truthmakesfree

July 28, 2011

Yikes! Congressman Polis: 3.75% – 2.98% = 1.75% — “almost 2%”

Filed under: blog,Economy,humor,ignorance,Politics — Tony Whitson @ 6:50 pm
Tags: , ,

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Note: An updated and expanded post on this is now at http://wp.me/p1V0H-1ri
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OK, I know the GOP ideology drunkards with their mantra about job-killing taxes are exhibiting potentially catastrophic ignorance, mendacity, or both.

Having said that, what about this stunning performance by Jared Polis (D-CO) in the debate on the House floor today (July 28, 2011): 2½ minutes were yielded to Polis so he could present prepared remarks, equiped with a neatly-printed three-color chart showing yields and interest rates paid by countries rated AAA vs. AA. The bottom line in each column listed average interest rates as 3.75% for the countries rated AA (which is what could happen to the US as a result of this nonsense) vs. 2.98% for countries with a AAA rating (like the US has today).

In prepared remarks, with the poster facing everybody, Polis said that the difference between those interest rates is “1.75% … almost 2%,” and went on about how much this difference would amount to in interest payments on debts in the trillions over ten years.

With compound interest on that much over that long, even the difference between his “2%” and the actual .77% difference between the rates he was showing would be quite substantial!

How could anybody watching not have seen this? Apparently, the GOP Congressman who followed to answer him did not see it. I don’t know if anybody mentioned it after that.

Congress members have the privilege of correcting their floor speeches before they are permenantly published in the Congressional Record. I’ll be interested in seeing if this one does get corrected.

And these people are making the decisions about our nation’s finances?

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