Interest alone on America’s debt is nearing $1 trillion

The stock market may have been strong in November, but that doesn’t mean it will continue.

Since 2008, the US has racked up $20 trillion in federal debt, but Glenn Beck thinks the next debt scare could be real.

Glenn mentions an article titled “The Federal Reserve Broke the Budget.”’s Jed Graham details the undeniable reasons for the upcoming crash.

“Exhibit A,” Glenn says, “in the case of a failed federal budget, is a sharp increase in the budget deficit for fiscal year 2023, which ended Sept. 30. Unemployment was near record lows and GDP growth was solid. .”

That all sounds great, but in such a situation, the budget deficit is likely to shrink. In this case, it doubled to $2 trillion.

“After sending more than $100 billion to the Treasury in fiscal year 2022 for interest on its bond portfolio, the Fed was forced to suspend interest payments last year as bond prices fell,” Glenn continued. .

“After controlling for inflation, the 8.7% cost-of-living adjustment increased Social Security checks by $134 billion.”

Approximately $100 billion was subsequently used by the FDIC to bail out banks, including Silicon Valley banks.

“What’s more, the Fed has raised its key interest rate by more than 5%, forcing Uncle Sam to collect an additional $177 billion in debt interest.” Graham believes this is a problem that continues to grow.

Glenn has an end in sight.

“There’s going to be a surge. Enjoy it while it lasts,” he says.

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