Jason Smith tweeted the following:
"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
Here are other recent tweets from Jason Smith:
"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
"Even under the modest scenario of a 3% average rate, interest payments on the debt will become the largest expenditure in the federal budget by 2051. More than Social Security. More than Medicare. More than defense spending to protect America and provide for our troops."Read on Twitter
"A higher interest rate of 3.9% will further crowd out vital government functions and private investment in the economy.According to CBO, if interest rates are even ONE percentage point higher than currently projected, the deficit would increase by $2+ trillion over 10 years."Read on Twitter
Alerts Sign-up