It's actually interesting sixpack what comes up when you read around about this phenomena of endless
increasing money creation (debt). Currently the US government (federal) is projected to repay about a Trillion dollars a year in interest on it's debt. To do so is near impossible with all the other obligations so a chunk of all new borrowings is diverted to pay this interest. Borrowing money to pay interest on borrowed money. It's all another shell game really, mixing and matching tax revenues and bond sales to pay for all the outgoings but they absolutely have to borrow greater and greater amounts every year else the whole system falls in a heap. A total collapse like the USSR experienced. These higher interest rates are only speeding up that process.
Total US debt, government, business and the people, $97 Trillion. Personal debt per
citizen consumer, $75,000. Savings per family $11,000
US debt clock
Interest on the federal debt is now so immense that it’s consuming 40% of all personal income taxes. The largest source of revenue for the federal government is increasingly being devoted to just servicing the debt, not even paying it down. ...
The $88.9 billion in interest is larger than all but two line items in the monthly report, the Department of Health and Human Services, $89.8 billion, the Social Security Administration $117.6 billion. The cost of servicing the debt exceeded everything else, including military spending.
American Taxpayers
www.hayabusa.org
