Even though just two weeks ago the White House and House Republicans agreed to $1.5 trillion in spending cuts over the next decade, America’s gross national debt is projected to exceed $50 trillion as early as 2033.
The $32 trillion milestone came nine years earlier than forecasted prior to the COVID-19 pandemic, thanks in large part to trillions in emergency spending approved by Congress to address the economic effect of widely ordered shutdowns.
The Federal Reserve’s interest rate hikes since last year to combat historic inflation are also expected to make interest payments on the national debt more costly than they have been for decades.
Without significant changes in US government spending habits, the debt is projected to increase by a staggering $127 trillion over the next 30 years.
So by 2053, nearly 40% of all federal revenues will be spent on interest payments alone.