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In 2023, the interest on the national debt was $961 billion.
In federal fiscal years 1962 to 2023, interest on the national debt ranged from 9% to 27% of federal revenues, with a median of 16% and an average of 17%.
In 2023, the interest on the national debt was 20% of federal revenues.
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Trickle Down Wealth
in 2017, 44 percent of all households had real (inflation-adjusted) incomes that 50 years earlier were earned only by those in the top 20 percent. Real wages increased by 74 percent over the past 50 years and the real median household income nearly doubled.
The improvement in living conditions from subsistence farming in the 17th Century to the current comfort levels across all income groups is obvious.
Income shifting has filled in the gaps.
There seems to be a generality here that is reminiscent of "The Israel Test." The rise of the standard of living in free cultures seems inexorable--but comes at a price. Creativity and production are not as uniform across a culture as their rewards. Free economic cultures produce products with great success but reward producer and consumer differently, the producer with financial reward, the consumer with product and lifestyle. So producers, gaining most of the wealth, none-the-less 'raise all boats.'
***
Trickle Down Wealth
in 2017, 44 percent of all households had real (inflation-adjusted) incomes that 50 years earlier were earned only by those in the top 20 percent. Real wages increased by 74 percent over the past 50 years and the real median household income nearly doubled.
The improvement in living conditions from subsistence farming in the 17th Century to the current comfort levels across all income groups is obvious.
Income shifting has filled in the gaps.
There seems to be a generality here that is reminiscent of "The Israel Test." The rise of the standard of living in free cultures seems inexorable--but comes at a price. Creativity and production are not as uniform across a culture as their rewards. Free economic cultures produce products with great success but reward producer and consumer differently, the producer with financial reward, the consumer with product and lifestyle. So producers, gaining most of the wealth, none-the-less 'raise all boats.'
Like the symphony and the audience.
The nidus of producers creates general wealth and comfort that diffuse throughout society with creators and producers ending up with a concentration of much wealth--although the general society benefits enormously without much contribution.
In free societies, the general population is thrilled with the culture's success but human nature, particularly envy, sees only disparity, not success, and consequently tears at its supposed wound until the culture is disrupted.
The nidus of producers creates general wealth and comfort that diffuse throughout society with creators and producers ending up with a concentration of much wealth--although the general society benefits enormously without much contribution.
In free societies, the general population is thrilled with the culture's success but human nature, particularly envy, sees only disparity, not success, and consequently tears at its supposed wound until the culture is disrupted.
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