It’s impossible to default on the debt—-years down the road, maybe
Average monthly interest costs are $18 billion….. we take in on average $225 billion. By law, the president must pay interest first before anything else.
In addition to interest we must roll over the $550 billion of maturing debt each month. Newly issued bonds replace maturing bonds with no net change in total debt outstanding. If the Chinese and other investors won’t purchase them, Federal Reserve Chairman Bernanke will just buy them for the Fed’s account.
When confronted with money problems, adults make decisions and set priorities. We pay the mortgage before we pay the cable bill. But the Obama administration chooses to intentionally inflict pain on the American people by making the most headline-grabbing cuts possible.
What better example of this disgusting antic than erecting physical barriers on Tuesday, blocking access to the open air World War II Memorial to a group of Mississippi visiting vets. Erecting the barriers actually cost money to do so!
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