The lion's share of Americans' tax dollars goes to debt service đșđž
đ€Ș "Where does the government get the money from?"
đ§ "It borrows it."
đ€Ș "But who wants to lend money to the government?"
đ§ "Those who want to earn an interest rate. They buy bonds. U.S. bonds are considered the safest investment out there."
The U.S. national debt equals almost $35 trillion and the interest on this debt was equal to 76% of all personal income taxes collected in June đ
The single biggest expense for the US government is currently debt service, which means paying the interest rate to those who buy US bonds.
Treasury expects this expense will break the $1.14 trillion level this fiscal year, which would be seen as an outrageous number just a few decades ago đš
