America’s Runaway Debt Scenario: $1 Trillion in Interest per Year

America’s debt spiral could devolve into a fiscal crisis or hyperinflation, several economists say.

Illustration by The Epoch Times, Getty Images, Shutterstock

The U.S. federal government has borrowed so much money that, over the past year, it has had to spend one-fifth of all the money it collected just on debt interest—which came to almost $880 billion. This fiscal year, interest is expected to reach over $1 trillion.

Americans paid some $450 billion less in income taxes for the year, trapping the government in the pincers of a fiscal crunch.