The United States is now in the worst year of growth, excluding public debt accumulation since the thirties.
The US will add more than $7 trillion to its debt since 2020.
Since interest rates consistently trended downward in that period, maturing debt could always just be paid with new debt at even lower interest rates.
The interest paid on new federal debt has grown significantly, and the total amount of interest paid on the debt each year will double from 2019 to 2024.
Since 2019, the total national debt has increased by 25 percent, but interest paid on the debt has increased by 75 percent.
More specifically, interest on the debt came in at nearly $573 billion in 2019, but it will top $1 trillion in 2024.
If debt continues to mount at the current rate, the requirements of debt service will eat up more and more of the federal budget requiring cuts for other areas of the budget to ensure bond holders get paid.
https://mises.org/wire/2024s-deficit-already-track-be-worst-covid
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