HomeWorldEconomy4.6% of GDP – That’s how much the US federal government will spend on interest payments next year. The fantasy world continues until it one day cannot.
4.6% of GDP – That’s how much the US federal government will spend on interest payments next year. The fantasy world continues until it one day cannot.
October 27, 2024
4.6% of GDP – That’s how much the US federal government will spend on interest payments next year. The fantasy world continues until it one day cannot.
If using this graph we’re trying to conflate the US economy to Greece or Finland.. yikes. Also, something something Federal Reserve… something something reserve currency…
Yes, we should and need to work on it. But our situation is unique and faaaar from an imminent disaster.
In 2025, lawmakers will confront major tax policy expirations that stem from Trump’s Tax Cuts and Jobs Act (TCJA).
TCJA’s changes to business taxes are projected to reduce revenues and increase deficits by $919 billion from FY2018-2027. The largest of these changes, lowering the corporate income tax rate from 35% to 21%, is permanent law.
My question is if you do not support raising the corporate tax rate and closing tax loopholes for Billionaires, then what is your solution for reducing the federal deficit? The 25 richest Americans paid $13.6 billion in taxes from 2014-2018, a “true” tax rate of just 3.4%.
“We can either have democracy in this country or we can have great wealth concentrated in the hands of a few, but we can’t have both,” famously said former U.S. Supreme Court Justice Louis Brandeis.
Absolutely, we should raise taxes on the wealthy to plug the gaps in our system
Wait until Trump eviscerates tax receipts and pumps up tariffs. The fantasy won’t be much longer. Buy gold.
Who is old enough to remember this exact bitching in the 1980s?
I miss the days when everyone was a virologist. Now everyone is a fucking economist.
This essentially means that the budget will shrink next year due to the interest being higher than GDP growth
Maybe voting for Trump and giving more tax breaks to the wealthy will fix this?
I see the usual socialist comments from learned behavior as the solution. Facts are facts the government taxes GDP at 17-19%. It spends at 21-25% (covid) averaging 23% of GDP. GDP growth has averaged less than 2% for the last 10 years. How does this happen? Budgets are set ( and vetted by the CBO) based on project 10 year GDP growth rates. Which never happened. Or need to since it’s a shell game and the politicians must give but never take away. This is the Uniparty. And as the head of Blackrock just said, financial markets don’t care which party is in power. It doesn’t matter.
How convenient that you chose a graph that only shows western states. China pays a higher percentage (6.08 %) of their gdp on interest – and is doing fine. You present highly skewed (if not to say manipulated) data, which doesn’t show the full picture.
It’s gonna be a wild ride.
I wonder why they made it seem like the US was number one instead of adding the countries before it. we all should ask this question.
15 comments
If using this graph we’re trying to conflate the US economy to Greece or Finland.. yikes.
Also, something something Federal Reserve… something something reserve currency…
Yes, we should and need to work on it. But our situation is unique and faaaar from an imminent disaster.
In 2025, lawmakers will confront major tax policy expirations that stem from Trump’s Tax Cuts and Jobs Act (TCJA).
TCJA’s changes to business taxes are projected to reduce revenues and increase deficits by $919 billion from FY2018-2027. The largest of these changes, lowering the corporate income tax rate from 35% to 21%, is permanent law.
My question is if you do not support raising the corporate tax rate and closing tax loopholes for Billionaires, then what is your solution for reducing the federal deficit? The 25 richest Americans paid $13.6 billion in taxes from 2014-2018, a “true” tax rate of just 3.4%.
“We can either have democracy in this country or we can have great wealth concentrated in the hands of a few, but we can’t have both,” famously said former U.S. Supreme Court Justice Louis Brandeis.
Absolutely, we should raise taxes on the wealthy to plug the gaps in our system
Wait until Trump eviscerates tax receipts and pumps up tariffs. The fantasy won’t be much longer. Buy gold.
Who is old enough to remember this exact bitching in the 1980s?
I miss the days when everyone was a virologist. Now everyone is a fucking economist.
This essentially means that the budget will shrink next year due to the interest being higher than GDP growth
Maybe voting for Trump and giving more tax breaks to the wealthy will fix this?
I see the usual socialist comments from learned behavior as the solution. Facts are facts the government taxes GDP at 17-19%. It spends at 21-25% (covid) averaging 23% of GDP.
GDP growth has averaged less than 2% for the last 10 years.
How does this happen? Budgets are set ( and vetted by the CBO) based on project 10 year GDP growth rates.
Which never happened. Or need to since it’s a shell game and the politicians must give but never take away. This is the Uniparty.
And as the head of Blackrock just said, financial markets don’t care which party is in power.
It doesn’t matter.
How convenient that you chose a graph that only shows western states. China pays a higher percentage (6.08 %) of their gdp on interest – and is doing fine. You present highly skewed (if not to say manipulated) data, which doesn’t show the full picture.
It’s gonna be a wild ride.
I wonder why they made it seem like the US was number one instead of adding the countries before it. we all should ask this question.
https://www.statista.com/statistics/1478796/countries-highest-public-debt-interest-ratio-world/#:~:text=Countries%20with%20the%20highest%20public,a%20share%20of%20GDP%202023&text=Developing%20countries%20pay%20the%20highest,highest%20rate%20at%20seven%20percent.
Maybe they’ll never accept being defeated at their own game. It could reach outside the solar system, and it will continue.
Looming disaster…
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