The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or children’s programs.
The run-up in borrowing costs is a one-two punch brought on by the need to finance a fast-growing budget deficit, worsened by tax cuts and steadily rising interest rates that will make the debt more expensive.
INDIANAPOLIS — By the time the Chicago Cubs won the World Series for the first time in 108 years this month, Paul Roell was already asleep. He did not stay up to see Barack Obama win the presidency in 2008, or watch in 2000 as the margin of votes separating George W. Bush and Al Gore in Florida shrank to the vanishing point.
The least educated American workers, who took the hardest hit in the Great Recession, were also among the slowest to harvest the gains of the recovery. Now they are a striking symbol of a strong economy.
The unemployment rate for those without a high school diploma fell to 5.1 percent in July, the Labor Department reported Friday, the lowest since the government began collecting data on such workers in 1992. At the economy’s nadir in the summer of 2009, the unemployment rate for high school dropouts hit 15.6 percent, more than three times the peak unemployment rate for college graduates.
A Banner Metals worker loading a roll of steel onto a machine at the company’s factory in Columbus, Ohio. In addition to paying 20 to 25 percent more for raw materials, Banner has had to scramble to find supplies.