Interest Costs on the National Debt Are on Track to Reach a Record High
Borrowing costs have increased rapidly over the past year and will grow through the next decade.
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Borrowing costs have increased rapidly over the past year and will grow through the next decade.
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.
“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/03/fci-press-release
The rising national debt carries substantial costs today and poses an even greater toll on America’s future.
Our most popular charts from 2016 illustrate the nation's fiscal challenges in areas like defense spending, healthcare, and tax reform.
https://www.pgpf.org/blog/2016/12/top-7-fiscal-charts-from-2016
There will be a number of consequences from a gradual increase in the federal funds rate over time.
Detailed analysis of the fiscal impact of the Fed's December 2015 rate increase.
https://www.pgpf.org/blog/pgpf-analysis-on-higher-interest-rates-the-national-debt
The United States lost an estimated $1.8 trillion in revenues through tax expenditures in 2023.
https://www.pgpf.org/blog/2024/03/6-key-charts-on-tax-breaks
The Trustees warn that Congress and the Administration should work "with a sense of urgency" to put the program on a sustainable path.
https://www.pgpf.org/analysis/the-medicare-trustees-report-in-charts
CBO projects that interest rates will remain low throughout the decade.
https://www.pgpf.org/chart-archive/0269_interest_rates_projected_to_rise