The Return of the Vicious Budget Cycle

I commented somewhere yesterday on the reason deficits are important--it leads to the vicious budget cycle where an ever increasing portion of the budget goes just to pay interest to fat cats bankers. Today the Post has an article on it. An excerpt:

Starting in 2014, net interest payments will surpass the amount spent on education, transportation, energy and all other discretionary programs outside defense. In 2018, they will outstrip Medicare spending.

 I remember the Clinton administration struggling with this. I'm a little afraid that people who weren't grown by then (Yglesias, Ezra Klein) may not have those memories.  It's well and good to point to the fact that inflation is low now despite the Fed's monetary easing, but it's very easy to get behind the eight-ball, to the detriment of needed programs.