We now pay 26% of Tax Revenues towards interest on the Debt!
And, to your delight, that percentage will be going up as interest rates begin to climb. So, just keep on keeping on voting for the Dems and Repubs!
I know how y'all just love the Status Quo.
Thanks to the Rebubs and Dems, not only do interest payments threaten to consume the federal budget, but they also threaten to plunge the nation into fiscal crisis. Even a modest rise in interest rates could lead to a financial emergency, with the U.S. facing a dangerous spiral of rising interest costs and increased borrowing to finance those interest costs.
From Pew research as of 2nd Q 2013...
The debt is about equal to gross domestic product (GDP), which was $16.661 trillion in the second quarter. (The government’s first read on GDP for the third quarter, which ended Sept. 30, isn’t due till the end of this month, but it likely will be delayed because of the federal shutdown.) Debt as a share of GDP has risen steeply since the 2008 financial crisis.
Not to worry though as Social Security is our largest Debt Holder thanks to Tea Party darling Newt Gingrich and Pres Clinton. After all, when we default on paying back SS, only the old and those receiving SS will suffer at first.