Here's an interesting trend: More than 60% of US federal spending is now deemed as "mandatory." This is more than DOUBLE the amount deemed as mandatory in the 1960s. Meanwhile, interest expense now accounts for 11% of the budget and is expected to reach 14% by 2029. In comparison, interest expense accounted for just ~6% of the budget in the 1960s. By 2029, just~24% of US spending will be deemed as discretionary. Why is US spending increasingly "mandatory?"
Total US govt revenue is ~$5 trillion per year. Mandatory spending is Social Security, Medicare and Medicare at ~$3.9 trillion per year. Interest on the debt is already over $1 trillion per year and this is also mandatory spending. So mandatory spending is already 100% of government revenue.
