Fiscal Year 2024 Ends Miserably For Govt. As Debt Looms

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A post shared on X Friday (Oct. 18) broke down the total U.S. government revenue plus the interest on all national debt as the 2024 fiscal year draws to a close.

The total U.S. government debt at time of writing in $4.918 trillion, according to a post from Wall Street Silver, a notable and respected finance commentator on the X platform. Interest on that debt is roughly $1.133 trillion, meaning that 23% of all government revenue went to interest on the debt, the account noted. “2025 fiscal year started Oct 1st, we are on pace for 30% of all govt revenue going to interest payments.”

Pretty boring stuff, right?

Well, here’s what current government spending means in the simplest, most basic level (seriously, anyone can communicate this effectively). “Extreme government spending is driving America into bankruptcy!” as Elon Musk put it.

What Are The Experts Saying?

Trending Politics co-owner Collin Rugg said the expenditure was “insane and unsustainable” and that “no one in Washington seems to care.” Wall Street Silver appears to agree with Rugg’s analysis, noting that “when the bond market and foreign buyers stop buying, then interest rates will skyrocket for everything.” (LEARN MORE: Small Business Owners Erupt On Inflation, Biden’s Cuba Move)

“As the US federal government is grappling with total debt of more than $35 trillion and that amount is constantly reaching new highs, the unprecedented situation is causing widespread concerns across world financial markets. Elevated deficits and skyrocketing interest payments may evoke fears of an imminent fiscal crisis if appropriate counter-measures are not taken,” Global Times wrote in an analysis of the situation.

Where Do The 2024 Candidates Fall On The Economy?

When it comes to inflation, Trump agrees that the federal government should cut regulations to bring down prices of goods for American citizens (Are You Confident in the Government’s Ability to Manage Economic Crises? Let Us Know & We’ll Do The Heavy Work)

“Donald Trump promised to lower the corporate tax rate to 20%, further reducing the income levy on the largest US companies that he already slashed while president, according to people familiar with the remarks. The current corporate tax rate is 21%, but even a small reduction represents a tax cut worth billions of dollars each year for profitable US companies,” check out more at Candidate Fact Sheet.

“Vice President Kamala Harris backs hiking the current 21% federal corporate income tax rate to 35%, higher than socialist Venezuela’s 34% rate,” according to Americans for Tax Reform.

Use Your Voice

Our nation is at a crossroads, dealing with pivotal issues that directly impact your daily lives – from ensuring religious freedom, fair and secure elections, to fighting against inflation from foreign governments and groups, and advocating for secure borders. The strength of our community, the rights of our parents, and the protection of girls’ sports, life, and the economy are not just political issues; they are the fabric of our society. It’s time to take a stand against crime, reform our institutions, and ensure the prosperity and security of our nation.

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