America’s ‘Debt Spiral’ Is Nearing a Critical Threshold

February 02, 2024

Soon, the US will need to spend more each year paying interest than what it spends on national defense. Interest rates could climb for everyone who borrows money… [fade]Mohsin: In 2013, US debt surpassed the country’s GDP. It's a slow spiral, but it's still a spiral of rising debt and rising payments on the debt. Mohsin: And this is all while the US has some of the cheapest interest rates of any country in the world. Back in the ‘90s, debt interest wasn’t skyrocketing like it is today, so it’s a bit of an apples to walnuts comparison.