America's massive debt pile is a cry for help

This is Bloomberg Opinion Today, a Jeff Koons-level masterpiece of Bloomberg Opinion’s opinions. Sign up here. Today's debt ceiling is tomor [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a Jeff Koons-level masterpiece of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Today's debt ceiling is [tomorrow's debt bomb](. - [Climate placebos]( are everywhere. - [Ukraine’s foreign minister]( should be a frequent flyer. - The [economic war against Putin]( is just beginning. The Laundry Chair Everyone has a chair in the corner of their bedroom that no one can sit on because there’s [too much stuff]( on it. You know the one: Maybe it’s made of wicker or [polypropylene](. You might have purchased it on Wayfair (it arrived damaged, of course). You were going for a [Herman Miller]( [vibe]( but it’s giving [Fisher-Price](. You consider selling it for $60 on Facebook Marketplace, but all of a sudden the 3-foot mountain of clothing carefully draped over the arms is a Jeff Koons-level masterpiece you cannot fathom destroying. Or, more likely, you’re just being lazy. This chair is an eyesore that serves as a routine reminder of your inadequacy. And every day, the procrastination gets worse. The resulting clothing bomb is one that even your middle-school self would be ashamed of. But The Laundry Chair isn’t just an individual phenomenon. It is a collective experience that transcends your bedroom. America, too, has [a pile so tall]( that it consistently brushes against the ceiling. And instead of, I dunno, folding some chinos and shortening the stack, the government opts to knock down the entire room *around* its chair to build a ceiling that’s [even taller]( (any excuse to install faux [exposed wooden beams](!). Of course, I am referring to America’s public debt pile, which is expected to climb to $46 trillion by 2033. We’re frighteningly close to [a dreaded debt bomb scenario](, which Karl Smith says would be[a “death spiral."]( If America borrows so much that it needs to borrow more just to service the debt and meet interest payments, rates will rise, and the government’s debt pile will grow to a size that makes the chair in your bedroom look like it was designed for [Polly Pocket](. “Once this pernicious cycle has started, the only way it can be arrested is by a sharp increase in taxes, an equally sharp decrease in spending or a default,” Karl writes. Some people hope that we can use revenue to close the deficit gap, but if history is any guide, that’s wishful thinking. Plus, the Joe Biden administration remains hellbent on keeping its promise to [not raise taxes for families]( making less than $400,000 a year — a choice that Allison Schrager argues will backfire. “[Social Security is the elephant in the room](,” she writes. Retirement reserves are running dry, and benefits will need to be axed if we can’t afford the outflows. Relying on the rich to foot the bill is not going to cut it. The only way to tame America’s ever-growing pile of laundry is to have everyone chip in and fold a few things. The Sustainable Yogurt Jar Complex Have you heard of La Fermière? The absolute grip that this tiny terracotta pot of "naturally French” yogurt has on me is unreal: The texture? Beyond creamy. The flavors? Sophisticated. The packaging? Eco-friendly. Of course, for the price — about $4 a pop — it better be ticking all those boxes. But La Fermière does that, and more. Once you’re done indulging, you can save the climate by [reusing]( the [cute little blue jars](. Make [a candle](! Bake [a cake](! Take [a shot](! The opportunities are endless. But as I collected more and more of these terracotta pots, I started to wonder whether I could put them in the recycling, because cabinet space is sacred real estate in NYC. After a quick Google, I realized I couldn’t. I also found out the yogurt [isn’t made in France](, it’s [made in New York]( (the gall!), but that’s beside the point. Some “sustainable” products are placebos — they make us feel good not because they help the environment, but because they look like they do. Protecting [beehives](, forgoing [plastic straws]( and carrying [cotton tote bags]( won’t reduce your carbon footprint by much. In many parts of the energy world, companies are employing the same sort of eco-friendly mind-trickery (also known as greenwashing) to save face. In the latest edition of [Elements](, Javier Blas says a Canadian mining company called [Teck Resources is trying to earn its green credentials]( by dividing its company up into two parts — Teck Metals (for copper and other minerals) and Elk Valley Resources (for the coal assets). It sounds like a normal enough move for a corporation, until you realize Teck is using a “mystifying twist of financial engineering” to pipe most of its free cash flow into its greener business — circumventing the fact that its burning pile of coal stinks to high heaven. “Teck Metals will enjoy the best of two worlds: It can truthfully claim that it doesn’t operate coal mines anymore, while at the same time reaping the rewards of coal production,” Javier writes. Sounds awfully familiar to my favorite yogurt company, if you ask me. But this doesn’t mean that all green initiatives are placebos. Countries like Norway and the UK are exploring hydrogen blending as a climate solution. It has promise for some industries, like shipping and aviation. But Lara Williams writes that [it would be misleading to say we should use hydrogen to heat our homes](: “Hydrogen is a less economic, more resource-intensive method of heating than alternatives such as heat pumps and solar thermal,” Lara writes. So even though green hydrogen will play a key role in our transition to net zero, it might not be the catch-all climate savior you once thought it was. [Read the whole thing](. Bonus Climate Reading: - Climate capture is mostly seen as a greenwashing joke, but it still could play [an essential role in our climate toolkits](. — David Fickling - Biden’s green subsidies that favor domestic manufacturers should be [a geopolitical wake-up call for Europe](. — Lionel Laurent Telltale Charts “Zelenskiy will [need the support of the Global South]( to pressure Putin to end the war,” Bobby Ghosh writes. Alas, Ukraine’s foreign minister, Dmytro Kuleba, isn’t nearly as well-versed in schmoozing as his jet-setting Russian counterpart, Sergei Lavrov: Russia was ready for an economic shock. But it wasn’t prepared to deal with a chronic shortage of manpower and talent. Although the West’s sanctions have chipped away at its economy, Bloomberg’s editorial board believes there’s plenty of [room to ramp up the pain](. Further Reading The 3% mortgage rate that millions of homeowners have [just keeps getting better](. — Conor Sen Google and Twitter tweak their [algorithms]( all the time. Doing it again [won’t change the internet](. — Stephen L. Carter Norfolk Southern’s communication after [the Ohio train accident]( could have been better. — Brooke Sutherland Marc Benioff’s “digital detox” smacks of a discredited fad diet. [Do this instead](. —Sarah Green Carmichael [Nikki Haley and Tim Scott are nice]( folks, and nice folks don’t win. — Robert George [Biden’s nominee to head up the World Bank]( has a chance to change the institution for the better. — Tyler Cowen Would you say that [NFTs are securities](? — Matt Levine ICYMI Bird flu [is winning](. There’s a new [skin-rotting “zombie drug.”]( [Harvey Weinstein]( got 16 more years. The [Ozy Media CEO]( got arrested. Kickers A plan to grow food...[on the moon](. There’s your actual age. And then [there’s this](. [Brain surgery]( was a thing 3,500 years ago. [Is this]( a real image or is it AI? Europe’s first [baby pangolin]( is alive and well. Notes:  Please send moon food and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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