GOVERNMENT & POWER • DEBT & SPENDING
Yesterday the Fed signaled its next move could be a rate hike — nine of eighteen officials now project at least one increase this year. While that was making headlines, the federal government has already paid $529 billion in interest on its debt in just the first half of the fiscal year… more than the entire annual interest bill in 2019, which was $375 billion. Six months of 2026 blew past twelve months of 2019. And every single basis point the Fed raises from here costs you — the taxpayer — another $3 billion a year.
Everyone read the SpaceX S-1. Nobody read page 339.
Everyone celebrated the SpaceX IPO last week.
$1.75 trillion. The biggest listing in history.
But the most important line wasn’t the valuation.
It was the footnote Musk buried on page 339 of the S-1.
A 14-word disclosure revealing exactly what he plans to do with the $75 billion windfall from the IPO.
Not rockets. Not Starlink. Not the chatbot.
One small, publicly traded company that builds the permanent power infrastructure his empire can’t survive without.
Wall Street is still chasing the headline ticker at 80x sales.
The footnote points somewhere else entirely.
Dylan Jovine has the name, the ticker, and the full breakdown.
At $88 billion a month, the government now spends more servicing its debt than it does defending the country.
