The U.S. debt just surpassed $40 trillion.
We only crossed $30 trillion in January 2022. So, just a few years to add $10 trillion.
With a couple months left in the fiscal year which ends in September, interest costs have already climbed to $1.17 trillion and now rank as the third largest federal expense behind healthcare and Social Security.
More borrowing ➡️ Higher interest costs ➡️ More borrowing ➡️ Higher rates
That's a doom loop.
Last week's 30-year Treasury auction was the costliest such sale in 25 years. The day before, a 10-year Treasury auction produced the highest financing cost since 2007.
The consequences won't stay in Washington. They'll show up in your mortgage payment, your car loan, your credit card bill, and the cost of doing business.
The math is simple.
Debt compounds.
So do the consequences.In 18 months or so, your money in the bank will be worthless, your house will a giant liability and your pension fund will be in bankruptcy.
Government will probably issue a new currency. THINK OF IT AS STARTING OVER.
Gee, I wonder what caused this??? Could it be Biden Administration out of control spending?? Have people already forgotten Bidenflation at 25%+.
ReplyDeleteHow about we stop giving aid to all the foreign countries who hate us and stop giving Ukraine anything
ReplyDeleteIf you started burning a million dollars a day, every day since Jesus was born, you wouldn’t have burned ONE trillion dollars as yet.
ReplyDeleteA thousand seconds is a coffee break
A million seconds is a vacation
A billion seconds is a career, and
A trillion seconds is 315 centuries.