USA is way past bankrupt. We are nearing the point where the non Social Security tax revenue will not pay the interest on the debt.
The current Federal Reserve interest rate, or federal funds rate, is 4.25% to 4.50% as of Dec. 14, 2022. On Dec. 14, the Fed raised interest rates by 0.50%, the seventh rate hike this year. The Fed decided to raise interest rates by 50 basis points, a step down from the 75-basis point pace seen over the previous four meetings. The Fed’s rate hikes of 4.25% this year is the fastest cycle in history, pushing borrowing costs to a 15-year high. According to its recent statement, the Fed’s overarching goal is to return inflation to its 2% objective.
All I know is that the occupation junta government in DC is spending exactly like a person that has made up their mind they are filing for bankruptcy next month. Trip to Vegas, cash for a big screen TV, new clothes and boots, etc. Max out that credit card cause you know you’re walking away.
Obama showed that the money from taxes is not important.
The Democrats can just print money.
We only pay income tax so that the government has some control on us.
You get that most of the debt is owned by the fed. And they give the US government the interest back. So that debt is zero.
For any other beancounters that want to look at the details.
The most recent U.S. Government Financial Report
https://fiscaldata.treasury.gov/static-data/published-reports/frusg/FRUSG_2021.pdf