If Biden continues his wild spending and borrowing spree, by 2031 we will likely be spending more money on interest payments than national defense – or any other program.
Interest payments are now the fastest-growing major expenditure in the budget. The CBO predicts that interest rates will triple from $350 billion when Biden came into office in 2021 to $1.1 trillion in eight years.
Already this fiscal year interest payments are running some $30 billion ahead of last year. For two reasons. One: the debt is $4 trillion higher thanks to Biden. And two: the Fed is raising interest rates to slow Bidenflation, which means that when federal bonds come due, they have to be refinanced at even higher rates.
We don’t get any government services from interest payments. No roads. No hospitals. No national defense or police or fire service or courts or schools. Just payment due for past spending.
Worst of all Biden thinks we are going to get out of the economy with more taxes on businesses and “the rich.”
These are supremely dangerous times we are living in.