Government Spending with Fexingo: Budget, Deficits, and Public Finance Explained

The US federal government is the single largest borrower on Earth, but most people have never heard of a Treasury auction. In this episode, Lucas and Luna break down how the Treasury borrows nearly all its money through a weekly auction system that is both shockingly efficient and surprisingly opaque. They walk through the mechanics of competitive versus non-competitive bids, the role of primary d...

In this episode, Lucas and Luna explore the controversial idea that government debt is not inherently bad — it's about what you borrow for. They drill into the concept of 'public investment' versus 'consumption spending' using the concrete example of the U.S. Interstate Highway System, built with debt in the 1950s, which generated decades of economic growth. They also discuss how modern economists...

In this episode, Lucas and Luna break down the mechanics of municipal bonds — the $4 trillion market that funds schools, highways, and hospitals across America. They explain the tax-exempt structure, why muni yields have historically tracked Treasury yields, and how the post-2024 interest rate environment has changed the calculus for individual investors. Lucas walks through a concrete example: a...

Episode 2 of Government Spending with Fexingo digs into the mechanics of the federal budget baseline — the CBO's 'current law' vs 'current policy' projections. Lucas and Luna explain why the baseline almost always assumes spending will grow, and how that shapes every debate about deficits, taxes, and entitlement reform. They walk through the 2026 Congressional Budget Office baseline released in Ja...

In the debut episode of Government Spending, Lucas and Luna zoom in on one staggering number: global government debt has surpassed $70 trillion for the first time. They trace how we got here — from the 2008 financial crisis to pandemic-era stimulus — and what it means for interest payments, future budgets, and everyday taxpayers. Lucas breaks down the math behind the debt-to-GDP ratio using Japan...