"Many economists dont think it will get this bad, but if it rises to even 5%, the cost will be $1 Trillion in annual payments. For comparison, the Federal Government spends ~$1.2 Trillion per year on Social Security and ~$1.4 Trillion on Medicare."Read on Twitter
Here are other recent tweets from Bryan Steil:
"Why is there a risk debt payments will balloon? In the 1980s when inflation was last at ~8%, average interest on the debt was ~10%."Read on Twitter
"If we were paying interest on the debt of 10% last year, the cost of our interest on the debt would be ~$2 Trillion. Almost the cost Social Security and Medicare combined."Read on Twitter
"Our current Treasury debt has different maturity dates and the impact will not be felt immediately. But it will be felt soon. It will increase over time as new debt is issued."Read on Twitter
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