“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:
Paul Craig Roberts: Washington Thinks You Are Stupid
Personal Retirement Accounts Are Great only if You Can Stop Confiscation
Bloomberg: “Libertarians Are The New Communists”
Bill Bonner: The Bear Market in Bonds
The Debt Ceiling Battle Is Coming
Is the U.S. the World’s Moral Authority as Obama Thinks?
Bill Bonner: Sooner or later, markets change
Who Wants War with Syria?
Digital Technologies vs. Truth Suppression
Bill Bonner: Ike’s Warning
Extraordinary Directed History of the WTO Trade Breakthrough
The Pretense of Knowledge Is Alive & Well
Outrageous HSBC Settlement Proves the Drug War is a Joke
Biden’s and Carney’s Vacuous Justifications for Bombing Syria
Ron Paul: Immigration 'Reform' Will Turn the US into a Police State