The U. S. government does not have the payer cash to support our sluggish, expensive, and mostly illegal bureaucracy and freebies programs.
Payments just on the interest of America’s massive and ever-growing national debt have now topped$ 1 trillion. Half of the personal income taxes in our country are merely paying off our loan! Although the government approves and increases budgets, programs, and agencies, we do n’t really have the money we’re spending. Without severe cuts and reforms, the system will eventually crumble.
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Economist E. J. Antoni highlighted the disturbing new figures. The Treasury has already paid over$ 1 trillion in interest on the federal debt this fiscal year, and with one month left, it has increased by about$ 250 billion in the first 11 months of the prior fiscal year. He included a map showing the” Budget Receipts” of the U. S. state.
The national debt has already been serviced for over$ 1 trillion in the first 11 months of the previous fiscal year, and Treasury has still got one more month to move. twitter.com/hC8ELrkW3D— E. J. Antoni, Ph. D. ( @RealEJAntoni ) September 12, 2024
Again, taxpayers may support this sluggish and deadbeat system. Democrats may debate whether or not to impose taxes on the wealthy, but they already impose harsh taxes on the wealthy and middle class, which is insufficient. We’re a state of arrears prisoners, according to the statement” Interest on the national debt this Year equals about half of all personal income taxes collected.” Antoni tweeted , on Sept. 12.
The Founding Fathers were wise to oppose income taxes, particularly liberal income taxes, but they also desired a strict federal state. And they would have been appalled at recommendations that the federal government may be involved in care, institutions, or wealth distribution, among other places.  ,
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Alexander Hamilton, the first US Treasury Secretary, remarked that the nation’s debts may “be remoulded into such a condition as will provide the nation’s expenditures to a degree with its income.” He added,” Debt of curiosity, continually accruing, will be as continual a statue, either of failure, or of poor faith and will not continue to have an evil influence on public payment”. If we’d stayed more true to his vision, perhaps we would n’t be in the debt crisis we are in now. Over$ 1 trillion in interest payments to the United States would cause Poor Hamilton to have a heart attack.
NBC5 Chicago reported:
The government has allocated$ 1.049 trillion in debt service, up 30 % from the same period last year, and a portion of a projected$ 1.158 trillion in payments for the full year, with the Federal Reserve holding benchmark rates at their highest level in 23 years.
Subtracting the attention the state earns on its investments, gross interest payments have totaled$ 843 billion, higher than any other type except Social Security and Medicare.
America’s budget deficit went up in August, NBC Chicago added, estimating that it was near$ 2 trillion for the entire year. The Biden-Harris government’s absurd student loan forgiveness antics were officially a major factor. It’s expensive to purchase votes in defiance of the law, and it’s making the looming nationwide debt crisis worse.
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