The national debt is entering the critical phase, also known as the beyond the point of no return. From Nick Gillespie at reason.com:
What happens when you borrow the equivalent of your annual income and those low, low teaser rates start to increase? Congratulations, America, you’re about to find out.
The Wall Street Journal reports some non-shocking, non-surprising news:
In 2017, interest costs on federal debt of $263 billion accounted for 6.6% of all government spending and 1.4% of gross domestic product, well below averages of the previous 50 years. The Congressional Budget Office estimates interest spending will rise to $915 billion by 2028, or 13% of all outlays and 3.1% of gross domestic product….
It will spend more on interest than it spends on Medicaid in 2020; more in 2023 than it spends on national defense; and more in 2025 than it spends on all nondefense discretionary programs combined, from funding for national parks to scientific research, to health care and education, to the court system and infrastructure, according to the CBO.