Taking the National Debt Seriously

Taking the National Debt Seriously
"The OMB projects deficits of about $9 trillion over the next 10 years.
If that occurs, the national debt will be almost $21 trillion by 2019.
However, the actual amount could be much higher.
The OMB also optimistically projects $13.5 trillion of revenue increases over the next decade, while minimizing the inevitable rise in interest rates that will come with an expanding national debt.
During Jimmy Carter's years in the White House, Treasury yields reached 15%. The 2009 average interest rate on the debt was only 3.2%.
With our mounting national debt and budget deficits, it is reasonable to assume that in the near future interest rates on new and refinanced debt could double or triple."