By 2040, projected interest costs on the debt will be almost four times what the federal government has historically spent on education, research and development and infrastructure
April 01, 2013
SOURCE: Peter G. Peterson Foundation projections based on data from the Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2013 to 2023, February 2013, and The Long-Term Budget Outlook, June 2012. Data from the Office of Management and Budget, The President's Budget for Fiscal Year 2014, April 2013.NOTE: Projections are based on CBO's definition of current policy, plus the automatic reductions (sequestration) in spending that began on March 1, 2013. Infrastructure excludes defense.
By 2040, projected interest costs on the debt will be almost four times what the federal government has historically spent on education, research and development and infrastructure. Interest costs buy us nothing; they are about the past, not the future, and, indeed, they will inevitably crowd out critically needed investments in that future. If we're going to prepare the U.S. to compete globally over the long-term and ensure that the American Dream is accessible to all Americans, we're going to need to make substantial investments — in both the public sector and the private sector.
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