US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to ‘Very Precarious Future’
(Worthy News) – The Federal Reserve announced on Wednesday it’s raising interest rates by another half point in an effort to stifle America’s crushing inflation problem. While this is smaller than the three quarter-point hikes from the past four Fed meetings, it’s still double the customary quarter-point raise.
“We have raised interest rates by four and a quarter percentage points this year,” said Federal Reserve Chair Jerome Powell. “We continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% overtime.”
As the Federal Reserve fights its war on inflation with repeated, unusually high interest rate hikes, it’s not just the American people paying more to borrow money, but the federal government, too. In fact federal interest payments are on track to cost more than the defense budget in the coming years. [ Source: CBN News (Read More…) ]