It hardly was noticed in Washington, D.C., this week: For the first time since the end of World War II, America’s national debt surpassed the country’s gross domestic product.
The debt soared past $31.27 trillion and counting, which is more than the annual GDP of $31.22 trillion. Most Americans shrugged their shoulders over that news, but what that translates to is enormous interest payments, just like a family’s indebtedness eats away at its own budget.
The federal government’s interest payments of $1 trillion now exceed what is spent on national defense or on Medicare…