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.(The Kobeissi Letter)