The US government paid a record $1.267 trillion in interest on its public debt over the last 12 months.
This is a massive $3.5 BILLION per day.
Interest costs now reflect 25% of total government revenue, making it the 2nd-largest spending category after Social Security.
This surpasses defense spending and exceeds Medicare, Medicaid, and all other healthcare expenditures.
Since 2020, interest costs have more than DOUBLED.
The US public debt spiral is out of control.
I'll never understand why efforts to root out fraud and abuse became a partisan issue. It's like we've given the credit card to children to spend recklessly...
Yes, the Grace Commission (established by Reagan in the 80s) found that:
Its always been fairly insane that the Treasury outsourced its money creating ability to The Fed and agrees to pay insane amounts of money for the privilege of having outsourced it.
That situation can't last and eventually somehow someway, the Treasury will claw that back.