We're broke.

[man down]

Broken and broke. Yeah I know, ***** said best economy ever. *****omics right?

The US national debt is growing faster than the economy, per CNBC:

[man down]

Here's a topic that needs much more attention:
Nearly one-third of all outstanding US debt is set to mature over the next 12 months.

52% is set to mature over the next 36 months, meaning this debt needs to be refinanced.

However, since this debt was last financed, debt service costs have doubled from 1.5% to 3.0%.

This means that maintain this debt is now 2x as expensive and it will soon be 3x as expense as rates rise.

Headlines of US interest expense hitting $1 trillion will be gone soon.

$2 trillion in annual interest expense is coming quickly.

Rising US debt has been a problem for a few years now.

However, the cost of that debt is becoming much more material.

Decades of near-zero rate policy have come to an end and we are now paying the price for it.

[man down]

One week later: total US Debt surpasses $33.1 trillion for the first time. That's $100 billion in 5 business days.

[man down]

US deficit spending is nearing 10% of GDP and nearly at 2008 levels.

However, according to the Fed we are not in a recession and we will not see one.

Deficit spending in the US as a percentage of GDP is now the biggest it has been outside of a war or recession since 1960.

As a result, the US has borrowed ~$30 billion PER DAY since the debt ceiling crisis "ended."

Why are we spending at recession levels if we aren't in one?

[GhostofDempsey]

Essentially what's going to happen is the next president is going to get a load of shyt dumped in their lap that they can't climb out of, the real crash is coming in '25/26. This is the groundwork. Not sure what their endgame is, but we know what happens to socialist countries. You can't print your way out of debt or default on what we owe China.

[man down]

Essentially what's going to happen is the next president is going to get a load of shyt dumped in their lap that they can't climb out of, the real crash is coming in '25/26. This is the groundwork. Not sure what their endgame is, but we know what happens to socialist countries. You can't print your way out of debt or default on what we owe China.

Yep they will act like ***** was never president.

[man down]

8% mortgages are already here.

JUST IN: 10-Year Note Yield hits 4.70% for the first time since October 2007.

The 10-Year Note Yield is now up 430 basis points since the March 2020 low.

While treasury yields hit new 15-year highs seeming every day, odds of an additional rate hike are DOWN.

However, a long pause through July 2024 is now expected.

This comes with massive issuances of US Treasury bonds to cover deficit spending which are flooding bond markets and sending yields higher.

[man down]

Just the numbers.

Small business bankruptcies have risen sharply with the jump in interest rates.

Compared to 2020, we have seen a near 60% increase in small business bankruptcies.

Bankruptcies are also up from 2021 and 2022 levels by ~35% and ~40% respectively.

Large corporations may be able to weather the storm, but small businesses are feeling the pain.

Higher for longer is bad news for small businesses.

[man down]

It's almost game over for the consumers

Excess savings from C19 have likely depleted

Credit card debt has surpassed $1 trillion

Interest rates on credit cards have crossed 20%

Personal interest payments is over $500 billion

Personal savings rate is at 3.9%, levels unseen since October 2008

This won't end well.

[Zaroku]

Borrow more from future generations, Start a new war in some oil rich country. Build up our infrastructure.