Ryan Miller
speaker
4,581 appearances
12 recordings
2 series
first heard Mar 2026
last heard 10 Aug
Ryan Miller’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.
Appearances
Well, it's because the tell for something economists call fiscal dominance.
Let me make it real simple.
Interest is now the fastest growing line item in the entire federal budget.
Currently about 18 cents of every dollar the government collects in taxes goes straight to paying interest.
And Moody's projects that climbs to 30 cents by 2035.
That's almost a third of revenue gone before a single soldier is paid, a single road is built, and a single check is cut.
And here's the trap.
The average maturity of the U.S.
debt is short, around six years, which means this $39 trillion doesn't just sit at the low interest rates of the last decade.
It constantly rolls over.
Every month, old bonds that were issued at 1% or 2%,
mature, and the government has to reissue them at today's higher rates, north of 4%.
So the interest bill doesn't just grow with new borrowing.
It grows as existing debt reprices at higher rates.
Higher rates mean just higher interest rates, which means bigger deficits, which means more borrowing, which means more supply, which pushes rates even higher still.
That's the spiral.
That's the loop that feeds itself.
So let me make the math concrete because this is where it stops being abstract.
Picture a $2 trillion slice of debt that was issued back when rates were around 1.5%.
That slice matters.
Showing 701–720 of 4,581 · page 36 of 230
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