Guest
08-02-2011, 09:37 AM
In that the cost-cutting in this most recent debt-ceiling bill is so minuscule--only a little more than 6% of total spending over ten years--it's certain that we'll be witnessing what we've seen recently many more times in the coming decade, as several further increases to the debt ceiling will need to be authorized. More posturing and misleading soundbites from do-nothing, self-serving members of our elected government. If spending isn't cut any more than this, continued deficit spending will almost double the national debt in ten years--if the Chinese continue to lend to us!
If spending is capped at 2011 levels and if interest rates stay the same as they have been--not likely if our credit rating is downgraded--then interest as a percentage of total spending will increase from 9% to about 17% of total federal spending.
I wonder what gets cut to pay for the increased interest we'll be paying the Chinese, Japanese, Saudis and the investment bankers who run the bond funds?
If spending is capped at 2011 levels and if interest rates stay the same as they have been--not likely if our credit rating is downgraded--then interest as a percentage of total spending will increase from 9% to about 17% of total federal spending.
I wonder what gets cut to pay for the increased interest we'll be paying the Chinese, Japanese, Saudis and the investment bankers who run the bond funds?