Deeper and Deeper
Published: October 5, 2006

There is fresh evidence, if any more were needed, that excessive borrowing during the Bush years will make the nation poorer.

For most of the past five and a half years, interest rates have been low, allowing the government to borrow more and more — to cut taxes while fighting two expensive wars — without having to shoulder higher interest payments.

That’s over now. For the first time during President Bush’s tenure, the government’s interest bill is expected to rise in 2006, from $184 billion in 2005 to $220 billion this year, up nearly 20 percent. That increase — $36 billion — makes interest the fastest-growing component of federal spending, and continued brisk growth is likely. According to projections by Congress’s budget office, the interest bill will grow to $249 billion in 2007, and $270 billion in 2008.

NY Times

$220 billion in interest - that is more than most countries total economy (it would rank around 30th in the world).

If this was an issue that would only affect the US, it would be bad enough, but it is going to have drastic effects throughout the world.

At least with global warming the US can point fingers at others.