October 23, 2026
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Michael's Daily Memo
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Today at 1pm ET I’m delivering (live) Episode 6 of Can We Agree? for my YouTube channel. Please subscribe. It’s free. And turn on notifications so you’re alerted when we go live.
The first five episodes covered democratic socialism, artificial intelligence, the Clancy holdout juror, Trump’s use of executive power, and data centers. Each is about an hour in length and features credentialed, serious people talking about matters of consequence. The algorithms told me no one would care, but we’re averaging about 20,000 views per episode.
This time the subject is the national debt. In August it crossed $40 trillion, which is about the combined size of the economies of China, Germany, Japan, Britain and India. That works out to $297,000 for every household in America. We just borrowed $2 trillion in a single year. We now spend more on interest than on the entire Pentagon. And this month, the government’s borrowing costs hit a 24-year high.
Washington shrugged. It has been fifteen years since the two parties last made a serious joint effort to rein in the debt.
There is another way to look at it. Americans are worth about $180 trillion. Measured against what we own, the debt is less than a quarter of that, which is lower than after World War II. So the question I keep coming back to is this: when does the debt become a real problem, and are we there?
Both of my guests think the debt is too big. They disagree about how worried we should be and what to do about it.
Stephen Moore co-founded the Club for Growth and advised Donald Trump on the economy. Asked recently whether America is going bankrupt, he answered, “Thank God, no.” He says the cure is growth, and the problem is too much spending, not too little tax.
Maya MacGuineas has led the Committee for a Responsible Federal Budget since 2003. She calls our situation “the fiscal decline of a global power” and says the fix requires both spending cuts and more revenue.
Two serious people. One $40 trillion question. Can we agree? Coming today on YouTube.
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DAILY POLL
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Did JD Vance help or hurt his chances of winning the ‘28 GOP nomination by defending Ramaswamy’s attack ad?
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TOP STORY
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President Donald Trump urged Ohio gubernatorial candidate Vivek Ramaswamy to keep airing a controversial ad featuring the estranged mother of Democratic rival Amy Acton, despite bipartisan backlash over its use of deeply personal family trauma for political gain.
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TODAY'S YOUTUBE
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SPONSORED BY PARX CASINO
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IN OTHER NEWS
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The Supreme Court temporarily cleared the way for New Hampshire to bar student IDs as valid voter identification, pausing a lower court ruling that allowed election officials to consider them as evidence of identity while the state’s appeal proceeds.
The U.S. and Israel are reportedly preparing for a possible attack on Iran in early November, as Tehran warns it is ready for war and threatens retaliation against U.S. interests and regional infrastructure.
A documentary alleging that the late Sen. Lindsey Graham paid male escorts sparked widespread criticism from political commentators across the spectrum, who dismissed the revelations as overhyped and questioned their relevance ahead of the midterm elections.
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A MESSAGE FROM COMCAST
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Sources familiar with the federal investigation into Rep. Ilhan Omar claim her birth name is Ilhan Nur Said Elmi, as investigators scrutinize possible immigration fraud following an October raid on her Washington, D.C., home, allegations Omar’s office has disputed and for which she has not been charged with a crime.
In a wide-ranging interview, Michael Smerconish discusses the 2026 midterms, Pennsylvania’s political legacy, his evolution from Republican to centrist, his complicated experience with CNN, and his mission to restore civility and common ground in an increasingly polarized country.
Defense Secretary Pete Hegseth’s staff damaged a World War II-era globe used by Dwight D. Eisenhower while attempting to move the historic artifact into Hegseth’s Pentagon office.
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CARTOONS
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by Eric Allie
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MORE NEWS
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College juniors Nikos Mohammadi and Christina Ma argue that the viral reaction to the alleged Cornell fraternity sexual assault reflects a broader cultural conflict over sexual freedom, women’s agency, and accountability, warning that social media outrage and ideological extremes can overshadow the facts.
Pete Buttigieg, the former Transportation Secretary weighing a 2028 presidential bid, has endorsed independent Seth Bodnar over Democrat Alani Bankhead in Montana's U.S. Senate race against Republican Kurt Alme, who is vying to succeed retiring Sen. Steve Daines.
President Donald Trump accused LeBron James of disrespecting the United States during the national anthem and demanded an apology after the NBA star made gestures during the song before a 76ers game.
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For the Left
Hillary Clinton criticized Matthew McConaughey’s call to consider independent candidates in the midterms, urging voters to support Democrats to prevent President Trump from having two more years of unchecked power.
For the Right
The State Department reportedly questioned career diplomats seeking promotions about their presidential voting history and political donations, prompting concerns over potential federal law violations and calls for a congressional investigation.
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