How Trump, Starmer and Macron can avoid a debt crunch

America’s gross national debt is $36trn, or $107,000 per person. It is rising fast and will probably soon be rising even faster. If Donald Trump’s presidential-election campaign was anything to go by, his return to the White House heralds a flurry of tax cuts on everything from corporate profits to tips. In the past fiscal year, Uncle Sam spent $1.8trn (6.4% of GDP) more than he collected in taxes. By one estimate, Mr Trump could raise borrowing by $4.1trn in the coming decade.