The simple fact is you can't grow your way out of debt when the debt's increasing faster than gross domestic product.
In 2000 the federal debt was about $5.6 trillion, and U.S. GDP was about $10 trillion.
Today, the federal debt is over $32.5 trillion, and GDP is about $26.5 trillion.
In just 23 years the federal debt has increased by over 480 percent while GDP has increased just 165 percent.
As mentioned above, interest on Treasury debt securities for the first 9 months of FY2023 topped $652 billion - a 25 percent increase from a year ago.
As interest rates continue to rise, the annual interest on Treasury debt will soon pass $1 trillion.
By repeatedly borrowing and spending money, piling up massive debt, and then being forced to jack up interest rates, Washington has ruined America's future.
https://economicprism.com/how-washington-ruined-americas-future/
No comments:
Post a Comment