Economics 101: beware of "debt service", it will destroy you....

Any successful business or financially astute individual knows that borrowing money exposes you to a potentially deadly risk. The accountants call it "Debt Service", most people call it "interest"- the price of borrowing money. Borrowing is one of those things that can be useful done wisely- and fatal if not. Saw this in the news this morning:

The federal government is expected to have to spend more servicing the country’s massive national debt this year than it will spend on defense or Medicare as interest payments skyrocket, according to a report by the Congressional Budget Office (CBO).

The U.S. federal government is projected to spend $870 billion toward servicing its debt in fiscal year 2024, up from $659 billion in FY 2023, with payments growing to $951 billion in FY 2025, which starts in October of this year, according to the CBO. The U.S. is projected to spend $822 billion on defense in FY 2024 and $940 on Medicare in FY 2025.

Interest on debt buys you absolutely nothing but time- and a penalty for failing to pay the debt back. That cost is going to grow by $71 billion dollars next year. It will be more the year after, and more again the year after that. It will hit the $Trillion level shortly.

The answer is not raising taxes to take more of the people's money.
There are two facets to the right answer:

One- Is building a thriving economy so those people make more money, and can pay more taxes at the same rates.

Two- Is dramatically improving the fiscal management of government spending, to reduce the gross degree of waste that happens when people have the power to spend other people's money without responsibility and accountability. Politicians don't know how to do that- businessmen do, but Congress is the responsible party... and Congress is broken.
If we don't fix it, this problem will only grow.