Is It Bankruptcy Time for America?

"I tried to look ahead at least ten years to where we might be. At that time, we had $16 trillion in debt. Today it's doubled. It's over $32 Trillion. Our net interest cost in 2013 was about $200 Billion. That's a lot of money to pay in interest. But at present interest rates, and the current debt level, interest only will top $1.6 trillion very soon. That's simple math, $32 trillion times 5%. And more than half of all our tax receipts will be paying interest only. They call that bankruptcy time." - Kevin Freeman, CFAShow more

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