I took a look at the US national debt.
I used a stop watch to time how long it took to add $1,000,000 to the national debt.
31 seconds.
That is $2,000,000 added to the national debt every minute.
$120 million every hour.
$1.4 billion every day.
$500 billion every year -- and that is JUST the interest on the debt. It does not factor in ADDITIONAL SPENDING beyond that.
And with the higher interest rates ... it is accelerating.
McCarthy made a "deal" to eliminate the debt ceiling, which means no more need to get "approval" (i.e. rubber stamp) to spend unlimited money.
@RepThomasMassie
I designed this debt badge to wear in Congress. It uses Wi-Fi to get the debt to the penny from Treasury once per day. I noticed something alarming this week. In three short weeks, the debt has gone up half a trillion dollars and the debt per second has gone from $68K to $75K !!
https://twitter.com/RepThomasMassie/status/1711758465406808553
Higher interest rates kicking in.
Over time, they have to refinance the debt.
In recent years, the interest rates were VERY low.
But they have gone up.
As they refinance more and more, it will get worse because they are refinancing into higher rates.
5% on $33 trillion is $1.6 trillion per year.
That is 3 times what it is now.
The only ways to solve the looming problem are:
^ Thinking about it some more ...
A good strategy (assuming Americans gave a shit that they are accelerating to financial destruction) would be ...
BASED
That's it?
That's improvement!
Who even owns this debt?