The debt is soaring in no small part because the Fed has raised interest rates on government bonds four times to counter runaway federal spending, which has caused borrowing costs to rise further which has in turn made the government debt larger.

Meanwhile, Interest rates are rising because the debt is soaring so there are more government bonds issued to pay for the debt already incurred.

This is the textbook definition of a death spiral.

So here are a few of the numbers. The ten-year rise in the debt is expected to cause interest payments on the debt to gobble up $8 trillion of the nation’s resources by 2032. That is, we will spend $8 trillion not for roads, bridges, military operations, social security checks, or schools, but to pay the cost of past borrowing. Almost half of the increase in the debt is due to Biden’s spending blitz over the past 22 months.