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#1412 James Lavish | Bitcoin & The National Debt Crisis
The Pomp Podcast
Debt Spiral: A Government's Financial Battleground
The US government is currently in a precarious financial situation, akin to a zombie company, as it faces a debt spiral. It struggles to generate sufficient income to cover both its principal and interest payments on its debt. Recent estimates from the Congressional Budget Office reveal that while the nation has a projected GDP of $28.5 trillion and tax revenues of $4.9 trillion, government spending far exceeds this, reaching $6.9 trillion. Consequently, this discrepancy results in a substantial deficit of approximately $2.1 trillion, highlighting the unsustainable nature of its financial practices.
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