U.S. will soon spend more on debt interest than on the military

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From Antiwar.com:

The U.S. spends far more on its military than any other nation on Earth, but very soon, it will not be the top expenditure of the U.S. government. Rather, rising interest rates and years of mounting debts mean that soon, interest on the debt will overtake that.

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Interest costs will be $390 billion next year, and more than $900 billion within a decade, according to the Congressional Budget Office. At present, U.S. military budgets are in the $700 billion range, and themselves constantly growing.

Somewhere, these two growing lines will intersect, and the runaway military spending is a big reason why. There simply is no way for US to keep pouring substantial portions of a trillion dollars down the well annually for the military without borrowing, and that debt is just growing…

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Continue reading at Antiwar.com…

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