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Raise the debt ceiling!
Sunday, December 20, 2009
From Rick McKee of The Augusta Chronicle via Time Magazine.
If anyone has located a good cartoon related to the Ben Bernanke Time Magazine Person of the Year award, please let me know about it - you'd think that there would at least be a good one or two involving pinning a medal on the captain of the Titanic, or something like that.
6 comments:
Has anyone out there done any calculations on when we will reach the year that the interest on the national debt, will equal all taxes collected by the Federal government?
2025?
2030?
Dunno, but a good question.
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If the interest rate is zero, the debt can be infinite without any interest payment problems.
That is, interest will become a problem as soon as the interest rates rise. The 1982 interest rates would do the trick, and then some. Ben could precipitate loss of confidence in the dollar with all of his printing. Good luck then trying to borrow in dollars.
The fed gov usually takes about 20% of GDP in taxes. If the debt is equal to GDP, a 20% interest rate will use up all the taxes. If debt goes to twice GDP, 10% interest rates will do it.
That cartoon with the congressmen standing on a house made out of a deck of cards is a hoot. It speaks volumes, doesn't it? Anyway, I don't have what you're asking about the cartoon on the person of the year award, but I will let you know when I find one. We deserve a laugh every now and then.
Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)
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