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Peter St Onge Podcast

Episode 34: Weekly Roundup 12.11.2023

Dec 11, 2023
This podcast discusses the alarming national debt crisis, Americans' perception of the economy, the failing political and economic system, financial struggles faced by senior households, the state of the job market and the risk of a recession, and potential policy errors and attacks on the pillars of civilization.
26:25

Podcast summary created with Snipd AI

Quick takeaways

  • American taxpayers are burdened by 40% of their income taxes going towards interest payments on the federal debt, which could lead to a sovereign debt crisis.
  • The housing crisis among seniors is worsening, with one-third of senior households burdened by housing costs and struggling financially.

Deep dives

The Debt Crisis: Taxpayers Burdened with Interest Payments

American taxpayers are now burdened with 40% of their personal income taxes going towards interest payments on the federal debt. This does not include the projected $2 trillion in new debt this year, which will consume an additional 80% of personal income taxes. The debt is growing at a rapid pace, with debt service costs surpassing spending on education, energy, transportation, homeland security, and veterans combined. With debt service costs projected to reach a trillion dollars this year, the situation is dire and could lead to a sovereign debt crisis.

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