According to a recent report, interest payments on the U.S. national debt are projected to reach $1.14 trillion this year, which would consume approximately 76% of all personal income taxes collected. This significant increase in interest payments is attributed to rising interest rates and the growing national debt.
BREAKING: Interest Payments on U.S. National Debt Will Shatter $1,140,000,000,000 This Year – Eating 76% of All Income Taxes Collected. 🤯 pic.twitter.com/KsjacSSbCP
— Carl ₿ MENGER ⚡️🇸🇻 (@CarlBMenger) July 21, 2024
In June 2024, interest payments on the debt surpassed both the Department of Health and Human Services and the Social Security Administration, making it the largest line item in the Treasury’s monthly statement. This is a concerning trend as it indicates that a substantial portion of federal revenue is being used to service debt rather than fund essential programs and services.
🚨Consider it caught up: interest on the debt surpassed both the Dept. of Health and Human Services and the Social Security Admin. to become the single biggest line item in the Treasury's monthly statement for Jun – still think this is fine? t.co/cWn6RlULgL pic.twitter.com/FT4bIupwr0
— E.J. Antoni, Ph.D. (@RealEJAntoni) July 11, 2024
“#FED 1 trillion $ pile of paper losses are turning into actual losses”⚠️
Hold on sec, where did I hear this before 4 months ago? Yes, here in this Article “HOW CAN THE #FED BAILOUT BANKS WHEN THIS TIME IT NEEDS A BAILOUT ITSELF TO BEGIN WITH?” (🧵: t.co/e8eD2U1NZV) 🤷🏻♂️🥹 pic.twitter.com/QPwlLIvyXv
— JustDario 🏊♂️ (@DarioCpx) July 22, 2024