Where does it all go?

It went into bailing out over 1,100 US banks in the 2008/9 crash. As a result US debt went from 64% of GDP in 2007 to over 100% of GDP in a couple of years. Then add in compound interest on that debt plus the cost of covid and the result is debt today of 125% of GDP.

Same thing in Britain, France, Spain and other countries that had to bail out banks.

Meanwhile Canada's debt to GDP is only 42%, despite covid, Australia's is 44% of GDP. Neither Canada or Australia had to bail out a single bank, thanks to tough regulations that prevented banking problems.

That's why govts fear banking crises. Another banking crisis will finish off the USA as they haven't got the money to do more bailouts.