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Interest On US Debt Surpasses $1 Trillion For First Time
Posted on: September 16, 2024 at 16:33:11 CT
JeffB MU
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https://www.zerohedge.com/markets/endgame-interest-us-debt-surpasses-1-trillion-first-time-ever-exploding-august-budget
...we have now crossed the Minsky Moment in terms of how much the US spends on interest on its debt, which as regular readers know is hitting a new record high every day - it just closed above $35.3 trillion - and is growing by about $1 trillion every 100 days. ...
... the cumulative total for Fiscal 2024 - where there is one more month to go until the end of the fiscal year (which ends Sept 30) - just hit an all time high of $1.049 trillion, the first time in history when interest on US debt has surpassed $1 trillion...
...And what's worse, this number is not even annualized (as explained, it's just for 11 months of the year): annualized, interest on US debt comes out to $1.158 trillion, or $1.2 trillion rounded up as the Treasury Department itself admits...
... and the stunning punchline is that as of today, gross interest on US debt has surpassed not just Defense spending, but also Income Security, Health, Veterans Benefits and Medicare, and is now the second biggest outlay of the US government, second only to Social Security, which is roughly $1.5 trillion annualized...
https://www.zerohedge.com/markets/endgame-interest-us-debt-surpasses-1-trillion-first-time-ever-exploding-august-budget
...we have now crossed the Minsky Moment in terms of how much the US spends on interest on its debt, which as regular readers know is hitting a new record high every day - it just closed above $35.3 trillion - and is growing by about $1 trillion every 100 days. ...
... the cumulative total for Fiscal 2024 - where there is one more month to go until the end of the fiscal year (which ends Sept 30) - just hit an all time high of $1.049 trillion, the first time in history when interest on US debt has surpassed $1 trillion...
...And what's worse, this number is not even annualized (as explained, it's just for 11 months of the year): annualized, interest on US debt comes out to $1.158 trillion, or $1.2 trillion rounded up as the Treasury Department itself admits...
... and the stunning punchline is that as of today, gross interest on US debt has surpassed not just Defense spending, but also Income Security, Health, Veterans Benefits and Medicare, and is now the second biggest outlay of the US government, second only to Social Security, which is roughly $1.5 trillion annualized...
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Interest On US Debt Surpasses $1 Trillion For First Time - JeffB MU - 9/16 16:33:11