The Trump-Biden era will ultimately be remembered for one thing

The role of the US government in managing its economy revolves around spending money and collecting taxes. The excessive spending creates a situation where repayment, along with interest, becomes inevitable. Recent corporate tax cuts have exacerbated deficits this year, which began with the election of Trump. The Tax Cuts and Jobs Act of 2017 initiated this trend, which worsened with COVID and received further fuel from Biden's infrastructure act. Political will to reverse this trend appears lacking. The US faces severe challenges surrounding social security, Medicare, and healthcare in general, with rising pressure on Congress regarding healthcare subsidies. This high spending is matched by dependence on central banks to manage deficits with low rates, which is concerning. Interestingly, the US dollar has been in a bull market that parallels these spending trends, signaling that if Congress alters its approach to deficits, a shift in the USD could follow. Concurrently, Germany's recent signals of easing spending for military investments have led to a better year for the euro.