Interest expense for the US government has been on the rise.
As percent of revenue, it has been declining for decades even though the US government debt has exploded.
This is due to the 37 year bull market in bonds that started in January of 1982. If this bull market has concluded, as some have suggested, this will bust the US government due to the governments debt structure. I am not convinced this bull market has ended. A bull market like this will tend to have a climactic end. I suspect in the next recession bonds will rally to absurd heights (i.e. lower interest rates). To many of the bond bears have crawled out from their 37 year cave to call an end to this market. It will end when the last bear has thrown in the towel. I don’t sense this has happened yet.