Comments on: I’m Sick and Tired… 08/10/11 http://www.fortbendstar.com/2011/08/10/i%e2%80%99m-sick-and-tired%e2%80%a6-081011/ Local News, Classifieds, Real Estate for Sugar Land, Richmond, Stafford, Missouri City, Katy Thu, 09 May 2013 22:48:55 +0000 hourly 1 http://wordpress.org/?v=3.4.1 By: megelll http://www.fortbendstar.com/2011/08/10/i%e2%80%99m-sick-and-tired%e2%80%a6-081011/#comment-443 megelll Mon, 15 Aug 2011 15:02:17 +0000 http://www.fortbendstar.com/?p=6529#comment-443 Thank you for reading my column, but you are wrong. The only threat of default is not making interest payments to the holders of U.S. debt (all forms such as notes and bonds, savings bonds, etc.). That interest expense on U.S, outstanding debt is around $35 billion per month, which amounts to around 30% of the total that the government takes out of the U.S economy (private sector) through individual and corporate income taxes alone or about about $1.1 trillion per year. This does not include social security and medicare taxes withheld. I research my facts as best I can, although with the federal government, sometimes those facts are a little nebulous. Now I hear over the weekend if we didn't increase the debt ceiling, then the entire federal spending would have to have been reduce by 60%. This still sounds like a pretty good start. I wonder why you did not post your name???? Michael Fredrickson Thank you for reading my column, but you are wrong. The only threat of default is not making interest payments to the holders of U.S. debt (all forms such as notes and bonds, savings bonds, etc.).

That interest expense on U.S, outstanding debt is around $35 billion per month, which amounts to around 30% of the total that the government takes out of the U.S economy (private sector) through individual and corporate income taxes alone or about about $1.1 trillion per year. This does not include social security and medicare taxes withheld.

I research my facts as best I can, although with the federal government, sometimes those facts are a little nebulous. Now I hear over the weekend if we didn’t increase the debt ceiling, then the entire federal spending would have to have been reduce by 60%.

This still sounds like a pretty good start.

I wonder why you did not post your name????

Michael Fredrickson

]]> By: thinkfirst http://www.fortbendstar.com/2011/08/10/i%e2%80%99m-sick-and-tired%e2%80%a6-081011/#comment-442 thinkfirst Sat, 13 Aug 2011 16:36:00 +0000 http://www.fortbendstar.com/?p=6529#comment-442 The U.S. would have gone into default if the debt ceiling was not raised because it was debt that had already been incurred. The only reason there was never any risk of default was because both parties were aware of this fact and were not going to let politics get in the way of reaching a decision. Which, even if it was last minute, they did accomplish. Check your facts before using your position as a "writer" to spread lies. Source: http://www.concordcoalition.org/issue-briefs/2011/0708/understanding-federal-debt-limit The U.S. would have gone into default if the debt ceiling was not raised because it was debt that had already been incurred.
The only reason there was never any risk of default was because both parties were aware of this fact and were not going to let politics get in the way of reaching a decision. Which, even if it was last minute, they did accomplish.
Check your facts before using your position as a “writer” to spread lies.

Source: http://www.concordcoalition.org/issue-briefs/2011/0708/understanding-federal-debt-limit

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