that's the game. interest gets paid to guess who? Wage...

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13/09/24

09:10

Post #: 75656379
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Originally posted by Thejerry01: ↑

Interest payments on the national debt top $1 trillion as deficit swells
PUBLISHED THU, SEP 12 20241:09 PM EDT

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With the Federal Reserve holding benchmark rates at their highest in 23 years, the government has laid out $1.049 trillion on debt service, up 30% from the same period a year ago.
The jump in debt service costs came as the U.S. budget deficit surged in August, edging closer to $2 trillion for the full year.
A view shows a bronze seal beside a door at the U.S. Treasury building in Washington, U.S., January 20, 2023.
Kevin Lamarque | Reuters
The U.S. government for the first time has spent more than $1 trillion this year on interest payments for its $35.3 trillion national debt, the Treasury Department reported Thursday.
With the Federal Reserve holding benchmark rates at their highest in 23 years, the government has laid out $1.049 trillion on debt service, up 30% from the same period a year ago and part of a projected $1.158 trillion in payments for the full year.

Subtracting the interest the government earns on its investments, net interest payments have totaled $843 billion, higher than any other category except Social Security and Medicare.
The jump in debt service costs came as the U.S. budget deficit surged in August, edging closer to $2 trillion for the full year.
With one month left in the federal government’s fiscal year, the August shortfall popped by $380 billion, a dramatic reversal from the $89 billion surplus for the same month a year prior that was due largely to accounting maneuvers involving student debt forgiveness.
That took the 2024 deficit to just shy of $1.9 trillion, or a 24% increase from the same point a year ago.
The Fed is widely expected to lower rates next week, but just by a quarter percentage point. However, in anticipation of additional moves in future months, Treasury yields have tumbled in recent weeks.
The benchmark 10-year note last yielded about 3.7%, down more than three-quarters of a percentage point since early Jul

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that's the game. interest gets paid to guess who? Wage earners pay tax, corporations buy government bonds and collect yields. that's a well functioning system that will survive Armageddon. bailouts and political cover ad infinitum. you'll go to jail for tax evasion, not for systemic financial manipulation haha the usa government will not default
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