Everything is fine - we are all fine...how are you?

[MarkR]

@LifeOfDreamer

So far this fiscal year, about 39 cents of every dollar paid in individual income taxes has gone toward paying down the interest on the debt, according to new calculations published by the Committee for a Responsible Federal Budget.

This is complete and utter BS. Exactly ZERO of our income taxes goes to paying down the debt. Yes, it’s true. The entire debt, every single treasury instrument that matures, is refinanced into new debt. And all of the interest on all that matured debt is also refinanced. And whatever overspending that is done in the current year budget (something like 1 or 2 trillion) is also financed with new debt.

All of our income taxes, and excise taxes, and any other taxes, are spent on current year expenditures. Plus we spend the aforementioned extra 1 or 2 trillion on current year expenditures.