The National Debt Interest Payments are Set to Increase to $1.2 Trillion in the Next Decade

With the consent Both partiesJust as another 1.7 trillion dollars worth of imaginary money was set ablaze, so the quiet period between Christmas Eve and New Year might be a good time to reflect on an important issue that has been nearly ignored by both elected officials, and the media. The national debt. In case you hadn’t noticed, America’s debt has now reached a staggering level of 31.3 trillion dollars. That’s a figure so huge that it’s almost impossible to wrap your brain around it. In the Boston Globe this week, business and finance reporter Jim Puzzanghera has raised an important red flagWarning that this level of debt is unacceptable “rapidly growing death spiral” For our country. He correctly pointed out that the huge debt amount obscures a much more urgent problem for our country. As you may have heard the Fed has been increasing interest rates steadily since the Biden recession, federal government must pay interest every year on that debt. In 2022, we had to pay almost $400 billion in interest. This figure is expected to rise to almost $600 billion by 2022. $1.2 trillion Over the next decade.

As a consumer struggling with huge credit card bills, the federal government is paying more to pay interest on its national debt. According to government projections, interest costs will rise from $399 billion in this year to $1.19 Trillion by 2032. To pay the higher interest costs, borrowing will likely increase.

It continues, a vicious circle that promises bitter fights over spending and debt in Washington next year, partisan conflict that could shake financial markets, and an economy already at high risk. falling into recession.

“If you’re borrowing more and more every year