Payback Time - Wave of Debt Payments Facing U.S. Government - Series - NYTimes.com
With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
Even the NY Times recognizes that we are on a dangerous path. Read the rest of the article - scary stuff that no one in Washington is talking about.
This is the underlying white lie in the health care debate. The fact of the matter is that we can not afford all that the Feds are trying to do. So we must make choices. What are we going to give up in order to have national health care? So far, our brilliant Congress is telling us that we can have it all. Does anyone believe this.
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