(Center for Vision and Values) -- The financial health of the federal government has been deteriorating for decades. Unable to break free from our bipartisan addiction to deficit spending, the national debt has continued to rise relentlessly. This has brought us within sight of a grim milestone: the day when the interest that Americans have to pay on the national debt exceeds what we pay for national defense. According to The Wall Street Journal article, “U.S. on a Course to Spend More on Debt Than Defense,” we will reach that baleful milestone in only five years.
The figures are startling. In 2023, military spending is projected to be more than $700 billion. Yet in that same year the annual interest that taxpayers will pay on the national debt will be even higher.
You can argue that the federal government spends too much on defense. That is an unknowable except in retrospect, but the cost of spending too much on defense is almost certainly less than the cost of not spending enough. Whatever you think about defense spending, at least it is for present consumption. By contrast, interest on the national debt is for past consumption – over $27 trillion worth by 2023. That is how much young taxpayers will have to pay to service the debt run up by their elders.
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