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Bell said in four years if interest rates gradually return to historic norm of 4.75 percent on the ten-year note, the federal government will be spending as much on interest as it does on all discretionary programs, both defense and non-defense.

http://nbcpolitics.nbcnews.com/_news/2012/09/24/14071974-as-...
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Are you suggesting that there is a slippery slope to Greece?

Howie52
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nope... we are not greece.. if we go down everyone will go down the slope with us...
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Bell said in four years if interest rates gradually return to historic norm of 4.75 percent on the ten-year note, the federal government will be spending as much on interest as it does on all discretionary programs, both defense and non-defense.

Yup. I don't think we understand the extent of the problem. And a little farther in the future, if we continue deficit spending, the interest will exceed the entire budget.

That will never happen. The gov't will greatly devalue the dollar, reneg on some of it promises, etc.
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Are you suggesting that there is a slippery slope to Greece?

Unless conditions change drastically, we are mostly on the way to Greece. The biggest difference is that we can print worthless paper
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<<
That will never happen. The gov't will greatly devalue the dollar, reneg on some of it promises, etc.
>>

The government is already devaluing the dollar.... hint look at a 12 year chart of gold and oil or any other limited commodity...
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<<
Unless conditions change drastically, we are mostly on the way to Greece. The biggest difference is that we can print worthless paper
>>

and that is a big difference... :-) paying off worthless paper with worthless paper .... even better is trading worthless paper for oil and other goods from other countries.... and then sending them US treasury notes to trade for all the worthless paper they are holding.... :-) we have been living off that cycle for 25 years....
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The government is already devaluing the dollar.... hint look at a 12 year chart of gold and oil or any other limited commodity...


But even more
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we have been living off that cycle for 25 years....


True, but how much longer will this be an option?
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and that is a big difference... :-) paying off worthless paper with worthless paper ....

Do you know who holds the largest portion of the National debt?

US population
US businesses

And yes .....

Social Security!

Then China


Bears

We are doomed
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We are doomed
>>

Horese puckies...

not even close.... unless we keep electing people who want to go to Washington and have food fight in the Congress...

We have no problems that could not be worked out and solved if our leaders wanted to solve them. For 3 years the GOP primary goal was to make President Obama a one term president... looking like they are failing.. and the GOP in Congress seems to be taking a hit lately in getting blamed for why we are on the wrong track. I am hoping for a 50 - 50 Senate and close to a 50 - 50 House and hope there will be 10 or so on both sides of the aisle that want to get something done.
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<<
We are doomed
>>

Horese puckies...

not even close.... unless we keep electing people who want to go to Washington and have food fight in the Congress...


I love America, but the numbers dont add up

$16 trillion in debt
Interest on that debt is almost $1/2 trillion
If the interest on the debt goes to 4.5%, the yearly debt interest will exceed all military and general spending of the government
Social Security is unfunded
Medicare is near broke
Medicaid is broke
Pensions are under funded
People have little savings, including 401Ks (average for person 64 is @ $125,000.
People have huge personal debt
States are broke
Cities are broke
Students with college loans cant get jobs

To mention a few

Bears
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Don't worry. Be happy> Once Obama is reelected the Republicans won't have to try to frak everything up to prevent him from being a three term President.

They'll get back to real work.

Ken
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