That is exactly the point, these numbers (a "charge of an additional $2 B if we raise short term rates by a full 2%) is peanuts when compared to the trillions in longer term maturities. By the way, I think your number must be on the low side, last time I looked MZM was in the $5 Trillion range, sure a big chunk is T-bills and notes (short term maturity Gove debt, about $3 T), but most of the balance of the $5 T must be commercial paper. Even if we assume a full $2 T is business short term debt, each 1% rise in the short term rates is worth $20 B/year, less than the current crude tax is taking out of the economy. Second, a big chunk of the increased interest is simply flowing back into the economy from those receiving the interest.
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