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Bloomberg reporter Liz McCormick and Phillip Swagel, director of the Congressional Budget Office, discuss America's increasing national debt reaching $34 trillion, surpassing defense spending. They explore the acceptability of the debt, its impact on the economy due to tax cuts and COVID-19, rising interest rates, lack of political will, and the influence of bond markets on the crisis.
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Quick takeaways
- The US government's debt has exceeded $34 trillion and is rising, with interest payments on the debt projected to surpass national defense spending.
- The increasing debt and interest payments pose a serious threat to the US economy, compromising its ability to repay loans and maintain its global economic backbone status.
Deep dives
The Rising US Debt and Interest Payments
The US government's debt has been escalating, reaching over $34 trillion. The government often spends more than it earns through taxes, resulting in a deficit. However, the US's global reserve currency status allows it to borrow money at a low cost. Lenders require interest payments in return. Despite borrowing to fund programs like Medicare and infrastructure, the US has a solid record of paying back its loans. Yet, this pattern of increasing debt and interest payments is unsustainable.
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