Interest On the Federal Debt Now the Second Biggest Spending Item

Our friends at Issues & Insights have taken note of Joe Biden’s newest achievement as a president.

The Treasury Department reports that for the first time interest on the national debt costs more than any other spending category save one.

Social Security comes in first at $1.1 trillion annually. Then the $682 billion in interest payments on the debt, which surpasses the $670 billion in health care costs. National defense falls just behind health care.

Isn’t there something terribly wrong with a country that spends more money on interest payments on debt than on its national security?

Things aren’t getting better; they’re getting worse. The federal deficit is expected to reach $1.9 trillion by the time this fiscal year is over, which is up from $1.7 trillion last year and $1.4 trillion the year before that.

Quick: can anyone think of a single government program out of the many thousands that Biden wants to get rid of? We can’t. There must be something in the dusty closet that Old Joe could shut down.

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