The Debt Threshold That Destroyed Every Empire - And The US Just Crossed It | Hoover Institution

When interest payments on the national debt eclipse defense spending, history shows that great powers struggle to maintain military strength and global influence. As US debt service surpasses defense outlays for the first time since the 1930s, Ferguson’s Law offers a stark warning about the fiscal foundations of American national power. Check out more from Sir Niall Ferguson: - Read "Debt Has Always Been the Ruin of Great Powers. Is the U.S. Next?" by Sir Niall Ferguson here: https://www.wsj.com/politics/policy/debt-has-always-been-the-ruinof-great-powers-is-the-u-s-next-02f16402?msockid=25e41c30c391605217da08b1c20d61ac - Watch GoodFellows, a podcast with Sir Niall Ferguson, here: https://www.hoover.org/publications/goodfellows - Watch "Patterns of Power in Trump's Presidency" with Sir Niall Ferguson here: https://youtu.be/BIyzH0mWkpY Learn more about Sir Niall Ferguson here: https://www.hoover.org/profiles/niall-ferguson?utm_source=youtube&utm_medium=description&utm_campaign=intellections&utm_content=02092026 __________ The opinions expressed are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University. © 2026 by the Board of Trustees of Leland Stanford Junior University. 🔔 Subscribe for more discussions: @HooverInstitution 👍 Like and share this video! 🌐 Follow us on social media: • Facebook: https://www.facebook.com/HooverInstStanford • LinkedIn: https://www.linkedin.com/company/hoover-institution-at-stanford-university • Instagram: https://instagram.com/hooverinstitution • TikTok: https://www.tiktok.com/@hooverinstitution • X: https://www.twitter.com/HooverInst