The bond market wobbled this week, and Secretary Bessent is now buying back government debt just to keep long-term interest rates from climbing further. Bond market volatility in the early fall has a bad history of signaling worse to come, from 1929 to 1987 to 2008.

The national debt sets a new all time high every day, recently crossing the $40 trillion mark. The U.S. dollar's status as the world's reserve currency has allowed us to kick the can down the road for decades, but interest payments on the national debt are reaching unsustainable levels and now the bond market is starting to push back.

Are we at the point of no return or can we still grow our way out of this mess?