“The Treasury Department posted a $1.7 trillion debt for the past fiscal year, according to Fox Business.
“The deficit reportedly grew by 23%, including $879 billion to service current debt. [That is interest paid on debt, like interest you paid on your home mortgage. Yes, governments borrow money and pay interest on it.]
“‘The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year. Government receipts [money received], meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted,’ the report stated.
“‘A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year,’ it added.”
https://conservativejournalreview.com/treasury-reveals-serious-problems-ahead-for-us-economy/?
I put debt in the math category. Numbers matter.
Milton Friedman was my man. If you think he was wrong, he won the Nobel Prize in Economic Sciences in 1976. He came to my attention in the Reagan years, and that is when I started learning about how an economy really works.
I dare you to look at the running debt clock...https://www.usdebtclock.org/
“The deficit reportedly grew by 23%, including $879 billion to service current debt. [That is interest paid on debt, like interest you paid on your home mortgage. Yes, governments borrow money and pay interest on it.]
“‘The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year. Government receipts [money received], meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted,’ the report stated.
“‘A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year,’ it added.”
https://conservativejournalreview.com/treasury-reveals-serious-problems-ahead-for-us-economy/?
I put debt in the math category. Numbers matter.
Milton Friedman was my man. If you think he was wrong, he won the Nobel Prize in Economic Sciences in 1976. He came to my attention in the Reagan years, and that is when I started learning about how an economy really works.
I dare you to look at the running debt clock...https://www.usdebtclock.org/
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