This thread explains how the US now spends a lot of money on debt interest, with 25% of all tax revenue going to pay interest on $37 trillion debt. Each year, the government earns about $5 trillion, spends around $7 trillion, and pays $1.2 trillion just on interest. It shows how debt payments are taking up a big part of the budget.
How did we arrive at a point in this country where 25% of all tax revenue goes to just paying the interest in $37 trillion in govt debt?
Annually:
US govt total reveneue = about $5 trillion
US govt interest on debt = about $1.2 trillion
US govt spending = about $7 trillion
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