Commentary: The Interest Alone on the National Debt Will Hit $1 Trillion in 2024 as Reserve Currency Status Is Questioned

Gross interest owed on the $31.4 trillion national debt — that is, interest owed on both the $24.9 trillion publicly traded debt and the $6.7 trillion debt in the Social Security, Medicare and other trust funds — will reach a gargantuan $1 trillion in 2024 for the first time in American history, according to the latest data gathered by the White House Office of Management and budget.

To put that into perspective, that is more than is spent on national defense related spending, currently $814 billion.

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Big Banks Predict Significant Economic Downturn in 2023: POLL

Of the 23 major financial institutions that work directly with the Federal Reserve, 16 anticipate a recession within the next 12 months, with two anticipating one the year after, according to a survey published by The Wall Street Journal Monday.

These institutions, which range from Bank of America to UBS, note that Americans are spending their savings, banks are heightening lending standards and the housing market is in a decline, all classic warning signs that a recession is impending, the WSJ reported. All of this is being exacerbated, the banks say, by the Fed’s historically aggressive pace of interest rate hikes, designed to blunt stubbornly persistent inflation.

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Biden Administration Accused of Gaslighting Nation with ‘Soviet Level Propaganda’ After Attempting to Redefine Recession

by Debra Heine   The White House is being accused of gaslighting the American people with “Soviet levels of propaganda” as Biden officials attempt to change the definition of recession amid economic data that shows the United States is entering into a recession. A recession is traditionally defined as two…

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