Posted on 05/21/2024 8:15:36 PM PDT by george76
The United States has long had the world’s biggest defense budget, with spending this year set to approach $900 billion.
Yet this spending is rapidly being eclipsed by the fastest-growing portion of federal outflows: interest payments on the national debt.
For the first seven months of fiscal year 2024, which began last October, net interest payments totaled $514 billion, outpacing defense by $20 billion. Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest payments than on national defense.
...
Just two years ago, interest payments were the seventh-largest federal spending category, behind Social Security, health programs other than Medicare, income assistance, national defense, Medicare, and education.
Interest is now the third-biggest expenditure after Social Security and health... interest expenses in 2024 are running 41% higher than in 2023.
...
The first is that annual deficits have exploded, leaving the nation with a gargantuan $34.6 trillion in total federal debt, 156% higher than the national debt at the end of 2010.
In the 1990s, the average federal deficit was $138 billion per year. In the 2000s, it was $318 billion. In the 2010s, it was $829 billion. Since 2020, the annual deficit has swelled to $2.24 trillion, largely due to pandemic-related stimulus measures in 2020 and 2021. The projection for 2024 is a $1.5 trillion shortfall.
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As a percentage of GDP, the annual deficit has nearly doubled in just 10 years, from 2.8% in 2014 to a projected 5.3% in 2024. So there's just a lot more borrowing to pay interest on.
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More taxpayer money going to interest expenses will eventually leave less money for everything else, and at some point, the Treasury won’t be able to borrow its way out of the problem anymore.
(Excerpt) Read more at msn.com ...
In all fairness, cited figures should be cut from a third to a half because they represent the government owing itself money.
That is, at the start of the FY, budget appropriations are listed as *debt* to every part of the government that is supposed to get them. As they spend their appropriation, their debt gets smaller. It’s all on computer, there are no suitcases full of cash floating around.
It looks ridiculous if you don’t know its inner workings.
Interest on the debt follows more ordinary rules.
FWIW - Interest on bills held by the Fed is returned to the Treasury, isn't it?
What exactly does it entail?
They will. And it will seem a good deal when the banks start charging negative interest rates (as they do in some Western countries).
[ALL ACCORDING TO PLAN…the Globalists’ plan]
It’s definitely going to happen
There will be a major shift happening in the world - My personal opinion is that it sets the stage for the Antichrist - they will essentially coincide
Daniel 7:23
King James Version
23 Thus he said, The fourth beast shall be the fourth kingdom upon Earth,
which shall be diverse from all kingdoms,
and shall devour the whole Earth,
and shall tread it down,
and break it in pieces.
https://www.biblegateway.com/passage/?search=Daniel+7%3A23&version=KJV
[The Big Reset is coming, and there’s nothing that is going to stop it.]
Yep. Along with World War III and Population Reduction.
Basically the 4 Horsemen of the Apocalypse.
[What exactly does it entail?]
Moving to the Philippines? Does my Medicare Part B work over there? Since it looks like I’m forced to get it.
Not sure what my best options are since I’m not working at the moment.
Biden is both a past and a present politician, with the worst characteristics of both.
Can’t we sell some gold? Eventually we will sell off national parks to private ownership.
More than likely, yes. People need to get out of the mindset of "what do we do?" and start thinking in terms of "what do we do next?" And "next" is going to look a lot different than what we see now. Different lines will be drawn. Different sides will be drawn up.
Wait!
There’s MORE!
Sorry, that grim milestone was passed long ago when collective entitlements surpassed the Defense Budget - everything else for that matter...
“ Why are no US Notes being issued?”
Who would buy a note that doesn’t pay interest?
L
We had and still have a president & Congress that insist on pissing away resources that we needed & not utilizing some that we still have. I’m also sure that’s only part of the problem.
Not quite. I wasn't wrong. The Fed returns a large portion of it's PROFIT back to the Treasury. Until 2023, anyway.....thanks to the Bidenflation fiscal policies.
https://www.reuters.com/business/fed-may-need-four-years-recoup-income-loss-st-louis-fed-study-says-2023-11-27/
Right now there are no Fed Profits.
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