US federal budget crosses grim milestone as interest payments overtake defense spending (yahoo.com)
For the first seven months of fiscal year 2024, which began last October, net interest payments totaled $514 billion, outpacing defense by $20 billion. Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest payments than on national defense.
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Spend more they said.
It’s good for the economy, people and candidates for election.
Don’t worry about the debt they said.
It’s just money we’re paying back to ourselves.
Reality:
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Margaret Thatcher:
'The problem with socialism is that you eventually run out of other people's money.'
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Ronald Reagan:
“We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much.”
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Biden Budget Bankruptcy
http://roanokeslant.blogspot.com/2023/03/biden-budget-bankruptcy.html
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The Plight Of A Debtor US Nation
http://roanokeslant.blogspot.com/2024/03/the-plight-of-debtor-us-nation.html
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