The U.S. national debt

[HONDO74]

The U.S. national debt is at $34,534,845,450,747 and rapidly growing

Government Spending
Published May 17, 2024 12:02pm EDT
Interest costs on the national debt just surpassed spending on defense, Medicare
In first 7 months of fiscal year 2024, spending on net interest surged to $514B

Interest payments on the nation’s ballooning debt just eclipsed spending on defense and Medicare, worrying policy experts who have warned this threatens to undermine U.S. economic stability.

In the first seven months of fiscal year 2024, which began in October, spending on net interest surged to $514 billion, surpassing spending on both national defense ($498 billion) and Medicare ($465 billion). In fact, interest costs have topped spending on veterans, education and transportation combined.

"Rising debt will continue to put upward pressure on interest rates," the Committee for a Responsible Federal Budget (CRFB), a nonpartisan group that advocates for lowering the national deficit, said in a statement. "Without reforms to reduce the debt and interest, interest costs will keep rising, crowd out spending on other priorities and burden future generations."

[Neil]

The national debt increased due to investments in the future (chip manufacturing, infrastructure, etc.) and support to prevent financial disaster during the pandemic, for both businesses and individuals. A worthwhile risk and one that will be mitigated in all likelihood as future tax revenues increase and growth in expenditures declines. Certainly worth keeping an eye on, but not a major concern to most economists as a proportion of the national GDP.

Something very similar happened during WWII (debt) and this was followed by the greatest economic growth in our history. A potential problem, but much smaller than the problem, for example, with inadequate amounts of housing and lack of working age population. The latter can be fixed by increased immigration, not less, contrary to nitwit plans from the Republican party . The former can be addressed by better local government policies and government investment in the future. It would be great to reduce the inordinate costs of post-high school education as well. But the national debt is not an urgent or life threatening problem. Most government expenses go to support old people (Social Security, Medicare) and the military. The former is an investment in people's well being and helps keep consumer spending up (the main engine of the economy) and the latter keeps the Putins, Ayatollahs and other bad guys in check.

[robert.]

Neil .
Students can always go to a community college. Even in today’s inflation world community colleges are $7000. No need to be a snob and want a private college for )120,000 a year.
My friend did the cunny route in Queens dirt cheap . His education made him millions.
one of today’s problems is. People think they deserve the pay rate of the person that left. A first year employee thinks the have the right to a 30 year employee’s salary. “ I’m filing this guys position pay me his money “

[up148]

Yeah, it seems like today's degree'd idiots believe they should start at the top. A degree is only a key to open the door, experience and common sense (not so common these days) can be just as important as the education. This doesn't apply to doctors and other highly trained "for their calling" individuals, but there are a lot of degree'd people with normal jobs that their degree means nothing; some even work in fast food and other menial jobs. But, just because they chose poorly and hid in college doesn't mean we should pay off their debt. Professionals yes, idiots no.