Oddbean

Elon Musk says ‘America is going bankrupt’ as 76% of June tax receipts went to interest on debt ========== The fiscal position of the United States continues to deteriorate as the federal government’s deficit has swollen to $1.27 trillion in the fiscal year ending in June; The Treasury Department reported record-high receipts of $466 billion in June, but the government still ran a deficit of $66 billion for the month; Interest rates remain at their highest levels in over a decade, with the interest on public debt hitting $140 billion in June; The Federal Reserve saw a net negative income of $114.3 billion in 2023; Economist E.J. Antoni notes that interest on the federal debt was equal to 76% of all personal income taxes collected in June; Elon Musk tweeted that 'America is going bankrupt'; Veteran trader Peter Brandt said the 'U.S. Dollar is being destroyed' and predicted an entirely new system of payments and store of value will evolve in the next decade. #ElonMusk #UsFiscalDeficit #NationalDebt #InterestRates #FederalReserve https://www.kitco.com/news/article/2024-07-24/elon-musk-says-america-going-bankrupt-76-june-tax-receipts-went-interest