Total US govt revenue is about $5 trillion per year from all sources.
Personal income taxes are about 42% of the total, so around $2.1 trillion.
So roughly 1/2 of all personal income taxes collected by the US govt is going to pay interest on the $33 trillion national debt.
— Wall Street Mav (@WallStreetMav) August 4, 2023
Moritz Kraemer, former credit rating analyst who downgraded the U.S. in 2011. He believes governments are in much worse shape than they’re telling us & ratings agencies are unwilling to downgrade western nations over fear of retaliation.
Moritz Kraemer, former credit rating analyst who downgraded the U.S. in 2011.
He believes governments are in much worse shape than they're telling us & ratings agencies are unwilling to downgrade western nations over fear of retaliation. pic.twitter.com/fylyc1CgeT
— Financelot (@FinanceLancelot) August 4, 2023