IPFS News Link • Government Debt & Financing
Global Debt Circus: Let's Get Clear About The Danger America is Facing
• Zero HedgeHere's some sobering numbers from the US:
• Interest payments on the debt increased by $177 billion or 33%.
• Medicare spending increased by $126 billion or 18%.
• Medicaid spending increased by $24 billion or 4%.
Pension Benefit Guaranty Corporation spending increased by $38 billion.
• FDIC spending amounted to $92 billion as the agency dealt with bank failures—an increase of $101 billion.
What This Means:
Let's be clear about the danger America is facing. The US has an unprecedented, almost incomprehensible, $33.5 trillion national debt that has eclipsed the size of the economy.
Every person in America today owes more than $100,000. They are forced to borrow over $75,000 every second just to cover expenses. The budget deficit of $1.7 trillion shows how this burden grows yearly.
Families will be decimated by record-high inflation and access to capital.
Today, the average family of four is paying $14,700 yearly or $1,224 more per month to purchase the same goods and services compared to the day sleepy Joe took office.