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Soaring Deficits and Interest Costs Leave the U.S. Looking Very Fragile
You can see that the Fed’s rate hikes (up only two percentage points since December 2015) have significantly increased the interest burden. In fact – the CBO says. . . “By the end of the projection period [2028], such spending [net interest costs] would almost quadruple as a percentage of GDP and would about equal spending for Social Security, currently the largest federal program.” At its current rate – according to the CBO – interest due on the national debt will cost over $915 billion per year by 2028. That’s only nine years from now. . . How will the U.S. pay cornerstone endeavors – like Social ... (full story)
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