The US is fighting an expensive war it may not be able to sustain while its economy leans harder on debt, and that's bad for taxpayers and investors.

• The government is running $2 trillion yearly deficits, with $1.8 trillion piled up in just the first 10 months.
• Oil is near $90 and US gas prices have hit $4, driven by the Iran conflict.
• The US is running low on missiles and air defenses — about half its Patriot interceptors are already used up — so the plan is shifting to economic pressure, but Iran is digging in as a "survival economy."
• The AI boom is built on shaky debt: companies like CoreWeave borrow at 10% to earn barely 1%, and "shadow defaults" are hiding as borrowers roll unpaid interest into bigger loans.
• Nvidia is now backstopping $500 billion in loans so customers can keep buying its chips — critics call it circular financing that inflates the bubble.

Outlook: If the AI debt strain spreads from credit markets into stocks, or the Iran conflict drags on, both the war bill and the market could turn ugly fast.