$38 Trillion in Debt & Everyone Yawns

7 snips

Nov 7, 2025

Jim discusses the stubbornly high inflation rate, lingering around 3%, and its impact on Americans' wallets. Meanwhile, Greg shares a notable victory as the Trump administration successfully blocks a UN carbon tax on shipping. The national debt shockingly exceeds $38 trillion, having risen rapidly in just 71 days. In political news, Michigan's Gretchen Whitmer hints she may not run for president in 2028. Finally, they explore how the NFL's shift to streaming could alienate younger, casual fans.

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INSIGHT

Inflation Near 3% Still Hurts Wallets

Inflation has settled around 2.3–3% since June 2024, not the Fed's 2% target.
Jim Garrity warns that sustained 3% inflation erodes purchasing power meaningfully over a decade.

ADVICE

Aim For 2% Inflation Before Elections

If you're an incumbent Republican facing elections, prioritize pushing inflation back toward 2% before voters feel the squeeze.
Jim Garrity advises taking inflation reduction seriously as a political and economic priority.

INSIGHT

UN Shipping Carbon Tax Blocked For Now

The UN's International Maritime Organization considered a carbon tax on shipping that could have raised ~$10 billion annually.
Greg Karambas highlights the Trump administration helped delay the net-zero shipping tax by pressuring members to postpone the vote.

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Join Jim and Greg for a special Friday edition of the 3 Martini Lunch as they dive into stories that didn’t quite make the cut for full martinis in recent weeks but still deserve attention. Jim examines the persistent challenges of inflation and America’s skyrocketing debt, while Greg highlights a major Trump victory at the United Nations and new signs that one expected 2028 Democrat contender may be bowing out before the race begins. Then they get a little but more on the lighter side for their final martinis.

First, Jim notes that while inflation is much more under control than during the Biden administration, it's still stubbornly at or around three percent year-over-year most months and it's still making many Americans sweat. Greg focuses on the Trump administration leading the charge to stop a United Nations carbon emissions tax on shipping. Greg cheers the latest win in blocking the left's green agenda. Jim adds another point that's even bigger than the issue at hand.

Next, Jim shudders as the national debt officially soars beyond the $38 trillion mark and he's especially horrified at how fast the debt is growing. Meanwhile, Greg points out recent comments from Michigan Gov. Gretchen Whitmer suggesting she may not run for president in 2028. That would be good news given Whitmer's terrible record as governor.

Finally, Jim explains how the NFL's desire to reach younger fans could soon lead to a significant drop in viewership. Greg wonders if there is any integrity left in competition after another cheating scandal rocks a world championship.

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