Government interest rate are not low

Look, you economists, like xx, here is total federal interest payments divided by total government debt (including social security).  We see that government tends to pay the ten year rate.

Why does Robert Skidelsky call that cheap? What makes the ten year rate cheaper today than yesterday or tomorrow?

He says:

But this argument – or set of arguments (there are different strands) – for fiscal austerity is invalid. A government that can issue debt in its own currency can easily keep interest rates low. 

No, the US dollar cannot fall below 1.5% because our foreign lenders pay a currency risk insurance.  And no, there is nothing in his argument that says the ten year rate is cheap. 

What makes the interest rate expensive?

Because we elect our favorite Congressman for two years, to maybe get a pork barrel or two.  And what do we find? We have to pay the ten year rate for a two year pork barrel, that ain't cheap. 

Robert, get a clue.  We have low growth because government deficits are increasing and taxes dropping. against a back drop of fast rising entitlement payments. We already know our government shuts down, or loses utility, when the discretionary pie is taken away.  Discretionary spending is goen, that is the very definition of a bankrupt government..