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US Default? Since 2008, Net Interest Costs UP 192%, Social Security And Health Entitlements UP 140%, Nondefense Discretionary Spending UP 76% Based On 2032 Federal Budget
Confounded Interest ^ | 01/15/2023 | Anthony B. Sanders

Posted on 01/15/2023 9:08:05 AM PST by Kaiser8408a

Newly-minted US House Speaker Kevin McCarthy faces a daunting task: trying to avoid a US debt default. As I have discussed many times before, nothing has been the same since the US housing bubble and near-collapse of the banking system that produced an expensive bailout of seemingly all financial institutions. After 2008, Federal spending has gone out of control. The budgetary hawks (or pigeons) in the US House of Representatives (with Pelosi, Boehner, Ryan then Pelosi again) went on Federal spending sprees of epic proportions.

The Manhattan Institute has a nice chart showing the explosion in the Federal budget since 2008. Of particular note, interest payments on the Federal debt has increased by a staggering 192%. On the non-interest spending front, Social Security and Health Entitlements have increased by 140% while Nondefense Discretionary Spending has increased 76%.

The massive increase in Federal debt interest is due to both increased Federal spending and rising interest rates thanks to The Federal Reserve raising rates to fight inflation.

But what will McCarthy and House Republicans recommend cuts in? Tighter restrictions on who qualifies for Social Security and particularly Social Security Disability payments?

The odd factoid is that Defense and Wars budget is up less than 1% from 2008 to 2032. So, Ukraine military aid is coming from somewhere, but not from the Defense budget. Is Ukraine another entitlement program?

Rest assured that after debate, the House will pass a budget and, provided that virtually nothing was cut, the Senate will gleefully agree to more spending and “Top Secret Documents” Biden will sign it.

After he parks his gorgeous Corvette Sting Ray, that is.

(Excerpt) Read more at confoundedinterest.net ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: bantheretread; biden; blogpimp; budget; default; pelosi; saxxonwoods
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Pelosi and Schumer should be hog-tied for their irresponsible spending sprees in Congress.
1 posted on 01/15/2023 9:08:05 AM PST by Kaiser8408a
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To: Kaiser8408a
Social Security is not an entitlement. It was extracted from our pay checks against our will. It is our money.

2 posted on 01/15/2023 9:11:34 AM PST by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: Kaiser8408a

> US House Speaker Kevin McCarthy faces a daunting task: trying to avoid a US debt default <

Daunting task? I don’t think so. McCarthy will fuss a little, then approve more borrowing and spending. Just kick that can down the road a bit more.

It’s actually pretty easy.


3 posted on 01/15/2023 9:14:45 AM PST by Leaning Right (The steal is real.)
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To: Governor Dinwiddie
Social Security is not an entitlement. It was extracted from our pay checks against our will. It is our money.

Which is EXACTLY why it is called an "entitlement"! I don't understand why so many on our side don't understand this simple word.

4 posted on 01/15/2023 9:20:12 AM PST by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: Leaning Right
As long as our dollar remains backed by the full faith and credit of the United States Marine Corps, foreign countries will still buy enough US debt to keep the Ponzi going.

Our total debt might pass the one quadrillion mark by the end of this decade - but if the interest payments have no direct impact on the lives of elites over the few months directly ahead, no one will care.

5 posted on 01/15/2023 9:21:25 AM PST by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: Kaiser8408a

A Great Reset is coming.

Bank 🏦🏦🏦🏧🏧🏧 on it.

Pun absolutely intended.


6 posted on 01/15/2023 9:23:31 AM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: LittleBillyInfidel
I see your point. But the way the media and government use that word, they use it in a way to make it sound like it is government largess for which we should grateful.

Yes, you are correct. Good point.

7 posted on 01/15/2023 9:29:38 AM PST by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: SaveFerris

The old Chinese curse, “May you live in interesting times”, has befallen the US and probably most of the rest of the world.

We shall lose everything. This is all in conformity with Klaus Schwab and the World Economic Forum, which is a revival of the Third Reich and its “new” economic model.

Save your Confederate money, the South is gonna rise again.

Yeah, right.


8 posted on 01/15/2023 9:34:24 AM PST by alloysteel (People who think they know everything are a great annoyance to those of us who do - Isaac Asimov)
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To: LittleBillyInfidel

“Which is EXACTLY why it is called an “entitlement””

But if government legislates that I will get $1000 per month no strings attached, then am I by law entitled to it?


9 posted on 01/15/2023 9:37:47 AM PST by cymbeline
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To: cymbeline
But if government legislates that I will get $1000 per month no strings attached, then am I by law entitled to it?

Yes, entitled by a likely politically driven, crappy law. But deserving or morally or ethically justified to such money? That's another matter.

10 posted on 01/15/2023 9:44:46 AM PST by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: Kaiser8408a
It's been a while since I explained the twisted double speak used to hide our total Interest cost on our US Debt.

"The U.S. government paid $562.4 billion in interest in fiscal year 2021, while earning $210.1 billion in interest and investment income. Its net interest costs are expected to increase to $1.2 trillion annually by 2032."


11 posted on 01/15/2023 9:46:33 AM PST by tired&retired (Blessings )
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To: Governor Dinwiddie
But the way the media and government use that word, they use it in a way to make it sound like it is government largess for which we should grateful.

So true!!

12 posted on 01/15/2023 9:46:44 AM PST by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: Kaiser8408a

I’m sensing a new attack on social security by Republicans. The Stupid Party doesn’t adequately describes them.


13 posted on 01/15/2023 9:53:50 AM PST by JonPreston
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To: Governor Dinwiddie
Social Security is not an entitlement. It was extracted from our pay checks against our will. It is our money. <<<

Yes it is/was.... and if it had been put into a bank under our own names many if us would be millionaires ...Inflation is the dirty little secret of “fiat money” and the Founding Fathers understood that...

14 posted on 01/15/2023 10:07:49 AM PST by M-cubed (The MSM is now the 4th Branch of Government.....)
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To: All

What’s the cost on illegal aliens ?


15 posted on 01/15/2023 10:18:48 AM PST by escapefromboston (Free Chauvin)
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To: Kaiser8408a

What portion of entitlements is paid for benefits that were never intended?

Dumbo made it a form of permanent welfare.


16 posted on 01/15/2023 10:23:39 AM PST by Sequoyah101 (Procrastination is just a form of defiance.)
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To: Kaiser8408a

Nope, Military fascism

https://mises.org/library/living-reality-military-economic-fascism


17 posted on 01/15/2023 10:28:50 AM PST by Varsity Flight ( "War by the prophesies set before you." I Timothy 1:18. Nazarite prayer warriors. 10.5.6.5)
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To: Mr. Jeeves

“As long as our dollar remains backed by the full faith and credit of the United States Marine Corps”

History suggests you have it backwards.

When the Empire can no longer pay the salaries of the Imperial Troops then the Empire falls.

That could happen with hyperinflation (so the salaries paid are in fact worthless) or it could happen with infrastructure collapse (where there is no practical way to get resources around the world). One other way it could happen is if the Empire splits by secession or other collapse so the currency has no value in international markets.

The key point is this—currencies don’t last very long in historical terms—a few hundred years is an above average run...


18 posted on 01/15/2023 10:38:48 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: alloysteel

I wish it wasn’t but I see no way it’s going to be avoided.

It’s a Sign of the Times. IMHO

And yes, we do indeed live in interesting times. And yes it’s apparently a Chinese curse for real.

✝️🙏🛐


19 posted on 01/15/2023 11:06:20 AM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Kaiser8408a

Thanks for the headline warning that this is a silly article. The USA is nowhere a default.


20 posted on 01/15/2023 11:07:05 AM PST by SaxxonWoods (The only way to se acure your own future is to create it yourself. 111 is the key.)
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