76% of Your Income Taxes Are Now Going Towards Interest on The National Debt

[rangerrebew]

76% of Your Income Taxes Are Now Going Towards Interest on The National Debt
Leave a Comment / By Donald Fitzpatrick / August 5, 2024

When it comes to the money the government is siphoning off you through income taxes, most of it is literally going up in smoke.

The most recent Treasury data showed that as the federal government surpasses a record $35 trillion national debt, $1.1 trillion will be spent on interest payments alone this fiscal year.

According to reports: “Interest payments on the federal debt now account for 76% of all personal income taxes collected. This means that for every dollar Americans pay in income tax, about 76 cents go towards paying interest on the national debt.“

https://wokespy.com/76-of-your-income-taxes-are-now-going-towards-interest-on-the-national-debt/

[LMAO]

But we can always print money to make up the difference


Thankfully, we have candidates that are running that see the seriousness of this issue and are at least  discussing it frequently on the campaign trail and in debates and the troubles that it can cause down the road and the threat it poses to the economy at large and to the American standard of living and…


Never mind

[catfish1957]

Yep...oops....  I forgot to commemerate last week's busting of the $35T debt threshold.

Whoop whoop........  swirling and circling the drain......  a Trillion at a time.

[IsailedawayfromFR]

Article should have also said that 0% of income taxes go toward reducing our debt.

[DefiantMassRINO]

This crap won't stop until interest rates become prohibitively high if/when:

- buyers stop showing up to Treasury Auctions
- a credit crunch
- a liquidity crunch
- deflationary death spiral of asset and collateral values

As long as there are institutions willing to buy American Government debt, inertia suggests the excessive borrowing and spending will continue.  Things will ony change when an equal or greater force disrupts the current Fiscal paradigm.

[catfish1957]

Article should have also said that 0% of income taxes go toward reducing our debt.

Back in '94, there were congressional discussions around zero based budgeting, and inlay controlled expenditures.

That decison to ignore, will be our demise.

[LMAO]

Back in '94, there were congressional discussions around zero based budgeting, and inlay controlled expenditures.

That decison to ignore, will be our demise.

That was back when Republicans at least had some seriousness about reducing the size of government and spending


All Gone. Now the Republican Party just wants entertainment from their court jester candidate.

[DefiantMassRINO]

Fiscal self-discipline is dead.  Fiscal discipline will have to be imposed by a greater outside force.  The spendthrifts in Congress are conditioned to Monetary Policy sparing them from the consequences of their all-you-can-spend Fiscal Policy.

[IsailedawayfromFR]

Back in '94, there were congressional discussions around zero based budgeting, and inlay controlled expenditures.

That decison to ignore, will be our demise.

It will cause the US federal government to implode, but lessened impact to the states that would have already seceded.