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‼️The US government is spending on interest MORE THAN EVER BEFORE:
Net interest payments reached 3.31% of GDP as of June 30th, the highest level on record, surpassing the prior peak of ~3.2% set in the early 1990s.
This percentage has more than DOUBLED over the last 5 years.
This comes as interest expense on the national debt reached a record ~$1.4 trillion over the last 12 months, nearly TRIPLE the 2020 level.
If rates remain stable, that figure is on pace to reach ~$1.7 trillion by November 2028, surpassing Social Security as the government’s largest outlay for the first time in HISTORY.
America’s debt burden is becoming increasingly expensive to sustain.