CBS: The U.S.'s interest payments are about to skyrocket. Does it matter?
The Fed's interest rate hikes are doing more than hitting consumers in the credit cards. They're also making it much more expensive for the U.S. to carry its debt load.
While they're not currently a subject of President Trump's Twitter outrage, America's interest payments have become a point of concern for some on Wall Street. Those payments are projected to triple to more than $600 billion by 2023, reflecting rising interest rates as well as the exploding deficit. That figure approaches the amount the U.S. spends on national defense every year, and dwarfs what it spends on agriculture, Medicaid, income security and veterans' programs, to name just a few.
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WNU Editor: When the government pays zero interest on the money that they borrow no one cares. But when it gets to 2 to 3 percent .... it starts to hurt. Five percent a growing panic. Anything above 7% becomes a potential disaster with real pain. Above ten .... think of Greece. I can spend all night explaining why the current FED policy of raising interest rates just when the economy is expanding is a recipe for disaster. Bottom line .... and President Trump is right on this one .... it is not going to end well if it continues.
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