On the recordJune 21, 2023
There are also other things going on. People don't realize, it is not just the $2 trillion of excess spending that has to be borrowed, how much of the debt has to be refinanced all the time. You actually have, let's say, $26 trillion of publicly borrowed debt. There is something called a weighted daily average. Half of that has to be refinanced functionally every 5 years. Basically that means every year you are bringing $2 trillion and plus you are bringing a few trillion additional to market, and now those new issued bonds are at the new much higher interest rates.
