The national debt climbed above $31 trillion in early October, doubling over the past decade. This year, the Treasury will pay about $399 billion in interest on that debt, more than the full budget for many key federal agencies. And with interest rates now rising, those payments will keep increasing in the future over time.
Here’s a little perspective on how interest payments are gobbling up more taxpayer dollars each year.
Are you as concerned about inflation as we are? Join the No Labels movement.