This is bad news for Bidenomics. But has there ever been good news for Bidenomics?
Last week, President Biden signed a 71-page continuing resolution to keep the U.S. government from being shutdown. We've already added $1 trillion -- yes, with a T -- to the debt since June and there's no path to fiscal sanity in sight. So this news is not a surprise, but it's also a grim comment on our economy:
The US is now officially paying more in interests on its debt than on defense (and, as everyone knows, they spend A LOT on defense).
— Arnaud Bertrand (@RnaudBertrand) October 8, 2023
Throughout history, this is often quite a telling sign that the end of an empire is approaching...https://t.co/9Km9qhJ6ay
Yahoo Finance reports:
America’s gross national debt hit an eye-watering $33 trillion for the first time in September — mere months after eclipsing the $32 trillion mark earlier in the year.
The U.S. is also currently spending more to pay interest on the national debt than it does on national defense, according to the Treasury’s monthly statement.
In the current fiscal year through August, the Treasury has shelled out $807.84 billion in interest on its debt securities, while the Department of Defense’s budget for military programs totaled just $695.44 billion in the same period.
This is particularly alarming when you consider how much of the federal budget goes into defense, with the U.S. outspending every other country.
Ouch. We are paying more in interest on our debt than the whole of the military budget.
Bidenomics https://t.co/6ND0avyka2
— Have You Pushed Biden Left Yet? ⛏ (@PushedBidenLeft) October 8, 2023
Although it's not a purely partisan thing, Biden is in charge now and he's not doing anything to turn this ship around.
And, as someone pointed out, Biden was there:
And the Bozo pretending to be president has been there for almost every penny. https://t.co/5rlpUUPOou
— Horace FJB Head 🇺🇲🇺🇲🇺🇲🇺🇲 (@HoraceHead1) October 7, 2023
He has been in the Senate since 1973, and then was VP from 2009-2016; with a short break until 2020, he's been present for a lot of this.
Something will have to give soon... https://t.co/3LNitfDt9z
— Christian G (@InEgoVeritas) October 8, 2023
Yes it will.
🚨 "In the current fiscal year through August, the Treasury has shelled out $807.84 billion in interest on its debt securities, while the Department of Defense’s budget for military programs totaled just $695.44 billion in the same period."
— Mark Mendlovitz (@MendlovitzMark) October 7, 2023
DEVASTATING.https://t.co/IiUbNiYpjZ
It is devastating.
Ladies and Gentlemen of the United States I present to you #Bidenomics read the article and try to get a good night sleep! We are doomed under this administration. https://t.co/egKMi2gmLA
— Jeff Shubzda (@shubz64) October 7, 2023
We don't see things getting better any time soon.
This is well worth watching and reading if you have a few minutes.
— Wall Street Silver (@WallStreetSilv) October 7, 2023
Take a minute to understand why the path we are on is completely unsustainable. The interest expense for the government to service $33.4 trillion in debt is now at $1 trillion per year. And rising rapidly.… https://t.co/YMRMzAOLQz
The tweet continues:
Interest on the national debt is now the second largest item in the budget. Almost 1/2 of individual tax income goes to pay interest on the debt now.
Yikes.
This right here is the canary in the coal mine that Americans must not be distracted from... https://t.co/tz6tfTsjBV
— Jimmy Digs Freedom…and Baseball 🇺🇸 (@MorisetteJimmy) October 8, 2023
It's gonna bite us on the butt when it does. Hard.
Good Morning Everyone! I was shocked to learn that the US government is now spending more to pay interest on its $33 trillion national debt than it does on national defense.
— Genevieve Roch-Decter, CFA (@GRDecter) October 2, 2023
What’s the plan here?
Honest question. pic.twitter.com/Dehia0RPz2
There is no plan except spend, it seems.
America’s gross national debt just hit $33 trillion; adding another trillion to the $32 trillion marked earlier in the year.
— Jeff Grady (@JeffGra60133328) October 7, 2023
We now spend more to pay just the interest on that debt than we pay on national defense, according to the latest Treasury report. Bidenomic!!! @POTUS pic.twitter.com/xkpgHIRSN6
And, absent meaningful spending cuts, it'll keep going.
This is what happens when you have people who don’t know how to budget or manage money run our country. Just keep spending and borrowing more and more money. When does it stop? https://t.co/5KGH0KWi1v
— SpartanTrader7 (@Spartantrader7) October 7, 2023
Oh, they know how to budget and manage money. You better believe their bank accounts and financial portfolios are sound and balanced.
They've just got their hands in what they think is a bottomless pit of taxpayer money, so they spend recklessly.
"The US government is currently spending more to pay interest on its $33 trillion national debt than it does on national defense"
— Jim Banks (@Jim_Banks) October 2, 2023
Meanwhile, Democrats want to borrow and spend even more…
INSANE https://t.co/VILe0AUCUg
Republicans haven't done much to make this better.
Think about that $$$ for a minute…wow! https://t.co/uDIH3fXHk7
— Cappy (@Danoutdoors2) October 7, 2023
It's this writer's sincere belief that people's brains shut down when numbers get in to the billions and trillions. As in, our brains can't comprehend that amount so we just aren't driven to care. But it's a lot of money. A lot. And we keep adding to that debt.
The US government is spending more on our $33 trillion debt-interest than it does on our national defense & military, per the US Treasury.
— Raj | Hospitality & Real Estate (@rajchudasama) October 2, 2023
Taxing more is not the answer. Getting rid of the leaches in Washington is.
You have to fix spending. That takes a smart leader in…
We cannot tax our way out of this. Even voting better leaders doesn't mean it won't be a rough road.
Anyone surprised by this. The sad part is most politicians don’t care & refuse to do anything about it. Too busy lining their own pockets I guess. May God have mercy on us. https://t.co/9FCb07W19M
— Kazoomike (@MikePIMarine) October 8, 2023
I don't think anyone is surprised by this, at all. And that's the sad part.
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