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Re:DOGE's Only Public Ledger Is Riddled with Mistakes by brightball on Saturday February 22, 2025 @08:37PM (#43145350)
I’ve seen several reports recently that the interest on our debt will exceed the defense budget within the next couple of years. Is that not accurate?
Re:DOGE's Only Public Ledger Is Riddled with Mistakes by JumpCrisscross on Saturday February 22, 2025 @08:48PM (#43145448)
> several reports recently that the interest on our debt will exceed the defense budget within the next couple of years. Is that not accurate?

This happened, I believe, in FY 2024 [1][2].

We're currently running a 6.5% primary deficit/GDP [3]. With real GDP growing around 2.5% a year [4], that means we need to cut about 4% of GDP, or $1.2tn [5], to stabilise our debt/GDP ratio. That's two Medicaids [6]. (Which would probably trigger a recession.)

[1] https://comptroller.defense.gov/Portals/45/Documents/defbudg... $842bn

[2] https://budget.house.gov/imo/media/doc/the_baseline_and_inte... $870bn

[3] https://bipartisanpolicy.org/report/deficit-tracker/

[4] https://fredblog.stlouisfed.org/2024/06/how-much-did-the-us-...

[5] https://fred.stlouisfed.org/series/GDP

[6] https://www.pgpf.org/article/budget-explainer-medicaid/

Re:DOGE's Only Public Ledger Is Riddled with Mistakes by phonon on Saturday February 22, 2025 @09:02PM (#43145560)
It already was in 2024 (if you exclude veteran related costs.) Some of the increase is due to the government debt being larger, and some from interest rates rising. (The average interest rate we pay on our debt has doubled in the past 4 years, from 1.59% in 2020 to 3.28% in 2024.)