The Briefing Room
General Category => Economy/Business => Topic started by: Hoodat on February 25, 2024, 11:02:14 pm
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Debt spending to surpass defense spending … this year
Eric Utter | February 25, 2024
The Congressional Budget Office (CBO) now estimates that, this year, 2024, the U.S. federal government will spend more on interest on the national debt than on national defense. Or Medicare.
You read that correctly.
The CBO says that the federal government will spend $850 billion on defense, as opposed to $870 billion on debt interest. Moreover, interest payments on the national debt are the fastest-growing part of the preposterously bloated yet still fast-growing federal budget … and are projected to reach a mind-blowing $5.4 trillion by 2053.
So, effectively, taxpayers are going to have their hard-earned money confiscated to pay $870 billion for nothing.
Less than nothing, actually. . .
https://www.americanthinker.com/blog/2024/02/debt_spending_to_surpass_defense_spending_this_year.html
This isn't even the worst of it. This year, our government will borrow more money than those two totals combined, adding even more to the debt, and piling on even more interest in future years. $2 trillion at 5%? That comes to $100 billion in annual interest payments.
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Fantastic
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Fantastic
999wine