US Debt Follies
The graph below concerns some of the realities of continuously borrowing money, to pay interest on debt:
The curves show the accumulated debt, for annual interest rates (compounded annually) of 4% (black) through 8% (red) -- thus we see that, at 4%, the debt doubles within 18 years; at 8%, in slightly over 9 years.
As a saying goes, "Who goeth a-borrowing, goeth a-sorrowing" -- is the US Government somehow immune from the syndromes described in
Manias, Panics, and Crashes: A History of Financial Crises?