đ¨đ¨ SHOCKING: Americaâs Budget Deficit Hits a WHOPPING $1.8 TRILLION â THIRD LARGEST in U.S. HISTORY! đ¨đ¨
Brace yourselves, Americaâthe country's budget deficit has ballooned to a staggering $1.8 trillion in 2024, making it the third largest in U.S. history! đą Confirmed by the Treasury Department, this figure represents an 8% jump from last year, adding to a troubling trend that shows no signs of slowing down.
Despite a rare surplus of $64.3 billion in September, the U.S. closed the year with a massive $1.833 trillion shortfall. Thatâs a shocking $138 billion more than 2023, and the only deficits that were larger occurred during the pandemic years of 2020 and 2021.
The Debt Crisis is HERE â Interest Rates Are Piling On đŚ
Itâs not that the government isnât pulling in cashâit collected a jaw-dropping $4.9 trillion in revenue. However, this wasnât even close to covering the $6.75 trillion in spending. The result? An ever-growing national debt that now stands at $35.7 trillionâup $2.3 trillion from just last year. đ
One of the biggest drivers behind this spike? Interest payments. Thanks to the Federal Reserveâs aggressive rate hikes to combat inflation, borrowing costs have skyrocketed. For the first time ever, the U.S. government spent over $1 trillion just to cover interest on its debt, hitting a record $1.16 trillion.
What Does This Mean for YOU? Higher Taxes, Slower Growth, and RISING Risk! â ď¸
This exploding interest expense is now the third largest item in the federal budget, right behind Social Security and healthcare. With interest rates rising to an average of 3.32% in 2024 (up from 2.97% in 2023), the governmentâs debt burden is only going to get worse.
Even worse, the deficit now represents over 6% of the U.S. economy, which is unusually high during a period of economic expansion. Historically, deficits during such expansions have averaged just 3.7% over the last 50 years.
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