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

[Kaiser8408a]

Pelosi and Schumer should be hog-tied for their irresponsible spending sprees in Congress.

[Governor Dinwiddie]

Social Security is not an entitlement. It was extracted from our pay checks against our will. It is our money.

[Leaning Right]

> 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.

[LittleBillyInfidel]

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.

[Mr. Jeeves]

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.

[SaveFerris]

A Great Reset is coming.

Bank 🏦🏦🏦🏧🏧🏧 on it.

Pun absolutely intended.

[Governor Dinwiddie]

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.

[alloysteel]

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.

[cymbeline]

“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?

[LittleBillyInfidel]

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.

[tired&retired]

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."

[LittleBillyInfidel]

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!!

[JonPreston]

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

[M-cubed]

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...

[escapefromboston]

What’s the cost on illegal aliens ?

[Sequoyah101]

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

Dumbo made it a form of permanent welfare.

[Varsity Flight]

Nope, Military fascism

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

[cgbg]

“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...

[SaveFerris]

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.

✝️🙏🛐

[SaxxonWoods]

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