Anyone applying for a loan strives to have the highest credit score possible to achieve the best interest rates. Most people take action to improve their credit score. They may pay off some debt and eliminate non-essential expenses (i.e., multiple streaming services, dining out several times a week) to raise their credit score.
Why isn’t Congress addressing the escalating interest on the debt by reducing spending, consolidating where it can, or identifying other options with the most negligible impact on the citizens paying the taxes? And why aren’t more citizens speaking up to their representatives about the state of the country’s credit score? A lower credit rating means less available funding for social service programs and government borrowing will be more expensive. And the U.S. debt will no longer be a safe bet for investors.
According to the Committee for a Responsible Federal Budget:
Interest is currently the fastest-growing part of the federal budget. After growing from $221 billion in 2013 to $345 billion in 2020, it has nearly doubled to $659 billion in 2023. Relative to the economy, net interest costs grew from 1.6 percent of GDP in 2020 to 2.5 percent in 2023.