Are you UP FOR IT?!!
"the government’s tab for servicing the debt will top $700 billion a year"
And with the AFGHANISTAN ESCALATION that will BALLOON SOME MORE!
Also see: Interested, America?
Yup, that is why your are getting a war tax, a health tax, and a fart tax.
So BANKSTERS who set the WHOLE THING UP can get PAID USURIOUS INTEREST FEES of the ACCUMULATED DEBT and DESTROY a NATION!
"Interest-rate shock ahead for US debt" by Edmund L. Andrews, New York Times | November 23, 2009
WASHINGTON - The US government is financing its more than trillion-dollar-a-year borrowing with IOUs on terms that seem too good to be true.
But that happy situation - a result of interest rates dropping to extraordinary lows, even as the government has had to borrow more and more - may not last for long.
The whole tone of this piece is already annoying me, as if the debt and borrowing is a good thing!
Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides the emergency has passed. Even as Treasury officials are racing to lock in today’s low rates by exchanging short-term borrowings for long-term bonds, the government faces a payment shock similar to those that sent legions of overstretched homeowners into default on their mortgages.
Of course, in THIS CASE the GOVERNMENT PAYMENT SHOCK is YOUR SHOCK, taxpayers!!!!
With the national debt now topping $12 trillion, the White House estimates the government’s tab for servicing the debt will top $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink dramatically. Other forecasters say the figure could be much higher.
Yeah, except:
"Interest payments on the debt cost $452 billion last year, the largest federal spending category after Medicare-Medicaid, Social Security, and defense"
Whadda mean the NYT LIED?!!
And I can't pick up that trillion-dollar tab, sorry.
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. The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.
Well, WHO exactly did that living because it WAS NOT ME!!!!
The surge in borrowing over the last year or two is widely judged to have been a necessary response to the financial crisis and the deep recession, and there is still a raging debate over how aggressively to bring down deficits over the next few years. But there is little doubt that the United States’ long-term budget crisis is becoming too big to postpone.
And HE JUST ESCALATED the WARS!!!!!
Americans now have to climb out of two deep holes: as debt-loaded consumers, whose personal wealth sank along with housing and stock prices, and as taxpayers, whose government debt has almost doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode.
Yeah, right, the WARS and BANK LOOTING has NOTHING TO DO WITH IT!
It's you damn baby-boomers who kicked in trillions that were stolen that are the problem! So sayeth the NYT!!
The competing demands could deepen political battles over the size and role of government, the trade-offs between taxes and spending, the choices between helping older generations versus younger ones, and the bottom-line questions about who should ultimately shoulder the burden.
How about THOSE WHOM have LOOTED and PROFITED from all this?
Instead this will be used to KICK YOU in the MOUTH AGAIN, America!!!
Circumstances have postponed the day of reckoning to some degree, and a strong economic recovery could again ease the pressure, but as the prospect for a rapid escalation in government interest payments suggests, it will be hard to avoid it forever.
The problem, many analysts say, is that record government deficits have arrived just as the long-feared explosion begins in spending on benefits under Medicare and Social Security....
Yeah almost as if it were a PLANNED THING!!!!
Say GOODBYE to those programs you love, America -- because the GOVERNMENT NEEDS YOUR MONEY for WARS and BANKS!!!!
So far, the demand for Treasury securities from investors and other governments around the world has remained strong enough to hold down the interest rates the United States must offer to sell them. Investors have been so hungry for the relative security of Treasury bills and bonds that the government’s average interest rate on new borrowing last year fell below 1 percent. For short-term IOUs like one-month Treasury bills, its average rate was only 16-hundredths of a percent.
I'm so sick of s*** lies -- especially from you-know-who.
Those conditions are already beginning to change. Global investors are shifting money into riskier investments like stocks and corporate bonds, and they have been pouring money into fast-growing countries like Brazil and China. Eventually, the Fed will also start raising its benchmark interest rate back to more historically normal levels.
And SAY GOODBYE to the purchasing power of your dollar, America.
You are going to be in a world of hurt you could never have dreamed.
The United States will not be the only government competing to refinance huge debt. Japan, Germany, Britain and other industrialized countries have even higher government debt loads, measured as a share of their gross domestic product, and they too borrowed heavily to combat the financial crisis and economic downturn.
Yup, EVERY WESTERN GOVERNMENT is BEHOLDEN to BANKS!!!!
As the global economy recovers and businesses raise capital to finance their growth, all that new government debt is likely to put more upward pressure on interest rates. An increase of 1 percentage point in the Treasury’s average cost of borrowing would cost American taxpayers an extra $80 billion this year - about equal to the combined budgets of the Department of Energy and the Department of Education.
By the guys allegedly looking out for us and fixing the thing, huh?
(Blog editor snorts)
You have been raped by these vermin, American citizen!
--more--"
