National debt interest skyrockets, soon to surpass combined fortune of America's wealthiest
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The annual interest payment on the national debt ($730 billion) now exceeds the combined net worth ($726 billion) of prominent billionaires like Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.
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Interest payments have spiked 39% from 2022 to 2023, hitting $659 billion, even as tax revenue has increased.
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By 2033, annual interest payments are projected to reach $1.4 trillion.
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Interest payments as a percentage of GDP will more than triple from 1.9% in 2022 to 6.7% by 2053.
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The national debt is on track to exceed $46 trillion by 2028, amounting to over $300,000 in debt per American taxpayer.