{"id":113,"date":"2009-09-02T18:52:38","date_gmt":"2009-09-02T22:52:38","guid":{"rendered":"http:\/\/zzzptm.com\/wordpress\/?p=113"},"modified":"2009-09-04T22:19:32","modified_gmt":"2009-09-05T02:19:32","slug":"interest-on-the-debt-vs-collapsed-economy","status":"publish","type":"post","link":"https:\/\/zzzptm.com\/wordpress\/?p=113","title":{"rendered":"Interest on the Debt vs. Collapsed Economy"},"content":{"rendered":"<p><em>&#8220;The US national debt is now over $11 trillion dollars. The interest on our national debt is now $340 billion. This is about at 3.04% rate of interest. In ten years the Obama administration admits that they will add $9 trillion to the national debt. That would take it to $20 trillion. Let&#8217;s say that by some miracle the interest on the national debt in 10 years will still be 3.09%. That would mean that the interest on the national debt would be $618 billion a year or over one billion a day. No nation can hold up in the face of those kinds of expenses. Either the dollar would collapse or interest rates would go through the roof.&#8221; &#8211; Richard Russell<\/em><\/p>\n<p>Ouch. That&#8217;s if the interest rates stay low. If the interest rates went up by 1%, that would increase the interest payments by $113 billion today and $206 billion in the future. That $618 billion, by the way, would be a third of all tax receipts, so that increase of 1% would mean almost half our taxes would go toward just paying the interest on the debt. <\/p>\n<p>But if we do not run up the debts, we risk an even worse nightmare scenario with crushing deflation &#8211; as prices collapse, so does consumer demand and with it, the engine that drives our economy. <\/p>\n<p>But that engine is getting an awful lot of gas&#8230; in order to avoid a standstill, we may be driving the economy into a brick wall.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;The US national debt is now over $11 trillion dollars. The interest on our national debt is now $340 billion. This is about at 3.04% rate of interest. In ten years the Obama administration admits that they will add $9 trillion to the national debt. That would take it to $20 trillion. Let&#8217;s say that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-113","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113"}],"version-history":[{"count":2,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/113\/revisions"}],"predecessor-version":[{"id":118,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/113\/revisions\/118"}],"wp:attachment":[{"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zzzptm.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}