Shocking stat of the day:
Interest costs on US debt are now equal to 24 cents of every $1 in government tax revenue.
The interest expense as % of collected taxes has nearly DOUBLED over the last 4 years.
This comes as interest expenditures reached $1.24 trillion over the last 12 months, an all-time high.
October alone saw a record $104.4 billion in gross interest, the highest for that month in history.
Interest expense is now the 2nd-largest government outlay, exceeding defense and healthcare spending, and only behind Social Security at ~$1.60 trillion.
The government needs lower interest rates more than anyone.
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