Somebody at the Treasury needs to slip a pallet of Bennies destined for the Ukraine over to the Israelis.
US Financial Position Worse than Previous Estimates
https://fiscaldata.treasury.gov/ ^ | Vanity
Posted on 10/17/2023, 12:03:51 PM by tired&retired
Total Revenue from all sources for the US Government is down $437 Billion to $930 Billion from prior fiscal year ending September 30, 2022.(The Treasury Report contradicts itself on the first page as to the amount of prior year revenue, giving both $4.9 Trillion and $4.1 Trillion total revenue in 2022.)
Total Revenue for the USA for the fiscal year ending September 2023 was $3.97 Trillion based upon the recently released financial statements by the US Treasury.
Of that amount $1.48 Trillion was Social Security and Medicare taxes that are Trust Fund Taxes and not part of the General Fund.
That leaves total General Fund Revenue at $2.49 Trillion for the fiscal year ended September 30, 2023.
****** WARNING ******
$2.49 Trillion Total General Fund Revenue divided by the current National Debt of $33.6 Trillion is 7.4%
That means if interest rates on the National Debt reach 7.4% it takes 100% of our Total General Fund Revenue just to pay the interest on the debt, leaving nothing for defense or any other government spending.
Interest rates on the National Debt in the early 1980’s were over 15%.
The USA is ready to crash. We can’t raise taxes enough to cover the interest on the debt and spending. This is beyond repair. Beyond bankrupt.
Social Security Trust Funds have all been loaned to the General Fund and spent. In 2022, Social Security had a $21.5 Billion deficit in that benefit payments were more than taxes received. This deficit also had to be covered by the general Fund. (2023 figures have not been released)