Peter St Onge Podcast Ep 165 Weekly Roundup: Deficit hits $2.5 Trillion
8 snips
Mar 23, 2026 A whirlwind of macro headlines: a soaring U.S. deficit nearing $2.5 trillion and gas prices climbing toward $4.30. Big swings in the labor market with 400,000 more job openings and a sharp Canadian job collapse. A deep dive into tech layoffs as AI reshapes work at major firms.
AI Snips
Chapters
Transcript
Episode notes
Deficit Racing Toward Trillion Dollar Territory
- The US fiscal deficit is on track for a historically large shortfall driven by rising spending and war costs.
- Treasury shows $3.1T spent in five months, $2.1T from taxes, $7B borrowed per day and war could push a $1.9T planned deficit to $2.5T or $4.5T in recession.
Oil Shock Has Gas Headed Toward Four Thirty
- Gas prices rose substantially after geopolitical shocks and could reach $4.30 soon according to prediction markets.
- AAA shows gas went from $2.98 to $3.70, oil spiked ~50%, and Calci markets peg $4.30 in two weeks with household fuel costs rising ~$300/month.
Quick Moves To Lower Gas Prices Immediately
- Short-run policy levers can cut retail fuel prices quickly by shaving cents per gallon.
- Waive the federal 18¢ gas tax, allow winter-grade fuel, suspend ethanol mandates, and repeal Jones Act to save ~20–25¢ or more per gallon.