BREAKING: Interest expense on US public debt as a % of GDP is up to ~3.2%, the highest since at least the 1970s. This figure has nearly TRIPLED over the last 5 years. Over the same period, national defense spending as a % of GDP has fallen to ~3.0%, the lowest since the early 2000s. As a result, interest expense has exceeded national defense spending for 3 consecutive years, the longest streak in at least 46 years. Meanwhile, nominal interest payments have risen +$711 billion since 2020, or +140%, to a record annualized rate of $1.22 trillion. Over the same period, defense spending has increased +$237 billion, or +35%, to a record annualized rate of $923 billion. America's debt burden is in uncharted territory.(The Kobeissi Letter)