The US Treasury borrowed over $1 trillion during the July through September quarter that just ended. The national debt grew from $33.1 trillion at the end of Sept 2023 to $33.685 trillion today. They borrowed about $500 billion in 31 days.
All of the debt maturing is old debt that carried 1% to 2% rates, but it is getting refinanced at 5% rates.
Interest payments on the national debt will rapidly rise above $1 trillion annually. Interest on the national debt is larger than our very large defense budget, and it’s increasing.
US To Borrow $1.5 Trillion In Debt This & Next Quarter, After Borrowing A Massive $1 Trillion Last Quarter https://t.co/DYyMGKi5RJ
— zerohedge (@zerohedge) October 30, 2023
Meanwhile, our borders are wide open to people who need a lot of money to survive, and they could be terrorists or criminals.
We plan to borrow $100 million for Hamas [Gaza], over $14 billion for Israel, and over $60 billion for Ukraine without offsetting any of it.
Our economy will collapse at some point. I’m not sure when, but it will.
Americans cannot buy homes, cannot even pay auto loans or credit card minimums, but thank goodness we’re sending a mountain of money to Ukraine, one of the most corrupt places on earth! https://t.co/KtRkluKfP2
— Steve Cortes (@CortesSteve) October 31, 2023
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Here’s the solution. Convene a Convention of States as outlined in Article 5 of our Constitution. When complete and our government is in compliant with its provisions, we disavow all debt owed to China explaining the old US government owed the money and under our revised Constitution our new government doesn’t owe that money, the old non existent government does. That’s what China did after the communist revolution when Mao took over and Chiang Kai–shek when into exile in Taiwan. Given their debt to us is over 70 years old and no principle nor interest paid, I figure they still owe us but I’m willing to call it even.
If Trump wins in 2024, maybe he should hire Dave Ramsey to run the Treasury!! Dave always tells people he is giving advice to “CUT UP THE CREDIT CARD”!!