The interest expense to service outstanding debt will soon exceed $1 trillion in the US.

To put this into context: $1 trillion is greater than the $767 billion spent on defense in 2022, and more than double the $475 billion spent on interest expense during the same year.

The sharp rise in interest expense was directly caused by the rapid increase of interest rates from the Fed (from 0% to 5%).

Making this worse, the Fed is expected to raise interest rates a further 0.25% this Wednesday.

There is just too much debt. IMO we are in the beginning of a debt spiral. The only way the US can pay down it's debt is... by issuing more debt. Expect high inflation for a long time.