How Much Is The Interest On The National Debt?
While the politicians in Washington attempt to resolve how to raise the debt ceiling, it's worth considering just how much Americans spend on the national debt. Following is a chart from the Heritage Foundation's 2011 Budget Chart Book. It shows that:
"In 2010, the U.S. spent more on interest on the national debt than it spent on many federal departments, including Education and Veterans Affairs."
The chart below from the Heritage Foundation's 2011 Budget Chart Book is in billions of dollars, and shows that in just one year, the federal government spends on interest on the national debt than it does funding most programs.
Imagine how the interest expense will grow if inflation heats up!