The Treasury’s monthly budget statement released on Monday underscored the daunting burden of interest servicing the U.S. is grappling with, prompting a reaction from Tesla CEO Elon Musk on social media.
What Happened: The interest on the debt for the fiscal year-to-date period stands at $357 billion, marking a 37% increase year-over-year, as highlighted by the user in the post. The fiscal year for the government starts on Oct. 1 and ends on Sept. 30.
The user pointed out that the interest burden exceeds the outlays for military spending or any other item, except Social Security or the Department of Health and Human Services. According to data from the Department of Defense website, the outlay for the sector for the fiscal year 2024 is $275 billion.
“Interest …