its congress as well you know going from 10 trillion to 17.5 Trillion next year in 5 years time from 2008 to 2013 that's 75% growth rate in debt in 5 years time that's unsustainable.
Amazing we can have record debt at record low interest rates... and with record breaking budget deficient its really record breaking if you do it according to GAAP Accounting and include unfunded liabilities like social security and medicare liabilities...
Anyway it's a Huge Debt Bubble and when it goes bust and by bust i mean when interest rates start to rise and the value of bonds start to fall and all the banks and everyone is caught holding the bag then the party will be over.
If you think that the house bubble bust was bad just wait till the debt bubble bust happens you haven't seen nothing yet that will send the economy into a tail spin...
17.5 Trillion Every 1% rise in rates would cost the federal goverment a extra 175 Billion a year in intrest payments
2% 350 Billion in increased payments
3% 525 Billion
4% 700 Billion or about what we spend on Defense each year
5% 875 Billion anyway you see how this spirals out of control
7% like Spain today 1.2 Trillion Dollars or Half the federal tax revenues
anything higher then that and yeah over half every tax dollar goes to just pay interest on the national debt its a receipt for bankruptcy
and hell like i said they dont even include the debt numbers for social security or medicare in those figures start to figure that crap in and hell the numbers goes off the charts its astronomical
We're a bankrupt national spiraling out of control in debt and its a ticking time bomb that will one day explode in all our faces
#board-2412
"We are what we repeatedly do. Excellence, therefore, is not an act, but a habit." - Aristotle
