For the first time in history, interest on U.S. debt surpasses $1 trillion and now threatens social security as the greatest government expense For the first time in history, interest on U.S. debt surpassed the $1 trillion mark, becoming the second greatest government expense, trailing only Social Security expenditures ($1.5 trillion).
But according to economists, it is only a matter of months before the interest on the debt exceeds $1.6 trillion and brings the U.S. economy to its knees.
Interest on U.S. debt projected to hit an untenable $1.6 trillion by year's end The new record for interest payments on the national debt is particularly striking.
The only outlay that currently exceeds interest payments is Social Security, which stands at around $1.5 trillion annually.
In doing so, they just caused the greatest monthly budget deficit in U.S. history, perpetuating inflation to levels never seen before in U.S. history.
This will necessitate even higher interest rates again to stave off inflation.
The economic damage has already been wrought and the consequences will only intensify from here.
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