In a concerning financial development, the total federal debt in the United States has surpassed a staggering $34 trillion. This milestone is accompanied by a troubling surge in debt accumulation over recent periods, including $1 trillion in the past 3 months, $2 trillion in the past 6 months, $4 trillion in the past 2 years, and a staggering $11 trillion in the past 4 years.
The Congressional Budget Office (CBO) is raising the alarm, emphasizing the gravity of the situation. The interest expense alone has skyrocketed to approximately $1.1 trillion, surpassing key national budget allocations. To provide perspective, this amount exceeds the entire defense budget by $250 billion, surpasses Medicare spending, and even outpaces the health expenditure by $200 billion. Notably, the interest expense is on track to surpass the colossal $1.35 trillion spent on Social Security, making it the largest single expense in the budget.
This dire scenario raises serious concerns about the fiscal health of the nation, with more than 40% of U.S. personal income taxes being consumed solely for interest payments on the federal debt, according to The Heritage Foundation.
this is fine. 🔥 pic.twitter.com/XCySFFJRNL
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Alarm! US Debt Breaks $34 Trillion As Bitcoin Hiccups