Fiscal Inferno! 40% Of Personal Income Taxes Going Towards Interest On Staggering National Debt (Unfunded Entitlements Now 6.27 Times The Current Debt Level Of $33.75 Trillion) – Confounded Interest – Anthony B. Sanders

The US is experiencing a fiscal inferno thanks to out of control Federal spending and debt issurace.

The US government collects about $2.5 trillion per year in personal income taxes. Of that about $1 trillion per year (40%) is being consumed by interest on the national debt. REAL Federal interest payments of the debt is skyrocketing!

Interest on the debt is growing as old cheap debt matures and gets refinanced at the new higher rates. Plus new debt added every year.

Within a few more years, at this pace, 100% of personal income taxes will be going to pay interest on the US national debt.

Yes, US national debt is at $33.75 trillion and growing awfully fast. Of course, that is small potatoes compared to the $211.7 TRILLION in unfunded Federal promises (entitlements). That means that unfunded promises are 6.27 times the current national debt. There isn’t enough taxable income from individuals to pay for the promised entitlements.

NY Senator Chuckles Schumer: “We did it Joe! We broke the back of the US economy!”