Fed chairman Bernanke on debt: ‘Trillion there, a trillion here … doesn’t make much difference’
June 7, 2012
U.S. Senator Jim DeMint (R-SC) questions President Obama's Federal Reserve Chairman Ben Bernanke how increasing interest rates will affect U.S. debt payments. Bernanke stated that a 1% increase in interest rates would cause $100 billion per year increase in size of U.S. debt, or $1 trillion in new debt over 10 years. DeMint stated: "That's real money." Bernanke responded: "A trillion there, a trillion here... doesn't make that much difference." Category:
What does Pam Think ?
Yes, what's a trillion here or there when you're some $15 trillion in debt? Chump change, folks, chump change.
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