$730 Billion Current Net Interest on U.S. National Debt!

America’s national debt continues to expand, even beyond the point where the combined net worth of eight prominent U.S. billionaires ($726 billion) won’t cover the national debt’s annual net interest payment. Those U.S. billionaires include Jeff Bezos, Mark Cuban, Ray Dalio, Bill Gates, Ken Griffin, Elon Musk, George Soros, and Mark Zuckerberg. Net interest payments on the national debt hit a massive $659 billion in fiscal year 2023, marking a massive 39% jump from 2022, when the government paid $475 billion in interest on the national debt.

While our Gross Domestic Product (GDP) has, for the most part, been exceeding expectations, the most discouraging news moving forward appears to be a slowing GDP. Combined with slow-to-drop interest rates, a lagging GDP will generate even higher payment percentages. While payments in fiscal 2022 accounted for only 1.9% of U.S. G.D.P, they are projected to account for 3.2% and 6.7% of GDP in 2030 and 2053, respectively. To put that into perspective, that interest payment in fiscal 2053 is expected to be $5.4 trillion. That’s only $700 billion less than the total national debt increase amassed during G.W. Bush’s 8-year term.