This nation, tobogganing swiftly down a steep slope of fiscal irresponsibility, barely notices a blur of alarming milestones. Last week, we sped past this one: A $1.1 trillion deficit in the first six months of fiscal year 2024 that began Oct. 1 resulted in almost as many dollars spent on debt service ($429 billion) as on defense ($433 billion).
This, at the most menacing geopolitical moment since 1945, makes one hope that JPMorgan Chase CEO Jamie Dimon was radically wrong in saying recently that interest rates could reach 8% or more in coming years. If they do, deficits will explode even before the Social Security and Medicare trust funds are exhausted, within 10 years.
George Will’s email address is [email protected].
Read the full opinion at washingtonpost.com.
