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Once Again, This is Why America Carrying So Much Debt is Such a Bad Proposition
Yes, it probably seems we're a broken record with regard to America's debt situation. But our elected officials just aren't getting it, continuing to add massive amounts to our already excessive debt level in an attempt to "make things better for America."
It's almost as if they're purposefully weighing down America's ability to thrive economically.
This just out from the Committee for a Responsible Federal Budget...
"Interest on the debt is the fastest growing part of the budget. Net interest payments will exceed both defense and Medicare spending this year, in Fiscal Year (FY) 2024, according to new projections from the Congressional Budget Office (CBO). That will make interest the second largest government expenditure."
And the amount of interest the U.S. government will have to pay is only going to increase over the coming months/year as current debt comes due and new debt (to pay for everything our politicians continue to so graciously provide) is issued at the higher rates of interest.
It's not a good recipe for a strong economy, that's for sure.