Likewise, the federal government will eventually face consequences for spending more money than it raises in taxes.
Already, the costs of high federal debt are evident.
About one-seventh of all federal spending this year will cover interest payments on debt the government previously accumulated.
(Social Security remains almost twice as expensive as Medicare, the military or debt interest.)
Over time, interest payments will account for an even larger share of the federal budget, leaving less money for everything else.
Persons:
—, doesn’t
Organizations:
Treasury, Social Security