Debt will hit a shocking $50 trillion by 2034, as DC continues to spend, spend, spend
While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that…
nypost.com
The combination of rising debt and interest rates has pushed up interest costs from $352 billion in 2021 to $892 billion this year — on their way to nearly $2 trillion annually a decade from now.
By next year, interest will surpass Medicare as the second most expensive federal expenditure after Social Security.
A decade from now, interest costs will consume 27% of all federal taxes — everything you pay to Washington through April 9th. What a waste.
We should be embarrassed for the fvcked up situation we are leaving our kids to deal with.