The 21 trillion dollar national debt which of course is now closer to 21.2 trillion and rising rapidly - the problem there is not just the enormity of the debt but the cost of financing it.
One of the things that candidate Trump promised was to take advantage of these ultra-low long-term interest rates by locking them in and moving the debt more towards long-term rates. Well, he actually did the opposite as President. He's actually shortened the maturity even shorter. We're relying even more heavily now on short-term financing than ever before.
But as interest rates are rising the cost of servicing this debt is exploding and that is one of the principal drivers of the deficits now being over a trillion dollars a year is the extra cost of paying the interest on the money that we've already borrowed. Not the money we're borrowing now to fund the current deficit but the money we have to constantly borrow to fund the 21 trillion of debt that we already have.
So this is not a disaster for the future this is a disaster that we're gonna be dealing with in the here and now.