President Trump has harshly criticized the Federal Reserve in recent weeks for inching up the standard interest rate to guard against rising inflation and threatening the four percent economic growth rate the billionaire likes to brag about.
Here’s another reason: The higher interest rates on your credit card balances and car loans also apply to the federal government’s borrowing.
That federal borrowing is huge, no, HUGE –about one million dollars every single minute of every single day.
By next Monday that adds up to about $955 billion this year. And another more than a trillion dollars each of the next two years, at least. Every time the Fed’s interest rate goes up a quarter-point, the government’s interest payments surge by millions.Read the rest from Andrew Malcolm HERE.
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