Political Quotes

“Madam President, over the next 10 years, our national debt is set to balloon from $21.16 trillion today to more than $33.9 trillion in 2028. With interest rates set to increase, the payments on the debt will also likely double over the next 10 years as a percentage of total economic output. Consider for a moment the fact we are paying a little more than $300 billion a year to service our debt. It is not that much more than we were paying a couple of decades ago when our national debt was roughly one-fifth, one-sixth of its current size. The only reason our debt service payments are as low as they are today is that our interest rates are at all-time historic lows. Our Treasury yield rates are artificially, historically, aberrationally, severely low. The situation gets a lot worse if our artificially, historically low interest rates increase or start to return to their historical averages at a pace quicker than has been projected, as is easily possible. For example, if interest rates were to return just to historical norms--I am not talking about a rebound above the historical average, just a rebound to historical norms--taxpayers would soon be drowning in trillion-dollar annual interest payments just for the interest on our debt, which means just the difference between what we are paying in our debt service payment now and what we would be paying then, possibly a few short years from now. It is more than we spend on the Department of Defense.…”