You and I, American taxpayers, are now on the hook for a staggering $35.3 trillion in debt as of Sept.26. Experts are warning that America’s global economic standing is in severe jeopardy.
The U.S. federal government spends vast amounts of money it doesn’t really have, and under the Biden-Harris administration spending has been especially out of control. Payments just on the national debt’s interest took up 76% of Americans’ income taxes as of July, and interest payments topped $1 trillion this month.
About 40 years ago, the national debt was only $907 billion, but it is projected to reach $54 trillion in the next decade, according to Fox Business.
The national debt — which measures what the U.S. owes its creditors — fell to $35,303,965,164,452.88 as of September 25th, according to the latest numbers published by the Treasury Department…The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House. Interest payments on the debt for the government’s fiscal year, which begins in October, now exceed the costs of Medicare and the defense budget…
[Interest] Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion. To put that into perspective, that will be more than the U.S. spends on Social Security, Medicare, Medicaid and all other mandatory and discretionary spending programs.
Experts are rightly worried. “America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation,” Michael Peterson, the CEO of the Peter G. Peterson Foundation, stated. “This is not the future any of us want, and it’s no way to run a great nation like ours.”
Sean Snaith, an economist at the University of Central Florida, agreed, “This is a warning shot across the U.S. government’s bow that it needs to right its fiscal ship. You can’t just spend trillions of dollars more than you have in revenue every year and expect no ill consequences.”
Click this link for the original source of this article.
Author: Catherine Salgado
This content is courtesy of, and owned and copyrighted by, https://catherinesalgado.substack.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
