If government debt is not controlled by spending cuts (tax increases on the rich make scarcely a dent), the U.S. is headed for drastic economic decline. Interest rates will rise to attract wary international investors. Rising interest rates will in turn increase our debt service burden, while a diminished private sector will provide less and less tax revenue. The combination of spiraling debt service and entitlement spending will quickly leave no funds for any other purpose.Think: Mad Max
Tuesday, December 04, 2012
Republicans are attempting to divert the nation — not from the “fiscal cliff” but from something much worse...
Labels:
debt,
fiscal cliff,
fiscal crisis,
interest rates,
Republicans,
rich,
taxes,
U.S. economy
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