The Obama administration today is benefiting from record low interest rates. At the current 2.43% average, financing US sovereign debt in FY2013 cost $416B; chicken feed by federal standards. Apply the more typical 6% Clinton-era interest rate and existing debt service totals $1.03 trillion annually, 27 percent of total FY2013 outlays. If interest rates go up, or the American people and the world lose confidence in the dollar, this economy — and all those lavish, compassionate welfare programs along with it — goes kaput.
Posted on: Sat, 19 Oct 2013 22:35:21 +0000
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