Interest costs are a quarter of the deficit, leading to unsustainable debt.
Latest US Treasury data show we're on unsustainable path: interest on the debt was a whopping $61 billion in May, more than was spent on veterans benefits and services, education, and transportation COMBINED; interest costs were a quarter of the deficit last month: pic.twitter.com/i7eA0ShNP8
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 12, 2023
Also note that the Treasury's graphic is deceptive, w/ no note that it isn't to scale – "deficit" of $240B is numerically larger than "social insurance & retirement" receipts of $140B, but "deficit" is half the size in the graphic: pic.twitter.com/ZLrv6KBM8O
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 12, 2023
The deficit is substantially worse than last fiscal year, with 8 months' worth of deficits almost equal to previous 12 months' deficits; fiscal year to date deficit is 2.7 times the same period from previous fiscal year: pic.twitter.com/zx3Gib3glO
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 12, 2023
Interest on the debt this fiscal year has risen 25% from last fiscal year, the result of issuing new debt but also rolling over old debt at much higher interest rates: pic.twitter.com/5spqaftmeL
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 12, 2023
You can't have a "ceiling" when you're spending $2.1 trillion more than you're taking in. The sky's the limit… pic.twitter.com/HIrOfW9iey
— Charlie Bilello (@charliebilello) June 14, 2023
National debt grows by $1 million every 24 seconds…
h/t Dan