While Media and Washington Obsess Over Epstein Files, A $36 Trillion Debt Crisis Looms

In a nation captivated by the salacious details emerging from the Jeffrey Epstein affair, a story of staggering financial consequence is being largely overshadowed. As news cycles and social media feeds are dominated by reports of former President Donald Trump’s name appearing in the late sex offender's files, the United States' national debt has quietly surged past $36 trillion, exacerbated by a massive new spending bill projected to add trillions more to the deficit over the next decade.

The intense focus on the Epstein case, which saw a 1,900% spike in online searches in a single week this July, has pulled the national conversation away from what many economists view as a looming fiscal crisis. While one story highlights a dark chapter in celebrity and crime, the other addresses the financial future of every American, raising critical questions about national priorities and the media's role in shaping them.

A Nation Consumed by a Scandal

The political world was sent into a frenzy in mid-July after The Wall Street Journal reported that Attorney General Pam Bondi had informed President Trump his name appeared "multiple times" in Justice Department files related to Epstein. While the report noted that the documents contained "unverified hearsay" about numerous public figures, the revelation fueled a political firestorm.

The Trump administration quickly moved to quell the narrative, with White House spokesperson Steven Cheung dismissing the story as "another instance of the deceptive news narratives fabricated by the Democrats and the liberal media". Trump himself has expressed frustration with the persistent focus on the scandal, urging his base to move on and criticizing supporters who bought into conspiracy theories surrounding the case. "I can’t believe you’re asking about Epstein at a time like this," Trump stated, pointing to other national events he deemed more pressing.

Despite the denials, pressure is mounting. A Republican-led House committee is now investigating the Epstein case and has taken steps to subpoena the Department of Justice for the files. The committee also subpoenaed Ghislaine Maxwell, Epstein's former girlfriend and convicted accomplice, to testify from prison, signaling a rare bipartisan push for transparency that diverges from the former president's wishes.

"Republicans on the Oversight Committee were going to move to be more aggressive in trying to get transparency with the Epstein files," Committee Chairman Rep. James Comer, R-Ky., said. "I think that's what the American people want".

Yet, as Bryan Walsh, a senior editorial director at Vox, noted, the story has "swallowed the country whole," drawing far more public attention than other significant developments. During the same period, the Epstein story exploded, and it was searched on Google 1.4 times more than tariffs, a major economic issue.

The Fiscal Elephant in the Room

While Washington fixated on Epstein, President Trump signed his signature second-term legislative achievement into law on July 4: the "One Big Beautiful Bill Act". The sweeping, 887-page package extends the 2017 tax cuts, eliminates taxes on tips and overtime, and allocates $350 billion for border security.

The cost, however, is monumental. The nonpartisan Congressional Budget Office (CBO) projected the final version of the bill will add approximately $3.4 trillion to the U.S. national debt over the next decade. The CBO's analysis found that a $4.5 trillion decline in revenue from the tax cuts far outweighs the bill's $1.1 trillion in net spending cuts, which primarily target Medicaid and the Supplemental Nutrition Assistance Program (SNAP). The CBO also estimated the law would lead to 10 million more people being without health insurance by 2034.

The national debt, which already stood at a historic high of $36 trillion, is now on a trajectory to reach 124% of the Gross Domestic Product (GDP), a level not seen since the aftermath of World War II.

"We're at World War II levels right now of government debt, and as far as the eye can see going forward we're just climbing," Kent Smetters, a professor at the University of Pennsylvania's Wharton School of Business, told ABC News.

A Billionaire's Rebellion Over a "Disgusting Abomination"

The fiscal implications of the bill were so stark that they prompted a dramatic public break between Trump and his once-staunchest billionaire supporter, Elon Musk. Musk, who contributed nearly $275 million to support Trump and Republicans in 2024, condemned the legislation as an "insane spending bill" and a "disgusting abomination".

On July 5, just a day after Trump signed the bill, Musk announced the formation of a new political party, the "America Party". He declared the party was created "to give you back your freedom" from what he terms the "Democrat-Republican uniparty," which he accuses of bipartisan fiscal irresponsibility.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk posted on his social media platform, X. "Today, the America Party is formed to give you back your freedom".

Musk's new party plans to strategically target a handful of House and Senate seats in the 2026 midterm elections, aiming to create a bloc of fiscally conservative lawmakers who could hold sway in a narrowly divided Congress. This unprecedented move by one of the world's wealthiest individuals underscores the growing concern among some fiscal conservatives over the nation's debt trajectory—a concern that has largely been absent from the dominant media narrative.

What Is Actually Driving Voters?

While the Epstein saga generates endless headlines and online chatter, polling suggests it may not be the politically potent issue that the coverage implies. A Fox News poll from July 21 found that while 60% of Republicans felt the Trump administration had not been transparent about the Epstein situation, Trump's overall approval rating among Republicans remained a sky-high 88%.

The poll revealed that for voters who disapproved of Trump's performance, the top reasons were the economy, tariffs, and his temperament. Only 1% of those who disapproved cited the "Jeffrey Epstein case" as their primary reason. Similarly, a YouGov/Economist poll found that while only 45% of Republicans approved of Trump's handling of the Epstein investigation, his overall approval within the party was 87%.

This data suggests a significant disconnect between what the media is heavily covering and what is actually driving voter sentiment. The Epstein story, while sensational, appears to have had a negligible impact on Trump's core support, whereas the economic policies that created the debt crisis are both a source of voter concern and the cause of a major political realignment, with figures like Musk.

A Tale of Two Crises

The current media and political landscape presents the American public with two starkly different stories. One is a complex web of crime, power, and conspiracy that, while disturbing, involves past events and a limited number of individuals. The other is a slow-moving but systemic crisis of national debt that will have profound and lasting consequences for the country's economic stability and the financial well-being of future generations.

The overwhelming focus on the Epstein files, driven by its inherent drama and celebrity connections, follows a well-worn media path of prioritizing sensationalism over substance. But in doing so, it risks leaving the public ill-informed about a fiscal challenge that, unlike the Epstein case, has no simple villains or easy resolutions. As the nation remains transfixed by the ghosts of Epstein's island, a tidal wave of debt continues to build, threatening a storm that few will see coming.