Interest Incurred

As recently as 20Q1, interest on the public debt was $549 billion at a seasonally adjusted annualized rate. During Covid, rates collapsed and despite a rapid rise in the debt, carrying costs declined to just $516.1 billion in 20Q3. They have since steadily risen to $648.4 billion in 22Q2, $736.8 billion in 22Q3, $856.2 billion in 22Q4, and most recently $928.9 in 23Q1, and are rising rapidly. This is troubling.