Within a decade, the United States will be spending more of the federal budget on its interest payments than on its military. You read that right: more on debt service than on the armed services. According to the CBO's 2010 long-term budget outlook, by 2020 the government will be paying between 15 and 20 percent of its revenues in debt interest. Whereas defense spending will be down between 14 and 16 percent.- Mark Steyn
Thursday, February 6, 2014
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The liberal mind thinks this is good.
ReplyDeleteSteyn was quoting figures good as long as the Fed keeps printing money to keep the interest down. Those two budget lines may cross well before 2020!
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