Jason Smith tweeted the following:
"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
Here are other recent tweets from Jason Smith:
"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"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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