Quote: "For every 1% increase in interest rate, the debt servicing cost goes up by $160 million per annum."
WRONG!!! Make that $160 billion per annum.
Simply put, there is no way the economy can ever grow fast enough to meet the rising cost of the federal debt load.
Something's gotta give; and it won't be pleasant.
Gosh, for a moment I thought to myself, hey $160 Million ain’t so bad.
Now this is BAD news.
Unfortunately, very few in Washington have this sense of crisis or urgency...
Jeepers! but what I don't think it matters. Our National Magistrate and our National Legislature are junkies, strung out on deficit spending. Both will go on spending money we don't have until the system collapses. Just as a junkie's veins collapse from a constant injection of narcotics.
Amy Winehouse (I know, Amy died of alcohol poisoning . . . same thing) here we come.