[jameslk]

> Consider this: From 1978 to 1985 (7 years), the federal funds rate was never below 8%, and from 1969 to 1991 (that's 22 years), it only dropped below 6% during the recoveries from recessions.

The difference then was that the government debt to GDP rate was much lower and relatively flat: https://fred.stlouisfed.org/series/GFDEGDQ188S

Today public debt has ballooned enormously and it has a substantial effect on government interest payments: https://fred.stlouisfed.org/series/A091RC1Q027SBEA

That $1T and counting is pumped right back into the economy (M2 currently sits at $21T). CBO projects cumulative fiscal outlays of $20T over the next decade, and that's assuming no other recessions or wars. Not very sustainable at high rates.