Posted by Anthony Gregory on 11/23/09 12:45 PM Last updated 11/23/09 7:19 PM   [Newer: Have They Reinflated the Housing Bubble?] [Older: Glenn Greenwald: The DC establishment suffers a serious defeat]

From the NY Times:

With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.

In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.

Posted 11/23/09 3:19 PM jbarth3 Arlington, VA

This absolutely infuriates me.

Posted 11/23/09 3:41 PM BillNM Carlsbad, NM

Simple solution; just stop all spending except for interest on the national debt. Then print the money and pay it off and let the chips fall where they may. Perhaps that will wake Joe Sixpack up?

Posted 11/23/09 3:47 PM larry101 New York, NY

"In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan" This statement is rediculous. You're comparing potential interest costs 10 years from now to spending this year. That makes no sense.

Posted 11/23/09 4:18 PM smashysmashy dover, NH

First off it is "ridiculous." I, no E. Secondly, "concrete terms" is key. It is to put the number into perspective. It is not a true comparison, it is to give some value to the number $500 billion which is hard for many to conceive. What is wrong with that? Lastly, who is the "you're" you are talking about? You do realize this is a New York Times quote right? Pardon my attitude if you are not who I think you are and I took your post the wrong way. I seem to remember someone with a similar handle being a troll.

Posted 11/23/09 5:29 PM BruceKoerber Cedar Rapids, IA

Since this is in the major media it may be there to begin the scare tactic which, with a whole lot of propaganda, will also be a blame tactic! Scare tactic: "If we audit the Federal Reserve the interest rate will go up!" Blame tactic (after interest rates go up): "We are now in the worst depression in our history because that is what happens when regulations are removed!" Both of these half truths are lies in propagandist's clothing.

Posted 11/23/09 6:46 PM bujin00 Coolidge, AZ

Congress' solution: Let's pass a TRILLION DOLLAR Healthcare bill!!!! Yeah! Then lets pass a MONTROUS CAP AND TRADE bill too!!!

Posted 11/23/09 7:20 PM Anthony Gregory Berkeley, CA

larry101, I changed the title to make it more precise.