The interest payment on our debt is currently $300 billion dollars per year, heading towards a projected $1 trillion dollars within a decade. At that point, a fifth of all federal taxes will go towards the interest on the debt, not education, infrastructure, and defense – you know, the stuff government is supposed to do. And that’s with historically low interest rates. Imagine if those rates normalized. Well, maybe you don’t want to imagine it because that picture is very dark.
In a better world, voters would be marching on Washington, demanding that our politicians dig us out of this hole before we’re buried in it.
In the real world… almost no one cares.
h/t SG