In 2016 President Trump said he’d eliminate the national debt in 8 years. Federal debt was $19 Trillion then and rates near zero. Today federal debt is $40 Trillion and the 10 year treasury yields over 5%. With it, U.S. debt math keeps getting uglier. $40.1T gross federal debt $31.45T marketable Treasuries $10.48T matures <1yr $17.2T (54.7%) <3yrs … and not much interest in longer tenures. Short term paper will be re-issued at much higher rates and servicing costs will go through the roof. CBO net interest expected to go from $1.0T in 2026 to $2.1T in 2036. Higher rate debt needs to replace a substantial part of lower rate debt or inflation runs and riots begin. It’s a rock and a hard place. People don’t understand this.