Monday, January 25, 2010
Hell Cometh
The Global Debt Bomb: Spending our way out of worldwide recession will take years to pay back--and create a lot of pain. (Forbes)
National governments will issue an estimated $4.5 trillion in debt this year, almost triple the average for mature economies over the preceding five years. The U.S. has allowed the total federal debt (including debt held by government agencies, like the Social Security fund) to balloon by 50% since 2006 to $12.3 trillion. The pain of repayment is not yet being felt, because interest rates are so low--close to 0% on short-term Treasury bills. Someday those rates are going to rise. Then the taxpayer will have the devil to pay.
Related
Figures on government spending and debt
News Flash: Entitlement Spending Grows Like Giant Cancer on U.S. Economy (via Instapundit)
National governments will issue an estimated $4.5 trillion in debt this year, almost triple the average for mature economies over the preceding five years. The U.S. has allowed the total federal debt (including debt held by government agencies, like the Social Security fund) to balloon by 50% since 2006 to $12.3 trillion. The pain of repayment is not yet being felt, because interest rates are so low--close to 0% on short-term Treasury bills. Someday those rates are going to rise. Then the taxpayer will have the devil to pay.
Related
Figures on government spending and debt
News Flash: Entitlement Spending Grows Like Giant Cancer on U.S. Economy (via Instapundit)
Labels: economics, obama, pelosi, reid
