This is correct and it's one reason why the Fed struggled to slow the economy much even when Fed Funds had a 5-handle. Long gone are the Volcker days when debt-GDP was below 40%. Today it is triple that level and vigorous attempts to combat inflation also raise interest expenses, blow out the deficit, and increase passive income to cash rich asset holders who are already a majority of consumption.(𝐓𝐗𝐌𝐂)