Jason Smith tweeted the following:
"If you want to learn more about what rising interest rates mean for our national debt, read my full report here: jasonsmith.house.gov/uploadedfiles/"Read on Twitter
Here are other recent tweets from Jason Smith:
"Last time inflation was as high as it is today, interest rates were over 10%. In this scenario, interest payments would rocket to $7 trillion per year, and our national debt would hit $75 trillion in the next ten years.It's clear that the national debt is headed for disaster."Read on Twitter
"Economic growth would slow down as companies can't afford to make the investments needed to create good-paying jobs for Americans.In a scenario where interest rates are at their 1990s average, the federal debt will grow to an astonishing $54 trillion in the next 10 years."Read on Twitter
"Families would feel the pain of higher rates: taxes will be raised, incomes will fall, and retirees may not be able to count on full Social Security.With interest rates at their 50-year average of 5.7%, America would be spending $3 trillion per year on interest alone by 2031."Read on Twitter
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