The US spent $562.4 billion on curiosity funds in 2021

By Adam Andrzejewski for RealClearPolicy

Based on the US Treasury Division, the USA spent $562.4 billion on curiosity funds alone in fiscal 2021. This cash shouldn’t be used to repay our present debt obligations, which at the moment whole over $29 trillion, however solely to cowl borrowing prices.

Within the final two fiscal years, the US spent practically $1.1 trillion to pay curiosity on our nationwide debt.

The US has not all the time had an insurmountable debt burden. Certainly, in 1835, President Andrew Jackson paid off the US nationwide debt in full.

However in fashionable occasions, America’s ongoing deficit spending has elevated from $5.8 trillion in the beginning of George W. Bush’s administration to $29 trillion (2021) since 2001 (the final 12 months the US earned more cash than it spent).

President Obama and President Trump each contributed to the debt, with Obama including about $9 trillion in eight years and Trump including about the identical quantity in 4 years.

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The place does the US go from right here?

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Sen. Rand Paul (R-Ky.) proposes a really cheap “penny plan” wherein the US may steadiness its funds in 5 years (which suggests we do not add any extra debt, not our present debt would scale back). by chopping 1% of all spending from the federal funds.

Paul first proposed the plan in 2015. Now it will take a “fivepenny plan” to chop spending by 5% and steadiness the funds in 5 years.

As Congress continues to spend, our curiosity funds will proceed to extend and enhance. Economist Brian Riedl estimates that by 2051 the US may pay between $296 billion and $5.7 trillion in curiosity funds alone. He additionally predicts that our debt may vary from 130% to 357% of our gross home product by 2051.

Republicans and Democrats’ tax and spending insurance policies have to be vigorously challenged earlier than it is too late.

The nationwide debt have to be addressed, and shortly.

Syndicated with permission from Actual Clear Wire.

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The opinions expressed by contributors and/or content material companions are their very own and don’t essentially replicate the views of The Political Insider.

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