Over the last 5 years, debt held by the public rose by more than $1.5 trillion, to $4.84 trillion, a 46% increase. What does it cost the Treasury to finance an additional $1.5 trillion? Even with today's unusually low level of longer-term interest rates, probably around $70 billion/yr. Essentially, that's the cost of lowering taxes without curbing spending. |
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OpedNews volunteer from 2005 to 2013.
Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.