The scale of the US debt interest costs is now so large that they are by themselves adding to the overall debt load held by the public, which stands at $27.7 trillion — approaching 100% of GDP.
Debt servicing was among the fastest growing parts of the budget last year. Back in the 1960s, discretionary spending made up about 70% of the federal total, but now the ratio is just 30%. I expect further austerity is on the horizon.
https://www.bloomberg.com/news/articles/2024-10-19/us-interest-burden-hits-28-year-high-escalating-political-risk
#us #economy
Yogthos /
npub1k8…vcv65
2024-10-28 13:06:17
Author Public Key
npub1k8wtv8evmj84ervjyf4qwnp2yw7j64egldx57fm3gtlfzx0s8yks6vcv65Published at
2024-10-28 13:06:17Event JSON
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