CNN: US debt: Federal interest payments could soon exceed military spending
New York CNN Business — The Federal Reserve’s war on inflation isn’t just painful for home buyers and people with credit card debt. Uncle Sam is getting squeezed by higher borrowing costs, too.
The cost to finance America’s growing mountain of debt is rising rapidly as the Fed scrambles to put out the inflation fire by raising interest rates and shrinking its nearly $9 trillion balance sheet.
During fiscal 2022 alone, the federal government made $475 billion in net interest payments, up from $352 billion the prior year, according to the US Treasury Department. For context, that’s more than the government spent on veterans’ benefits and transportation – combined. And it’s nearly as much as the $677 billion spent on education.
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Update #1: The Government Is Set To Spend More On Debt Payments Than The Entire Defense Budget (Daily Caller)
Update #2: Federal interest payments soar, soon will exceed cost of entire defense budget (Convention of States)
WNU Editor: If current trends continue, one can easily see interest payments becoming the biggest expense in the US Federal budget by 2030.
4 comments:
We are in this mess, because we have idiots like Obama, President Training Wheels, running America through his front man, President Pudding for Brains.
Biden Announces He’s Going to Shut Coal Plants Down Across America During Major Energy Crisis,
Obama had his ass pampered from his private grade school in Hawaii through college. He cannot analyze anything.
You don't seem like a fun person.
I assure you this is nothing worth paying attention to. Anyone focusing on this is a bot troll russian agent. Caring about this is akin to slitting democracy's throat.
Wait for one or two or ten more interest rate hikes to really hear the eagle chirp.
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