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#2934016 - 09/06/12 10:13 AM The REAL fiscal cliff
FLTENNHUNTER1
16 Point


Registered: 11/21/07
Posts: 16574
Loc: Tampa FL

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http://www.washingtontimes.com/news/2012/sep/3/the-real-fiscal-cliff/



The current national debt is about $16 trillion. This is just the funded portion ó the unfunded liabilities of the Treasury, such as Social Security and Medicare, and off-budget items, such as guaranteed mortgages and student loans, loom much larger. Our recent era of unprecedented fiscal irresponsibility means we are throwing an additional $1 trillion or more on the pile every year. The only reason this staggering debt load hasnít crushed us already is that the Treasury has been able to service it through historically low interest rates (now below 2 percent). These easy terms keep debt-service payments to a relatively manageable $300 billion per year.

On the current trajectory, the national debt likely will hit $20 trillion in a few years. If, by that time, interest rates were to return to 5 percent (a low rate by postwar standards) interest payments on the debt could run around $1 trillion per year. Such a sum would represent almost 40 percent of total current federal revenues and likely would constitute the single largest line item in the federal budget. A balance sheet so constructed would create an immediate fiscal crisis in the United States.

Read more: SCHIFF: The real fiscal cliff - Washington Times http://www.washingtontimes.com/news/2012/sep/3/the-real-fiscal-cliff/#ixzz25heardIw
Follow us: @washtimes on Twitter


Prepare now, there is no escape. Everyone WILL be effected by this.
_________________________
"The fore horse of this frightful team is public debt. Taxation follow that, and in its turn wretchedness and oppression."
--Thomas Jefferson
18 Trillion http://www.usdebtclock.org/

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#2934053 - 09/06/12 10:49 AM Re: The REAL fiscal cliff [Re: FLTENNHUNTER1]
Still-n-Quiet
10 Point


Registered: 07/18/06
Posts: 4888
Loc: San Antonio, TX

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A common household would have sought bankruptcy by now!
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Mike

Searching for the elusive "Moderate" liberal and "Moderate" Muslim. Maybe they are hiding together...

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