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Where Is All the Money Going?

The federal budget has ballooned to an obese $7 trillion and the government is expected to borrow another $1.5 trillion this year.

What accounts for this Pacific Ocean of red ink?  If you say that the fastest growing programs are Social Security, Medicare or food stamps – you’d be close – but wrong. Here is a headline from a just-released House Budget Committee report:

The study finds that under President Biden, spending on interest on the debt has grown by an astonishing 152%. That’s about five times faster than any other major program. That means we are borrowing to pay for our borrowing.  This doesn’t sound wise.

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