Yes, the Grace Commission (established by Reagan in the 80s) found that:
“100 percent of what is collected is absorbed solely by interest on the federal debt and by ... federal entitlements/transfer payments, leaving “not one nickel” for other services. (https://en.wikipedia.org/wiki/Grace_Commission)
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.
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.