The Eye-Popping Interest Payment Spike On Our National Debt | Eastern North Carolina Now

Combined net worth of nation's most prominent billionaires wouldn't cover a single year's interest payment, analysis shows

ENCNow
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Spencer Lindquist.

    The combined net worth of the most prominent billionaires in the United States would not be enough to pay a single year's interest payment on America's ballooning national debt, which currently stands at an astonishing $34 trillion.

    The combined net worth of some of America's most prominent billionaires, Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, adds up to approximately $726 billion according to data compiled by the Bloomberg Billionaires Index. Meanwhile, the net interest on our national debt is currently at $730.8 billion, dwarfing the sum for previous years.

    Interest payments on the United State's national debt have risen sharply in recent years and remain on track to continue increasing. Net interest payments on the national debt hit a whopping $659 billion in fiscal year 2023, marking a massive 39% jump from 2022, when the government paid $475 billion in interest on the national debt.

    The comparison signifies that increased taxation suggested by Democrats isn't a viable path towards erasing the national debt, especially as interest payments pile up. The United States collected $4.4 trillion in federal taxes in fiscal year 2023, up from $4.19 trillion in fiscal year 2022, yet the debt increased by more than $2 trillion.

    The debt interest payments continued to spike in October 2023, the first month of fiscal year 2024, when the government paid $76 billion on the national debt interest. The figure marked a shocking 77% increase from October 2022 when the government paid $43 billion on the interest.

    Interest payments on the national debt are poised to reach an astonishing $1.4 trillion in just under a decade in fiscal year 2033, surging even higher to a projected $5.4 trillion in fiscal year 2053.

HbAD0

    The projected growth does not just mark an increase in raw numbers, but also an increase relative to the size of the American economy. While the payments in fiscal year 2022 accounted for 1.9% of the United States gross domestic product (GDP), they are projected to account for 3.2% and 6.7% of GDP in 2030 and 2053 respectively.

    The national debt itself is also set to reach new highs in coming years, currently on a trajectory to reach over $46 trillion by 2028 at a ratio of over $300,000 in debt for every American taxpayer.

poll#201
Considering what real news is available for all to witness, and in great specificity, should one pursue what is true outside of the channeled realm of the corrupt corporate /legacy media, and: Is Institutionalized Corruption real, and is it a hindrance to sustaining our Constitutional Republic now, and for future generations of American citizens?
  Yes
  No
  Not sure
454 total vote(s)     What's your Opinion?


poll#206
In stripping away the heavy varnish of fakery by the heavy handed Corrupt Corporate Media; in taking a true view of what is real, right now with clear open eyes: How do you see this 46th President of these States United; what is your visceral first impression of Joe Biden after nearly 3 years on the job?
  A good man, wise and kind
  The Socialist President
  A president in praise of his son
  The Non Patriot President
  A successful president
  The Idiot President
  A knowledgeable president
  A corrupt president
  A perfect leader of the Democratic Socialist party
  The man is married to a "Doctor"
609 total vote(s)     What's your Opinion?

Go Back

HbAD1

Latest State and Federal

Any “bounce” that Vice President Kamala Harris may have gotten from last month’s Democratic National Convention (DNC) appears to have evaporated, according to the most recent New York Times/Siena poll out on Sunday.
ABC News released the rules on Wednesday that both Republican presidential nominee Donald Trump and Democrat presidential nominee Kamala Harris have agreed to ahead of next week’s debate.
Vice President Kamala Harris played a key role in the pressure campaign to keep Israel out of the Gazan city of Rafah months before an American hostage was found dead on Sunday.
The Israeli military found Hersh Goldberg-Polin, a 23-year-old American-Israeli taken by Hamas from The Nova Music Festival in October, and five other hostages murdered by Hamas in Gaza on Sunday.
Despite not holding any major interviews or press conferences since becoming the Democrats’ de facto nominee, Vice President Kamala Harris’ favorability rating has skyrocketed with the help of positive media coverage since President Joe Biden left the race on July 21.
Republican presidential nominee Donald Trump blasted the Kamala Harris campaign on Monday for pushing to change the rules for the upcoming ABC News debate, saying that Harris and her team are looking for a way to “get out” of the event.

HbAD2

Republican presidential nominee Donald Trump buried the hatchet with Georgia Governor Brian Kemp (R) this week after the two have repeatedly clashed at various points over the last few years.
PBS News reporter Judy Woodruff issued a retraction on Wednesday after she falsely reported at the Democratic National Convention (DNC) that Republican presidential nominee Donald Trump was trying to sabotage a hostage deal between Hamas and Israel
An Axios reporter rushed to the defense of Vice President Kamala Harris’ heavily criticized proposal to control grocery prices on Tuesday, but her article was hit by a community note on X that provided some important context.
Government figures for job growth over the past year have been significantly revised after being overestimated by more than 800,000 jobs.
President Joe Biden claimed during a speech at the Democratic National Convention on Monday night that the Biden-Harris administration has overseen a booming economy and low inflation, but the data show that the U.S. economy and inflation are worse now than they were during the Trump administration.

HbAD3

"To blame grocery stores, which already run on extremely slim 1-3% profits, for price gouging is dangerous and inaccurate," said Kelly Lester, policy analyst for the Center for Food Power and Life.

HbAD4

 
Back to Top