Shocking stat of the day: The US government now spends ~23 cents of every Dollar of revenue on interest expense, near the highest level this century. This comes as interest expenditures exceeded $1.2 TRILLION over the last 12 months for the first time. Interest costs have DOUBLED over the last 4 years as both rates and federal debt have surged. As a result, interest expense as a % of tax revenue jumped +10 percentage points, or +70%, to 23% during this period. For perspective, the government spent ~10% of its revenue on interest on average before 2020. Interest will soon be the US government's largest expense.