America’s national debt is on an alarming trajectory, reaching a point where the combined net worth of eight prominent U.S. billionaires remains inadequate to cover the annual net interest payment. The stark reality is that even their staggering collective wealth of $726 billion falls short of the national debt’s annual net interest payment, which has surged to a monumental $659 billion in fiscal year 2023, indicating a significant 39% increase from 2022.

Despite the commendable performance of the Gross Domestic Product (GDP), an unsettling trend of slowing GDP growth poses imminent challenges. Coupled with persistently low interest rates, this deceleration in GDP growth is poised to elevate payment percentages. Projections indicate that interest payments are expected to surge from 1.9% of U.S. GDP in fiscal 2022 to 3.2% and a staggering 6.7% in 2030 and 2053, respectively.

To offer a glimpse into the future, the interest payment in fiscal 2053 alone is anticipated to reach a monumental $5.4 trillion. This figure is remarkably close to the total national debt increase accumulated during G.W. Bush’s 8-year term, underscoring the severity of the situation.

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