Five charts to start your day

More is now being spent on interest payments than on US national defence

More is now being spent on interest payments made on the national debt than on US national defence. The reason? There has been a significant rise in national debt, now towering at $34.6 trillion, along with higher interest rates. Net interest costs have been rising exponentially and are estimated to become the third-largest category of US federal spending this year, behind only Social Security and healthcare.

So, what could this mean?

Ever-increasing interest payments could threaten to crowd out critical investments in areas like infrastructure, education, R&D and national security that are vital for the US' long-term prosperity and competitiveness. The interest burden heightens the risk of a debt crisis if investors begin to doubt the US government's ability to make payments, potentially demanding even higher rates and exacerbating the debt spiral.

Source: Eeagli

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