Fix what’s broken at home so we can defend ourselves abroad
In 2024, for the first time in almost a century, the United States spent more financing its national debt than it did, as a percentage of GDP, on national defense. In 2024, interest on our national debt expenditures came in at 3.1% of GDP and defense spending at 2.9%. This has been the case through this year, although it’s too soon to say what the picture will finally be for 2026. But it’s very close. Hoover Institution scholar Niall Ferguson notes that this is an ominous sign. He quotes what he calls Ferguson’s Law, after 18th century Scottish political theorist Adam ...