Here's what December 2025 looked like for U.S. finances:

$242 billion flowed in from income taxes. Sounds substantial until you see where it went—$154 billion straight to interest payments on the national debt. That's not spending on infrastructure, defense, or social programs. It's just servicing the $38.6 trillion debt burden.

Break it down: 63% of every personal income tax dollar collected was consumed by debt interest alone. When you factor in all federal revenue streams—payroll taxes, capital gains, everything—the picture doesn't get much prettier. The math is compounding faster than most assets in a bull market, and unlike crypto cycles, this one doesn't reset.

For anyone tracking macro headwinds affecting asset valuations, this debt spiral deserves serious attention. It shapes everything from currency dynamics to inflation pressure to central bank policy moves.