Washington has laid the seeds of a crisis that Wall Street can no longer ignore
Excerpt
Say you added just 1 percentage point to the average interest rate in the CBO’s forecast …That would result in an additional $3.5 trillion in federal debt by 2033. The government’s annual interest bill alone would then be about $2 trillion. For perspective, individual income taxes are set to bring in only $2.5 trillion this year.
Compound interest has a way of quickly making a bad situation worse—the sort of vicious spiral that has caused investors to flee countries…