Defense Spending, Education Allocation, and Interest Rates: A Comprehensive Analysis of the US Budget

This chapter delves into the impact of defense spending on the budget deficit, the relatively small share of the budget allocated to education, and the disparity in funding between seniors and children in the United States. It also explores the benefits and costs of low interest rates, the potential challenges posed by high interest rates, and the projected increase in the budget deficit. Additionally, it discusses the consequences of unfettered borrowing on the economy and the potential for a global financial crisis.