Understanding America's National Debt Interest Costs

Picture this: For every tax dollar you send to Washington in 2024 (soon to be 2025), a growing portion isn't going to provide healthcare, build highways, support veterans, or fund education. Instead, it's being used to pay interest on our national debt. According to recent Congressional Budget Office projections, this year alone, the federal government will spend an astounding $892 billion just on interest payments. That's not paying down the debt itself – that's merely the cost of borrowing.

To grasp the magnitude of this financial burden, consider that we're now spending more on interest payments than on Medicaid, all federal programs for children, veterans' benefits, and critical income security programs combined. These interest payments, which essentially amount to the cost of past spending, are beginning to overshadow investments in our nation's future.