US Debt Bomb
With a recent government bond sale, from Zero Hedge, the US National debt reached $16,000,000,000,000. It took 200 years to reach the first $1 Trillion in debt. Now it took only 286 days to go from $15 T to $16 T.
But wait. You aint's seen nothing yet. At this rate of growth, total US debt will surpass:
$17 trillion on June 10, 2013;
$18 trillion on March 23, 2014;
$19 trillion on January 3, 2015; and
$20 trillion on October 16, 2015
The US Interest payments on debt amounts to $323 Billion in 2012. That represents an average of 2% interest rate. If interest rates return to normal levels of 4%, the interest payments would eventually double to $646 Billion. That bill in 2015 will be $800 billion, or greater than our already bloated defense budget today.