U.S. National Debt Tops $34 Trillion, Projected to Balloon Further With Rising Interest Rates
• U.S. national debt topped $34 trillion for the first time in history, more than triple what it was 4 decades ago • Debt is 97% of GDP and expected to reach 181% by 2053, far exceeding any previous level • Rising interest rates have made the cost of servicing debt more expensive • Interest payments on debt are projected to triple from $475B in 2022 to $1.4T in 2032 • By 2053, interest payments expected to exceed $5.4T, more than what's spent on Social Security, Medicare, Medicaid combined