Here's an interesting trend:
More than 60% of US federal spending is now deemed as "mandatory."
This is more than DOUBLE the amount deemed as mandatory in the 1960s.
Meanwhile, interest expense now accounts for 11% of the budget and is expected to reach 14% by 2029.
In… pic.twitter.com/GqG2npgBT9
— The Kobeissi Letter (@KobeissiLetter) April 9, 2024
The trajectory of US federal spending is nothing short of alarming and downright irresponsible. The fact that more than 60% of it is now considered “mandatory” is a clear indication of government mismanagement and a blatant disregard for fiscal responsibility.
What’s even more appalling is that this figure has doubled since the 1960s, reflecting a disturbing trend towards bloated entitlement programs that are draining our resources at an unsustainable rate.
Let’s not forget the staggering interest expense, which is projected to consume an even larger portion of the budget in the coming years. It’s utterly mind-boggling that we’re now allocating a significant chunk of taxpayer money just to service our debt, money that could be better spent on vital services and programs.
And what’s the root cause of this madness? It’s simple: unchecked spending on Social Security, Medicare, and Medicaid, which together gobble up a whopping $3.9 trillion annually. Add to that the exorbitant interest payments on our ever-growing debt, and we’re left with a situation where mandatory spending alone exceeds the entirety of government revenue.
This is not just unsustainable; it’s downright criminal. It’s a betrayal of the American people who entrust their hard-earned tax dollars to fund essential services, not to prop up a bloated bureaucracy that is careening towards financial ruin.
It’s high time our elected officials wake up and take decisive action to rein in this runaway spending spree. The future of our nation depends on it, and failure to act now will only saddle future generations with an insurmountable burden of debt and economic instability.