At what interest rate do we hit the point that the entire federal budget (or at least all of the taxes receipted) does nothing but pay interest?
Discussion
Well, since the money is created out of nothing and lent out with interest, I believe it has been that way since the start.
Never, because they'll always add spending on top of debt service...
That said, per the CBO, "federal debt held by the public is projected to [hit]...96% of GDP in 2023..." 🤡
I had heard that our debt hit >GDP a year or two ago.
I don't expect them to stop spending, but we will reach a point that the cost of the interest is greater than the tax money coming in. Yes, they will keep borrowing and/or printing, but things will get horrific when we reach that point.
Maybe god can come to help somehow.
In god we trust
No?
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