There are a few facts that most all thinking Americans can agree upon. It is a salient fact that the Federal Reserve has kept interest rates suppressed for many years until just recently. We would all likely agree that the Federal Reserve has kept interest rates low in order to fend off further economic crashes. Unfortunately, the rising rates are likely to trigger the next crash.
If we simply look to the debt increases during the previous administration, I believe we can agree that the debt grew from $12.3 trillion to $20 trillion during the eight years of the Obama administration.
It is a relatively well-known fact that the average rate paid to service the federal debt over the past 30 years comes to just about 5 percent.
The Congressional Budget Office produced an estimate of the debt that will likely be held by the public in 2020. A 5 percent average interest on that estimate, $17.8 trillion, comes to an annual debt service cost of $891 billion. Accordi...
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