Economist E.J. Antoni reports that based on the Fed’s June numbers, interest on the national debt is the equivalent of 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 Jun – that’s the Treasury’s largest source of revenue and three-quarters of it gets consumed just by interest; does Congress know? Do they even care?”
Antoni says the cost to service the federal debt has exploded 33% in a single year, and set to get worse.