US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to ‘Very Precarious Future’

(Worthy News) – The Federal Reserve announced on Wednesday it’s raising interest rates by another half point in an effort to stifle America’s crushing inflation problem. While this is smaller than the three quarter-point hikes from the past four Fed meetings, it’s still double the customary quarter-point raise.

“We have raised interest rates by four and a quarter percentage points this year,” said Federal Reserve Chair Jerome Powell. “We continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% overtime.”

As the Federal Reserve fights its war on inflation with repeated, unusually high interest rate hikes, it’s not just the American people paying more to borrow money, but the federal government, too. In fact federal interest payments are on track to cost more than the defense budget in the coming years. [ Source: CBN News (Read More…) ]

Lift this up in Prayer

10

people are currently praying.

Latest Worthy News

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Books by George Whitten

Identity in Messiah Revealed https://identityinmessiah.com

Identity in Messiah is a 60-day devotional journey designed to help you exchange the world’s labels for Heaven’s declaration. Each devotional combines rich Biblical teaching, Hebraic insights, practical application, and carefully selected Scripture passages to lead you into a deeper understanding of your position in Messiah.

Get it on Amazon

The Biblical Fall Feasts https://biblicalfallfeasts.com

In The Biblical Fall Feasts Revealed, George Whitten leads readers on a stirring devotional journey along the Hebrew month of Elul, the Feast of Trumpets (Yom Teruah), the Days of Awe (Yamim Nora'im), the Day of Atonement (Yom Kippur), the Feast of Tabernacles (Sukkot), and the Eighth Day (Shemini Atzeret). With Scripture as the foundation, each chapter uncovers the prophetic beauty threaded into God’s calendar and shows how these sacred seasons still speak with urgency and hope today.

Get it on Amazon