I’ve said that unless the Federal Govt finally got its act together and kept spending down to the level we could afford, this was going to happen:
U.S. Interest payment is now equal to Defense spending
And 30% of the debt has to be refinanced in the next 12 months at todays higher rates!!
Hang on! 🚀 pic.twitter.com/stDRMEkpSm
— Mark Moss (@1MarkMoss) May 11, 2023
With interest rates going up, it won’t be long until it exceeds it.
Our national “credit card” is all but maxed out. Sure, they can up the level of the national debt, but like your credit card (or all of them combined), that amount keeps soaring.
- Another comparison:
- National Defense: 18.2%
- 42 Transfer Payments (taken from one person simply to give to another): 42.8%
- Medicare: 16.4%
- Social Security: 15.5%
- Health: 11.9%
- Income Security: 10.9%
And for grins and giggles (or is that frowns and tears?), read this: So Why Aren’t We Paying Down the National Debt?
