and over were actively receiving payments. The discrepancy may be linked to Social Security’s software, which runs on the COBOL programming language. Wired reported that COBOL lacks a built-in date type, leading some implementations to assign missing or incomplete birth dates to a default reference point — typically 150 years ago. Moreover, a July 2023 report from Social Security’s inspector general found that nearly 18.9 million individuals in the database were listed as born in 1920 or earlier with no corresponding death information. However, the report noted that “almost none” of them were receiving payments from the agency. The SSA also says it automatically halts payments at age 115.
Social Security is designed to support Americans in their golden years, but according to Tesla CEO Elon Musk, the program’s database includes more than just the living. Musk, who leads the Department of Government Efficiency (DOGE) — an initiative aimed at cutting wasteful spending and unnecessary regulations — recently shared astonishing statistics about the age distribution in the Social Security system. “According to the Social Security database, these are the numbers of people in each age bucket with the death field set to FALSE!” he wrote. “Maybe Twilight is real and there are a lot of vampires collecting Social Security.” The database reportedly lists millions of individuals between the ages of 100 and 149, along with 1,345,083 people aged 150 to 159. Even more startling, over 120,000 individuals are recorded as being 160 or older — including more than 1,000 between 220 and 229. One entry even lists a person aged 360 to 369 — older than the United States itself. Musk’s revelation quickly went viral. As of this writing, his post has amassed over 92 million views, 405,000 likes, and 46,000 comments. However, while the database may contain records of the long-deceased, that doesn’t necessarily mean they’re collecting benefits. According to the Social Security Administration, as of December 2024, just 89,106 retired worker beneficiaries aged 99 and over were actively receiving payments. The discrepancy may be linked to Social Security’s software, which runs on the COBOL programming language. Wired reported that COBOL lacks a built-in date type, leading some implementations to assign missing or incomplete birth dates to a default reference point — typically 150 years ago. Moreover, a July 2023 report from Social Security’s inspector general found that nearly 18.9 million individuals in the database were listed as born in 1920 or earlier with no corresponding death information. However, the report noted that “almost none” of them were receiving payments from the agency. The SSA also says it automatically halts payments at age 115.
Rashida Tlaib blasts Congress for war funding
Rep. Rashida Tlaib finds Congress’s priorities “disturbing.” The member of Congress from Michigan recently put her colleagues on blast in an op-ed for the Detroit Free Press. Writing shortly after the House of Commons approved a $895.2 billion defense budget, Tlaib pointed out that at least 50 members of Congress owned stock in defense contractors, including Lockheed Martin, Boeing, Honeywell and RTX (formerly Raytheon). “It is disgusting that members of Congress benefit financially when they vote to pass more funding for war,” Tlaib added in a post on X sharing the piece. “This is corruption. They should not be able to profit off death.” The issue has been on Tlaib’s radar for a while — she introduced the Stop Politicians Profiting from War Act in February 2024. And she’s not the only lawmaker who’s growing increasingly concerned about other lawmakers profiting from the power and influence their office lends them.
Rep. Rashida Tlaib finds Congress’s priorities “disturbing.” The member of Congress from Michigan recently put her colleagues on blast in an op-ed for the Detroit Free Press. Writing shortly after the House of Commons approved a $895.2 billion defense budget, Tlaib pointed out that at least 50 members of Congress owned stock in defense contractors, including Lockheed Martin, Boeing, Honeywell and RTX (formerly Raytheon). “It is disgusting that members of Congress benefit financially when they vote to pass more funding for war,” Tlaib added in a post on X sharing the piece. “This is corruption. They should not be able to profit off death.” The issue has been on Tlaib’s radar for a while — she introduced the Stop Politicians Profiting from War Act in February 2024. And she’s not the only lawmaker who’s growing increasingly concerned about other lawmakers profiting from the power and influence their office lends them.
Bill Gates Still Regrets Dropping Out of Harvard
It may be surprising to learn that someone as successful as Bill Gates regrets not finishing his degree at Harvard. In fact, he delayed choosing Microsoft over college for as long as possible. As he shared with CNBC Make It, he was having a great time as a Harvard undergraduate, making his decision to leave and start a software company at 20 a tough one. “I enjoyed the classes, including some that I just sat in on — psychology, economics, history courses,” Gates recalled. “I loved having smart people around.” But in 1975, he and his childhood friend Paul Allen knew they had to act quickly on their dream of developing software for the personal computers they believed would one day be in nearly every American home. He was spurred to drop out of Harvard and pursue his dream when he saw an issue of Popular Electronics featuring the first commercially successful personal computer in the U.S. — the Altair 8800. “God, it’s happening without us,” he thought.
It may be surprising to learn that someone as successful as Bill Gates regrets not finishing his degree at Harvard. In fact, he delayed choosing Microsoft over college for as long as possible. As he shared with CNBC Make It, he was having a great time as a Harvard undergraduate, making his decision to leave and start a software company at 20 a tough one. “I enjoyed the classes, including some that I just sat in on — psychology, economics, history courses,” Gates recalled. “I loved having smart people around.” But in 1975, he and his childhood friend Paul Allen knew they had to act quickly on their dream of developing software for the personal computers they believed would one day be in nearly every American home. He was spurred to drop out of Harvard and pursue his dream when he saw an issue of Popular Electronics featuring the first commercially successful personal computer in the U.S. — the Altair 8800. “God, it’s happening without us,” he thought.
Peter Zeihan links boomers to US deficits
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
Bestselling author and geopolitical strategist Peter Zeihan is warning that the U.S. is locked into massive, multi-trillion-dollar deficits for decades — and it’s all because of one generation: baby boomers. In a recent YouTube video, Zeihan argued boomers built an increasingly generous welfare state during their prime earning years, but now that they’re retiring, the financial burden is shifting to younger generations — especially Generation X, which is significantly smaller in size. “The boomers have created a social welfare state for themselves that they never had any intention of paying for,” Zeihan said. “Fast forward to today, two thirds of them are retired. They're taking their money, they're going home. The taxes that they're paying have dropped off, and we are left with a welfare state to fund their retirement without their income to pay for it all.” The numbers back up Zeihan’s concerns. According to estimates, there are about 70 million baby boomers in the U.S., compared to roughly 65 million Gen Xers. Meanwhile, according to the United States Census Bureau, about 10,000 boomers turn 65 every day, further accelerating the strain on government finances. And according to Zeihan, that spells trouble for the nation’s long-term financial stability. “We're looking at absolutely massive multi-trillion-dollar deficits every single year to be continued,” he said. “Deficits: massive, locked in as long as the boomers live, which is going to be on the average, another 15 to 25 years, based on who's doing the math.” The deficit problem is already serious. In fiscal year 2024, the federal government spent $6.75 trillion while collecting $4.92 trillion in revenue, leading to a $1.83 trillion deficit. The Congressional Budget Office (CBO) projects that the 2025 federal budget deficit will climb to $1.9 trillion.
Musk says he'll run 'DOGE dividend' past Trump
How would you feel about having an extra $5,000 in your pocket? That’s the idea behind a proposal floated to Elon Musk, the billionaire Tesla CEO who also leads the Department of Government Efficiency (DOGE) — an initiative purportedly aimed at cutting wasteful spending and reducing unnecessary regulations. In a post on X, James Fishback, CEO of investment firm Azoria, urged, “President Trump and @ElonMusk should announce a ‘DOGE Dividend’ — a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by DOGE.” Fishback’s attached proposal suggested that since DOGE is targeting $2 trillion in government savings, 20% of that ($400 billion) could be returned to America’s tax-paying households. “$400 billion in DOGE-driven savings divided by 79 million tax-paying households = $5,000 ‘DOGE Dividend’ check per tax-paying household,” the proposal states. Musk’s response? “Will check with the President,” he wrote in reply.
How would you feel about having an extra $5,000 in your pocket? That’s the idea behind a proposal floated to Elon Musk, the billionaire Tesla CEO who also leads the Department of Government Efficiency (DOGE) — an initiative purportedly aimed at cutting wasteful spending and reducing unnecessary regulations. In a post on X, James Fishback, CEO of investment firm Azoria, urged, “President Trump and @ElonMusk should announce a ‘DOGE Dividend’ — a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by DOGE.” Fishback’s attached proposal suggested that since DOGE is targeting $2 trillion in government savings, 20% of that ($400 billion) could be returned to America’s tax-paying households. “$400 billion in DOGE-driven savings divided by 79 million tax-paying households = $5,000 ‘DOGE Dividend’ check per tax-paying household,” the proposal states. Musk’s response? “Will check with the President,” he wrote in reply.
Ex-Chicago Cop Loses $87K in Life Savings to Fraud
A former police sergeant lost her entire life savings to fraud — and Chase Bank refuses to make her whole because, they say, she didn't report the fraud in time. For more than 20 years, Courtney White diligently contributed to her savings account at the bank “I worked my butt off,” White told NBC 5 Chicago. “I was the overtime queen at work. So all my overtime money went into my savings for my family.” To protect her funds, she set up the savings account so that she had to walk into the bank to carry out transactions. She didn't have a debit card or checks attached to it. By 2022, White had amassed nearly $90,000 in savings. That’s when she received a shocking message. There were "insufficient funds" in the account. In fact, it had been completely drained.
A former police sergeant lost her entire life savings to fraud — and Chase Bank refuses to make her whole because, they say, she didn't report the fraud in time. For more than 20 years, Courtney White diligently contributed to her savings account at the bank “I worked my butt off,” White told NBC 5 Chicago. “I was the overtime queen at work. So all my overtime money went into my savings for my family.” To protect her funds, she set up the savings account so that she had to walk into the bank to carry out transactions. She didn't have a debit card or checks attached to it. By 2022, White had amassed nearly $90,000 in savings. That’s when she received a shocking message. There were "insufficient funds" in the account. In fact, it had been completely drained.
Forget eggs: This food's price is also soaring
Americans continue to feel the squeeze at grocery stores — and we're not just talking about the price of eggs. The cost of food at home rose 0.5% in January from the previous month and 1.9% since the year before, according to the Bureau of Labor Statistics. This increase is partly attributed to skyrocketing egg prices, but there's another food category that might be giving shoppers sticker shock: beef. Sirloin steak prices averaged $11.97 per pound in January, just shy of November's record high of $12.01 per pound. In addition, ground beef prices averaged $5.55 per pound, again not far from the record high of $5.67 per pound set in September. Overall, the cost of beef and veal has gone up 5.5% since last year. So, what's been driving up prices?
Americans continue to feel the squeeze at grocery stores — and we're not just talking about the price of eggs. The cost of food at home rose 0.5% in January from the previous month and 1.9% since the year before, according to the Bureau of Labor Statistics. This increase is partly attributed to skyrocketing egg prices, but there's another food category that might be giving shoppers sticker shock: beef. Sirloin steak prices averaged $11.97 per pound in January, just shy of November's record high of $12.01 per pound. In addition, ground beef prices averaged $5.55 per pound, again not far from the record high of $5.67 per pound set in September. Overall, the cost of beef and veal has gone up 5.5% since last year. So, what's been driving up prices?
Moneywise Digest