A Stunner: National Debt Interest Will Soon Exceed National Defense Spending

Hot Air reports:

Last year alone just the national debt’s interest costs of $263 billion consumed 6.6 percent of all government spending and 1.4 percent of the nation’s gross national product. That huge sum is actually below the historical average of recent decades.

But wait! There’s more. The Congressional Budget Office estimates the interest payments will surpass Medicaid costs within 18 months and that they will exceed all national defense spending by 2023.

By 2025, the CBO figures interest costs will surge past the combined totals of all non-defense discretionary programs together, including funding for national parks, scientific research, health care, education, the court system and infrastructure.

Between now and 2023 nearly three-quarters of the federal debt will mature and must be refinanced at whatever the presumably higher interest rates are in effect then.

Somebody needs credit counseling. And the outlook, sadly, is grim. Democrats take control of the House of Representatives next week. They have big spending plans, or at least big talk about big spending plans, for the 96-week-long propaganda run-up to the 2020 election.

The national debt will be crowding out the many dreams of socialists everywhere....