U.S. Interest vs. Defense Spending
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.
[...] US interest payments are forecast to exceed defence payments by 2017 as interest rates rise (first time ever, according to the [...]
Oh, so that’s what complete national decadence looks like in chart form.
Yes.Though “decadence” is being generous; I would call it repugnant and criminal.