Jason Smith tweeted the following:
"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
Here are other recent tweets from Jason Smith:
"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
"To combat Biden's inflation crisis, interest rates are rising making it more expensive to buy a house, small businesses to expand, farmers to buy equipment, and the federal government to function. Here are 5 scenarios that show how rising interest rates impact Americas debt:"Read on Twitter
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