Читать книгу Northern Light: Lessons for America from Canada's Fiscal Fix - Robert P. Murphy - Страница 34

In 2011, the federal government had to divert $230 billion out of taxpayer receipts – 10 percent of all federal receipts – just to service the existing debt. As the debt grows, and especially if interest rates on Treasury bonds rise above their current record-low yields, then American taxpayers will be forced to work longer and longer just to pay the interest expense due to previous budget deficits. The story told by this image is that deficits are really deferred taxes.