Interest On US Debt Passes $1 Trillion… Nobody Gives A Damn…
Guest Post by Dennis Miller at Miller On The Money
Endgame: Interest On US Debt Surpasses $1 Trillion For First Time Ever:
“In a year when the monthly budget deficit was meandering along in the merry Chernobyl way,…someone in the Biden admin had the brilliant idea to spend a metric ass ton of money to reboot the economy so we don’t get a recession just in time for the elections. …. Government spending went into absolutely epic overdrive, as outlays hit a mind blowing $686 billion, the highest since March 2023.”
“.… the cumulative total for Fiscal 2024…just hit an all-time high of $1.049 trillion.
…. But wait, there’s more: the latest numbers confirm that we are well on our way to hitting our other forecast…of the US hitting an insane $1.6 trillion in interest expense by the year-end.
…. In other words, game over.”
Birch Gold tells us:
“The Senate unanimously approved a resolution…calling the debt ‘a threat to the national security of the United States’ and calling expected future budget deficits “unsustainable, irresponsible, and dangerous.”
The Great Debate – the game continues….
Bill Bonner’s article, Time to get serious explains:
“Neither candidate has any intention of squaring off against the big spending, parasite elites.
- Neither will balance the budget.
- Neither will challenge the warmongers.
- Neither will suggest to the Fed that it leave interest rates alone, rather than encourage more borrowing with a lower Fed Funds rate.
The idea of avoiding bankruptcy or preventing WWIII never even came up in the Great Debate.”
Friend Chuck Butler chimes in:
“Here’s the thing that’s been on my mind about the two Presidential Candidates and the economy… Both of them refuse to address the elephant in the room… And that is our Debt, and what they are going to do about it…. They won’t either, because both of them will add to the debt by whopping amounts…
And if you think that’s no Big Deal, we’ve added debt before…. Here’s something that should put goose bumps down your spine… The U.S. government will spend a record $1.2 trillion on interest payments in 2024, the highest amount ever recorded. …. And it just keeps getting worse, folks…”