Stephen Anderson delivers a sweeping review of the first twenty-five years of the 21st century, arguing that the United States is on a long, accelerating trajectory toward government bankruptcy. Anderson claims that a combination of poor political leadership, expansive federal programs, foreign interventions, and Federal Reserve monetary policy have created structural conditions that cannot be sustained.

Debt Expansion

Anderson notes that federal debt has risen dramatically:

  • $5.67T in 2000
  • $11.91T in 2009
  • $26.95T in 2020
  • $33.51T in 2024
  • Approaching $37.6T in 2025

He argues this growth reflects federal overreach, economic micromanagement, and chronic overspending.

Foreign Policy & Costly Interventions

Anderson recounts key military actions — Afghanistan, Iraq, Libya — claiming they cost thousands of lives, trillions in spending, and produced little meaningful stability abroad. He asserts these interventions further expanded debt and grew the national-security bureaucracy.

Domestic Programs & Regulation

He highlights several major domestic expansions:

  • Medicare Part D (2006)
  • TARP bailouts (2008)
  • Affordable Care Act (2010)
  • Federal takeover of student loans
  • Covid-era business closures, PPP payments, and restrictions
  • Inflation Reduction Act and CHIPS Act (2022)

Anderson argues these programs increased federal power, encouraged crony capitalism, and fueled long-term budget obligations.

2020–2025: The Acceleration

According to Anderson:

  • Covid-era money printing was the largest in history.
  • Federal debt surpassed 100% of GDP for the first time since WWII.
  • The Afghanistan withdrawal revealed enormous sunk costs with little gain.
  • 2025 brought continued deficits (~$1.8T) and new tariffs.
  • Attempts at spending cuts (e.g., DOGE) failed due to political resistance.

He concludes that the U.S. government is “addicted to debt,” with neither political party willing to reduce spending.

Anderson’s Final Claim

Anderson asserts that the U.S. is headed toward an eventual default — not necessarily a dramatic collapse, but an inability to service interest and principal as obligations compound. He suggests only after such a default might meaningful reform or “healing” begin.

Cole Metals Group Perspective

While Cole Metals Group does not take a political position on Anderson’s broader criticisms, we agree with the underlying financial reality he highlights: the federal government continues to run structurally unsustainable deficits, and the debt load has reached levels that make meaningful reductions in the money supply nearly impossible.

Whether or not one believes default is imminent, the facts are clear:

  • Debt is rising faster than revenue.
  • Interest payments are consuming a larger share of the budget.
  • Neither political party has shown willingness to reverse course.

Historically, when nations rely on perpetual borrowing and money creation to fund spending, their currencies lose purchasing power over time. In our view, Anderson’s article reinforces the long-term case for owning physical gold as a hedge against the dollar’s structural decline and the fiscal pressures shaping the next decade.


Read the full article here.