Federal revenues in November rose $23 billion to $275 billion, a 9% increase from a year earlier.
Outlays jumped $88 billion to $589 billion, 18% higher than a year earlier. Interest payments on U.S. government debt accounted for $25 billion of the increase.
The outlay for interest on the debt in November, at
, surpassed theoutlay for national defense, which was up $8 billion from a year earlier. The outlay for the government-run Medicare health insurance program also rose by $8 billion, to, while the outlay for the government-run Medicaid program for the poor and disabled climbed $2 billion to.
TFW your interest payments approach medicare spending
The weighted average interest rate on the $26 trillion of outstanding Treasury securities rose to 3.10% last month from 2.22% in November of last year.
Seems nice in sense, if fed won’t drop interest rates in the next year, libertarian bugbear about deficits will come closer to fruition
The US literally doubled the amount of dollars during Covid to keep the economy afloat, and the same during Obama’s years to bail out the failing banks:
Free money is indeed limited to the extent of the availability of labor, resources and technology. The problem is how those money were spent (mostly goes to the rich people instead of investing in public infrastructures and the real sector), not how much they were spent.
Yes, but also willingness of overseas banks to buy t-bills. If usa were not empire, internal market for treasuries is huge but not limitless - on par with total stock market and bond market of round 100 trillion.
If buyers suddenly can’t absorb new treasury bills, for lib economics that’s a huge problem. Yes, fed can accumulate them on their spreadsheet for a while, until people outside of the usa think its fine. Than, if they change their minds it will suddenly be very not fine
Ancaps unironically think that this will be solved by having porky directly replace the government in its entirety and that porky will not just continue this shit.
