A lot of people aren’t old enough to remember Jimmy Carter and are too dimwitted or ill-informed to realize that many countries have walked the path we’re on. Inflation is at a 40 year high? This is the worse these people have experienced, so they expect it to normalize. With even a modest rise in interest rates, back up to six or eight percent, the feds won’t be able to service the debt. That’s when things will start to get fun. Italy, Greece and Argentina will be sending in jump teams to consult with Team Biden.
Boy O Boy. I remember Harry Truman.
” With even a modest rise in interest rates, back up to six or eight percent, the feds won’t be able to service the debt.”
A rise in interest rates won’t affect currently issued federal debt. It would affect new debt or rolled over debt, and whether that spending happens is up to Congress.