…when the New York Times runs a cover story suggesting that one way of getting out of the crushing national debt is to default on all loans.
The interest alone on the government’s debt may soon quickly exceed anything this country has ever known. Did we not learn anything from the sub-prime mortgage crisis? From the article:
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.