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

“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 ...

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