Quote:
Originally Posted by MorTech
Our $37T debt is just not that bad with our natural and human resources in a $1000T global economy...This is the USA and not some third-world dump like Europe/UK/Africa.
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The US national debt is a disaster. Interest payments on that debt currently take 17% of all federal expenditures and it’s more accurately at 22% when you remove the self funded social security payments from the calculations. This year, we’ll spend more on interest payments than we do the defense budget.
Going forward the numbers only get worse and once we reach a tipping point, the USD could crash, with the interest rates on the debt spiraling. The most recent tax bill accelerates all that.