Can we keep rolling over the National Debt indefinitely?

The annual interest payment will tell the whole story. When you get to where you're spending 60 or 70 percent of the Nation's total income in interest payments, that's the real telling point. Taxes are about as high as they can go. If politicians began talking about raising taxes, they'd be pilloried. The people feel they are taxed to their limit. Every tax dollar west of the Mississippi is currently necessary just to pay the interest on the Debt. Some think that budget cuts will free up enough extra cash with which to service the Debt. But when the entitlement spending plus interest payments consume 88 cents out of every dollar taken in, what is there left to cut? We've reached the point where we have a very dangerous combination of events. We financed the entire Vietnam war with bonds, and they are coming due right now. Eighty percent of our total debt is coming due before 2000. What's to prevent us from rolling the Debt over? The answer is that the money is owed to Baby Boomers who will start retiring and spending it. Is a complete financial collapse unavoidable? I'm not one who predicts a complete financial collapse, although there is that possibility. What I see is a steady hyperinflation over the next seven years, so we'll all be talking about two dollar candy bars, three dollars per gallon gas, and one hundred thousand dollar cars like it was not unusual !

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