Fenner’s cricket ground sits next door to Hughes Hall, where the Cricket Research Network held their third annual conference last week. The organisation, headed by Raf Nicholson, sometimes of this parish, is a place for cricket academics to exchange ideas, and the conference a chance for rest of us to put an ear to the door of data and detail.
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The rapid climb didn’t happen overnight. Interest costs have surged due to a one-two punch: the federal debt load has ballooned by trillions, while interest rates climbed sharply from near-zero post-pandemic lows. As a share of the economy, interest costs have doubled from 1.6% of GDP in 2021 to a record 3.2% in 2025. Today, the government already spends more on debt interest than on Medicaid or the entire national defense budget, programs Americans viscerally feel and politically fight over. Yet the interest line item draws comparatively little outrage.
This means our dataset captures outcomes, not process: