FEDERAL U.S. DEBT HAS JUST CLICKED OVER 38 TRILLION DOLLARS for the first time, bringing total borrowings in Trump’s second term to an eye-watering $1.81 trillion. Most of this has been added since the so-called Department of Government Efficiency ostensibly cut wasteful spending in order to reduce the deficits and the debt.
One trillion dollars was added in just eight weeks in August and September, by far the deepest peacetime increase anywhere in the world.
Burden per taxpayer
Since Trump’s disastrous 2017 tax cuts, to which most economists attribute the fiscal collapse, a total of $17.53 trillion has been added to the federal debt unnecessarily. That’s an extra $50,400 owed by every man, woman, child and baby.
Interest paid in the fiscal year just ended was reported at $1,218.5 billion. This may or may not be accurate; we don’t know.
Whatever it was, it had to be paid by taxpayers, or added to the debt for future taxpayers to repay or pay interest on.
If 163 million citizens file tax returns this year, as expected, that’s $7,475 extra each taxpayer must meet – just for interest repayments. This will increase as long as borrowings continue to escalate.