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More on Our Debt Disaster

By July 21, 2023Commentary

You aren’t going to get the truth for Joe Bidementia and you certainly won’t read it in the mainstream media.  But you can find it for yourself on several government websites, including the ones for the Congressional Budget Office, the Department of the Treasury and the Federal Reserve.  And the website Zero Hedge always does a great job on these issues.  Here is its latest post, analyzing new data showing that the federal deficit so far in fiscal 2023 is worse than projected, because federal spending is higher than projected and federal revenues are lower.  And most importantly, the effect of adding all that debt in the last four years is showing up as massively increased federal interest payments.  I have taken the liberty of reprinting several of the charts below.  We are f*cked and our children are even more f*cked.  There is no way out, no fantasy that this goes away, without immense pain.  (ZH Post)

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