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With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt.
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The Magic Number Seven: Fed May Raise Rates Seven Years to the Day of Rate-Drop to 0% | The Dollar Vigilante
!) is because of the following chart. The last time the Fed raised rates was on June 29, 2006. At that time, the total US federal debt was $8.4 trillion. Today the total debt of the US federal government is $18.7 trillion, a 123% rise! <span>With a debt of $18.7 trillion, if interest rates were allowed to rise to where they last peaked in 2006, at 5.25%, that would mean nearly $1 trillion per year in interest payments owed alone on the national debt. The total “revenue” of the US government is $3 trillion. Therefore, more than 30% of tax “revenue” would go to pay interest on the debt alone. Obviously, interest rates rising to 10% w

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