CNBC recently featured an op-ed by Peter Tanous, in which the noted author and investment advisor warns of a potential economic catastrophe that none of the 2016 election’s presidential candidates is seriously addressing. The nation’s dire predicament, Tanous argues, is a direct result of how the extraordinary runup of the national debt during the past eight years will severely restrict how the federal government can spend money as interest rates increase from their historic, near-zero lows.
What makes his case particularly alarming is that he uses the Congressional Budget Office’s baseline scenario, which given the major candidates’ fiscal proposals, represents a best-case scenario:......
- Under this 2020 scenario, one-half of all personal income taxes would go to servicing the national debt.
- Debt service in 2020 would dwarf our military spending of $585 billion in 2016.
- Debt service would consume nearly two thirds of Social Security obligations......To Read More....
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