“On the current trajectory, the national debt likely will hit $20 trillion in a few years. If, by that time, interest rates were to return to 5 percent (a low rate by postwar standards) interest payments on the debt could run around $1 trillion per year. Such a sum would represent almost 40 percent of total current federal revenues and likely would constitute the single largest line item in the federal budget. A balance sheet so constructed would create an immediate fiscal crisis in the United States.”
http://www.washingtontimes.com/news/2012/sep/3/the-real-fiscal-cliff/
(Visited 68 times, 1 visits today)
Related posts:
Trump Wants to Make It Easier to Start a Nuclear War. This Should Petrify Us
Not Speedy + Not Public = Not Legal
The British Empire in Yemen
Pepe Escobar: The Real Currency, Gold and Energy War in Mali
Bill Bonner: Is this the end for the bull market in gold?
Bill Bonner: Ike’s Warning
Why Is the U.S. Government Funding Islamic Terrorists Who Are Killing Christians?
Eric Margolis: Tensions on the Korean Peninsula
Is America Going to Hell in a Handbasket?
For Pakistanis It’s A Boston Marathon Bombing Nearly Everyday
If You Really Want to Save Lives, Take Aim at Government Violence
Run Snowden Run!
Ryan and Biden: Birds of a Feather
Now Obama wants your 401(k)
How Do Ponzi Schemes End?