For the first time since 1934, US interest payments on the national debt now exceed annual defense spending, a reversal with profound implications for American power. Without meaningful fiscal reform, including changes to entitlement programs and debt management, America may find its global leadership increasingly constrained by the cost of past obligations rather than the demands of present security. The opinions expressed in this video are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University.
Author: February 9, 2026
Published at: 2026-02-09 00:00:00
Still want to read the full version? Full article
