It’s not the debt ceiling the USA needs to worry about.
Higher interest rates means that more and more tax dollars are just going on servicing debt as the debt is rolled over higher interest rates prevail.
By 2032, interest costs will triple to more than $3 billion per day and to at least $9,400 per household, on average, according to the foundation. They are on track to become the largest federal budget item, surpassing Social Security and Medicare by the middle of the century.
Worrying about the debt ceiling is like siting on the beach wondering how much damage the waves are doing to the beach while there is a 100 foot tsunami heading towards you.
I am sure debt service costs add to the annual deficit, which adds to the created “debt ceiling crisis”.
As articulated in that conference, years ago, which I mentioned a couple days ago, the objective of the Shiny faction is to do nothing, until a crisis explodes, and provides the excuse to defund all the social programs.
If we reindustrialize we have nothing at all to worry about.
In fact we’d have a lot to celebrate.
The current debate is about NOT reindustrializing after last year we committed to reindustrializing.
We are having this debate because some folks are bold-faced liars. Everything is misinformation to get further tax cuts. If you think this is only about reasonably discussing economics hogwash. Causing the Democrats to fail is the goal. Causing the nation to fail is the goal. Getting a tax cut for the wealthy is the goal. Keeping fellow Americans ignorant is the goal.
Most the interest on the debt goes to … people in America. It gets paid to Social Security and pension funds.
The U.S. national debt is the sum of public debt that is held by other countries, the Federal Reserve, mutual funds, and other entities and individuals, as well as intragovernmental holdings held by Social Security, Military Retirement Fund, Medicare, and other retirement funds.
Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.
If the morons in Congress decide to default on the debt, they will only increase the rate at which the country must borrow, and harm its own citizens in the process.
A portion of the debt is owned by other countries, notably Japan and China, but also lesser amounts by the UK, Belgium, and Luxembourg.