The growing debt that the US faces today demands a hefty payment and within a few years time it is expected that the country might soon be spending more on servicing that debt than on their military spending altogether.
By 2025 or around 2026 it is estimated that we could see this take place, with the federal interest payments requiring hundreds of billions of dollars.
As the debt grows and continues to be mostly ignored many don't see a problem yet, but what might come in the future if the same old routine is repeated?
How much might those interest payments increase and at any point might things become too difficult to sustain? Hundreds of billions is already being spent annually on that debt.
For many US voters they are worried about that federal debt, they wonder why it is so large and are concerned with seeing attempts to try and balance it.
Will they ever be successful in making any significant dent in the debt? Does it matter if they don't? It seems that for many Americans they do agree that reducing the deficit should be a top priority but this arguably hasn't done much in the way of motivating politicians around the US yet to try and do something meaningful about it.
Pics:
pixabay
This is not financial advice
Sources:
https://www.washingtonpost.com/business/2022/10/13/debt-interest-rates/
https://www.investopedia.com/rate-hikes-raise-debt-interest-usd1t-6747240