Chart of the Week: Net interest costs on national debt to rise
Soaring from $255 billion in 2016 to $830 billion in 2026.
https://www.pgpf.org/blog/2016/02/chart-of-the-week-net-interest-costs-on-national-debt-to-rise
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Soaring from $255 billion in 2016 to $830 billion in 2026.
https://www.pgpf.org/blog/2016/02/chart-of-the-week-net-interest-costs-on-national-debt-to-rise
Voters are calling on their leaders to take concrete actions to put us on a better fiscal path.
Our high and rising debt is “a big burden placed on current citizens, based on our past budgetary irresponsibility,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, in a recent appearance on C-SPAN’s Washington Journal.
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.
Borrowing costs have increased rapidly over the past year and will grow through the next decade.
The national debt is on an unsustainable path and the longer policymakers wait to take action, the more of a burden that debt will have on future generations.
Just eight actions over the past two years will add an estimated $2.3 trillion to deficits between 2021 and 2031.
GAO projects that debt held by the public could more than double over the next 30 years — rising from around 100 percent of gross domestic product (GDP) at the end of fiscal year 2021 to 217 percent in 2050.
Student debt is one of the biggest challenges young people will face as they prepare to enter adulthood, and is often their first encounter with debt.
Driven by rising interest rates and the accumulation of federal debt, interest will nearly triple in the next 10 years and reach a historic high relative to the size of the economy by 2032.