The U.S. national debt is $21.1 trillion as of today. That comes to an annual interest expense of roughly $440 billion. For comparison purposes, we spend a little over $600 billion on the military. Annually, the government is taking on an additional $1.2 trillion in additional debt, so interest will continue to go up. Luckily, interest rates are still low. A 1 percent increase adds another $211 billion every year to the annual costs. All this debt continues to be added despite record tax revenues. Very soon, interest will be the biggest expense, taking valuable money from education, defense, social security, and other important areas.
The early bird gets the worm, but the second mouse gets the cheese. — Stephen Wright