Comments on: Housing, Profits, Confidence: Mending Continues http://www.citizeneconomists.com/blogs/2009/11/25/housing-profits-confidence-mending-continues/ Citizen Economists is an online economics magazine written by citizen journalists. These ordinary citizens provide reports and commentary on the current events affecting the economics of the fields they work in. Wed, 08 Feb 2012 04:44:52 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Ray http://www.citizeneconomists.com/blogs/2009/11/25/housing-profits-confidence-mending-continues/comment-page-1/#comment-24402 Ray Wed, 25 Nov 2009 23:32:14 +0000 http://www.citizeneconomists.com/blogs/?p=2441#comment-24402 With the national debt topping $12 trillion, the White House estimates that the government's tab for servicing the debt will top $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink dramatically. In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan. (By Edmund L. Andrews, NY Times News Service) Not to mention the inevitable bankruptcies of the Social Security system, Medicare and Medicaid. We'll need more than confidence to take away the federal government's magic checkbook. With the national debt topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will top $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink dramatically.

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
(By Edmund L. Andrews, NY Times News Service)

Not to mention the inevitable bankruptcies of the Social Security system, Medicare and Medicaid.

We’ll need more than confidence to take away the federal government’s magic checkbook.

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