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The federal government is spending America into oblivion
X twitter ^ | Jun 18, 2024 | Elon Musk

Posted on 06/18/2024 1:52:07 PM PDT by george76

Everyone is posting that the annualized number is about $1.059 trillion.

However the interest on the debt for just May 2024 was $103 billion. Debt will grow another $2 trillion or more in the next 12 months.

We are already on pace for over $1.2 trillion in annualized payments on the debt. Within the next few years, interest on the debt will exceed Social Security payments and become the largest item in the budget.

...

US federal interest payments now exceed the defense budget.

...

We have crossed the Rubicon.. It will never be paid down! NEVER.. And this administration is handing out money like Halloween candy

...

40 years, we went from spending $1 trillion dollars on the entire federal budget to spending $1 trillion dollars on the interest on the debt of the federal government.


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: biden; bidenomics; budget; debt; elon; elonmusk; federal; federalbudget; nesara
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To: MeneMeneTekelUpharsin

President Trump needs to ask this question at every rally, commercial and interview.. ask it of Mike, Nanzi, ChuckU and Team Mitch. It is time we got to the bottom of this.


41 posted on 06/18/2024 3:55:10 PM PDT by Shady (The Force of Liberty must prevail for the sake of our Children and Grandchildren...)
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To: george76

How much do you think we could get if we sold all of the Leftists to China?


42 posted on 06/18/2024 4:38:50 PM PDT by Tacrolimus1mg (Do no harm, but take no sh!t.)
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To: george76
And this administration is handing out money like Halloween candy

Let’s say you have a mortgage loan and credit card debts. But you spend or throw away money left and right (our gov’t throws it to the left). So… your credit card gets maxed out and you take additional equity loans against your house. Soon you lose your house, and go bankrupt.

The difference with this administration, is that they’re bankrupting our nation by spending your kids money. And your kids will have nothing when they grow up. No Social Security, no Medicare, no welfare, no student loans, no homes, no military, nothing. Goodbye USA, it was nice while it lasted.

43 posted on 06/18/2024 5:40:59 PM PDT by roadcat ( )
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To: george76

Or think of what our international lenders will do if we try to (default) skip out on our debt.

“Hey America … we’ll tear up your borrowing note … if you give us Hawaii.”


44 posted on 06/18/2024 6:02:25 PM PDT by DNME (… all experience hath shewn … )
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To: roadcat

Social Security will be bankrupt by 2033.. Medicare not far behind.

https://freerepublic.com/focus/f-news/4125568/posts


45 posted on 06/18/2024 6:11:37 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

Oh well. 🤷‍♂️


46 posted on 06/18/2024 6:13:09 PM PDT by MinorityRepublican
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To: mewzilla

Old people vote in higher numbers than any other group. Proposing cuts to their Social Security and Medicare benefits won’t do anything but lose elections.


47 posted on 06/18/2024 6:20:38 PM PDT by Bob Wills is still the king (Just a Texas Playboy at heart!)
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To: george76

“It will never be paid down! NEVER.”

The American people are not going to pay the debt. Not in a million years. They are not even going to try.

The right answer is to repudiate the debt and start over from scratch with a “New Dollar” backed by gold and oil. And maybe wheat.


48 posted on 06/18/2024 6:23:51 PM PDT by Mariner (War Criminal #18)
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To: Mariner

“It will never be paid down! NEVER.”

The American people are not going to pay the debt. Not in a million years. They are not even going to try.

The right answer is to repudiate the debt and start over from scratch with a “New Dollar” backed by gold and oil. And maybe wheat.


A major world power went bankrupt in our lifetime. Anyone remember?


49 posted on 06/18/2024 6:24:54 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Mariner
Many Americans are dependent on the entitlements. Social Security and Medicare.

Suppose we get on the new American Dollar, many Americans won't have access to Social Security and Medicare. We're talking about millions here.

50 posted on 06/18/2024 6:25:37 PM PDT by MinorityRepublican
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To: george76

For perspective, we owe more than double the combined value of ALL of the gold (not counting what has not yet been mined) in the world.

We owe 35 trillion dollars, and there are about 15 trillion dollars worth of gold.

The value of all natural resources in the US is around 50 trillion dollars. The market capitalization of all listed US businesses is about the same.

We are carrying an insane amount of debt, and government spending and inefficiency are out of control.

I wonder if the majority of our national politicians are in on the takedown of America. Are they looking forward to gaining the kind of unbridled power they got a taste of during the COVID lockdowns? Are they hoping to kill tens of millions of Americans through financial ruin? Because that seems more and more likely.


51 posted on 06/18/2024 6:26:01 PM PDT by unlearner (I, Robot: I think I finally understand why Dr. Lanning created me... ;-)
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To: unlearner

The U.S. federal debt is rising by $1 trillion about every 100 days.. then the states and local debt over 211 Trillion = unfunded liabilities.

https://freerepublic.com/focus/news/4221193/posts


52 posted on 06/18/2024 6:33:24 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: PeterPrinciple

The Soviet Union.


53 posted on 06/18/2024 6:47:10 PM PDT by Mariner (War Criminal #18)
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To: MinorityRepublican

Those government payments would be in the New Dollar.

Those bonds you’re holding...that savings account...worthless. Or they COULD be traded for the new dollar at 50% or so.

But only for US citizens and registered US companies.


54 posted on 06/18/2024 6:49:42 PM PDT by Mariner (War Criminal #18)
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To: george76
not spending on me or mine....you have to be special to get the special money....either your color, your religion, your illegal status, you sex status, etc.....

still waiting for my stimulus check....

55 posted on 06/18/2024 6:52:53 PM PDT by cherry
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To: NorthMountain
and this here poster, me alone, has donated to SS and Medicare and all of the federal govt for the almost 50 yrs of work...

my husband the same...

56 posted on 06/18/2024 6:55:15 PM PDT by cherry
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To: joethedrummer
haven't freepers noticed over the yrs when there was a chance to get congress onto SS and Medicare it was shoved aside....and haven't we noticed that when they could have forbidden insider trading when they are about to pass a bill or fail it, they declined to live by the rules we peasants live by...

of course their millionaires...

57 posted on 06/18/2024 6:57:11 PM PDT by cherry
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To: Mariner
In CBO's projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.

I would guess that everyone will get 1/3 of what they were receiving. So our economy will shrink. But the transition may be rough, especially if you depend on Social Security and Medicare to survive. But if we handle it right, it'll take five years to adjust to the "new normal".

58 posted on 06/18/2024 6:58:53 PM PDT by MinorityRepublican
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To: Mariner
In CBO's projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.

I would guess that everyone will get 1/3 of what they were receiving. So our economy will shrink. But the transition may be rough, especially if you depend on Social Security and Medicare to survive. But if we handle it right, it'll take five years to adjust to the "new normal".

59 posted on 06/18/2024 6:58:59 PM PDT by MinorityRepublican
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To: mewzilla
Not just federal. State and local, too.

Oops, correct. My bad.

60 posted on 06/18/2024 7:45:30 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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