A proposed emergancy spending CUT of a trillion dollars would do a lot more for the economy than spending a trillion dollars of borrowed money.
Count on interest rates doubling in the next 4 to 8 months. When the Chinese say they want PAID a real return for funding our economy (instead of 1% or less) the brown waste product will hit the fan. Most of the US dept is financed at fixed rates with 2-4 year terms.
A run up in interest rates will be felt immediately by the nation government. Interest on the US debt is 8% of the budget - a return to "normal" interest rates (say 5%) increases the interest on the national debt to MORE THAN WHAT WE SPEND DEFENSE. Thats if interest rates only go back to mid 1990s levels - hardly high but still crushing to a high debt country addicted to borrowing. If they actually get "high" (in 1980 they were 15%) the federal debt explodes like a college kid's credit card debt.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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