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View Diary: (UPDATED w/ transcript) Juan Williams Calls Hannity "Not Honest" on Debt Ceiling Debate (17 comments)

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  •  Hannity flunks simple arithmetic (0+ / 0-)
    Hannity:  We are becoming Greece.  The debt to GDP ratio is going to be 100% of what we take in.  That means that every penny this country takes in is going to go to service the debt, and that means that we will not be able to pay for any programs

    This is ridiculous in the extreme.  The debt to GDP ratio is theoretical, no direct impact on cash flow.  Federal taxes are around 15% of GDP, a very low number by historical standards.  At a 3% interest rate, a 100% debt to GDP ratio would mean that the interest would be 3% of GDP, or 1/5 of taxes.  That's not so high.  That's a long way from every penny.

    No wonder they want to cut education.  Anyone who's not totally innumerate should be able to figure this out.

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