If you want to know just how dire the federal government’s fiscal situation is, consider the fact that interest on the national debt for the first time now tops every other spending category but one, according to the latest monthly report from the Treasury. This “achievement” has been brought to you by President Joe Biden.
According to the report, the federal government spent $682 billion in “net interest” payments so far this fiscal year (which ends Sept. 30). That’s more than all the money spent on “health” ($670 billion), national defense ($644 billion), and income security — which includes payments to the poor ($508 billion).
Another way to think about it: the federal government is currently sending 34% more money to the bondholders of federal debt than it is to the nation’s poor. […]
— Read More: issuesinsights.com
