With interest costs eclipsing $1 TRILLION per year real soon, we are really screwed. It's a classic "spiraling out of control" or, in the more popular current vernacular, a "doom loop." Or, in my engineers world, "positive feedback" with Gain >> 1.
Over 30 years ago Ross Perot famously warned that deficit spending would kill us. We’re spending at rates even he couldn’t imagine but...no catastrophe. Most strange.
Of course, inflation is permanent. Once they know people will pay out the nose for something, the price is there to stay until it rises more.