Rising interest rates counter inflation. Volcker raised rates to double digits in the 1980s to defeat inflation.
Friedman’s adage “inflation is everywhere and always a monetary phenomenon” makes the same point. Rising rates slow down growth of the money supply.
You don't need to remind me of Volker, and what he did was successful. HOWEVER, our debt to income ratios are now wildly different, as is our manufacturing base. Unless we can crunch spending (which doesn't look likely, as DOGE didn't find that much yet) higher interest rates will push the amount of borrowing to cover refinancing short term borrowing. It's the ol' debt to death spiral.
Trump is trying to push our asset position with opening the mineral estate, yet creditors' demands to secure the debt will remain, and it is that same mineral estate which was long ago promised as debt security.
So I don't see this situation as entirely equivalent. The higher rates have taken off the top. We must face things as they are now, not as they were 45 years ago. We've got factories, mines, and chemical plants to develop, and that's going to take cash.