Servicing our National Debt: How Trump era tax cuts for the rich added billions in interest payments
By Gerald P. Dwyer, Professor Emeritus of Economics and BB&T Scholar, Clemson University Consumers and businesses are not the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too. The U.S. government spent a record US$213 billion on interest payments on its debt in the fourth quarter, up $63 billion from a year earlier. Indeed, a jump of almost $30 billion on the previous quarter represents the biggest quarterly jump on record. That comes as the Fed lifted interest rates a whopping 4.25 percentage points from March through December. As...
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