Encroachment

Google Search turned up a link to this graph:

Graph #1: Interest Cost as a Percent of Employee Compensation for Domestic Corporate Business

I don't think it's one of mine. This one was https://fred.stlouisfed.org/graph/?g=fFb0 at FRED. But it showed only 1947 to 1965 -- the period before the Great Inflation. Oh, so maybe it is mine. No matter. If it's yours, thanks!

The graph shows interest costs as a percentage of employee compensation, for corporate business. It's another way to see interest costs encroaching on money that might otherwise have been used to meet payroll.

As presented here, the graph shows all the years in the data set. At the start -- in 1946 -- the amount corporate business was paying out for interest was less than 4% of what they were paying as employee compensation. At the end -- in 2019 -- it was more than 20%.

19.81% in 1973, at the end of the "golden age". High points in 1982, 1989, 2000, and then 2007 when the interest cost reached 48.59% of employee compensation. Almost half. And you know what happened after 2007.