U.S. Debt-Fueled Military Spending<\/p>\n
In a post on X, Ghalibaf said “So you\u2019re funding Hegseth the failed TV host at rates unheard of since 2007, so he can cosplay as Secretary of War in our backyard in Hormuz?”<\/p>\n
He warned that a higher level of debt could result in a new financial crisis, saying, “You know what\u2019s crazier than $39 trillion in debt? Paying a pre-GFC premium to fund a LARP and all you\u2019ll get is a brand new GFC.”<\/p>\n
Ghalibaf referred Hegseth here as playing a live role in movies rather than being realistic. <\/p>\n
Elevated National Debt<\/p>\n
The U.S. is sitting on a record\u00a0$39 trillion national debt, which is now larger than the entire economy. The debt reached\u00a0100.2% of gross domestic product<\/a> at the end of March, a level not seen since the aftermath of World War II.<\/p>\n Treasuries Auction at Higher Rates<\/p>\n The U.S. sold $35 billion in 30-year bonds at an elevated 5% rate for the first time since 2007 in an auction on Wednesday.<\/p>\n Washington is now spending roughly\u00a0$1.22 trillion\u00a0a year<\/a> servicing its debt, the equivalent of over 4% of GDP and a level the United States has not paid out in interest\u00a0since the early 1990s.<\/p>\n The auction comes after the hot Producer Price Index (PPI) data, which shows U.S. producer prices jumped the most since 2022<\/a> last month.<\/p>\n Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.<\/p>\n Photo Courtesy: Philip Yabut on Shutterstock.com<\/p>\n