The debt spiral continues to happen. In less than a decade the interest on US debt will be the largest expense in US budget. Coincidentally, if you look up your Social Security statement you will see right in bold print that “the social security office will not have sufficient funds to pay 100% of promised payments.” So there can be little doubt that this ship of America is headed toward an ice berg and most voters in America continue to say, “full speed ahead!”, as they demand more free college, free health care, free student loan pay off and free universal income.
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The Congressional Budget Office has estimated that U.S. debt service alone will soar to $1.4 trillion by fiscal year 2033 and $5.4 trillion by fiscal year 2053.
To put those numbers in perspective, the government spent a total of $6.13 trillion in fiscal year 2023 and took in $4.44 trillion of revenue, resulting in a $1.7 trillion deficit that was added onto the national debt.
The U.S. deficit in fiscal year 2019, prior to the COVID pandemic, was $984 billion. The U.S. government has been running a deficit annually for most of the last 50 years.
"The U.S. has experienced a fiscal year-end budget surplus five times in the last 50 years, most recently in 2001," read a spending history analysis from the Treasury Department.
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