A new report by The Center Square is spotlighting a major milestone in the history of U.S. deficit spending, with the amount of interest being paid by federal taxpayers surpassing some of the biggest sacred cows in the annual budget:
“Congress has spent more money on interest so far this year than it has spent on both national defense and Medicare.
“Spending on net interest hit $514 billion in the first seven months of fiscal year 2024. That’s more than spending on both national defense ($498 billion) and Medicare ($465 billion). Medicare is the federal health insurance program for those 65 and older and younger people with disabilities. During the same time period, the U.S. spent $873 billion on Social Security, the federal program that provides retirement, disability, survivor, and family benefits to more than 67 million Americans. Overall spending has totaled $3.9 trillion so far this fiscal year.
“‘Spending on interest is also more than all the money spent this year on veterans, education, and transportation combined,’ according to the Committee for a Responsible Federal Budget. ‘U.S. interest spending is expected to increase in the coming years. In March, the Congressional Budget Office projected “interest costs more than double in relation to GDP between 2024 and 2054, driven by rising interest rates and growing debt.'”
To read the entire article by The Center Square, please click HERE.