Disagreeable Debt
11/15/2018 |
Since 1/1/2008, US public debt has risen from $5.1 trillion to $15.9 trillion. Luckily, rates have been low. In 2017, interest costs were $263 billion, 6.6% of government spending and 1.4% of GDP; very manageable. However, by 2028, and assuming no recession, debt service will skyrocket to $915 billion, 13% of government spending and 3.1% of GDP! By 2020, debt service will surpass Medicare spending; by 2023, national defense. Congress?