... and interest rates are being artifically depressed by the FED to allow the federal government to amass enormous debt!
With more realistic interest rates and a smaller debt in 2006 and 2007, the interest payment was over 400 billion.
What will it be if interest rates rise?
Interest will exceed the entire non-defense discretionary budget. We’ll be wasting over 600 billion dollars a year due to past out of control spending.
I read one genius saying that interest doesn’t matter because we owe about half of it to the social security fund, so we’ll be paying it back to ourselves. As if spending more on interest than discretionary spending was different because we were sending granny her social security check with payback money instead of paying her medicare.