Fed Folds With a Soft Pivot – Ep 850
The Peter Schiff Show Podcast
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The National Debt Is Spiraling Out of Control
When the national debt hits $35 trillion next year, which I think it will, at a 6% rate of interest, annual interest payments on the national debt would exceed the national defense budget, welfare, and education spending combined. If interest rates went to 8%, then interest on the national Debt would exceed what we spend annually on social security, national defense, and education combined. You see the problem here? Debt is spiraling out of control, and it's going to crowd out all the other government spending.
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