America this treasury borrowing of $500 Billion in just the first 3 weeks since October 1st, this increase is staggering!
Look at the federal debt and interest rate rising, as the cost of servicing the debt has completely exploded. Eclipsing all but two-line items of this treasury report and they are, Social Security Administration and the Department of Health and Human Service. In his we find that this has surpassed all military spending, this is of great concern to me as America faces its unstable future.
In my opinion the Biden Administration has clearly placed us on an unsustainable path, with promises of more government spending and accepting multi-trillion-dollar deficits forever.
Yet I am hopeful that our financial markets will wake up as America can no longer deny that the treasury will eventually not be able to pay its debt and that may arrive sooner than we think.
The United States does not really pay off debt when it matures, they simply issue new debt, to pay off the old one, this is along with the trillions of dollars in existing debt to lower interest rates to rollover at rates two to three times as high in the next year! WOW! Reality what a concept.
This in turn will spiral to over $1 Trillion in just interest during the current fiscal year. Not reducing the debt by not even a penny!
America we are drowning in over $1 Trillion of credit card debt.
Commentary by Victoria Lee Scott