The Daily Chart: The Fiscal Bubble

Mark Perry reminds us:

Unprecedented: Federal spending on interest payments for the $34T national debt now exceeds $1T for the first time and has doubled from $535B when Joe Biden took office, and interest payments now exceed spending on national defense by more than any time in history. Unlike climate change, this is the actual looming disaster and “existential threat” to America.

Note: These are seasonally adjusted dollars at annual rates.

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