"But these days, the veteran diplomat says the most dangerous crisis facing America isn't coming from Russia, China, or the Middle East. It's coming from inside the country: the ugly, festering $38 trillion national debt he says is undermining U.S. strength. "You feel a little bit like Paul Revere-except instead of the British coming, the crisis is coming," Haass told Fortune in an exclusive interview. "It's a slow-motion crisis. We're already paying a significant price.""
"In the paper, Haass and coauthor Carolyn Kissane lay out numbers that are hard to look away from: The U.S. now carries $38 trillion in federal debt, equal to roughly 125% of GDP. Annual deficits hover near $2 trillion. And interest costs have exploded, hitting roughly $1 trillion last year, more than the country spent on its military. "It's already a national security crisis," Haass told Fortune."
The United States carries $38 trillion in federal debt, about 125% of GDP, with annual deficits near $2 trillion and interest costs around $1 trillion last year. Interest payments now exceed military spending and crowd out more productive uses of national resources. Growing geopolitical challenges from Russia, China, and conflicts in the Middle East may require increased defense investments even as political support for military spending wanes. Populist domestic spending pressures and fiscal inaction exacerbate the problem. The mounting fiscal burden already imposes significant economic and strategic costs and heightens long-term national risk.
Read at Fortune
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