U.S. Federal debt interest costs hit $90 billion in October alone; a year earlier the figure was $47.5 billion. Moreover, the average interest on all outstanding Treasury debt securities reached 3.05% in October. It was 2.18% a year earlier. This average is still rising, obviously, as the current flood of new debt bears interest rates of 4.5-5%.
Federal tax revenue, despite the claims about “Bidenomics,” and despite an estimate of $60 billion in revenue from new taxes which took effect in 2023, fell overall by 9% in FY2023; it was roughly $4.4 trillion, down from $4.95 trillion in FY2022.
State tax revenue for all 50 states combined, fell by 13% between the two fiscal years. Although many states still have rainy-day funds resulting from the Federal government’s COVID largesse, the falling state revenue also shows up “Bidenomics.”