Interest on US Debt Tops $1 Trillion for the First Time, Pseudonymous X User DogeDesigner Points Out

A popular member of the cryptocurrency fraternity who also works as a graphic designer in the Dogecoin DOGE ecosystem, DogeDesigner pointed out that the interest

Influential economist Peter Schiff put the spotlight back on the escalating national debt crisis in the U.S., highlighting a recent post by pseudonymous X user DogeDesigner on the matter.

DogeDesigner pointed out that interest on U.S. debt has crossed $1 trillion for the first time, as reported by the Treasury Department. Interest payments on debt reached a total of $1.05 trillion in the first 11 months of the fiscal year, which marks a 30% increase from the previous year.

“Remember, government overspending is the real cause of inflation,” DogeDesigner noted in the post.

The post was then reshared by Schiff, who has been consistently critical of the administration’s policies on debt and inflation.

In a YouTube video on Thursday, Schiff highlighted how the Federal Reserve’s hawkish policy in recent years failed to bring down the government deficits, which were higher than $35 trillion at the last count.

The economist added that the Fed has actually been stimulative the whole time, despite claiming to be restrictive.

This revelation follows a warning issued earlier this week by Schiff, who expressed concerns that the U.S. economy will not experience a recovery with the Fed cutting short-term rates. He said that while short-term rates may decrease, long-term rates, inflation, and unemployment are expected to increase.

These concerns, coupled with DogeDesigner’s remarks, underscore the growing apprehension about the U.S. economy’s health and the potential impact of increasing debt and inflation.

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