to about $800 billion a year.
$800 billion a year in added
interest costs.
added interest costs.
that's larger than the defense
budget.
that's roughly twice current
corporate tax receipts.
it's about 80% of personal
income tax receipts.
so, in other words, not to
shrink the deficit, but just to
pay the average at interest cost
we basically have to abolish the
defense department completely or
we'd have to have an 80% rise in
all personal tax rates.
doesn't work.
math doesn't work.
the markets are going to call us
on it long before then.
because we are in a situation
that economists call fiscal
dominance.
our monetary policy,
unintentional
unintentionally, has now become
dominated by fiscal necessity.
and we're not admitting it to
ourselves yet and we didn't get
there because we chose to, we
went there for the right reasons