According to the Schwab Investing Insights, June 2009, the $10 trillion the government owes has an average maturity of 4.7 years. That means, on average, that the government must refinance $2.12 trillion in debt every year -- in addition to borrowing $1 trillion or more in new debt ($1.8 trillion this year!). This means that the US federal government must borrow, on average, over $3 trillion per year.
This is a recipie for disaster.
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