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The government’s interest payments on the federal debt have gotten out of hand

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Unread 09.16.19, 04:12 PM
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The government’s interest payments on the federal debt have gotten out of hand

09.16.19 03:39 PM

Anyone who owns a credit card or has taken out a loan knows how interest works. You*are, to put it simply, paying extra money for the privilege of having been able to borrow money. At low levels, interest isn’t much*of a burden.*The cost is*often*well-worth the ability to access capital when you need it. Nevertheless, as your*debt*grows, the amount of interest you are obliged*to pay grows with it.*That amounts to a hefty financial burden*over time.* The federal government is learning that lesson the hard way.*And so are the American people.* Money for nothing Currently, the government pays nearly $400 billion*per year*in interest on its*debt.*In 10 years, net interest will more than double to $900 billion. That will exceed total spending on either national defense or Medicaid. (It exceeds spending on defense, or Medicaid – but combined, Medicaid and defense exceed the cost of interest.) The interest we must pay on our debt will only grow worse as time goes on.*Net interest on the debt will equal and then surpass total discretionary spending as a*share of the economy by 2045. It would be like taking the*money we spend on defense, our veterans, homeland security, our judiciary system, antipoverty measures and more and […]

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