{"id":3339,"date":"2026-05-26T20:04:57","date_gmt":"2026-05-26T20:04:57","guid":{"rendered":"https:\/\/thefoundations.co\/?p=3339"},"modified":"2026-05-26T20:50:49","modified_gmt":"2026-05-26T20:50:49","slug":"les-etats-unis-paient-plus-dinterets-sur-leur-dette-quen-depenses-militaires-moodys-vient-de-rendre-son-verdict","status":"publish","type":"post","link":"https:\/\/thefoundations.co\/fr\/les-etats-unis-paient-plus-dinterets-sur-leur-dette-quen-depenses-militaires-moodys-vient-de-rendre-son-verdict\/","title":{"rendered":"Les \u00c9tats-Unis paient plus d’int\u00e9r\u00eats sur leur dette qu’en d\u00e9penses militaires. Moody’s vient de rendre son verdict."},"content":{"rendered":"\n

Le 16 mai 2025, Moody\u2019s a abaiss\u00e9 la note de cr\u00e9dit des \u00c9tats-Unis de Aaa \u00e0 Aa1. Standard & Poor\u2019s avait fait de m\u00eame en ao\u00fbt 2011, Fitch en ao\u00fbt 2023. Pour la premi\u00e8re fois de l\u2019histoire, les \u00c9tats-Unis n\u2019ont plus le triple A chez aucune des trois grandes agences.<\/p>\n\n\n\n

Le diagnostic de Moody\u2019s est arithm\u00e9tique. La dette f\u00e9d\u00e9rale d\u00e9passe 36 000 milliards de dollars, soit 122 % du PIB. Le d\u00e9ficit annuel s\u2019est \u00e9tabli \u00e0 6,4 % du PIB en 2024, et le CBO le projette \u00e0 6,2 % en 2025.<\/p>\n\n\n\n

Mais c\u2019est un autre chiffre qui change tout : en 2025, les int\u00e9r\u00eats nets vers\u00e9s sur la dette atteignent 952 milliards de dollars, contre 886 milliards pour la d\u00e9fense nationale. Pour la premi\u00e8re fois depuis les ann\u00e9es 1990, le service de la dette d\u00e9passe le budget militaire.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Pourquoi \u00e7a m\u00e9rite votre attention<\/h2>\n\n\n\n

Ce chiffre n\u2019est pas qu\u2019un symbole. C\u2019est l\u2019illustration d\u2019un m\u00e9canisme que les \u00e9conomistes appellent l\u2019effet d\u2019\u00e9viction : chaque dollar vers\u00e9 aux cr\u00e9anciers est un dollar qui ne va pas aux routes, aux h\u00f4pitaux ou \u00e0 la recherche.<\/p>\n\n\n\n

Une d\u00e9gradation de note n\u2019est pas un jugement moral. C\u2019est un signal sur la trajectoire d\u2019un pays. Moody\u2019s ne dit pas que les \u00c9tats-Unis vont faire d\u00e9faut : ce sc\u00e9nario reste hautement improbable, notamment parce que le dollar demeure la monnaie de r\u00e9serve mondiale. Dans son communiqu\u00e9, l\u2019agence \u00e9crit que la d\u00e9gradation refl\u00e8te \u00ab l\u2019augmentation, sur plus d\u2019une d\u00e9cennie, des ratios de dette et de charge d\u2019int\u00e9r\u00eats \u00e0 des niveaux significativement sup\u00e9rieurs \u00e0 ceux de souverains not\u00e9s de mani\u00e8re similaire \u00bb, et que \u00ab les gouvernements et le Congr\u00e8s successifs n\u2019ont pas r\u00e9ussi \u00e0 s\u2019accorder sur des mesures pour inverser la tendance \u00bb.<\/p>\n\n\n\n

Concr\u00e8tement, une d\u00e9gradation entra\u00eene une hausse des taux auxquels l\u2019\u00c9tat emprunte. Des taux plus \u00e9lev\u00e9s alourdissent la charge d\u2019int\u00e9r\u00eats. Et une charge plus lourde creuse le d\u00e9ficit, qui doit \u00e0 son tour \u00eatre financ\u00e9 par de nouveaux emprunts. Le CBO projette que les int\u00e9r\u00eats nets franchiront le seuil de 1 000 milliards d\u00e8s 2026.<\/p>\n\n\n\n

La question n\u2019est pas de savoir si les \u00c9tats-Unis peuvent rembourser leur dette. La question est de savoir combien de budget ils devront sacrifier pour la servir, et pendant combien de temps.<\/p>\n\n\n\n

\n

\n Pour comprendre comment fonctionne l’emprunt souverain, qui d\u00e9tient r\u00e9ellement la dette am\u00e9ricaine, et \u00e0 partir de quel seuil une trajectoire d’endettement devient un probl\u00e8me, lisez le Fondamental\n « La dette publique : fonctionnement et soutenabilit\u00e9. »<\/strong>\n <\/p>\n \n Lire le Fondamental →\n <\/a>\n<\/div>\n\n\n\n

\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500<\/p>\n\n\n\n

Article r\u00e9dig\u00e9 par The Foundations \u2013 Les bases pour comprendre l\u2019actualit\u00e9<\/em><\/p>\n\n\n\n

www.thefoundations.co<\/a><\/strong><\/p>\n\n\n\n\t\t\t

\n\n\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tSpaceX entre en bourse \u00e0 1 800 milliards. Son chiffre d’affaires : 18,7 milliards.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\tLes banques valorisent SpaceX 1 800 milliards de dollars pour une entreprise qui a perdu…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\tMeta a rachet\u00e9 Manus. La Chine lui a ordonn\u00e9 de tout d\u00e9faire.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
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\n\t\t\t\t\tMeta a rachet\u00e9 Manus pour 2 milliards de dollars. Quatre mois plus tard, le gouvernement…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tFusions-Acquisitions (M&A)<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\tChaque ann\u00e9e, des milliers d’entreprises fusionnent ou se rach\u00e8tent pour un montant total de plusieurs…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tLes \u00c9tats-Unis paient plus d’int\u00e9r\u00eats sur leur dette qu’en d\u00e9penses militaires. Moody’s vient de rendre son verdict.<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\tPour la premi\u00e8re fois depuis les ann\u00e9es 1990, les \u00c9tats-Unis paient davantage en int\u00e9r\u00eats nets…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tLa dette publique : fonctionnement et soutenabilit\u00e9<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\tLa dette publique mondiale a d\u00e9pass\u00e9 100 000 milliards de dollars. Certains \u00e9conomistes parlent d’une…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t

\n\t\t\t\tStarship V3 d\u00e9colle : ce que ce lancement dit vraiment de la course \u00e0 l’espace<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\tLe 22 mai 2026, SpaceX a lanc\u00e9 la version V3 de Starship, la m\u00e9ga-fus\u00e9e la…\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tLire la suite<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t","protected":false},"excerpt":{"rendered":"

Pour la premi\u00e8re fois depuis les ann\u00e9es 1990, les \u00c9tats-Unis paient davantage en int\u00e9r\u00eats nets sur leur dette qu’en d\u00e9penses militaires : 952 milliards contre 886. Le 16 mai 2025, Moody’s leur a retir\u00e9 le triple A, derni\u00e8re des trois grandes agences \u00e0 le faire. Un signal que les march\u00e9s connaissaient d\u00e9j\u00e0. Un m\u00e9canisme que la plupart des gens n’ont jamais vu expliqu\u00e9.<\/p>\n","protected":false},"author":2,"featured_media":3373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[45,63,56],"class_list":["post-3339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie-finance","tag-breves","tag-etats-unis","tag-taux-dinteret"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1.png","uagb_featured_image_src":{"full":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1.png",1456,816,false],"thumbnail":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1-150x150.png",150,150,true],"medium":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1-300x168.png",300,168,true],"medium_large":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1-768x430.png",768,430,true],"large":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1-1024x574.png",1024,574,true],"1536x1536":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1.png",1456,816,false],"2048x2048":["https:\/\/thefoundations.co\/wp-content\/uploads\/2026\/05\/Moodys-1.png",1456,816,false]},"uagb_author_info":{"display_name":"Arnaud Cazan","author_link":"https:\/\/thefoundations.co\/fr\/author\/arnaud-cazan\/"},"uagb_comment_info":0,"uagb_excerpt":"Pour la premi\u00e8re fois depuis les ann\u00e9es 1990, les \u00c9tats-Unis paient davantage en int\u00e9r\u00eats nets sur leur dette qu'en d\u00e9penses militaires : 952 milliards contre 886. Le 16 mai 2025, Moody's leur a retir\u00e9 le triple A, derni\u00e8re des trois grandes agences \u00e0 le faire. Un signal que les march\u00e9s connaissaient d\u00e9j\u00e0. Un m\u00e9canisme que\u2026","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/comments?post=3339"}],"version-history":[{"count":1,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3339\/revisions"}],"predecessor-version":[{"id":3374,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/posts\/3339\/revisions\/3374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/media\/3373"}],"wp:attachment":[{"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/media?parent=3339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/categories?post=3339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefoundations.co\/fr\/wp-json\/wp\/v2\/tags?post=3339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}