i am and will be Forever GrateFull to TomDispatch, Bill, for first introducing me to You and Bracing Views almost six years ago.
And over these years, both TD and BV have been a very frequent, positive, and periodically potent generators of new thoughts, ideas, and concepts. And on occasion, the words with which to express them.
How many Americans even Know any of the following?
And of those who Know about it, how many Care about it?
And of those who Care about it, how many are trying to figure out how to deal with it
by either making a profit from it, or by merely surviving it?
And how many are hoping they are dead before it happens so they Won’t have to deal with it?
U.S. DEBT INTEREST PAYMENTS REACH $1 TRILLION by Niccolo Conte / Visual Capitalist 16 Apr 24
The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, driven by high interest rates and a record $34 trillion mountain of debt.
Over the last decade, U.S. debt interest payments have more than doubled amid vast government spending during the pandemic crisis. As debt payments continue to soar, the Congressional Budget Office (CBO) reported that DEBT SERVICING COSTS SURPASSED DEFENSE SPENDING FOR THE FIRST TIME EVER THIS YEAR.
Below, we show how U.S. Debt and Debt Interest Payments have risen at a faster pace than at any other time the last 57 years; and particularly since 9/11.
Date Interest Debt
2023 $1.0T $34.0T
2022 $830B $31.4T
2021 $612B $29.6T
2020 $518B $27.7T
2019 $564B $23.2T
2018 $571B $22.0T
2017 $493B $20.5T
2016 $460B $20.0T
2015 $435B $18.9T
2014 $442B $18.1T
2013 $425B $17.2T
2012 $417B $16.4T
2011 $433B $15.2T
2010 $400B $14.0T
2009 $354B $12.3T
2008 $380B $10.7T
2007 $414B $9.2T
2006 $387B $8.7T
2005 $355B $8.2T
2004 $318B $7.6T
2003 $294B $7.0T
2002 $298B $6.4T
2001 $318B $5.9T
2000 $353B $5.7T
1999 $353B $5.8T
1998 $360B $5.6T
1997 $368B $5.5T
1996 $362B $5.3T
1995 $357B $5.0T
1994 $334B $4.8T
1993 $311B $4.5T
1992 $306B $4.2T
1991 $308B $3.8T
1990 $298B $3.4T
1989 $275B $3.0T
1988 $254B $2.7T
1987 $240B $2.4T
1986 $225B $2.2T
1985 $219B $1.9T
1984 $205B $1.7T
1983 $176B $1.4T
1982 $157B $1.2T
1981 $142B $1.0T
1980 $113B $930.2B
1979 $96B $845.1B
1978 $84B $789.2B
1977 $69B $718.9B
1976 $61B $653.5B
1975 $55B $576.6B
1974 $50B $492.7B
1973 $45B $469.1B
1972 $39B $448.5B
1971 $36B $424.1B
1970 $35B $389.2B
1969 $30B $368.2B
1968 $25B $358.0B
1967 $23B $344.7B
1966 $21B $329.3B
[Interest payments represent seasonally adjusted annual rate at the end of Q4.]
AT CURRENT RATES, THE U.S. NATIONAL DEBT IS GROWING BY A REMARKABLE $1 TRILLION ABOUT EVERY 100 DAYS, EQUAL TO ROUGHLY $3.6 TRILLION PER YEAR.
As the national debt has ballooned, DEBT PAYMENTS EVEN EXCEEDED MEDICAID OUTLAYS IN 2023—one of the government’s largest expenditures. On average, the U.S. spent more than $2 billion per day on interest costs last year. Going further, the U.S. GOVERNMENT IS PROJECTED TO SPEND A HISTORIC $12.4 TRILLION ON INTEREST PAYMENTS OVER THE NEXT DECADE, AVERAGING ABOUT $37,100 PER AMERICAN.
EXACERBATING MATTERS IS THAT THE U.S. IS RUNNING A STEEP DEFICIT, which stood at $1.1 trillion for the first six months of fiscal 2024. This has accelerated due to the 43% increase in debt servicing costs along with a $31 billion dollar increase in defense spending from a year earlier. Additionally, a $30 billion increase in funding for the Federal Deposit Insurance Corporation in light of the regional banking crisis last year was a major contributor to the deficit increase.
Overall, the CBO forecasts that roughly 75% of the federal deficit’s increase will be due to interest costs by 2034.
Hopefully Tom chooses to pass the torch and keep the site alive.
Thanks for the heads up, Bill. I Will look into TomDIspatch.
Tom Dispatch is how I found you Mr. Astore, and your superb writing. You and Tom have both inspired me, and toughened me up to reality. Thank you!
i am and will be Forever GrateFull to TomDispatch, Bill, for first introducing me to You and Bracing Views almost six years ago.
And over these years, both TD and BV have been a very frequent, positive, and periodically potent generators of new thoughts, ideas, and concepts. And on occasion, the words with which to express them.
Thank You to You both. ~ jeff
How many Americans even Know any of the following?
And of those who Know about it, how many Care about it?
And of those who Care about it, how many are trying to figure out how to deal with it
by either making a profit from it, or by merely surviving it?
And how many are hoping they are dead before it happens so they Won’t have to deal with it?
U.S. DEBT INTEREST PAYMENTS REACH $1 TRILLION by Niccolo Conte / Visual Capitalist 16 Apr 24
The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, driven by high interest rates and a record $34 trillion mountain of debt.
Over the last decade, U.S. debt interest payments have more than doubled amid vast government spending during the pandemic crisis. As debt payments continue to soar, the Congressional Budget Office (CBO) reported that DEBT SERVICING COSTS SURPASSED DEFENSE SPENDING FOR THE FIRST TIME EVER THIS YEAR.
Below, we show how U.S. Debt and Debt Interest Payments have risen at a faster pace than at any other time the last 57 years; and particularly since 9/11.
Date Interest Debt
2023 $1.0T $34.0T
2022 $830B $31.4T
2021 $612B $29.6T
2020 $518B $27.7T
2019 $564B $23.2T
2018 $571B $22.0T
2017 $493B $20.5T
2016 $460B $20.0T
2015 $435B $18.9T
2014 $442B $18.1T
2013 $425B $17.2T
2012 $417B $16.4T
2011 $433B $15.2T
2010 $400B $14.0T
2009 $354B $12.3T
2008 $380B $10.7T
2007 $414B $9.2T
2006 $387B $8.7T
2005 $355B $8.2T
2004 $318B $7.6T
2003 $294B $7.0T
2002 $298B $6.4T
2001 $318B $5.9T
2000 $353B $5.7T
1999 $353B $5.8T
1998 $360B $5.6T
1997 $368B $5.5T
1996 $362B $5.3T
1995 $357B $5.0T
1994 $334B $4.8T
1993 $311B $4.5T
1992 $306B $4.2T
1991 $308B $3.8T
1990 $298B $3.4T
1989 $275B $3.0T
1988 $254B $2.7T
1987 $240B $2.4T
1986 $225B $2.2T
1985 $219B $1.9T
1984 $205B $1.7T
1983 $176B $1.4T
1982 $157B $1.2T
1981 $142B $1.0T
1980 $113B $930.2B
1979 $96B $845.1B
1978 $84B $789.2B
1977 $69B $718.9B
1976 $61B $653.5B
1975 $55B $576.6B
1974 $50B $492.7B
1973 $45B $469.1B
1972 $39B $448.5B
1971 $36B $424.1B
1970 $35B $389.2B
1969 $30B $368.2B
1968 $25B $358.0B
1967 $23B $344.7B
1966 $21B $329.3B
[Interest payments represent seasonally adjusted annual rate at the end of Q4.]
AT CURRENT RATES, THE U.S. NATIONAL DEBT IS GROWING BY A REMARKABLE $1 TRILLION ABOUT EVERY 100 DAYS, EQUAL TO ROUGHLY $3.6 TRILLION PER YEAR.
As the national debt has ballooned, DEBT PAYMENTS EVEN EXCEEDED MEDICAID OUTLAYS IN 2023—one of the government’s largest expenditures. On average, the U.S. spent more than $2 billion per day on interest costs last year. Going further, the U.S. GOVERNMENT IS PROJECTED TO SPEND A HISTORIC $12.4 TRILLION ON INTEREST PAYMENTS OVER THE NEXT DECADE, AVERAGING ABOUT $37,100 PER AMERICAN.
EXACERBATING MATTERS IS THAT THE U.S. IS RUNNING A STEEP DEFICIT, which stood at $1.1 trillion for the first six months of fiscal 2024. This has accelerated due to the 43% increase in debt servicing costs along with a $31 billion dollar increase in defense spending from a year earlier. Additionally, a $30 billion increase in funding for the Federal Deposit Insurance Corporation in light of the regional banking crisis last year was a major contributor to the deficit increase.
Overall, the CBO forecasts that roughly 75% of the federal deficit’s increase will be due to interest costs by 2034.
Source: https://www.visualcapitalist.com/u-s-debt-interest-payments-reach-1-trillion/ ; EMPHASES added.
THE AMPUTATED LIMBS OF CHILDREN by Caitlin Johnstone 18 Apr 24
[Warning: Trigger Foto in online piece.]
“I want my legs back,” the girl cried in Arabic.
“I want my legs back.”
You can’t have your legs back, little girl.
They have been eaten by a hungry machine
who needs them for fuel to power its gears.
The machine needs your legs to keep the sky raining bombs
and to make its death robots fly.
Your legs power the bulldozers digging mass graves
and the tanks blowing holes in the hospitals.
A glorious kingdom is held together
by the amputated limbs of children.
A pentagon-shaped castle is built from the bones
of the amputated limbs of children.
Wall Street werewolves and bank boys dine
on the amputated limbs of children.
Movie stars treat their wrinkles with creams
made from the amputated limbs of children.
Suburban families prop up their smiles
with the amputated limbs of children.
The news man lies and in his eyes
you see the amputated limbs of children.
The podium man smirks and between his teeth
are the amputated limbs of children.
And the little girl cries,
and the news man ignores her,
and the podium man smirks at her,
and the bank boy bites her,
and the machine rolls on,
limbs fed into its furnace with pitchforks,
crushing houses and blackening the sky,
poisoning the oceans and bloodying the earth,
while the air fills with the crying of children,
for limbs that will never come back,
for homes that will never come back,
for mothers that will never come back,
for childhoods that will never come back,
for brightness that will never come back,
for innocence that will never come back,
for dreams that will never come back,
for joy that will never come back.
And we are here,
eating cheesy meatcarbs and watching funny haw-haws
and gossiping and prattling and wishing we looked better
and trying not to think about all the tiny arms and legs
we see covering the earth
whenever we step outside.
Source: https://www.caitlinjohnst.one/p/the-amputated-limbs-of-children .
Been reading Tom for years. Looking forward to hearing more from him.
Tom Dispatch awakened me, the cream of truthseekers. Thank you.