Thoughtful Money with Adam Taggart · Tuesday, September 22, 2026
Jonathan Wellum believes U.S. policies like deregulation and capital investment incentives are driving economic growth, attracting capital from countries like Canada. However, he identifies the massive U.S. fiscal deficit as a significant long-term overhang that could eventually impact the economy.
“So all those policies deregulation you know 100% depreciation on capital. These are amazing policies to drive growth. And so I think that's exactly what you're seeing. There's going to be a delay. It doesn't happen overnight. It takes a few quarters even to get things going. And so I think those policies are very, very powerful economic policies.”
“The problem, which gets to your question, is that you've got this other side of it, which is just this massive deficit in fiscal dominance, right? The spending, you know, which are not going to be trimmed anytime soon, I can see. And then you've got $2 trillion plus in unfunded liability, present value of unfunded liability increase every year. So you're talking like $4 trillion.”
“And so um i think all those policies deregulation you know 100% depreciation on capital. These are amazing policies to drive growth. And so I think that's exactly what you're seeing.”