Yogthos on Nostr: The scale of the US debt interest costs is now so large that they are by themselves ...
The scale of the US debt interest costs is now so large that they are by themselves adding to the overall debt load held by the public, which stands at $27.7 trillion — approaching 100% of GDP.
Debt servicing was among the fastest growing parts of the budget last year. Back in the 1960s, discretionary spending made up about 70% of the federal total, but now the ratio is just 30%. I expect further austerity is on the horizon.
https://www.bloomberg.com/news/articles/2024-10-19/us-interest-burden-hits-28-year-high-escalating-political-risk
#us #economy
Debt servicing was among the fastest growing parts of the budget last year. Back in the 1960s, discretionary spending made up about 70% of the federal total, but now the ratio is just 30%. I expect further austerity is on the horizon.
https://www.bloomberg.com/news/articles/2024-10-19/us-interest-burden-hits-28-year-high-escalating-political-risk
#us #economy