An August budget deficit of a staggering $380 billion, up more than 50% from the $243 billion in July, and up more than 55% from July, and up 66% from last August… oh, and almost $100 billion more than the median estimate of $292.5 billion, which may be why the Treasury quietly snuck the number out by leaking it after 5am ET when everyone was sleeping, not at its regular time of 2pm ET.
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The cumulative total for Fiscal 2024 – where there is one more month to go until the end of the fiscal year (which ends Sept 30) – just hit an all time high of $1.049 trillion, the first time in history when interest on US debt has surpassed $1 trillion.
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My opinion of the right thing to do conflicts with the laws of man.
Hey here’s an idea. Let’s have a massive world war and wipe out all our creditors. Yay!! Uh, but we owe the bankers most of that money. Oh yeah. Hmmm. Nationalize the Banks and burn the ledgers. Yay!! I knew we could figure it out.
Consider, by 2030 just five+ years away the interest on the debt will be 148% of the nation’s GDP. In simple terms, $1.48 in interest payment on $1.00 taken in, of course, never diminishing the principal debt. That friends is a heap of extra $.48’s we ain’t taking in.