On 11-18-2023 the total US Treasury debt was $33,851,851,942,947.65.
On 8-28-2023 the total US Treasury debt was $32,814,443,005,564.85.
The difference is $1,037,408,937,382.80.
If we multiply by 4 to estimate the total amount of debt added for the calendar year 2024, we get $4,149,635,749,531.20. All that new debt is to be bought by the Federal Reserve at a time when everyone is selling US Treasury bonds and we rewriting existing debts at hire interest rates.
What could go wrong?
#1: Horse To: All (#0)
Federal receipts are down 9%.
Receipts totaled $4.4 trillion during fiscal year 2023, CBO estimates—$457 billion (or 9 percent) less than during fiscal year 2022. Receipts decreased from 19.3 percent of GDP in 2022 (which was the second-highest percentage of GDP in history) to 16.5 percent in 2023, below the average of 17.3 percent for the past 50 years. That drop is the largest on record and was driven mainly by declines in revenues from income taxes and smaller remittances from the Federal Reserve to the Treasury.
Spending for Social Security benefits rose by $135 billion (or 11 percent) because of increases in the average benefit payment (stemming mostly from cost-of-living adjustments) and also because of increases in the number of beneficiaries.
Net outlays for interest on the public debt increased by $177 billion (or 33 percent), mainly because interest rates were significantly higher than they were in fiscal year 2022.
Horse posted on 2023-11-30 15:59:47 Reply Private Reply