- United States
- S.C.
- Letter
U.S. debt has officially outgrown the entire American economy, crossing the 100% GDP threshold for the first time since 1946. Filed by the record high $186 billion interest payment in June, annual interest payments hit a record $1.35 trillion. Yhis places the daily cost to tax payers at $6 billion in interest payments, making it the second largest expense in the entire federal budget.
Let me repeat - Taxpayers are on the hook to pay $6 billion dollars every single day in interest alone.
One of the biggest drivers of debt during Trump's first term were renewal of Bush era tax cuts for the wealthy.
In his second term, the One Big Beautiful bill will add significantly to the debt because of tax breaks to billionaires and wealthy corporations.
And yet, Trump is spending our money as if there is no tomorrow. He thinks building monuments to himself and paying for illegal military conflicts is no big deal.
While Trump enriches himself and his family, he spends our tax dollars recklessly.
As it turns out, Republicans don't really care about fiscal responsibility after all.