This rise in debt is being fueled by the government’s soaring budget deficit, which is currently the largest in history as a percentage of gross domestic product (GDP) outside of wartime or recession (from BofA Global Research/The Kobeissi Letter via X)…

Posted onSeptember 28, 2023September 28, 2023AuthorPorter & Co.

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← Previous Previous post: The largest share of this spending goes toward entitlements, which currently account for more than 100% of the “revenue” the government brings in through taxes. However, the sharp rise in interest rates since early 2022 has caused the government’s interest expense to surge from around 20% of tax receipts up to nearly 33% today (from Dylan LeClair via X)…

Next → Next post: The big story this month was the deteriorating fiscal health of the U.S. government. Total federal debt crossed $33 trillion for the first time in September – representing a massive $1.6 trillion increase (18.5% annualized) since Congress lifted the debt ceiling just a few months ago (from Charlie Bilello via X)…

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