Posted on 07/20/2023 10:52:34 AM PDT by RomanSoldier19
The rapid increase in interest rates over the past year could cause some collateral damage to the U.S. government's finances.
That is because as interest rates rise, the federal government's borrowing costs on its $32.48 trillion in debt will also increase.
Interest payments on the national debt are projected to be the fastest-growing part of the federal budget over the next three decades, according to the Committee for a Responsible Federal Budget, a group that advocates for reducing the deficit.
Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion.
(Excerpt) Read more at msn.com ...
You can try to ignore the iron laws of economics, but you can’t avoid paying the price for ignoring them.
I honestly thought at the time that the Government was going to use Covid as an excuse to default on debt owed to China, since they were responsible.
We need more foreign wars and spending.
It won’t take that long if the dollar is no longer the world’s reserve currency.
Debt, not climate change, is a national security issue.
If it were to ever get paid off do you think the budget would stay balanced?
Use the Strategic Petroleum Reserve as an example.
China actually doesn't have that much US debt. They have been selling it off and it currently stands just under $1 T. Japan has the most foreign owned US debt @ $1.1 T in January this year. Number three is the UK @ ~$670 B.
The number one overall holder of US treasuries is actually the US government. I bet if there was ever an audit, it would look really shady.
Hell no. It would require a balanced budget amendment that did not include the cost of forever wars being exempt, plus an amendment that spells out what the 10th means. Specifically, limiting the powers of Congress to only the enumerated powers in Article I of the Constitution and then a book attached to that amendment defining every single word, including “is”.
Cloward Piven.
Hit overdrive in 2020.
Compounding Debt, not exactly a sound policy.
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