Loading ...Endgame: Interest On US Debt Surpasses $1 Trillion For First Time Ever, Exploding August Budget Deficit To Record High
Yet looking at the dire big picture, it is unfortunately all downhill from here for one simple reason: we have now crossed the Minsky Moment in terms of how much the US spends on interest on its debt, which as regular readers know is hitting a new record high every day – it just closed above $35.3 trillion – and is growing by about $1 trillion every 100 days. That means that with interest rates at 40 year highs, the prediction we made last July, has finally come true because according to today’s Budget statement, the amount spent on gross interest in August was $92.3 billion…
… and the stunning punchline is that as of today, gross interest on US debt has surpassed not just Defense spending, but also Income Security, Health, Veterans Benefits and Medicare, and is now the second biggest outlay of the US government, second only to Social Security, which is roughly $1.5 trillion annualized.
But wait, there’s more: the latest numbers confirm that we are well on our way to hitting our other forecast from April 1, of the US hitting an insane $1.6 trillion in interest expense by the year-end…
Along with allowing an invasion of the United States to the cost of $450,000,000,000 per year, the Cloward-Piven strategy is now in full force. After the collapse, CBDC will replace cash and a massive destruction of the middle class will take place, transforming us into serfs within a relatively short period of time. I hope they can forestall the collapse for a few more years. Most have not prepared for what is to come. Move out of the big cities. Life is short. I just wanted my sons to have the world I had for nearly 67 years. They won’t. Goddamn F*ckers who engineered this will face judgement one day.
Unfortunately, you are absolutely correct.
But the handwriting has been on the wall since 1971.
Some of us hoped to run out the clock first, but it doesn’t look hopeful for that.