Americans across the nation are spending a trillion dollars a year in interest payments alone.
Economists say that $33 trillion national debt has become an economic and national security emergency.
Former White House Economic Advisor Steve Moore joined The National Desk’s Jan Jeffcoat to discuss the issue. “What's happening right now is that the national interest payments on a $33 trillion national debt will soon become the number one expenditure in the budget and next year we'll be spending more money on interest on the debt which you don't get anything, you're poor,” he said. “You're not paving roads, you're not getting health care, you're not getting schools.
The gross national debt hit a staggering $33 trillion for the first time in September. This comes mere months after hitting $32 trillion earlier this year. Recent event such as the Afghanistan and Iraq wars, the 2008 Great Recession and the COVID-19 pandemic triggered large spikes in the debt, according to the“So this is a crisis. I do believe, as I wrote in my column this week that this is a national security crisis. It is a crisis for our economy going forward,” Moore said. “Everyone knows that these higher interest payments and the massive debt are what are fueling the inflation in the economy right now.
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