How interest rates could double, triple or quadruple?
By Daniel at 5 May, 2009, 4:49 am
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Tonight, Financial Armageddon just came out with their latest email alert on their latest article.
quote
The Congressional Budget Office expects interest payments to more than quadruple in the next decade as Washington borrows and spends, to $806 billion by 2019 from $172 billion next year.
http://www.financialarmageddon.com/2009/05/big-numbers.html
And that doesn’t include the interest on trust funds nor the extra borrowing that will be needed to make up their shortfalls.
Look at the budget and you see that interest on debt is about $500 billion.
“In Fiscal Year 2008, the U. S. Government spent $412 Billion of your money on interest payments* to the holders of the National Debt.”
The budget for 2009 was about $470 billion and I expect this coming budget will be $500 billion or 1/2 a trillion with all the new debt we are running up.
But, they only like to talk about the interest on public debt as if the workers in America that have for decades, paid into the trust funds and loaned their labor, yes their labor for money represents their work, don’t count.
Why? Because the “accountants” say that we can eliminate that debt by just legislating it away. That, of course would mean we no longer pay the Medicare bills or the S.S. checks and I think there would be such a revolution that to even say that we could do that, makes no sense. Yet, that is their justification for not counting the debt or the interest on that debt.
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