Americans are “slaves” to the federal debt. Interest on federal debt now soaks up 40% of income tax — by far the largest part of federal revenue. Toss in new debt and it’s closer to 80% of income tax. All while sky-high interest rates automatically grow debt interest day by day even as the debt itself closes in on $34 trillion. They’re headed off the cliff with zero plan to stop it.
Americans are “slaves” to the federal debt.
Interest on federal debt now soaks up 40% of income tax — by far the largest part of federal revenue. Toss in new debt and it’s closer to 80% of income tax.
All while sky-high interest rates automatically grow debt interest day by day… pic.twitter.com/LvSpRwpIGO
— Peter St Onge, Ph.D. (@profstonge) December 4, 2023
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