America’s gross national debt topped $35 trillion for the first time yesterday.
Since 2020, the US has now added ~$12T in Federal debt. In other words, the US has added an average of ~$280B of Federal debt EVERY MONTH since January 2020. This means that the US now has ~$105,000 in Federal debt for every person living in the country. All while deficit spending as a percentage of GDP is currently at World War II levels.
The Uniparty™️ strikes over and over and over again—until this happens.
— Mike Lee (@BasedMikeLee) July 29, 2024
The interest payment alone on our $35T debt will soon sink us, due to a self-serving unwillingness on the part of The Firm™️ to let rank-and-file members of Congress review, debate, and amend spending bills. https://t.co/S3mPZ1WPAA
How can this possibly end well? We need a dramatic drop in government spending – but who will deliver on that?
Billionaire Warren Buffett’s had an idea: “Any time there’s a deficit of 3%+ of GDP, all sitting members of congress are ineligible for reelection” he said.
Maybe he has a point.
Since January 2020 the debt has ballooned by 50% from $23 trillion to $35 trillion.
— Wall Street Silver (@WallStreetSilv) July 29, 2024
Interest on the debt is also skyrocketed with higher rates, averaging around 5% lately.
Interest on the debt is on pace for $1.5 trillion next year, about 30% of all govt revenue collected. pic.twitter.com/WfNGOGcEjo