question about deficit spending

[Yupster]

5. Right now our debt (not deficit) is around $ 18 trillion

Interest rates are very low and have been for seven years.

If all interest rates magically went up 3 % which wouldn't be that much, the interest payments on $ 18 trillion would be $ 540 billion a year. You can see what a disaster that would be for the US budget. Things aren't that bad as much of the US debt is in 10 year notes or 30 year bonds so they won't go up overnight, but the numbers have reached bad levels and they go up every year.

Here's a chart from wiki comparing the debt levels of many countries. We don't look too good.

On DU a day or so ago there was a lot of defending the Greeks for letting their debt levels go so high because they didn't know any better and were just doing what they bankers told them to do.

Well, we know what we're doing and we're letting our levels get higher and higher while we call for more government spending and more tax cuts. Are we going to blame the bankers too when our levels hit the breaking point?

Anyway, here's the chart.

https://en.wikipedia.org/wiki/List_of_countries_by_public_debt