[But if] we were to pay an average interest rate on our debt of 5.7 percent, rather than the 2.4 percent we pay today, in 2020 our debt service cost will be about $930 billion.The welfare state on the brink.
Now compare that to the amount the Internal Revenue Service collects from us in personal income taxes... In 2012, that amount was $1.1 trillion, meaning that if interest rates went back to a more normal level of, say, 5.7 percent, 85 percent of all personal income taxes collected would go to servicing the debt. No wonder the Fed is worried.
Thursday, September 26, 2013
CNBC offers a reality check for drones, progressives and other miscreants: "prepare for a new American revolution"
Director Blue reports:
Posted by Steve Bartin at 3:35 PM