Fastest growing US export: interest on foreign debt?

[Winehole23]

Several days ago, the Congressional Budget Office (CBO) released its preliminary analysis of the fiscal impact of the president’s FY2012 budget proposal. Its findings were not pretty. In no year between now and 2021 would deficits fall below 4 percent of GDP. Over the next decade, enacting the president’s proposal would create deficits totaling $9.5 trillion, $2.7 trillion more than the ulative deficit in CBO’s baseline budget. Federal debt held by the public would double from $10.4 trillion to $20.8 trillion, 87 percent of GDP, and annual interest on the debt would rise from 1.4 percent of GDP to nearly 4 percent. Even if the share of the debt held by foreign investors and governments does not increase over the next decade, CBO’s projection suggests that we’ll be shipping fully 2 percent of our GDP (almost $500 billion) overseas each year by the end of the decade, just to pay the interest on foreign holdings of U.S. government debt.

http://www.tnr.com/article/the-vital...-america-slept

via Political Calculations

[Marcus Bryant]

The middle class could put an end to this, but they're too busy ing about being overtaxed and/or that the "Super Rich" don't pay enough so they don't have to pay for the federal governance they expect.

[coyotes_geek]

Cue boutons and/or dan with the "debt isn't really a problem" rhetoric........

[boutons_deux]

debt really isn't the problem

reduced tax revenues from Repugs tax cuts and bogus wars and the VRWC-driven Bankster's Great Depression is the problem.

[Marcus Bryant]

Strangely, none of the middle class is willing to pay higher taxes nor see non-military related expenditures reduced, so your mindless ing is just that.

[Winehole23]

croutons might be part right: deficit financed tax cuts are one piece of the puzzle. It's his refusal to countenance en lement reform that puts the lie to his supposed fiscal probity.

[Marcus Bryant]

They are, but the American public ethic is that someone else pays for what we want. We expect not to shoulder our fair share, but rather to profit.

[coyotes_geek]

debt really isn't the problem

reduced tax revenues from Repugs tax cuts and bogus wars and the VRWC-driven Bankster's Great Depression is the problem.

Debt is the problem. Higher taxes and reduced expenditures are the solution.

[Winehole23]

Debt is the problem. Higher taxes and reduced expenditures are the solution.

Bingo.