Interest on debt $928 billion now exceeds Defense spending in the USA and will rise to $1.1 trillion next year --> This is why the treasury and Congress will be begging the Fed for rate cuts for a 0% comeback.

The longer the Fed keeps rates at 5% … more and more older (cheap) govt debt matures and needs to be refinanced at the new (way higher) rates.

Plus $2 trillion in NEW deficit spending debt is added on to the total. Insanity!

Interest on the debt is approaching 20% of all tax revenue collected!

Pretty soon it will be cheaper for the US gov't to just apply for a bunch of Amex Platinum credit cards to finance spending.

However there is a catch to lowering interest rates --> who is going to buy our US treasury debt at sub 1% rates when inflation is running above 4-5%?

Solution?

Taxes?  There is no way to raise taxes enough even if you taxed all billionaires 100% and took 100% of their assets too.