Monday, October 10, 2011

What debt crisis?

You have heard the warnings from the Republicans.   The United States has a severe debt crisis.  If we don’t drastically cut spending right now, then the U.S. will go bankrupt, just like Greece.  Out debt is intolerable.  Trillions upon trillions must be cut from federal government spending to “get our house in order.” 

Well, here is an interesting statistic you never hear discussed by Democrats, Republicans or the mass media.  I quote from Mark Weisbrot is co-director of the Centre for Economic and Policy Research, in Washington, DC:

The federal government’s net interest payments on our public debt are running at around 1.4 percent of GDP, about as low as they have been in the past 65 years.

So much for our short term debt crisis.  It doesn’t exist.

Read more here:

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