Bidenomics Or How Washington Ruined America’s Future: Interest on Federal Debt Rose 76% Under Biden (US Interest On Federal Debt > 6x EU Defense Spending As Unfunded US Liabilities Exceed $192 TRILLION!)

Confounded Interest ^ | 07/25/2023 | Anthony B. Sanders

[Kaiser8408a]

How badly has Bidenomics and generally Federal spending has crippled the US? An example. The interest on US Federal debt is approaching $1 TRILLION (and Biden/Democrats REFUSE to cut any spending, not that Republicans are much better). To show up how messed up this is, the EU’s defense budget (remember Ukraine?) is far smaller that the US interest payments on their debt. That is, US interest payments alone on the massive Federal debt of over $32 trillion is over 6 times larger than the entire defense budget for the European Union!

United States Secretary of Treasury Janet Yellen has an incredible job. She writes rubber checks to pay America’s bills. Yet, somehow, the rubber checks don’t bounce. Instead, like magic, they clear.

How this all works, considering the nation’s technically insolvent, is quite miraculous. But it works, nonetheless. Again and again, the Treasury borrows money. And Washington spends it.

Consequently, by repeatedly borrowing and spending money, piling up massive debt, and then being forced to jack up interest rates, Washington has ruined America’s future.

Yippee! Look Ma, no hands! The face of America decline: Former Fed Chair Janet “Too Low For Too Long” Yellen who is now our woefully inept Treasury Secretary. You know, the Treasury Secretary who bowed three times to a Chinese Communist Party leader.

A reminder of the pickle that our politicians have put us in. US Federal debt is at $32.62 TRILLION … and UNFUNDED LIABILITIES (Social Security, Medicare, Medicaid, etc) are at $192.5 TRILLION!!! Yes, the US economy is broken beyond hope of repair, yet dunce voters keep reelecting imbeciles like Joe Biden, Chuck Schumer, John McConnell, etc.

[Kaiser8408a]

bidenomics is killing us!!!!!!!!!!!!

[Paladin2]

Interest on deposits needs to exceed Inflation.

I blame Ditch and McCarthy.

[econjack]

I wish there was a law that required that, and new program offered by politicians, be accompanied by a tax to fund that spending. As it is now, they pass everything they think might get them one more vote with total disregard to its cost. After all, spending our money gives them power, so why wouldn't they pass everything?

[EvilCapitalist]

But a direct tax on We The People to fund the schemes of politicians would likely get said politicians voted out of office. That’s why they have the Federal Reserve, which allows them to borrow an unlimited amount of money, while passing the bill to us hidden as inflation. Then the politicians can say, see we didn’t raise your taxes.

[sauropod]

Yep.