What are the potential consequences of a high national debt?
In fiscal year 2024, the U.S. national debt has become a critical concern, with its interest expenses surpassing spending on the military. Let’s delve into the details: National Debt and Interest Costs: The national debt has reached $34 trillion, an unprecedented amount in the nation’s history. During the first half of FY2024, interest expenses on this debt totaled $440 billion1. This represents a 43% increase compared to …