Why It Matters That Interest on National Debt Will Soon Eclipse National Defense
Top of Mind with Julie Rose - Radio Archive, Episode undefined
- Jan 3, 2019 11:00 pm
- 17:01 mins
Guest: Doug Criscitello, Executive Director, Center for Finance and Policy, Massachusetts Institute of Technology The ongoing budget dispute and government shutdown in Washington is not really about money. It’s about politics –President Trump trying to fulfill a campaign promise to build the wall and Democrats hoping to stop him. What they’re not talking about in any serious way is the nation’s debt –that even with a strong economy, budget deficits are increasing. And all that borrowing has a price. The amount of interest America pays on its debt is the fastest growing part of the government’s budget. In less than five years, we’ll be paying more interest on our national debt than we spend on national defense. What does that say about our priorities?