September 19, 2014

Economy Experts Say U.S. is Sinking

October 8, 2010
The Portsmouth Herald

Excerpt

(Concord Coalition Executive Director) Bixby said paying down the nation's net interest for debt is costing America billions of dollars a year.

"That's what we pay on the debts we have accumulated, just like a consumer pays on their credit card," Bixby said. "(Net interest) is more than we're spending on wars in Iraq and Afghanistan."

Bixby said, essentially, a big deficit means big debt, and the country is on track to pay $200 billion in interest on its debt this year alone. If nothing is done soon, Bixby said, the interest costs could reach $900 billion in the next 10 years.