Who is we? The federal govt can borrow at far lower rates than 3%.
https://www.treasury.gov/resource-center/data-chart-center/i...
I was being a bit generous with the we bit since I am Australian, but the same thing applies to our government too. My state just sold off a hugely productive piece of infrastructure (electricity poles and wires) to pay down debt. The crazy thing is the infrastructure returned twice as much per year in dividends than the interest on the debt retired.