Quote:
Originally Posted by adpimiz
The biggest negative consequence, in my opinion, in the short-term is the interest on the debt. Interest rates are currently quite low. If interest rates were to rise, people wouldn't even be contributing to the debt with their taxes - they'd simply being paying off the interest.
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I've heard some projections that state if we keep on the current spending streak that a decade from now we wouldn't even be able to afford to pay the interest. Personally I would have liked to see a dollar for dollar tax increase/spending cut measure but both parties would rather continue to kick this can down the road to Greece. I'm also for a flat 15-20% tax rate for everybody, even the poor and middle class. Good enough for Europe, good enough for us, right?
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