What will happen when the INTEREST on the National debt equals all of the revenue collected by the federal government?
That is expected to occur in approximately three years- 2012.
According to Dick Morris the government now pays 3% interest on the debt, but in three years that rate is expected to rise to 6%. That is the tipping point when 6% interest paid on the debt will equal ALL the revenue collected by the federal government.
While President Bush had 200 Billion dollar deficits, Obama has promised TRILLION dollar deficits annually added to the existing national debt that is serviced at 3%. Calculating a modest interest increase to 6% over the next three years the INTEREST on the national debt will equal all the revenue collected by the federal government.
WHAT WILL HAPPEN?
WHAT IS THE FIX?
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For eight years our government put everything on a credit card. Two wars, a huge medicare drug program (election bribe), and tax cuts. When have we ever had a war without taxes to pay for it? This has literally bankrupted our country.
ReplyDeleteThe money spent on the eight years of war that you refer to is only a fraction of what Obama has wasted in his first 9 months in office. Educate yourself please before commenting, Obama has spent more in 9 months than all of our other presidents starting with Washington added togeather. A liberal never fails to try and blame George Bush for everything.
ReplyDeleteVery intriguing question.
ReplyDelete1.We will be bankrupt and life as we know it will no longer exist.
ReplyDelete2.The fix is get rid of Obama and the democrats and elect conservative republicans or better yet libertarians.
At the rate we are spending I have no doubt this situation will occur. We will no longer be able to borrow money from other countries and we will not be able to continue to fund all of the social programs that are in place today. Civil unrest will follow and possible civil war. A disaster is coming and nothing is being done about it. Our leaders think globle warming is a big problem but faced with the looming financial disaster, globle warming is insignificant.
ReplyDelete10:32 is correct. Governments don't go bankrupt and quietly go out of business, they usually die a bloody death.
ReplyDeleteI agree with 10:32 and 11:04 but our elected officials don't seem to realize what is happening. They only seem to be focused on spending even more money on things we cannot afford like universal health care and other wasteful programs. If we don't get conservatives in office I'm afraid the end is near.
ReplyDeleteObama got money
ReplyDeletehe gonna get it from his stash!
The Govt. will raise taxes and put off the civil unrest for a few more years, then we will join the New World Order and the New World Govt. will control all the money.
ReplyDeleteWow...only took the first poster to bring up the same tired excuse. Bush did it...blame it on him.
ReplyDeleteDems are a one trick pony. The trick is old and needs to go in front of a death panel.
I am hoping that enough sheeple will wake up before it is too late. Congress needs to be 100% honest, tell us what is going on. Leave our Constitution and laws alone and lets get out of this mess. I wish we could impeach your piece of crap lair-in-chief and the entire Congress and start over.
It's probably to late to stop the coming disaster. Obama and congress have no plans to cut spending and they can only tax the folks so much and there will be nothing left to tax. I don't think american will stand for a new world order but they better stand up now and fight what is going on or there will definately be civil unrest in this country.
ReplyDeleteWe are no longer a super power thanks to Obama. We are no longer the richest country on earth. Obama is making sure of that also. Obama wants us to be like third world country and that is exactly where we are heading under his lack of leadership. When we can't pay the debt, we will also not be able to defend ourselfs from other countries so we will surely fail and be taken over.
ReplyDeleteThe forecast does NOT include the TRILLION to be spent on Obamacare.
ReplyDeleteThat TRILLION will speed up the scenario.
No one has a fix???
ReplyDeleteThis is a problem.
2012 is when the Mayan calendar ends
ReplyDeleteNo your answer is and continues to be..blame Obama. Get your facts straigt. Bush and only Bush got us into this mess! I can't understand why some people are so dumb...maybe racist is more the term. Bush got us into a unnecessary war, where are those weapons of mass destruction? Revenge for his daddy is what already had us in debt with high gas and oil prices that he profited from. Write your crybaby letters to him and see if he offers you some bailout money like he gave some corporations. You voted for a moron for two terms. Obama has been in office 9 months, get off his di@K and let him get something accomplished. He won, get over it and stop being unpatriotic. The majority voted and thank god the Eastern Shore doesn't represent the majority.
ReplyDeleteThe sky is falling! The sky is falling!
ReplyDeleteC'mon people. Another scare tactic by the Republicans?
What's going on now that they're not wanting us to know about?
This stuff comes out when a diversion is needed. What from this time?