In response to:

We're the Next Greece

Marhefka Wrote: Oct 28, 2013 9:18 PM
The author said: "At some point, there will no longer be any low-interest credit available to continue letting Santa Claus run the U.S.; the interest owed on existing debt will exceed tax revenues." I just don't see how that is possible. By the time Barry's term is over, the debt will be 20 trillion dollars. Today the interest rate is only 2%. Let's assume that in 2016, the interest rate will be the average rate of 5%. That would mean the interest on 20 trillion would be 1 trillion. That is about 80 billion a month. Our tax revenues are about 225 billion a month. Isn't 225 more than 80? Of course, if we have a recession and/or interest rates go up, then it is possible.