Bidenomics: US paying more interest on $33 trillion debt than it spends on defense

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This is bad news for Bidenomics. But has there ever been good news for Bidenomics?

Last week, President Biden signed a 71-page continuing resolution to keep the U.S. government from being shutdown. We’ve already added $1 trillion — yes, with a T — to the debt since June and there’s no path to fiscal sanity in sight. So this news is not a surprise, but it’s also a grim comment on our economy:

Yahoo Finance reports:

America’s gross national debt hit an eye-watering $33 trillion for the first time in September — mere months after eclipsing the $32 trillion mark earlier in the year.

The U.S. is also currently spending more to pay interest on the national debt than it does on national defense, according to the Treasury’s monthly statement.

In the current fiscal year through August, the Treasury has shelled out $807.84 billion in interest on its debt securities, while the Department of Defense’s budget for military programs totaled just $695.44 billion in the same period.

This is particularly alarming when you consider how much of the federal budget goes into defense, with the U.S. outspending every other country.

Ouch. We are paying more in interest on our debt than the whole of the military budget.

Although it’s not a purely partisan thing, Biden is in charge now and he’s not doing anything to turn this ship around.

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And, as someone pointed out, Biden was there:

He has been in the Senate since 1973, and then was VP from 2009-2016; with a short break until 2020, he’s been present for a lot of this.

Yes it will.

It is devastating.

We don’t see things getting better any time soon.

The tweet continues:

Interest on the national debt is now the second largest item in the budget. Almost 1/2 of individual tax income goes to pay interest on the debt now.

Yikes.

It’s gonna bite us on the butt when it does. Hard.

There is no plan except spend, it seems.

And, absent meaningful spending cuts, it’ll keep going.

Oh, they know how to budget and manage money. You better believe their bank accounts and financial portfolios are sound and balanced.

They’ve just got their hands in what they think is a bottomless pit of taxpayer money, so they spend recklessly.

Republicans haven’t done much to make this better.

It’s this writer’s sincere belief that people’s brains shut down when numbers get in to the billions and trillions. As in, our brains can’t comprehend that amount so we just aren’t driven to care. But it’s a lot of money. A lot. And we keep adding to that debt.

We cannot tax our way out of this. Even voting better leaders doesn’t mean it won’t be a rough road.

I don’t think anyone is surprised by this, at all. And that’s the sad part.

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Source
Las Vegas News Magazine

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