"Take Social Security, Medicare and other benefits. Add in interest payments on a national debt that now exceeds $12.3 trillion. It all will gobble up 80 percent
of all federal revenues by 2020, government economists project."
What happens when interest rates rise?
posted on 02/16/2010 1:31:50 AM PST
(A government which robs from Peter to pay Paul will always have the support of Paul.)
When interest rates rise, everyone with a home equity loan, variable rate mortgage, and credit card debt is going to have even less to spend than they do today.
The triple whammy will hit, higher interest costs, higher taxes, and inflation - return of the misery index.
Since the government did little to pay down debt during the good economic times, and embarked on huge borrow and spend, it’s economic disaster, if we don’t get this turned around soon.
posted on 02/16/2010 1:50:57 AM PST
(Moderation in defense of your country is NO virtue. Let Freedom Ring.)
All out war against the bamkers.
posted on 02/16/2010 1:57:17 AM PST
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