As the U.S. government collects approximately $2.5 trillion annually in personal income taxes, a staggering 40% of that sum, equivalent to $1 trillion, is already allocated to servicing the interest on the national debt. The ominous trajectory continues as interest payments swell due to the maturation of older, low-interest debt being refinanced at higher rates, compounded by the accrual of new debt each year. If this trend persists, a looming fiscal crisis appears imminent, with projections indicating that within a few years, the entirety of personal income taxes could be swallowed by the voracious appetite of the national debt’s interest.
The US govt collects about $2.5 trillion per year in personal income taxes.
Of that about $1 trillion per year (40%) is being consumed by interest on the national debt.
Interest on the debt is growing as old cheap debt matures and gets refinanced at the new higher rates. Plusโฆ https://t.co/y2CZezYpfu
— Wall Street Mav (@WallStreetMav) November 21, 2023
According to the Congressional Budget Office: https://t.co/IdZz96qINQ, the US national debt is expected to reach 125% of GDP by 2033. This is significantly higher than the historical average of 35% of GDP.
— ๐๐ถ๐น๐ฎ๐น ๐๐๐๐๐ฎ๐ถ๐ป (@BTCircle_) November 21, 2023
Visualizing U.S. Foreign Aid
The animation shows disbursements from the U.S. to top recipient countries since 2001.
Each dot = $100K. https://t.co/8ZXdgtBKrm
— Wall Street Mav (@WallStreetMav) November 21, 2023
JUST IN – Pentagon asks for $114 million to spend on "diversity, equity, inclusion and accessibility" in the next year โ Fox
— Disclose.tv (@disclosetv) November 21, 2023