MM112: Is the US heading for an 'economic and financial catastrophe'?!
Market Maker
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The Double Whammy of US Debt and Interest Rates
In 2022, the US government's net interest payments on their debt was $400 billion. And that was on a deficit of 6.8%. Now, in 2023, it's going to go from 400 billion to what? I don't know, 800, 900 billion spent just on interest costs. That last year, when they were spending 400 billion, that was more than they spent on elementary and secondary education, disaster relief, agriculture, science, and space programs,. foreign aid, natural resources, veterans benefits and services, and environmental protection combined. They spent more on their debt interest than all of that stuff. It's just going to get worse.
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