National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It
Published . Updated .
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Trump suggested inflation could help pay off the $40 trillion national debt. Learn who pays that hidden tax, who profits, and which assets won last time.
Directly affected
- No company is named in this report.
Indirectly affected
- TLT iShares 20+ Year Treasury Bond ETF-1.8% 30d
iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story.
- IEF iShares 7-10 Year Treasury Bond ETF-0.7% 30d
iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story.
- TIP iShares TIPS Bond ETF-0.1% 30d
iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story.
- JPM JPMorgan Chase+0.2% 30d
JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story.
- BAC Bank of America-11.5% 30d
Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story.
- DHI D.R. Horton+10.6% 30d
D.R. Horton (operative builders): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story.
- SCHW The Charles Schwab
The Charles Schwab (security brokers, dealers and flotation companies): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story.
- WMT Walmart+16.0% 30d
Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| TLT | -0.09% | +0.94% | base | after close | after close | after close | after close |
| IEF | -0.34% | +0.64% | base | after close | after close | after close | after close |
| TIP | +0.16% | +0.57% | base | after close | after close | after close | after close |
| JPM | +0.41% | -0.26% | base | after close | after close | after close | after close |
| BAC | +2.47% | +0.71% | base | after close | after close | after close | after close |
| DHI | -1.58% | +0.55% | base | after close | after close | after close | after close |
| SCHW | -0.55% | -1.39% | base | after close | after close | after close | after close |
| WMT | -4.79% | -1.04% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It Briefs Finance
Source: Briefs Finance
Price since this story was published: Ishares Tr (TLT)
| Company | When | Move | Status |
|---|---|---|---|
| Bank Of America (BAC) | three days earlier | +0.71% | final price |
| Bank Of America (BAC) | five days earlier | +2.47% | final price |
| Horton D R (DHI) | three days earlier | +0.55% | final price |
| Horton D R (DHI) | five days earlier | -1.58% | final price |
| Ishares Tr (IEF) | three days earlier | +0.64% | final price |
| Ishares Tr (IEF) | five days earlier | -0.34% | final price |
| Jpmorgan Chase (JPM) | three days earlier | -0.26% | final price |
| Jpmorgan Chase (JPM) | five days earlier | +0.41% | final price |
| Schwab Charles (SCHW) | three days earlier | -1.39% | final price |
| Schwab Charles (SCHW) | five days earlier | -0.55% | final price |
| Ishares Tr (TIP) | three days earlier | +0.57% | final price |
| Ishares Tr (TIP) | five days earlier | +0.16% | final price |
| Ishares Tr (TLT) | three days earlier | +0.94% | final price |
| Ishares Tr (TLT) | five days earlier | -0.09% | final price |
| Walmart (WMT) | three days earlier | -1.04% | final price |
| Walmart (WMT) | five days earlier | -4.79% | final price |
Trades by members of Congress and officials in the stocks in this story
- Sen. John Boozman bought Ishares Tr (IEF) (jointly held), worth $1,001 - $15,000 on 9 Sep 2026. That is 56 days before publication. Filed 21 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 61 days before publication. Filed 1 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM), worth $15,001 - $50,000 on 4 Sep 2026. That is 61 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 27 Aug 2026. That is 69 days before publication. Filed 4 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 56 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Laurel Lee sold Bank Of America (BAC) (held by a spouse), worth $50,001 - $100,000 on 24 Aug 2026. That is 72 days before publication. Filed 16 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Horton D R (DHI), worth $15,001 - $50,000 on 17 Aug 2026. That is 79 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 33 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Jonathan Jackson sold Walmart (WMT) (jointly held), worth $50,001 - $100,000 on 28 Sep 2026. That is 37 days before publication. Filed 19 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 40 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares Tr (TLT)
Companies carried with this story
- TLT Ishares Tr
Ishares Tr (TLT) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It.” Reason on file: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story
- IEF Ishares Tr
For “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It,” Ishares Tr (IEF) is linked, with no stored direction, medium confidence. Reason on file: iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story
- TIP Ishares Tr
Ishares Tr (TIP) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It.” Reason on file: iShares TIPS Bond ETF: it is a common hedge when prices rise. Linked by “inflation” (inflation and prices) in this story
- JPM Jpmorgan Chase
In “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It,” Jpmorgan Chase (JPM) is linked, with no stored direction, medium confidence. Reason on file: JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story
- BAC Bank Of America
Bank Of America (BAC) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It.” Reason on file: Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story
- DHI Horton D R
In “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It,” Horton D R (DHI) is linked, with no stored direction, medium confidence. Reason on file: D.R. Horton (operative builders): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story
- SCHW Schwab Charles
For “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It,” Schwab Charles (SCHW) is linked, with no stored direction, medium confidence. Reason on file: The Charles Schwab (security brokers, dealers and flotation companies): rate changes move lenders' margins and borrowers' demand. Linked by “national debt” (US interest rates) in this story
- WMT Walmart
Walmart (WMT) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It.” Reason on file: Walmart (variety stores): big consumer-goods sellers feel price rises in costs and shopper demand. Linked by “inflation” (inflation and prices) in this story
Ishares Tr (TLT)
“National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It” (4 Nov 2026) reaches Ishares Tr (TLT) through this story.
For Ishares Tr (TLT), the reason on file says iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story
Ishares Tr (IEF) is here too. Its reason reads: iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “national debt” (US interest rates) in this story
The price range for Ishares Tr (TLT), and the dates in the story
IEF traded between 88.64 and 91.23 across 20 sessions. The latest close on file is 90.08. TIP traded between 103.77 and 105.67 across 20 sessions. The latest close on file is 105.27. TLT traded between 76.44 and 81.94 across 20 sessions. The latest close on file is 79.46.
A simple score for Ishares Tr (TLT)
46 out of 100
“National Debt at $40 Trillion: Why Inflation Is the Hidden Tax, and Who Profits From It” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.