Benn Steil


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U.S. Interest vs. Defense Spending

October 26, 2009


Near zero T-bill yields throughout 2009 is keeping U.S. debt service low even though the amount of outstanding debt continues to rise. A forecast increase in U.S. interest rates, along with growth in the amount of debt, will lift interest expenses sharply over the next ten years. In fact, as this chart shows, interest payments are projected to surpass defense spending by 2017. According to the Bureau of Economic Analysis, which collects data back to 1929, interest payments have never surpassed defense spending.

FT: U.S. Government Debt
Economist: America’s Public Debt

Post a Comment 2 Comments

  • Posted by Janus

    Oh, so that’s what complete national decadence looks like in chart form.

  • Posted by Phillip

    Yes.Though “decadence” is being generous; I would call it repugnant and criminal.

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