I've noted the great work by Michael "Mish" Shedlock, publisher of "Mish's Global Economic Analysis," on more than a few occasions. In fact, his always interesting and insightful posts have been regular must-reads for me since before I even started the Financial Armageddon blog. Today, in "National Debt & Interest Payments For Fiscal 2008," Mike addresses the issue of mushrooming U.S. government debt and interest payments.
Treasury Direct has interesting charts of Interest Expense On Debt Outstanding.
Click on chart for crisper image.Click here to refresh the current total of Debt Outstanding.
The Interest Expense on the Debt Outstanding includes the monthly interest for:
- U.S. Treasury notes and bonds
- Foreign and domestic series certificates of indebtedness, notes and bonds
- Savings bonds
- Government Account Series (GAS)
- State and Local Government series (SLGs) and other special purpose securities.
Click on chart for crisper image.
The interest expense for December alone was a whopping $106 billion.
Using a three month average, Federal expenses just on interest is $615 billion.
Historical Data
Click on chart for sharper image.
Can the government get long term rates down to 1-2% to make this much more manageable?Tip of the hat to "Minyan Jim" for sending me the link.
Interest Expense for Fiscal 2008
Comments