One side effect of the super low interest rates from the fed was keeping our interest payments on the debt low. But as more and more treasury auctions fail because the world cannot absorb a trillion dollars in debt a year, the interest payment on the 22 Trillion dollar debt approaches closer to a trillion dollar a year.
So if our federal income is 3 Trillion a year, and our expenditures are 4 Trillion, and on top of that our debt payments are another trillion, that means our debt will increase TWO TRILLION dollars a year. That’s 75% of income! That means a snowball. That means a death spiral.
Yet Trump is out promoting his new 730 Billion dollar military budget with no talk of balancing the budget. We need to cut our budget in half. Immediately.