Posted on 09/13/2024 5:04:13 PM PDT by ChicagoConservative27
The interest burden of the public debt of the U.S. government has topped $1 trillion already this year, the first time interest costs have crossed the trillion dollar threshold.
In the first 11 months of the fiscal year, interest payments totaled $1.05 trillion, up 30 percent from a year ago, the Treasury Department said Thursday. This is the first time interest payments have ever climbed about $1 trillion. Despite claims by President Joe Biden and Vice President Kamala Harris to have addressed the U.S. budget deficit, the deficit is up 24 percent in the first 11 months of this fiscal year compared with the previous period, according to data released Thursday.
(Excerpt) Read more at breitbart.com ...
Everett Dirksen says, “WHAT?!!”
A trillion here, a trillion there...
Quick! We can’t have this headline.
Cut interest rates!
Don’t worry, everything will be just fine, we won’t run out of money. I promise they will print more...
This is more than just up to our necks in doo doo. We’re now head first knee deep into into it!
Hey America! You know all that money you were so proud about Joe Pedo and Kambala spending like drunken pirates?
Not a problem..I’ve got it. I’ll write a check tomorrow and add a little more for residual bills not yet paid. My check is as good as the US Governments.
lets mint a trillion dollar coin to pay for the interest.
Hello Houston, we have a problem….our debt is 135 percent of our GDP, our enemy Russia’s debt to GDP is 17 percent, and the Brics have announced an alternate payment system backed by Gold…..
….and we have no Gold left….
The deficit is increasing one trillion every 100 days.
This is the interest on the total debt.
The reason this house of cards hasn’t collapsed already is that no one has a clue what to do if it does. There is no plan B, no fallback. Truly the emperor (i.e. the dollar) has no clothes.
Thanks for the info
[Hey America! You know all that money you were so proud about Joe Pedo and Kambala spending like drunken pirates?]
A substantial portion of this country will be unable to comprehend what you just said. After all, didn’t Democrat Nancy Pelosi praise the $3.7 trillion dollar “Inflation Reduction Act” (so-named to fools the idiots)
No money for American citizens but wide open borders for illegals and $150 billion to get World War III rolling.
Wow. I can remember when people were shocked that the total federal debt had reached $1 trillion. Now that’s just the interest payments.
I agree with you.
(so-named to fool the idiots)
AAAAARGH - my daily typos..... sigh
“The reason this house of cards hasn’t collapsed already is that no one has a clue what to do if it does”
Please expand on that. I’m thinking that a collapse won’t be something orchestrated by government, but rather something caused by external forces that government can’t stop.
My guess is that rather than a collapse, there will be money creation to pay the way, and taxpayers will, in the final analysis, become poorer.
Getting out of excessive debt is painful.
No one can predict what a monetary collapse today would entail. However it plays out, it will not be “orchestrated” by the government. It will be triggered by events that we can’t predict. Black swan event possibly. And the government will have no idea how to deal with it. Except for how to make it worse.
If the powers that be are dancing as fast as they can with no solution in their planning.
I’m convinced some of them truly believe this farce can go on forever. Tom Friedman for example.
In the late 80s Harry Brown (libertarian party) correctly pointed out that the federal deficit would be gone in 5 years without cutting spending at all. Simply freeze ALL federal outlays for five years and growth would do it. A decade or two more and the national debt would be paid off. Imagine the robust economy which would have resulted from that. What a damn shame. The economic hell that is going to be unleashed on us could have been completely avoided since it is/will be self inflicted.
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