Government to spend more on interest than at any other time in history

Published June 19, 2024 12:43pm ET



The Congressional Budget Office has issued yet another warning about the federal government‘s head-first acceleration into impending fiscal crisis, not that anyone in either party seems to care much.

Following the CBO’s announcement that net interest payments on the national debt are up a whopping 42% from this point in the last fiscal year, the nonpartisan analysts now predict that total interest payments will amount to 3.1% of our annual economic output for this year. By next year, the CBO projects net interest payments will amount to 3.4% of gross domestic product, greater than any other share in recorded history.

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