US Capital – Washington DC Earlier this month, the Congressional Budget Office (CBO) reported that, at our current rate of spending, annual interest payments on the debt are expected to exceed the cost of our nation’s entire defense budget in 2024. The CBO also predicts that the annual deficit will reach $2.6 trillion by 2034 , and the national debt will exceed $50 trillion. This comes six months after one of the major credit rating agencies, Fitch Ratings , downgraded our nation’s debt for only the second time in history.
Here are some more frightening facts about America’s financial health: The federal government has a spending rate of over $186,263 per second .
The current debt crisis means that each citizen now owes the federal government a check for over $101,000 . Each taxpayer owes the government over $264,000 .
Thanks to the increase in mandatory spending, the Social Security […]
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