The math is simple enough, before the crisis 3-month T-bills paid 5% interest and now it's 0.02% --only 1/250th of what it was just seven years ago. Even with these amazingly low interest rates federal outlays for debt interest are still $230B/year. Imagine if (when?) rates go back up and our taxes are raised to support a 250-fold increase to $60T per year.
If raising rates will bankrupt the country how can rates ever go back up?
I don't see any way this can end well.
(But then, I'm not that smart which is why I'm reading FR)
BTW, I just did a quick calculation and wish I had not.
Even using a very low interest rate of, say, 2.5% for MMs & CDs I’ve lost about $45K after taxes for the last seven years.
Before the bank crisis I was getting 4-5%+ easily.