We’re “Going Bankrupt,” Warns Musk: In June, 76% of Income Taxes Went to Finance the Debt

by Selwyn Duke August 7, 2024 ( August 7, 2024 )

Article audio sponsored by The John Birch Society

“Neither a borrower nor a lender be,” wrote William Shakespeare in Hamlet. If the U.S. government had taken this age-old advice, we perhaps wouldn’t be in a dire financial situation epitomized by a shocking statistic:

In June, 76 percent of all personal income tax revenue was needed to pay interest on our $35 trillion national debt.

This helps clarify why, with the federal government having become a legalized counterfeiting operation, more than 80 percent of all the dollars in existence have been printed just since 2020. The bottom line?

Going Bankrupt

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Selwyn Duke

Selwyn Duke (@SelwynDuke) has written for The New American for more than a decade. He has also written for The Hill, Observer, The American Conservative, WorldNetDaily, American Thinker, and many other print and online publications. In addition, he has contributed to college textbooks published by Gale-Cengage Learning, has appeared on television, and is a frequent guest on radio.