_{ECONOMIC NEWS}

Interest Payments on US National Debt Will Skyrocket to $1,140,000,000,000 This Year – Devouring 76% of All Income Taxes Collected: Report

The majority of Americans' income taxes are now being used just to pay interest on the national debt, according to new data.

Economist E.J. Antoni reveals that, based on June numbers from the Federal Reserve, interest on the national debt now consumes 76% of all personal income taxes collected by the government.

“Interest on the federal debt was equal to 76% of all personal income taxes collected in June – the Treasury’s largest revenue source, with three-quarters consumed just by interest payments. Does Congress know? Do they even care?” Antoni questions.

He also notes that the cost to service the federal debt has surged 33% in just one year and is expected to worsen.

Antoni reports that in June, interest on the national debt was the government's single largest expense, surpassing other critical public services. The Treasury predicts it will exceed $1.14 trillion this fiscal year.

“Interest on the debt has overtaken the Department of Health and Human Services and the Social Security Administration to become the largest line item in the Treasury’s monthly statement for June. Still think this is fine? Treasury now expects interest on the federal debt to breach $1.14 trillion this fiscal year; if their typically overly optimistic projections hold true, it could be much higher.” Read More. 

_{FINANCIAL NEWS}

39% of Americans Fear They Won't Be Able to Pay Their Bills

Many Americans are increasingly worried about making ends meet.

A recent CNN poll reveals that 39% of US adults frequently worry that their family’s income won’t cover expenses, up from 28% in December 2021, mirroring Great Recession levels.

To cope, many Americans are taking on side jobs, reducing driving, and relying more on credit cards. Higher percentages of Latino (52%) and Black (46%) Americans, as well as over half (55%) of those earning less than $50,000 annually, share these concerns.

Despite low unemployment and cooling inflation, years of rising prices are straining household budgets. The typical household now spends $925 more monthly on the same goods and services compared to three years ago.

Angela Russell, an Ohio resident, highlights the drastic rise in everyday costs, from groceries to insurance, forcing her to move to a cheaper rural area. Russell notes that while inflation rates have slowed, prices remain high, and many Americans aren’t feeling the economic relief.

Even with modest increases in paychecks, many are just breaking even. The CNN poll also shows that 35% of adults have taken on extra work, with higher percentages among Latinos, Black Americans, and those under 45.

Economic pressures have led most Americans to cut back on entertainment, adjust grocery shopping habits, and, in some cases, accrue credit card debt. Russell exemplifies this trend, focusing on essentials and cutting back on non-essentials like streaming services and outings.

The CNN poll, conducted by SSRS, surveyed 2,021 adults between June 3-24, with a margin of error of plus or minus 2.7 percentage points. Read Now.