“It’s a train wreck coming, we all know it’s going to happen”
$554 billion in 2015 from $185 billion in 2010
Two wars has strapped the current administration with explosive debt expense growth.
Percent of GDP spending on debt service is:
1.7 percent of United States
2.5 percent for Germany,
2.6 percent for the United Kingdom
2.9 percent for Japan
1.7 percent for Mexico
5.2 percent for Brazil
0.4 percent for China
While some of the lowest borrowing costs on record have helped the economy recover from its worst financial crisis since the Great Depression, bond yields are now rising as growth resumes. Net interest expense will triple to an all-time high of $554 billion in 2015 from $185 billion in 2010, according to the Obama administration’s adjusted 2011 budget.
The amount of marketable U.S. government debt outstanding has risen to $8.96 trillion from $5.8 trillion at the end of 2008, according to the Treasury Department. Debt-service costs will climb to 82 percent of the $757 billion shortfall projected for 2016 from about 12 percent in last year’s deficit, according to the budget projections.
A South Carolina state politician wants the state to develop its own gold and silver-based currency in case the Federal Reserve collapses and hyper-inflation ensues.